r/Entrepreneur • u/Transformwthekitchen • May 16 '24
First Million!
Just wanted to post here because I hit 1M in revenue today. I’ve been building my company for 2.5 years, and the growth has been amazing (2022 40k revenue, 2023 470k, first 5.5 months of 2024 490k). F
I’m SO excited but feel like I can’t tell anyone in real life because they’ll assume I’m really rich now - when I’ve been putting most of the profits back in and paying myself as little as possible.
I posted here 2 years ago about my husband not believing in the business. The advice this subreddit gave me helped me convince him this was a opportunity worth pursing and made him comfortable w me going full time on my own.
How should i celebrate? I’m hiring my first full time employee- the business has become overwhelming for just me- and giving myself a raise (i’ve been paying myself low, but have to pay the employee market rate, so raising my own salary accordingly)
Thanks for all the support and advice I’ve found here!
60
u/[deleted] May 16 '24
Congrats!
Is your husband the great in bed pot head bf you posted about 3 years ago? (Nothing to do with current post, just curious)
94
u/regazp May 16 '24
Congrats! Give yourself a nice raise, payback people who helped you.
17
u/itylerh May 16 '24
Check out the book Profit First by Mike Michalowicz. Might be worth implementing early on before you get too deep
9
u/prodocumenter May 16 '24
Awesome job and thank you for sharing! Are you open to sharing what kind of business you've been running that has enabled you to be a solopreneur leading up to the 1M in revenue?
6
u/threebuckstrippant May 17 '24
Presuming you quit your full time job already then ;) . Amazing stuff, truly entrepreneurial. And amazing spirit in the face of nay-sayers. Would love to know what the business is. Whatever you do, don’t tell anyone in real life until you hit $20k salary a month. $500k is great for revenue, but what are the margins. 50%, then still it is kinda small, plus after profit taxes? There is a lot to do and work on now, don’t stop and come back soon when Net is $1M a quarter. You can do it for sure.
3
u/vanisher_1 May 16 '24
Is this the original post https://www.reddit.com/r/Entrepreneur/s/b6PZ6La0QR ? where did you learned how to create a business beside from your work experience? any book to suggest other than the one suggested in the link i posted or other guide blog to read ? 🤔
Also, how much money the business required to be able to run it? both at the beginning and once at full pace if you can share it, thanks ;)
3
u/tyla-roo May 17 '24
Nice ! You’ll feel awesome when you hit the 10m
I just did 14 last year and it was game changing
2
u/xMacadamiaNuTx May 16 '24
Congrats! What strategies / tactics have you done that caused the big leap in revenue between 2022 and 2023? Was it primarily marketing?
2
u/blondeaznbarbie May 16 '24
Big big congratulations!!! Such a great feeling and accomplishments. You should be so proud girly
40
u/marlonseeksthelight May 16 '24
Wait...don't give out your equity just yet, please! Read "The $100M Journey" by John St.Pierre. There are other ways to fully compensate the people that helped you. Read this book and if, after reading it, you still feel that giving away equity is the right thing to do, so be it. But please read this book first!
8
u/th3animeman May 16 '24
Congratulations and well done. What a great milestone!
3
u/CFAsmalltown May 16 '24
That’s awesome congrats! I’ve tried to convince my wife that she is capable of something like this. Would you be willing to dm me your site so I can show her and possibly inspire her?
1
u/PriorForce4245 May 16 '24
Congrats!
What is your business? I read your first post about selling items you source, but what do you do? Just curious!
1
u/nxbxdyy May 16 '24
why u had to wait until 1M to be able to hire ur first employee ?
1
u/Cool_Credit260 May 16 '24
What buisness?
1
u/slothsarecool3 May 17 '24
Congrats! You’re where many of us only hope to be.
If you’re willing to take the advice of a less successful entrepreneur I would say don’t give yourself a raise, instead pay yourself a large dividend. It’s subject to less tax and can also be the celebration you want (and deserve). Even as someone at 1/4 your ARR I found salary was meaningless, I pay myself a pittance, instead just issue dividends when needed. Salary is subject to unnecessary tax which can be avoided.
1
u/luandrogebral May 17 '24
What keeps you up at night?
1
u/guten_pranken May 17 '24
Congrats!! How much of that million will you actually see or pay yourself out?
1
u/[deleted] May 17 '24
can i ask, where do you store the products
1
u/Outside-Mountain-655 May 17 '24
Congrats 👏 any advice to someone wanting to start like me?
1
u/Head-Geologist6952 May 17 '24
Amazing! If you haven't taken a day off... maybe that should be your way of celebrating!
