A million dollars may not go as far as it did two or twenty years ago, but it's still a lot of money. Although salespeople are among the highest paid employees in most organizations, not many make a million dollars a year, or even every two years. But that certainly doesn't mean it's impossible.
The search for a million dollars may sound like a daunting quest, and it certainly won't be easy. But there are certain things you need to do and look for if you want to get there. There are also some things you'll want to avoid if you want to go there. Here are some ways you can prepare yourself to generate a million dollars in sales.
You also need the best sales technology, including a great sales automation CRM!
Choose the right mountain to climb
Not all products are created equal, especially when it comes to making a small fortune, so you need to choose the right product to sell that will get you to your ambitious goal. This is perhaps the most important thing you can do if you want to generate a million dollars in sales.
For example, it is almost impossible for you to make a million dollars selling cell phones. Not that there's anything wrong with selling them, but the numbers just don't add up. Real estate, on the other hand, has a very direct, if not easy, path to a million dollars in commissions.
High ticket or high volume
Hypothetically, there is a way you can make a million dollars selling cell phones. You can make a big deal between a cell phone manufacturer and a retailer, or between a carrier and a large company. If you want to generate a million dollars in sales, you need to make deals that involve unusually high ticket items or lower priced items with significant volume where one sale can generate at least tens of thousands of dollars or more in commissions. The last part is absolutely crucial! You should be tooclosing dealsthere are thousands of dollars worth of commissions and the lower the commissions, the more volume you need.
It may sound like common sense, but understanding these concepts, especially early in your career, can mean the difference in lifetime earnings. There are plenty of equally talented and hard-working people making vastly different amounts of money for the same effort simply by choosing to sell different products or services. Take the time to investigatewhich industries pay wellcan go considerably further than jumping at the first opportunity.
Recurring/residual revenue
Another way to generate a million dollars in sales is through recurring revenue. Granted, this path will take time, but if you're committed to a long-term career, you can work your way to your goal. Recurring or residual revenue is when you make money from a customer over and over again, rather than just once at the time of the sale. If you build up enough of these repeat customers over time, you can make quite a bit of money.
Some industries that may have recurring and residual revenue include insurance, recruiting, medical supply sales, and even software. It's certainly not a get-rich-quick scheme, but it can yield big profits if you stick with it long enough.
Sales management
Finally, you can make a lot of money if you are oneSenior Sales Managerin certain organizations. It's true that salespeople sometimes make less money than salespeople, but the opposite can also be true. There are plenty of sales managers who make small fortunes because they get a percentage of every deal their salespeople close. Of course, these positions are incredibly demanding and not easy to obtain, but high performers who lead sales teams for aggressive, growing companies can earn seven-figure incomes.
Whichever way you go, it's possible to make a lot of money selling if you choose the right industry, the right company, and then produce like crazy. And if your goal is to make a million dollars, remember that there are others doing it, which means you probably can too.
