Becoming a Seven Digit Earner with SaaS sales
Having a job that pays seven digits isn’t the only way to become a millionaire. In fact, almost every millionaire will tell you, relying on a single source of income is a surefire way not to meet your goals. The key to joining the millionaire’s club isn’t hard work, it’s smart work, and incorporating practices that build and grow your personal wealth. Rather than working hard at one job, millionaires in the making should establish multiple streams of income.
It all comes down to simple math and what it takes to reach a million dollars. A million seems like a huge number, but breaking it down by earning potential helps you see how attainable it actually is. Take a look at salaries, for example:
$50K per year income X 20 years = $1M
$100K per year income X 10 years = $1M
$200K per year income X 5 years = $1M
And looking at commissions income, it’s easy to see too:
5,000 sales X $200 product = $1M
2,000 sales X $500 product = $1M
Or, even subscription sales:
300 monthly subscriptions X $278/month = $1M
500 monthly subscriptions X $167/month = $1M
1000 monthly subscriptions X $83/month = $1M
As the equation proves, the path to a millionaire is simple but may take time. Combining the equations, or creating multiple streams of revenue can reduce the time it takes to reach the million dollar mark.
Say you have an income of $50,000 a year from your salaried position, but also decide to resell a product that earns you a commission of $100 per sale and average 500 sales a year. Now, rather than taking 20 years to reach one million dollars, you’re able to do so in just ten short years.
For IT service providers and resellers reaching the million dollar goal is even easier in today’s market.
IT providers and resellers are in a unique position to take a fast track to the million dollar finish line and easily add multiple revenue streams to their business. Already offering services and having an existing client base gives such servicers a leg up when it comes to creating multiple revenue streams, but what really sends their journey to one million dollars into overdrive is the types of products they’re able to offer— SaaS.
With little overhead and no physical components, software as a service, or SaaS products can be easily resold by IT service providers and resellers looking to create more revenue streams. Businesses are changing their workflows and work processes at lightning speed, and with that demanding the software to do so. By adding new and varying SaaS products to their service list, IT professionals and resellers can capitalize on the increased demand to their own benefit.
Let’s take another look at the math, but this time specifically using an IT service provider as an example:
An independent IT service provider makes a yearly base salary of $65,000 from his business clients. After listening to their needs, he decides to resell two SaaS products to help meet their needs, a one-time payment malware protection software and a monthly subscription to a cloud backup and data management software.
Yearly salary = $65,000
Malware Protection- $200 commission X 100 sales = $20,000
Cloud Subscription- $250 monthly subscription X 100 subscribers = $300,000/year
Now, the same IT service provider that once was looking at two decades of work before reaching seven digits, will reach one million dollars in earnings in under three years, or even faster.
Selecting the right product to resell as your additional revenue stream matters too and only one SaaS product is highly sought regardless of industry – cloud backup. Compliant, secure, data protection and management is needed across all industries making cloud backup one of the most sought after services, and the commissions for cloud backup resellers exceed even our example.
The AI-powered cloud backup and data management provider, BigMIND, for example, can earn a reseller an average of $560 per 1TB sale. At that price point, the path to being a millionaire is made even shorter.
In math, the shortest distance between two points is a single line, but for reaching financial success the case couldn’t be more different: the quickest way to becoming a seven digit earner includes multiple avenues for income rather than a single source, and those in IT service stand to gain the most.
If you’re interested in getting started with cloud backup reselling, look no further than the premiere AI-powered cloud backup and data management provider, BigMIND. Visit https://www.zoolz.com/partners/ to get started.