How to Make Six Figures

I found this great series from Inc that profiles six entrepreneurs who are all making great incomes now in a variety of ways. I’ve pulled out the key points here in hopes of both inspiring my readers and giving you practical advice you can use in your own business! To read each full article, which includes each person’s exact answers, click on the link to the article in each section.

Part 1: Sue Berk of Sue Berk Designs

Sue Berk Designs, founded in 2002, makes painted ceramic crosses, frames, and baby blankets. Sue Berk had no formal art training, but always had a love for it. Her background includes a Bachelor’s degree from the University of Texas, working in high tech marketing and product management, renovating houses, and making her own tiles for home renovations.

I think the most important thing that Sue Berk did was make the jump from a service-based business (where she was hand-making all her own ceramics for customers) to product-based business (where she could replicate her product in mass quantities). Service-based businesses limit your income because you can only make as much money as you have hours in your day. Sue could only paint so many items in a single day, and the more she painted, the less time she had to live the life she wanted. Switching to a product-based business allowed Sue’s income to take off while still allowing her to enjoy the rewards of seeing her designs in customers’ hands.

Website: Sue Berk Designs

Read the whole article at How to Make Six Figures

Part 2: Mike Koenigs of Traffic Geyser

Mike Koenigs got started at an early age, teaching himself how to program at the age of 14. His first company, Digital Café, a multimedia agency that produced games, movie websites, and other interactive experiences. He’s created over 300 web sites and more than 30 products, and has a quite impressive list of clients under his belt. Mike is also credited for inventing the "Internet Infomercial" for marketing and selling products or services with video on the web.

Mike Koenigs does two things that I really like:

1. He solved a problem in his own life, and then went to help other people like him solve the same problem. For every niche entrepreneur out there, there are many others who are in the same boat and have the same struggles you do. Being a DIYer who solves a problem for yourself puts you in an excellent position to solve that problem for others in your situation. Also, by serving people similar to you for your product, you already have an excellent understanding of your target market.
2. He takes a lot of notes. Whether you use a notebook or a mind-mapping program, I have found that jotting things down serves a record of my ideas and helps me process or refine an idea. Sometimes I see my notebook as a business colleague that I am bouncing ideas off — the ideas are inside me and I have the power to bring them to market, but I need a sounding board to help me refine and clarify them.

Website: Traffic Geyser

Read the whole article at How to Make Six Figures, Part 2

Part 3: Matt and Emily Griffin of Bakers Edge

Matt Griffin came up for the idea for his specialty brownie pan in 1998, but didn’t launch the company with his wife until 2002, and didn’t get the pan to market until 2005. They followed a very unconventional path, from winning an ideas competition (and $25,000 in cash from VISA and MSN), to being picked as one of Oprah’s Favorite Things.

I think Matt and Emily Griffin are an excellent study in perseverance — their product took 5 years of thought and processing to come to the market, but they still did it. Many people think they have to be first to the market to have any success, but a solid idea with a strong plan will make it whether it takes 1 month or 10 years.

Website: Bakers Edge

Read the whole article at How to Make Six Figures, Part 3

Part 4: Steven Woolley of ooTunes

ooTunes doesn’t have an exciting website or celebrity endorsements, but it is the #2 iPhone app of 2010 on CNET and one of Tech Digest’s Top 10 apps for 2009. Steven Wooley’s one-man software development team created an app with an average of 4 stars on 798 ratings with raves on both the app’s functionality and on Steven’s customer service in adding new features and addressing problems.

Steven Woolley is proof that you don’t need heavy funding to launch a serious business — he got started with nothing but a laptop and iPod, both of which had been given to him as gifts! You also don’t need many products to keep your business running strong, as Steven only really makes money from one. The important part is that he works hard on the one product to make it the best it can be, so that his customers keep giving him rave reviews and the sales of his app continue.

Website: ooTunes

Read the whole article at How to Make Six Figures, Part 4

Part 5: Rob Walling of Software by Rob

Rob Walling has been building web applications professionally for 10 years, working as as a consultant, a freelance developer, the development manager for the City of Pasadena, and a team lead for the world’s largest prepaid credit card company. His current "internet portfolio" includes sites like Dot Net Invoice, Wedding Toolbox, and Apprentice Lineman Jobs.

The thing that stands out about Rob is DIVERSITY. He doesn’t rely on any one income stream to meet his monthly numbers, which softens the blow to his finances if one of his sites doesn’t do well in a given month. I think Rob should also be applauded as being one of those small business owners that keeps the economy strong, as he not only pays himself income, but also employs virtual assistants (VAs) to help him run his day to day operations.

Website: Software by Rob

Read the whole article at How to Make Six Figures, Part 5

Part 6: David Wood, author of Get Paid for Who You Are™

David Wood is fast becoming one of the foremost voices in online marketing and lifestyle design, having built a rewarding hobby into a million-dollar online empire that allows him to work and play from anywhere in the world. His book and website helps entrepreneurs turn their passions into rewarding careers by building internet businesses. He breaks his launch plan into five simple steps, and incorporates giving back into the overall vision of building a business.

I think David is spot on when he describes his only limit as being himself now. When you work for yourself, as I do, I have the choice of launching my idea today or one year from now. All I have to do is decide to "feel the fear and do it anyway" (as David says), push through it, and get it done.

I also like that David had so many coaches assist him along the way. So many solopreneurs think they have to do everything on their own, but that isn’t true. It is important to build your own tribe (colleagues, friends, coaches, or financial advisers — whoever it may be!) to see you through your business. Just find the key people who you need to succeed in your business and surround yourself with them.

Website: Get Paid for Who You Are

Read the whole article at How to Make Six Figures, Part 6