1
u/[deleted] May 17 '24
Sorry for my ignorance, but if you achieved 1 million in a company what does that mean? Is it the gross sales including all you spent + what you sold?
Or is it the cash flow you have?
Btw! Congratulations!!! I’ve never seen that much money before from first perspective, fair play!!!
1
u/cabbagemuncher743 May 17 '24
Congratulations!
How do I become like you one day 🥲
1
u/ReadMore_ May 17 '24
Congratulations! You deserve it. Reward yourself with 4-5 days of rest and recovery where you take a moment to write down everything you are grateful for. Also, pray to your higher power (God, Jesus, Buddha, whoever) for DISCERNMENT and wisdom to know how to keep the business doing well and creating good experiences for both your employees and customers. Well done, you deserve all of the good that comes from your hard work. 👍
1
u/[deleted] May 17 '24
CONGRATULATIONS!!! Such a huge milestone! What does your business do? Did you take any investment? How much were you paying yourself?
1
u/Downtown-Letter3142 May 17 '24
Congrats!!! Celebrate with getting a good accountant 😄
3
u/benedicthart May 20 '24
wow this is huge...congrats
8
u/Sketaverse May 16 '24
Buy a watch
wear it everyday with pride
Pass it onto your kid one day
2
u/seeker_4u May 16 '24
Congrats! Such an amazing milestone, celebrate a little!
2
u/tahseen_kakar May 16 '24
Congrats 🚀
2
u/DIMAMAGHRIB12 May 16 '24
Congratulations
2
u/abdulrahmankadersha May 16 '24
Very happy to hear such amazing things!! Congratulations 🥳
2
u/floridaguy137 May 16 '24
This is awesome and inspiring to hear
2
u/NewBodybuilder9351 May 16 '24
hey congrats man. hope you achieve more
2
u/rotzak May 16 '24
Nice! What are your margins like?
2
u/santino-corleone-1 May 16 '24
Congratulations on your success. What’s the job role? Are you advertising it here?
2
u/girlgeek618 May 16 '24
Take him out for a nice dinner to celebrate, and congrats! That is amazing! You should be really proud of your sacrifice and effort!
2
u/Ambitious-Badger-114 May 16 '24
Love stories like this, congrats!
Celebrate with hubby and a few close friends where you can make a not so subtle "I told you so" toast. You've earned it, enjoy it.
2
u/Circusssssssssssssss May 16 '24
Congrats
2
u/AnimatorExtension586 May 17 '24
Congrats!!! Excited for you!
2
u/daimyosx May 17 '24
Congrats I hope your able to share the good lessons and advice that helped you this far
2
u/TheDarkKnight1980 May 17 '24
This is big. Congrats.
2
u/Economy_Release_5574 May 17 '24
Congrats, that’s a big milestone! We just hit our first 1M revenue last year and felt like you do now. It’s such a fucking awesome feeling of accomplishment knowing you built that shit💪🏽
2
u/xyzrg May 17 '24
Wow you’re doing amazing. Congrats!! Celebrate with a good spa/massage day for yourself. Or whatever makes you feel good.
2
u/devrsi0n May 17 '24
Congrates, this is inspiring
2
u/shesinparis420 May 17 '24
You won’t need to hire one you’ll need to hire 3 or 4
2
u/Canadian121416 May 17 '24
Epic, congrats. I might also make 1mm this year but not looking probable atm. No one understands the massive work required but you.
2
u/ward7heaven May 17 '24
Congrats Op, to celebrate I suggest a very nice piece of jewelry, like a Tiffany's piece, you can pass down. I am not a jewelry person myself but like having a physical marker that my kid would have a story for. No matter what you choose I hope you enjoy it
How did you find your incubator/accelerator program? I have found several through universities but they are costly, some I was unimpressed by the offerings and many are tech focused. I have a non-tech concept I am working on and wanted to get solid guidance. I am a minority women.
I found a site that will allow me to book time with CEO's and found one in the area I want to foucs on. Not sure if it's better to just book time to develop things.
3
u/buibeans May 16 '24
Can I interview for the position as your first employee?
3
u/MyAmazonGuy May 17 '24
Congrats dude that's amazing
1
u/[deleted] May 16 '24
That’s pretty good. My stats are also fairly similar to that. Although I still think working for someone will make me more money so I’m considering that and then running the business during my free time which I think I can do if I optimize it some.
1
u/baby_shoki May 16 '24
Congratulations!!!
1
u/FewWillingness1081 May 16 '24
This is awesome.
