How do I make $100,000 in one year?

Answer by Stephen Turner:

First of all you ignore the people who tell you you can't/you're crazy/you're lazy etc… They want you to fail because they're also failing.

Making $100'000 is not difficult but it requires dedication and a plan. You can do it without those things but it's not going to be easy unless you're incredibly lucky.
 
How to actually get your hands on the money!
 
Step 1 – Stop thinking of $100'000
First you have to stop thinking of $100'000 as your goal. A lot of people have jobs where they are promised salaries of $40'000 a year. Even if they never spent a cent from any of their pay checks and they worked everyday, they'd still never get their grubby little hands on $40'000 in a year. Why? Because of the taxman my friend. If you are successful in completing this guide and you don't pay any tax, you're going to jail anyway so you're not going to be able to enjoy it. Let's turn that $100'000 into $150'000.
 
Secondly you have to stop thinking of $150'000 as your goal. I know what I just said but in the real world no-one is going to give you $150'000 without expecting anything realistically in return. Let's turn that $150'000 into $300'000. That way we have $150'000 to spend on buying stuff to sell. 
 
Step 2 – Stop thinking of one year
It's demotivating and awkward. A lot of teenagers today have to write five or six page essays when they're young.  But what! They're only teenagers! How do they do that..? They change how they think about it. Twelve half page essays are a whole lot easier. Especially if you don't do them all in one go. Visualise the year as 12 months. That way you can track your progress and it won't feel so overwhelming.
 
Step 3 – Find time to work and earn
Now let's say your going to work 30 hours a week for 50 weeks a year. That's not a bad schedule and it gives you a lot of time to spend your new money!
You need to make $300'000 in 1500 hours/1 year. Or even $25'000 in 125 hours/1 month. Or even $6000 in 30 hours/1 week.

SPOILER ALERT: There's no job that requires no training that pays $200 an hour mate. You're not that special. If there is, you probably won't get it, it's going to require more work than you can give and it's going to be boring and long as well.

So don't bother looking for a job! Sell something.
 
Step 4 – Product NOT service
With a service; you or an employee (which don't come cheap) has to be physically present for each transaction to deliver the service. You can't sell in bulk and those in the high end (and high price) market segment have experience and brand names. You don't. You don't have time, expertise or a reputable brand name.

With a product, if all else fails you can still sell it without much effort, because in theory you or your supplier have already invested the time before hand in making the product. All you have to deal with is the aftermarket customer experience.

Step 5 – How much do you need to sell
What if you were to sell 300 units of a $20 product a week then you'd have $300'000 a year. What if you were to sell 1200 units, of a $5 product a week then you'd have $300'000 a year. What if you were to sell 600 units, of a $10 product a week then you'd have $300'000 a year. What if you were to sell 150 units, of a $40 product a week then you'd have $300'000 a year.
 
Step 6 – What do you sell
Anything. Anything generic. Anything that's been done before, tried and tested.

True you could invent and innovate and become a billionaire overnight, but let's be honest: if you could, it would have already happened. And it hasn't. With innovation comes risk. With risk comes failure.

Let's say you like cooking and made a special chilly sauce (or any product, that is non-seasonal and has a long life). Go to a local supermarket – arrange a product pitch interview. Pitch your product. Sell the supermarket 6000 units for $2.5 each, with a recommended retail price of $4 each and another supermarket 4000 units for $3 each with a RRP of $4.5 each. That's $27'000. Do that for every month for a year and you have $324'000. Say you spent $150'000 on packaging and production and you gave $50'000-75'000 to the tax man then you have yourself $100'000 a year.
 
It can be any product and it can be more than 1 product, but it's a proven method and it works.

Step 6 – Sources of finance
Share capital – selling and trading shares for Limited liabilities, and public limited liabilities. You don't have to pay this back, although it is considered polite to give out dividends at the end of the fiscal year.

Loan capital – bank loans, private loans, overdraft, trade credit, mortgage. These are not easy to get for a new business with no trading history.

