10 Lessons I Learned While Making My First $1 Million

The last 6 years in business have been transformative for me – both personally and financially. I have never been more fulfilled and purpose-driven than I have been doing what I do. And, as a result of stepping out on faith (it took a huge leap of faith to leave what others thought was a secure lifestyle to delve into the unknown), I’ve learned some powerful lessons. This journey has taken me places that I’ve only dreamed of going, while accomplishing some key milestones along the way.

Folks always ask how I did “it.” Recognizing the importance of paying it forward and sharing what I’ve learned, I managed to synthesize an actionable list of the 10 lessons I learned while making my first $1 million.

35ze3t

 

1) Invest in personal development first (and consistently).

Before entering the matchmaking profession, I spent several years in self-development. I went back to school and obtained a graduate degree, participated in multiple coaching programs, became an intern (as a 30-year-old adult), attended numerous conferences and more.

I noticed that many of my peers stopped the “study” grind once they “made it.” But I’ve learned that sustained success is dependent upon the research of your craft , and is something that should never stop.

 

2) Stop chasing money and start chasing problems.

Successful entrepreneurs don’t create lasting legacy or make fortunes because they can come up with clever solutions. It’s because they become infatuated with problems.

In previous ventures, I always fixated on either making money or making cool products. When I became a matchmaker, I changed my focus to a problem that has kept me up at night for the last 6 years.

 

3) Never be dependent on one source of income.

Diversify from day one .

When I started matchmaking, I quickly realized matchmaking was cyclical (with summer months being the slow season), so I launched coaching services and launched flow dating events.

As my business has matured, I’ve created revenue streams outside of matchmaking (and the above listed).

 

4). Remove all middle-men.

I love affiliate programs, but know you’re never going to make a fortune peddling books that aren’t yours.

TV shows actually don’t make people money, but I know several people who do by developing their own videos and delivering them to their fans directly.

For me, it was traffic. I relied on Facebook and Twitter to drive sales, but those platforms squeezed us out.  Still, it helped me build a sizable email list that helped save my business.

You never want to find yourself relying solely on third party platforms to drive your business  because the developers of those same platforms have the power to change how things are done. That’s why it’s important to do everything you can to remove the middleman.

 

5). There is no such thing as “get rich quick.”

Get rid of your “I’m going to be a millionaire by ___ (fill in desired age). Also, stop with the thoughts that your pyramid marketing participation is going to make you a billionaire. It’s simply not healthy.

For me personally, growing up I always said  I was going to make my first million by age 25, then moved it to 26, then to 27, then to 28, then to 29, then to 30 and it continued.

Wealth (not riches) should be what you’re after.  I define wealth as a concept that goes beyond monetary attachment. For me, it’s all about living a healthy, fulfilled life and helping find solutions to the problems that keep me up at night.

“Wealth consists not in having great possessions, but in having few wants.”― Epitectus. I couldn’t agree more.

 

6). All money ain’t good money.

Early on in my matchmaking career, I took on any client I could get. People who had no business in a professional matchmaking service, I still took them on. I did it because I needed the money.

Turns out those clients ended up needing greater amounts of my time (and on a per hour basis, I could have been paid more flipping burgers) and where the greatest liabilities.

Sometimes you have to do what you have to do, but be selective with who you’re making money from .

 

7). Get serious about analytics.

Someone once said, “What doesn’t get measured doesn’t get done.”

Once I was able to better identify where customers came from, how long the sales process was, and what messaging better resonated, I was able to dramatically increase conversion rates. For measurement of my efforts, I use Google, Facebook, and Twitter analytics.

 

8). Focus on one customer at a time.

My grandfather once told me, “you don’t have a real business unless you can sell a product to 10 people.”

Early in my matchmaking career, I focused on selling to those 10. In the process, I learned the importance of listening and adjusting. All great entrepreneurs made slight modifications to products and services along the way.

Listening and adjusting is imperative (that’s how I not only got to the 10 in the early days, but how I just surpassed 600 clients over 6 years). Each new customer should realize the value of your knowledge from your experience with all previous customers.

 

9). You can do it!!!

Of course, making $1 million isn’t everything, but to an entrepreneur, it’s a solid milestone. The key to achieving goals is first knowing that they’re possible. As the wise business strategist Napoleon Hill once stated, “whatever the mind can conceive and believe, it can achieve.”

 

10). Continue to strive for greater.

If you can make $1 million, making 10 of them thangs ain’t too outlandish of a goal :-).

Even after you achieve your goals in both business and life, there’s always growth when new challenges are identified and tackled. One never “arrives,” so it’s important to continue to set your goals – whatever they may be – higher and higher.

 

There’s really a variety of important factors that contribute to the achievement of this goal: stepping out on faith, proper positioning and planning, and training. And while money isn’t everything and is certainly not the key indicator of “success,” having tangible resources to work with while on the path to making your dreams come true is important  – and very encouraging. These lessons, paired with the practice of successful habits, will have you well on your way to accomplishing, and surpassing your own personal and business goals!

 

Like this post? Join my community to receive updates on the best content of this blog.

About Paul C. Brunson
Mentor, Entrepreneur, & Television Host. My goal is to help you live your best life; in love and professionally. I’m the world’s most influential matchmaker, founded and exited three businesses, host two television shows, spent nearly a decade working directly for a billionaire, and share my experiences by mentoring and coaching thousands of people.
84 comments
Timna Angst
Timna Angst

I am also reading this book because of your blog post! It is helping me tremendously.

