Some people go their entire lives without earning a million in their business, so it sounds crazy that some businesses might be able to achieve this milestone within their first year. But it is possible. Plenty of businesses have achieved this goal, and you can too can strike a profitable business in Kenya!
Pay attention to the following tips and use them to help power up your revenue growth:
1. Find a growing market
One of the easiest ways to build a million-dollar company in such a short period of time is to find a growing trend and ride it to the top. Take the example of Micah Adler, CEO of mobile app developer Fiksu, which grew to $100 million in just three and a half years — with only $17.6 million in venture capital — following its 2010 launch.
Certainly, Adler’s success comes in part from building great products, but it also comes from his timing. In 2012, just two years after Fiksu’s launch, mobile-app development represented $19 billion in revenue and was experiencing annual growth of more than 60 percent a year. Finding a growing market of your own like this can put you on the fast track to massive revenue growth.
2. Think monetization from the start
It seems strange to think about objectively, but some startups start without any obvious monetization strategies. Twitter is one example of this phenomenon, but there are countless other companies out there building up their free user bases, hoping that inspiration —Â and, consequently, financial stability —Â will strike along the way.
If you want to grow a million-dollar company in your first year, you can’t afford to think that way!