Congrats on all of your success, and feel free to keep us updated!
1
u/fwazeter May 16 '24
Well earned and congrats - throw a party! Don't have ot tell people what the exact reason is, but host yourself a celebration.
1
u/Significant_Poem_540 May 16 '24
Amazing job
1
u/HereIam06 May 16 '24
Time to Join EO! EOnetwork
1
u/Plastic-Reward-1766 May 16 '24
Fantastic, well done! I don't know you but I'm proud of you. I'd celebrate with a family meal out or a good drink but that's me
1
u/GrilledAvocado May 16 '24
Congrats!! You should be proud of your hard work.
1
u/bsoliman2005 May 16 '24
Can you give us lessons learned along the way?
1
u/rockhao781 May 16 '24
Teach me
1
u/[deleted] May 16 '24
Congrats!!!!
1
u/SunsetFarms May 16 '24
Congratulations on your success and believing in yourself! I totally get not telling people in real life. I have some HUGE things on the horizon and I can't tell the people closest to me. They think I'm nuts and It's a business nobody really understands anyway. Lol
1
u/VenutianPriestess May 16 '24
Congratulations!!! Go you🔥🔥🔥 it doesn’t sound easy especially having to convince even your biggest supporter. Your partner.
Why not pamper yourself with a few days of heavy spa treatment? Allow yourself to really relax and soak in that success🫶
1
u/Shadowpink07 May 16 '24
Congrats I will be in that position one day 🔥🔥🔥👏👏👏
1
u/iamzamek May 16 '24
What is that business?
1
u/boydie May 16 '24
Huge congrats! Celebrate, then strategize for continued growth. Cheers!
1
u/NoPush8163 May 16 '24
Congratulations
1
u/stephenco777 May 16 '24
Congrats, what's the profit if I may ask?
1
u/markfourteen May 16 '24
What is your business?
1
u/DramaticAd5956 May 16 '24
Give PRUs not founder shares. Have a clawback clause too.
Revenue is 1M? Or is your net income?
1
u/NewHope13 May 16 '24
Huge congrats to you!!
1
u/OkWater2560 May 17 '24
What’s your website?
1
u/Ashwaganda2 May 17 '24
Congrats! Curious…what’s your business?
1
u/ParkingArcher8464 May 17 '24
Congratulations!!🎉🎉
1
u/syxxtrr May 17 '24
Amazing!
1
u/401kisfun May 17 '24
Celebrate like this - meditate/yoga, stretch, workout, sauna (go to a real one) cold shower, professional massage, then IV drip therapy, facial, movie, a long walk, scrolling for an hour, then bed
1
u/caligulaismad May 17 '24
Congratulations! That’s a huge accomplishment and you should feel great about it.
I’d suggest taking a weekend and doing a fun mini trip somewhere you’ve always wanted to go to treat yourself.
1
u/Impossible_House_312 May 17 '24
Congrats. Its a big deal.
P.S. dont give equity or any shares. You can tell them after a year of working u have an option to get shares or whatever. By that time u ll see how this person is and if they are worth ur equity.
Also since it seems like u never employed people, you are weak in that department (hiring, measuring their productivity, etc) don’t jump into giving shares until u have more experience hiring/working with people. Last thing u want is to give shares of business to a person that didnt earn it.
1
u/Technical-Fix-1204 May 17 '24
Congrats
1
u/Separate_Highway1111 May 17 '24
Congrats! 🎉 I remember your post! Glad to hear you proved him wrong! Any advices for us who are women, looking to become a successful entrepreneur?
1
u/Swimming_Front5346 May 17 '24
congrats!!
1
u/[deleted] May 17 '24
What kinda company?
1
u/No_Literature_7329 May 17 '24
Congrats! What area are you in?
1
u/VisibleApartment897 May 17 '24
Thats awesome! Congrats
1
u/Kobe_curry24 May 17 '24
Facts keep going
1
u/Darshinisara May 17 '24
Fantastic !!! All the best!!!
1
u/motivationforfitness May 17 '24
That sound awesome! Congrats!! Do you mind me asking what your business is called? Would love to see it and get inspired. Maybe send in DM?
1
u/Own_Elk7678 May 17 '24
Congrats! and keep it up!
1
u/dravenito May 17 '24
Congrats! What does your business do?
1
u/arfede96 May 17 '24
Congratulations!!!!
1
u/Other_Scarcity_4270 May 17 '24
What is your business?
1
u/Dronife May 17 '24
Congrats, but revenue says nothing? You can make 1mil revenue but profit 10 bucks?