Venture capital – private investor/s, usually high risk for high reward, but not recommended as they usually take more of the profits than you. They can take up to 100% of them although they usually only take 60%. This is agreed prior though. Dragons Den.

Other – personal savings, inheritance, retained profit.

Step 7 – Making a profit
A bit if algebra for you (and you told your math teacher you'd never need it)

Profit=(((TR=SQ*SP)-(TC=(((VC/unit)*SQ)+FC))-Tax)

Profit equals Total Revenue minus Total Costs

Total Revenue equals Sales Quantity multiplied by Sales Price.

Total Cost equals Variable Costs per unit multiplied by Sales Quantity plus Fixed Costs plus Tax

Variable Costs per unit equals the price of packaging, raw materials etc. Resources that deplete when more product is made.

Total Variable Costs equals costs to (you) the business that change when (Sales Quantity) output changes.

Fixed costs equal the price of rent, insurance, light, advertising etc. When the cost to (you) the business stays the same regardless of output.

Step 8 – Count your cash
Well you earnt it. Why not. While you're at it, think of those less fortunate.

P.S. I recommend reading my other answer on How to become a millionaire –  Stephen Turner's answer to How do I become a millionaire?

How do I make $100,000 in one year?

Iklan

Why do people quit their jobs at dream companies like Facebook or Google?

Answer by Daniel Tunkelang:

I can only speak for my own decision to leave Google. It's a great company full of amazingly talented people with access to incredible resources.

So why leave? Google was simply too big for me. I'd come from Endeca, a startup that I helped grow from a founding team to 500, and I didn't realize how different it would be to join a large company where the connection was inherently less personal. It simply wasn't a good fit for me.

I left Google after a year to join LinkedIn — then a 700-person company — and my role there was much more expansive and more personal. In my 4.5 years there I worked with groups across the company, getting involved any effort where I could productively contribute. It was awesome!

But growth happens. By the time LinkedIn reached 7000 people it wasn't the same company for me. I was ready for something small again — and something far more personal.

So I joined the team at Lyra Health as CTO last month, where I'm again involved in everything we need to do to succeed in our mission — which is to help millions of people by transforming behavioral health.

In short, there's no such thing as a dream company. It's up to us to dream, and to find the opportunies that align with those dreams. Good luck finding yours!

Why do people quit their jobs at dream companies like Facebook or Google?

What are the best productivity tools for entrepreneurs?

Answer by Kumar Thangudu:

20,000 Web & Mobile Apps.
My cofounder and I have downloaded and used over 20,000 web and mobile apps over the past ~800 days. Here are some of our favorites, from the standpoint of being SAAS entrepreneurs/founders of LinkTexting – Create Text To Download Forms in Seconds.

Keep in mind as a founder, your mental clock cycles are worth a lot of money. You should not waste them on the normal distribution of tasks.

Keep in mind that most of these are just tools and knowing how to use them quickly requires practice, plenty of mistakes, and a willingness to fail.

My Number One Productivity Tool: Email tracking, scheduling, polls, and surveys for Gmail | Mixmax

I use this product religiously and it has saved me a ridiculous amount of time as well added awesome color and personality to my emails with customers and business partners.

Non-technical Founders
In this post, I've focused on apps that I find useful both in freeing my mind of non-entrepreneurial tasks and/or speeding up the prototype to launch process and beyond. I also focus on apps that are highly abstracted for non-technical people like me. That being said, I think if you have no-one on your team that is technical in a startup, then you're at a severe disadvantage, similar to attending a gun fight with a knife.

Full Stack Startup- for the Technical Founders/Entrepreneurs.
If I was technical, I'd recommend looking toward building a full stack company: http://a16z.com/2015/01/22/the-f… as described by @chris dixon.

Why We Use/Review such a Dizzying Number of Apps.
We constantly strive for ways to be resourceful and study what new apps come out, their UX/UI, and try to understand if the founder knows anything about user behavior that we couldn't possibly dream up.

Decision Criteria for Most Productive.
Each tool has a hyper-specific function and not much outside of that. In other words, it must be for only one thing. If the use cases abound, then it loses points and becomes less productive.

