How Much Does An Average Entrepreneur Make A Year

How much does an average entrepreneur make per year? In this video, I'm going to talk about that. Not only how much does an average entrepreneur make, how do you increase that income significantly? And most important, I need you to stay to the end. I'm going to tell you the two things that will literally make or break your success. The three things I'm going to talk about in this video is actually, number one, I'm starting with a study of how actually little entrepreneurs make. It's quite stunning. And then I'm going to talk about why I think that happens. Then number two, I'm going to do breakout success. What does it mean to have a breakout success? How can you just break all boundaries and all barriers of 90% of small businesses and entrepreneurs fail? So what does that template look like? And then number three, again, the absolute make or break it that you have to do to be an amazingly successful entrepreneur. So I'm going to start with a little bit like my backstory of being an entrepreneur. I started at 13 years old. I started mowing lawns and cemeteries. By 17, I had to pay my way through school. I was on an athletic and an academic scholarship. Still wasn't enough because I ended up going back into a private school. So I started personal training in aerobics instruction. I literally was in the gym all the time anyway. And I remember asking the owner, what are those people following people around doing? He said, oh, that's called personal training. Yes, I'm dating myself. This was in the eighties. And I said, like, I can do that. Like, what do they do? Just work them out. I mean, I knew how to do that more than they did. So anyway, 17, 18 years old, became a personal trainer. Aerobics instruction was making 40 to 75 an hour, young age. So I knew how to make money. That was kind of an always easy thing. And then as I grew, I started outsourcing a lot of it to my other basketball teammates and other people that I had met through school that I had trained how to do it. So fast forward, I then took on a big contract to go to Chevron, built 272 fitness centers on offshore rigs. So I flew around helicopters and seaplanes for a early part of my twenties, and then continued to do that for Chevron. Fast forward, met Robert Kiyosaki and Sharon Lechter in 1996, became the master distributor of their cashflow game. And then in 1999, became a millionaire. And you can kind of say the rest is history. I share that because as an entrepreneur, it is your choice to stay small. So if you want to search on my channel about how to quit your job and how you become a better entrepreneur, I got plenty of videos. This one, I want to say very specific. Why is it that so many entrepreneurs make so little money? And here's the number one challenge. Most of them are trying to replace their income from a job, right? They didn't have that entrepreneurial energy that I just had. I mean, I grew up on a farm, which is an entrepreneurial venture. My mom was a caterer, another entrepreneur, but I wasn't trained like that. I was trained just to work hard because I was a farm girl from Nebraska, but having that entrepreneurial energy helped surge me into great success. I mean, my trajectory, my first year in when I really got serious was $359,000. Then I went to $1.7 million. And then I went to 3.4 and I've just gone, you know, went up and well into the tens of millions and many, many years. I've stayed a consecutive eight figure, not seven figure entrepreneur. So I love all these little programs and little YouTube videos on how to become a six figure. Six figure is I, in my opinion, essential. Now let's just talk about the statistics in the study. So I'm actually read this to you because it's shocking. It shocked me when I read it. So there was a study done, American express open did it. So this is a pretty valid study, right? And it was done, you know, just within the last five years. And what they found is that a typical entrepreneur made $68,000 or less $68,000. So what's interesting is that's around between 68, 80,000 is the average income. In fact, if you make more than 80,000, you're in the top 25% of the income earners in the country. So the sad state of affairs is that most entrepreneurs don't make enough money. They make just enough to kind of cover their family household, right? Which is what they did in the job, but it's not enough to hire. And there's where 90% of entrepreneurs fail. It's because they don't have enough money. They don't have enough revenue to hire the web designers, the videographers, the copywriters, the accountants, even people to help fulfill the technical people. Let's just break this down. So get a pen and paper really quick. So here are the divisions of a company, right? You have to market. You've got to find who's interested in what you're doing. You have to sell, right? So you're going to find a lead through marketing and you're going to convert that lead to a customer. Then you do accounting, right? You have to get the P and L and manage cashflow. Then you have to fulfill the thing you sold. And then you have to do some operation around it and customer service around it. And you got to have some technology to support the whole thing. So if you're out there listening to this thinking, I'm a solopreneur. Well, first of all, there's too much to do to be a solopreneur. And you don't want to be because there's no path out of that besides suffering. You want to make enough money that you have enough extra to hire the teams that I'm talking about. In fact, I have a guaranteed program. It's a called a hundred K challenge. I guarantee that I help clients make $100,000 in 365 days. 82% of my