7 Ways to Make $1 Million in a Year Without a Brilliant Idea
Becoming a millionaire doesn't require a brilliant idea. Here are 7 ways to make $1 million in a year without a genius plan. These include platform and add-on acquisitions, creating a high-ticket item, and leveraging your existing skills.
Codie Sanchez
Investing millions in boring businesses & sharing what I learn. On a mission to create 1M financially free humans | My bio, not my tombstone, I hope it changes
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If you want to be a millionaire, you don't need to invent the next Uber.
— Codie Sanchez (@Codie_Sanchez) June 28, 2023
Here are 7 ways to start making $1 million in a year without a brilliant idea: -
1. Do a platform acquisition
— Codie Sanchez (@Codie_Sanchez) June 28, 2023
Buy 1 company for $30k-ish down.
A laundromat is a simple example.
We found one for:
• 15% down on $250k
• Using seller financing
• At a $65,000/yr profit -
2. Add-on acquisition
— Codie Sanchez (@Codie_Sanchez) June 28, 2023
Add vending machines (cost $3-5k)
Better option: buy an existing route (revenue $20-50k)
Snacks, drinks, soaps, toys, plus potential machines at other locations…
Now we’re talking an extra $50k/year -
3. Vertical acquisition
— Codie Sanchez (@Codie_Sanchez) June 28, 2023
You’ll get to know your competitors – who’s bigger, who’s ready to retire.
Now you buy a bigger laundromat for $300k/yr AND they give you seller financing. -
4. Asset acquisition
— Codie Sanchez (@Codie_Sanchez) June 28, 2023
Another laundromat is going out of business, you buy their machines at a discount.
You use an equipment loan to fund it.
The increased capacity adds an extra $50k revenue. -
5. Satellite acquisition
— Codie Sanchez (@Codie_Sanchez) June 28, 2023
Now you’ll want to expand your customer-base and your margin.
Add a wash & fold service.
You could even swing buying a delivery fleet for greater upsells.
That contributes another $250k/yr. -
6. Horizontal acquisition (products)
— Codie Sanchez (@Codie_Sanchez) June 28, 2023
Review P&L, find your biggest costs, and turn them into profits.
A major laundromat cost? Soap.
You can bottle and brand commercial-grade detergent.
It cuts your own costs by 40% (and you can go sell to competitors)
That's another $200k. -
7. Hard asset acquisition (real estate)
— Codie Sanchez (@Codie_Sanchez) June 28, 2023
Your greatest expense at this point is likely the lease.
You're doing $915,000 in revenue so you buy your building.
Prices are down so you buy the whole strip mall.
Now you're over $1M. -
There are a lot of variables here.
— Codie Sanchez (@Codie_Sanchez) June 28, 2023
But you’d be surprised at just how easy it is to tack 7 streams of income on 1 business.
Might as well bet on yourself. -
You can follow @Codie_Sanchez for more business and acquisitions frameworks.
— Codie Sanchez (@Codie_Sanchez) June 28, 2023
Feel free to RT here for easy sharing:https://t.co/RqE0iQRyqi -
You'd be surprised how many businesses this 7-step model works with:
— Codie Sanchez (@Codie_Sanchez) June 28, 2023
• Gyms
• Moving co
• Carwashes
• Landscaping
• Home services
Basically anything from my list of 130 favorite biz's (they're my favs for a reason..)
Get that list free here:https://t.co/v6VnnoPXuf