Here We Go:

First Opinion-First Opinion
I don't waste time going to the doctor for primary care visits. I started using this app to avoid doctors offices and it works pretty well for answering 90% of my questions about primary care visits. Weirdly, I learned about this one from a mother.

Visual Ping- Website change detection, monitoring and alerts
Allows you to monitor competitors' pages for changes. Pretty sweet for knowing if you need to make front-end wording or marketing changes. English isn't my first language so this one is particularly useful if my competitor is more skilled verbally than me.

SpyFuSearch Marketing Research & Reporting Tools
Couples well with the above tool, if you see the competitor funneling traffic into an A/B tested landing page, then you'll know that you should make appropriate copycat changes to your own site.

Ahrefs – Ahrefs Site Explorer & Backlink Checker
If a founder claims his site is huge, just check how many backlinks they have to their site. Success is generally proportional to backlink count for most products.

Profitwell – SaaS Metrics for Stripe. Absolutely Free.
Shows you a beautiful visualization of your metrics if you're an MRR related SAAS venture.

Zapier- The best apps. Better together.
If you're resourceful with zapier, you can build 10-30% of your apps on top of it as a non-technical person. My goodness, if you're non-technical and don't know about zapier, you need to go check it out immediately and test it out. Websites like Karmalytics can be built in minutes with a tool like zapier.  

SpeedLancer-Super fast, high quality design, writing & data entry/research!
Like Freelancer, but the work gets done in 4 hours. Very useful. 

Gmail and Facebook MenuTab- Amazing Mac, iPhone and iPad Apps
Amazingly useful for checking gmail with a hotkey from your mac menu bar app.

KnowEm- KnowEm Username Check for Social Networks, Domains and Trademarks
Find out the digital viability of your ideated names on many social networks instantly. This is useful for pinning down a domain name that works for a business on the marketing end in the long term.

Panabee-Business Name Generator & Domain Name Search
Panabee is useful for brainstorming potential domain names.

Populr- Page on populr.me
It allows you to prototype a landing page in minutes for content-worthiness and port it to a domain name quickly.

Strikingly- How To Make Your Own Website – Best Website Builder | Strikingly
Allows you to polish a landing page and have it look more intense/smoother than a populr page. 

StartupLister- Startuplister – Promote your startup on the best websites
Lists your site on 40+ sites for you. Costs 49 bucks but totally worth it as an early stage venture.

BetaList-BetaList
Let's you offer your product up to a TON of potential users very fast. Automates a tweet about you to over 700+ accounts getting you huge exposure and signups.

ProductHunt- Product Hunt
If by this point, you don't understand the extent to which product hunt is useful for both searching for new products to use or as a place to launch a product, then you're missing out. ProductHunt changed my life. It's the reason I know so many apps at this point and have become 10X more efficient at some things. In fact, it's the reason this post is so long. Thank you Ryan Hoover , Andreas, and all the cofounders and teammates.

Untorch-Viral Marketing Tool for Email Sign Ups
Use this as a way to juice your Beta-Sign ups. It's a bit pricey, but totally worth it because it gets you lot of beta users via referral.

GoodUI- GoodUI
Checklist for your landing page. Meet 50% of these standards, and you'll be doing better than 90% of Silicon Valley startups/entrepreneurs.

IXD CheckList –IxD Checklist
Checklist for the innards of your app. Meet 50% of these standards, and you'll be doing better than 90% of Silicon Valley startups/entrepreneurs.
IXD checklist gives you a discrete, explicit, easy to follow checklist for evaluating the quality of your app.

Slack –Slack: Be less busy
The beauty here is that slack has tons of integrations, multi-platform, and allows for proper administration of multiple teams and organizations without having to login and log out. (C'mon hipchat….arghh)

Zirtual- Zirtual · U.S. Based Virtual Assistants for Busy People.
A real time assistant for cheap.

