How To Make Your First $100k In 12 Months (Step by Step)

About this Video

• Video Title: How To Make Your First $100k In 12 Months (Step by Step)
• Channel: BizPath
• Speakers: The transcript does not explicitly name the speaker.
• Duration: 00:10:37

Introduction

This video provides a step-by-step playbook for making $100,000 in 12 months. The speaker outlines three paths: a service-based business, an e-commerce business, and a hybrid approach, explaining the math, timelines, and key success factors for each. The video also addresses common reasons why people fail to achieve this goal.

Key Takeaways

1. The Math: Achieving $100,000 in 12 months requires approximately $8,300 per month, $2,000 per week, or $297 per day. The focus should be on value creation, not hourly rates.
2. Three Paths to $100k:
   • Service Business: Focus on one high-value skill (e.g., web design, video editing), build a portfolio, acquire clients, and progressively increase prices.
   • E-commerce Business: Requires upfront investment and marketing skills; focus on finding profitable products, testing market demand, and mastering advertising (like Facebook Ads). Success hinges on tracking key metrics.
   • Hybrid Approach: Combines a service business for immediate cash flow with reinvestment in assets or other income streams (stocks, digital products, etc.). Offers diversification but requires strong focus.
3. Critical Success Factors: Daily revenue targets are crucial. Consistent tracking of progress, pivoting strategies when necessary, and avoiding early quitting are vital for success. Reinvesting profits is essential for scaling.
4. Reasons for Failure: Lack of daily number tracking, quitting too early, trying to do too much at once, underestimating the learning curve, and failing to reinvest profits. The speaker emphasizes the need for 50-60 hours/week, especially in the initial months.