students make it. Why? Because it's a system. It's a methodical system on how to help you get to $8,333 and 33 cents a month. Then there's enough money. There's enough money for your household. There's enough money for your taxes. There's enough money for all your technology. There's enough money to hire people. And guess what you ladies out there, there's enough people that you have home help. Somebody else is going to come clean your house. Why? Because you're running a six soon to be seven figure business. If you're under my total age, it's not very difficult. It's just different. See, we're not taught to make a lot of money. We're replacing that income is really not the right formula. So before I talk about my breakout success formula, but again, again, you're going to want a pen and paper, please comment below, comment on your experience. What's it been like to be an entrepreneur? Has it been a struggle? Have you been a solopreneur? Are you doing too much by yourself? I can guarantee you. One of the things that most of you do is you try to do everything by yourself. And I can promise you in every media interview, the one thing I've asked if what's the one thing I could look back, what would I tell my younger self? What would I have looked back and done differently? I would have hired faster. I would have hired faster. And yes, that would have caused me the need to make more money, but that's the formula that works. So get a pen and paper. Let's go to the breakout success stories. All right. So how do you do it? Well, first of all, you got to make money. So what does that entail? Making sure that your products and service are desired by the market. Do not go build something and then hope to God they're going to come. They won't. And it's so crowded since this pandemic happened. Everyone's come to the internet. There's the good, the bad, the interesting. The due diligence is very difficult. In fact, I call the internet, the bathroom wall. Anybody can write anything they want about you too, or not. You have to now defend it sort of like our court system. So seriously, you have got to have a product and service that people want to buy. So what do you do first? Go out and ask people, be out there, right? I'm an expert in money. This is literally what I say all over. I'm an expert in money. How can I help you? What do you need today? What's the one thing I could change in your life today with money and then sell them that you say, well, I'm not ready to sell. It's called pre-orders. You're going to take pre-orders. You're going to take deposits. So you're going to take money. Like I'm coming out with the books called make your kids millionaires coming out April, 2022. And we have a page. You can go and pre-order our book. You say, but it's not out till April. I know, but we're going to do all sorts of engagement. We are doing engagement. We talk to our pre-buyers. I want to know, cause the book's not done yet. So I want to know from my buyers, what else do you want to know about? What can I assure is in my book? So I nail a bestseller. So unlike a lot of you, you're doing everything backwards. Why? Because you're employee trained, right? And we all were, so I'm not making fun. It's a serious issue. You don't build it and hope they're coming. You go out and test the market and test the market and test the market. And you don't test just verbally. You test with your wallet. They're not willing to pay you. They don't want it enough, which means you got to change your offer. What's the product? What's the service that you can serve somebody. And yes, they're going to pay you for it. So I have a list of breakout success. That's number one is you have to pre-order and do deposits and you got to get the product and service offering just nailed. And you don't nail it by building it. You nail it by people saying, I want that thing. I'll give you an, an invention, which I'm not a fan, but this guy's been in business a very long time. Like he's a 30 year inventor. So I've changed his strategies and I'm increasing his cashflow. So he builds these amazing air quality filtered units that actually can kill COVID. It's been proven within a thousand square feet. I said, well, what's the cost? And so he's still working on the cost. I said, you know what? Skip the costs, skip all of it. Just test the market. What would someone pay for that air filter? And the starting prices were way above what he thought he had 2,400, 2,800. One person said $10,000. I mean, priceless. I mean, you know what that could do for this pandemic and the environment. So now he's putting a price tag. That's way, what he thought he was going to do way beyond what he thought he was going to do because the market is telling him that's how important it is. So I'm not encouraging you at all to be a starter inventor. Not that's not what I'm going to encourage you to do. I want you to learn to make money. Then you can do your inventions because I need you to know that he already knew this, but I had to give you that example because it's such a perfect example of my principles, which is get pre-orders, get deposit. Now here's the other steps that are going to require breakout success. You have to be incorporated. The only way that you get to do 81,000 pages of deductions in the United States is you have to be incorporated. Meaning you get your home office. You can write up your kids. You can employ your kids. If you're a solopreneur, you can't employ your kids. Like that doesn't work. I mean, that's, that's not even legally a thing. So you have to get your pre-orders and seriously, that is the first thing I want to do. So once you're incorporated and you start getting your cashflow up, you got