7 New Year's resolutions for would-be million-dollar business owners

2023 is upon us, and it's the perfect time to launch your business idea or reinvigorate the growth of an existing one. Many people reading this article have set a personal goal of increasing independent contractor or small business income to $1 million, or some personal number that will give them the security and freedom they can't find. in a traditional job.

So how do we get there? There is no single formula. From my research and interviews with many seven-figure entrepreneurs, you need to be doing multiple "good" things at the same time.

So what is it? For my 2022 book Tiny Business, Big Money (W.W. Norton & Co.), I surveyed 50 entrepreneurs running businesses with $1 million in revenue. Most had fewer than five employees and some relied exclusively on teams of contractors.

Based on this survey, here are seven things you can do to follow their path:

1. Automate: If you're doing rote work in your business that could be done by an app or software, you're probably wasting time that could be better spent on strategy, R&D, improving execution, or to growth. 90% of respondents said they use automation in their business.

2. Find good contractors. 100% of entrepreneurs rely on at least one entrepreneur. Often this starts with hiring a virtual assistant for a few hours a week and progresses to using contractors for things like social media.

3. Join an entrepreneurship group. 45% of entrepreneurs are part of it. If you're introverted, join an online group where you can chat from the comfort of your living room. You will always be able to broaden your thinking and your network.

4. Find a business coach, formal or informal. If you run your business on a shoestring, find a peer coach. 37% of entrepreneurs said they have a coach.

5. Take the time to exercise. 88% exercise, top picks being yoga and strength training. If you're hunched over your computer for too long, you'll be less productive.

6. Support your spirit. 64% of entrepreneurs have a mental/physical, spiritual or religious practice. Life isn't just about business for many of these entrepreneurs. They embrace a deeper purpose.

7. Don't hire prematurely. Companies that reached $1 million reached that revenue level after four years on average and hired their first employees after four years. Why four years? This is a topic for further research, but what I've learned is that waiting to add jobs until you can confidently do payroll can lead to better cash flow and better durability.

These steps may seem deceptively simple, but as with all positive habits, there is a gap between knowing and doing. Adding just one to your repertoire can be a great way to build momentum in your business. Before you know it, it will be easier to integrate more and take your earnings to the next level.