Shantae Charles
Shantae Charles

Very informative. Just came out of a season of learning #6

Jamal Bradley
Jamal Bradley

This isn't a slight to anyone and their efforts but you're model and example of making a million dollars is more valuable to black folk than 95% of those in the entertainment industry.

Sandra Smart
Sandra Smart

Thank you Paul Carrick Brunson -will share :)

Timna Angst
Timna Angst

I feel like I am posting a lot on your quotes! But I am not going to lie! 💯👍🏾They are all great and informative! I feel like I am Getting business coaching from a distance! Thanks Paul! ✔️

Michelle Moore
Michelle Moore

Yes, yes, yes Paul, my husband and I needed this as we are growing our business and leveraging our gifts and talents. Thanks again

Calhoun Dal
Calhoun Dal

Thanks for sharing Paul Carrick Brunson. This definitely was an awesome read.

Nichola Bell
Nichola Bell

I absolutely love it! Thanks for sharing the wisdom, as always! 👊🏾✅ I greatly appreciate it! #myfirstmillion

Paul Carrick Brunson
Paul Carrick Brunson

So glad you enjoyed it Diego! I truly believe you can reach your goal. The key is to figure out how you can help 10 million people, then you'll easily reach 10 million in networth!

Jaylynn Little
Jaylynn Little

Great post, on time and I LOVE the new site! #WeStartUp

Shantae Charles
Shantae Charles

Thank you. I am on the right track. Much appreciated!

Carla Friday
Carla Friday

This is everythang! Look at that fancy new site, nice Paul!!

Diego Cortes
Diego Cortes

Paul Carrick Brunson This post was very valuable. I appreciate you for it and for also always taking the time to respond to people. Regarding this post, I've said to myself that I want to break the 10 million Networth before I am 30 (currently 24). I certaintly believe what Mr. Hill says and will be hustling and bustling to get to that goal, but Im reaching out for a reality check, since those are always very useful in life. Thank you kindly.

Patrice K. Cokley
Patrice K. Cokley

Paul Carrick Brunson I see! You've succeeded in making sure the focus was on the content. I'm loving these minimal web layouts. I'm well! Still grindin'. Thanks for asking!

Paul Carrick Brunson
Paul Carrick Brunson

Patrice K. Cokley so glad you like the site sis - wanted to keep it minimal and focus on the content. Hope you're well!

Patrice K. Cokley
Patrice K. Cokley

Great read!! Thanks for sharing! And LOVE the new website!!!

DrStacy Mobley
DrStacy Mobley

Talk about silver eagles. Paul, thank you for sharing this with us. No fluff, to the point, and real. Ya man :-)

Dakari A. Barnes
Dakari A. Barnes

Learned so much from this article ! Thanks \U0001f64c\U0001f3fe\U0001f64c\U0001f3fe

Quiana Few
Quiana Few

Can't access the website for some reason to read this. Maybe it's my phone :(

Quaashie Wigglesworth
Quaashie Wigglesworth

Good info, I'm at a standstill right now. I have a friend that owns a profitable business in Alexandria, I just need some empty bottles he dosent have any but maybe can direct me in the right direction thanksDawn

Dawn Simpkins
Dawn Simpkins

Quaashie Wigglesworth, so much to discuss after the break, but read this.

Paul Carrick Brunson
Paul Carrick Brunson

Melodee Forbes Really good question. My mindset regarding money took awhile to change. Years, actually. The most significant event was in reading and seeing the pivotal role non-monetary actions play in a child's life (I was researching parenting in 2010 when my first son Kingston was born). It resonated that while money is helpful, it was not critical or imperative in influencing the greatest aspects of our life.

Wendi Bekoe
Wendi Bekoe

This might sound reeeally stupid... but I don't know why it never occurred to me before that you would be a millionaire. It's nice that you're not boastful or flashy about it.

Lori Antoine
Lori Antoine

Ashley Brown close to what I requested...lol

JoAnn Holmes
JoAnn Holmes

“Wealth consists not in having great possessions, but in having few wants.”― Epitectus. That resonates, Paul.

Lauren G Reliford
Lauren G Reliford

Thanks so much! That simple clarity just helped me a lot! Paul Carrick Brunson -- #tweak #facebookmentorsession #grateful #workswithmillionaires #millionaireinthemaking #focusonsolutionstoproblems

Melodee Forbes
Melodee Forbes

Awesome!!! I love all of your tips, especially the one about keeping measures and working consistently with a mentor from the beginning. Question, did changing your mindset about money play a factor in achieving your success? If so, how did you change it, and what resources did you find most beneficial? Thanks for always providing such great value!!

Paul Carrick Brunson
Paul Carrick Brunson

Lauren G Reliford Testing the market (survey, focus group, Q&A with existing customers).

QueenofForgiveness
QueenofForgiveness

 I have to agree with you on focusing on solving problems instead of creating the next cool product or making a certain amount of money. I have learned that if you can help them reach their goals, then the money you ask for will definitely flow. 


So you do have to decide what you want to charge or price your product, but be sure that it first solves a real need.

Paul Carrick Brunson
Paul Carrick Brunson

Lauren G Reliford I look at my cost, pricing of similar products in the market, and perceived demand.