Clean My Mac- CleanMyMac 3 – Everything you can clean on your Mac
A tool for cleaning your mac automagically. Just run it and execute. It makes your Macbook run faster, gets rid of duplicates, and keeps things lean.

1 Password- 1Password
It's a password manager that I swear by. I've used it thousands of times. When people see the speed at which I use it they're simply astonished and ask "how'd you fill out that form so quickly?"

LinkTexting- LinkTexting – Create Text To Download Forms in Seconds
Launched this with a buddy. Extremely useful. ;)Saves 10-12 hours of engineering time to create a text-t0-download form. It's a must have for any mobile app with a desktop landing page.  Disclaimer: Built and launched by my buddy and me.

HelloBar- Hello Bar
HelloBar helps you funnel the traffic of the front page of a website into a space.

OpenSignalMaps-3G and 4G LTE Cell Coverage Map
Provides you with knowledge of which carriers you should be using in your office building and providing your employees with. As well as for your city/hometown on the whole.

TalkWalkers-Page on talkwalkers.com
This is an alternative to google alerts with slightly different functionalities at the core.

PastEasy-Pasteasy – Instantly copy and paste between your iPhone, iPad, Android,
This app is particularly useful if you find yourself constantly pasting things to yourself in imessage like contact details.

DoYouLoveUs- Do you love us
Indispensable tool for anyone with a big support network who wants them to share their monthly blog posts and links.

NameChk- Check Username Availability at Multiple Social Networking Sites
A useful tool for evaluating name viabilities.

List of Eponymous Laws – List of eponymous laws
If you're trying to understand a lot about the way the world works, this is a good starting point. If you're trying to understand an industry, just press Ctrl+f and search the industry on this page, if something comes up, start crawling through that link and exploring. You'll quickly 10X your understanding by starting from the viewpoint of an eponymous law.

Logical Fallacies-Page on yourlogicalfallacy.is
Prevent negotiations from falling into the arena of emotions by reading this before going into a negotiating environment. It will arm you to the teeth with the ability to stomp on objections to your goal. Keep in mind, even if someone uses a logical fallacy, it doesn't mean they're wrong, but if you can point out their logical fallacy, you can steer the negotiation in your direction.
Skitch Evernote- Skitch | Evernote

Flesch Kincaid, Gunning Fog and more …

Live Website Editor- lwe – Live Website Editor – Make persistent changes to any web page, live from the browser! – Google Project Hosting
You can prototype a vision and take a screenshot very quickly on any website. This tool is very useful for prototyping and iterating. Stealing other people's design and focusing on your messaging is a great way to think about users.

Facebook Invite All- Invite All (for Facebook)
Allows you to jumpstart your facebook page by inviting a lot of people.

Stripe
Stripe Integrations

HelloFax- Top-Rated Online Fax Service
Send faxes to anachronistic organizations over the web.

HelloSign- Legally Binding Electronic Signatures
HelloSign basically is awesome and a well designed product for inviting friends to design. I tried Docusign multiple times, but it failed me on mission critical items.

Clerky- Clerky
The fastest way to bury any entrepreneur is to give them a mountain of paperwork. Clerky stops that. I used them for LinkTexting and can't thank them more than enough for saving us hundreds of hours in figuring things out.

Kaffeine- Kaffeine
This keeps your heroku instances from idling and taking forever to load for your early users. The struggle is real. :)

KarmaLytics- Karmalytics
Snipe down potential early customers, adopters, or partners.

DakWak=Website #translation and #localization is as easy as never before with @dakwak's technology. Learn more..
DakWak will translate your landing page into 180 languages. Pretty damn slick if you ask me for figuring out which country to go to first. It seeds traffic and you can measure conversions from each country as users arrive and decide about your next hires.

Feedeebuzz-Feedeebuzz, das kostenlose Feedback-Widget für Ihre Site
A simple feedback widget

Invoiceomatic
Page on invoiceomatic.com
Issue invoices quickly and easily for free to your employers or clients.

LinkTally- LinkTally.com
Count the shares of an article on multiple platforms.

What are the best productivity tools for entrepreneurs?