Those who bring in $1Mil+ a year from their business, what kind of business do you run or what sector are you in? How many attempts of starting businesses did it take to get to where you are? And if you had any advice or tips to those wanting to get started, what are they?
I looked at purchasing a furniture e-commerce business recently. It caught my attention with 1.5M in sales and 50% gross margins.
When I dug into the figures, revenue had declined from a peak of around 3M and was currently losing 250k per year.
The lesson: Find a profitable business model you can scale. Scaling without profitability is a waste of time and money.