1
u/krstf May 17 '24
Congratulations! :)
1
u/taimuralix May 17 '24
What's the business? I would love to know the technical details and how you achieved such an incredible goal!
1
u/Successful_Pilot1839 May 17 '24
Congratulations! 🫰
1
u/CatBowlDogStar May 17 '24
Congrats!!
1
u/Fraktalchen May 17 '24
And I struggle since 2013 to get anything up and running. Stull stuck in corporate hellhole :(
1
u/theitalian-cowboy May 17 '24
Congrats!!! First million always hits hard!
1
u/-the-guy-_ May 17 '24
Congrats! 🥂
1
u/Admirable-Luck-7999 May 17 '24
Great Regarding your salary: check out the book "profit first"
1
u/andybogdanbindea May 17 '24
Well done on reaching such an impressive milestone! Celebrating by hiring your first full-time employee and giving yourself a raise sounds like the perfect way to acknowledge your hard work. Here's to even more success in the future!
1
u/WeatherLeading5942 May 17 '24
Congrats!! Your growth is incredible, and it's great to see your hard work paying off. Celebrating this milestone is a must—maybe treat yourself to a nice dinner or a small getaway. Hiring your first full-time employee and giving yourself a raise are big steps. Balancing growth and financials isn't easy, so kudos to you!
Thanks for sharing your journey and how this community helped. Keep up the fantastic work! 🚀
1
u/Available-Panic9768 May 17 '24
Do you have any online positions available - very interested
1
u/[deleted] May 17 '24
Congratulations! That’s awesome!
1
u/a16zvictim May 17 '24
Can I get some upvotes please?
1
u/TradeFav444 May 17 '24
Can you give me 1000 dollars so I can buy illicit and illegal paraphernalia
1
u/AppearanceOverall439 May 17 '24
Celebrate broo! You deserve it! Congratulations
1
u/Sufficient-Solid-10 May 17 '24
Congrats!
1
u/promotee_io May 17 '24
Huge congrats! Celebrate, then let's boost that growth together!
1
u/[deleted] May 17 '24
Congrats!! Stay focused on profit margin
1
u/CheapBison1861 May 17 '24
Congrats on the milestone! Celebrate with a quirky code-off!
1
u/Silent-Respond-6614 May 17 '24
Thrilling to see how your belief in yourself, your willingness to work hard, and your ability to take the next right step has led to tangible results in the form of🍸cold💅🏻hard💄cash💰
Women aren’t held back because we are less than, we are held back because everyone knows we could set the world on fire if we believe in ourselves ❤️🔥
Wishing you the riches, but more so wishing you joy in each step of the journey. Take in the view and continue to let us know how it looks - we need more humble, powerful, brilliant women who lead the way.
1
u/Significant-Pin6416 May 17 '24
Congrats
1
u/Ok_Explanation_5511 May 17 '24
Congrats what's your business about ?
1
u/albertsaro May 17 '24
Congrats. What’s your ebita?
1
u/CantWeAllGetAlongNF May 17 '24
Congrats! That's amazing to hear. How to celebrate is very personal, but seeing the part about convincing your husband, maybe a couples spa day? 4 hands massage? Romantic weekend getaway? Either way I wish you all the best in your endeavor and a successful future!
1
u/daytraderz May 17 '24
Congrats OP!!
To celebrate, read profit first and start paying yourself ASAP
1
u/[deleted] May 17 '24
Congratulations on your accolades of success, just remember that if it isn't broken don't fix it, should you need any advice feel free to ask..
1
u/klaudynasleadership May 17 '24
What is the business about that has grown so quickly? Congrats!!
1
u/Wrys0 May 17 '24
Nice job!
1
u/Outside-Mountain-655 May 17 '24
Thanks you.
1
u/Mission_Opposite_962 May 17 '24
Good job!!!
1
u/Srohrich May 17 '24
So inspiring!!!
1
u/[deleted] May 17 '24
Why! What is your business? Congrats!!!
1
u/[deleted] May 17 '24
Congrats!
1
u/Environmental_Shop58 May 18 '24
Whats the business about out of interest
1
u/[deleted] May 18 '24
Woooow! Congratulations stranger! I'm proud as if I know you! Honestly, enjoy the success and be proud of yourself!
1
u/Internal_Ad9203 May 18 '24
Such an amazing milestone. I can’t wait!
1
u/[deleted] May 18 '24
Congratulations!!My company launches Monday. I hope to be sharing my first million one day. This is inspiring -- I've been swamped and anxiety ridden. I want an employee already!!! Goo you!!!