to hire. So you say, well, who's the first person to hire? It's not a bookkeeper. There's still not enough money to count. You're going to hire the person who you don't have the skillset, but they're going to help you do the most growth. So let's look at marketing and sales. Who can help you get more visibility on all social platforms? Who can help you get your website up? Who can help you get more traction? Who can help you technically? How, who can help you get an ebook out? Who can help you get something for growth? So the first person that you're going to hire is someone you're going to spend for growth. Now, if you absolutely hate sales, then you're going to put somebody on your sales team, but marketing and sales is where your money's generated. You could always hire a bookkeeper to clean up the back mess, but it drives me crazy when I see entrepreneurs who are struggling, pay $200 a month, $300 a month for a bookkeeper, and there's not a lot of money to count. We can always figure that out later. You cannot figure out the front side sales. So your first money is for growth. It's marketing, it's sales. It's, it's, and then once you start making the money, then you start developing, right? So there's a different order to it. Those of you who will have a large family, I was a single mom. I had to have home help. That was the first thing I had to hire because it was just me. So I hired home helper. So depending on your situation, if the, you know, if there's two of you at home, you maybe can balance that and share a little bit, but I can promise you, home help has got to be in the top three things that you hire. You don't need to go get groceries. It's the same stuff at the store. Send somebody a list. I promise you, you won't, you won't shop emotionally anymore. You should never walk through the doors of Costco again as an entrepreneur. It's just an emotional $500 store. You don't need half the stuff in there. You're going to start having people shop for you, cook for you, clean for you, because what are you going to be doing? Running a company to six, seven. And for some of you who want to go for it, I'll show you how I did eight figures on a regular basis. So the breakout success is you've got to pre-order, got to be incorporated, put the money in the right bank account, and you've got to hire the right help right away. A few things on, like what I call significant tips, never give equity in the beginning to what you can't hire. Now I know that's rough because I remember way back in the day in 2000, Alex Mendoza, still a dear friend of mine, love him. He was building websites and I was doing money and we thought, well, we could trade. And I remember it was around Halloween because our kids are around the same age and it's like, should I give him equity to then what became Live Out Loud and integrated wealth systems and all of this? Absolutely not. So if you can hire it, you may have to work out with different payment terms. Don't give equity and women do not hire your friends. You hire skill sets, not your friends. Your friends, your friends, your skill sets are what you need to run this company. So I have a lot of tips. I mean, right now, I just want you to get going. Let you go out, make some money, hire me as your mentor, get into my hundred K challenge. I'll guarantee you a hundred thousand dollars in 365 days. And we nail it because it's a system we're not guessing. So stop guessing about being an entrepreneur. Now, the two things, critical things that you have to do, have to, and it will make or break you is you have to be consistent. You can say, well, that's simple. It's critical. So if you want, and again, I always go to muscle conditioning. You know, if you want to have a strong, healthy body, you've got to work it out, right? You've got to feed it right. You have to drink a lot of water. You've got to sleep. You got to treat it properly. The same thing with the company, right? You have to be consistent. So many entrepreneurs, they touch, you know, throughout the day, maybe once a week, you know, they aren't consistent. They don't treat it. And I'm going to say like a job, they don't get up in the morning, ready to get to work, right? To go get leads, marketing, sales, accounting, fulfillment, like it's what they do. And if you are on that other side, and yeah, I'm going to just play that out quickly. If you say, well, you know, I'm just spiritual about it. Well, all these gifts came from God. There's nothing spiritual about sitting back and doing nothing about it. To me, you're ripping people off and being the most selfish person, not doing anything. So if you're serious, I'll get you past six figures. Six figures is plenty of money to hire who you need. In fact, when you get to seven figures, it's even easier. I can tell you this, making the first six figures is the hardest work you ever do because we're having to decondition all those employee muscles that you were trained, getting from six figures to seven figures. Once you cross that a hundred thousand mark, it's like that. So let me help you become a millionaire in business. It's so simple. Please subscribe. If you're loving this channel, loving this content, subscribe, hit the little notification button. I'm here five days a week. So here's what I want you to do for staying to the end. I want you to find out who you are. I have a quiz. It's called my financial personality quiz. So I want you to click on the link in the description. I want you to take my quiz. It takes about 30 seconds. And then on the other side, you're going to fill out an application to talk to one of our teammates and let's see if you qualify for that a hundred K challenge. It will change your life.