Booyah: When a business makes its first million dollars in revenue

July 11, 2011: 3:14 PM ET
The first million dollars in revenues is an important milestone for a small business.

The first million dollars in revenues is an important milestone for a small business.

NEW YORK (CNNMoney) -- When a small business makes its first $1 million in revenue, it's like hitting the jackpot.

It suggests business is good, maybe even thriving, and the future looks bright.

"It is certainly an emotional boost,'' said Doug White, co-owner of Whitestone Partners, a management-consulting firm that serves small- and mid-size businesses. ''It signals legitimacy.''

Even as small businesses grapple with a sputtering economy, high taxes and tightening credit standards, many continue to rally on -- some limping over that million-dollar-revenue mark, while others cross it in leaps and bounds.

It is a testament to the owner's persistence, experts say. It happens, driven by an entrepreneur's energy.

"That milestone is really important,'' said Ken Yancey, CEO of Score, an organization that counsels small businesses. So when a business owner hits it, he or she needs to be committed more than ever.

Now is the time to build a team, he advises.

Owners also should take educational courses, join professional associations and read up on their industries to keep their businesses growing, said Gregg Landers, managing director of growth-management consulting at CBIZ MHM, an accounting and business-services provider.

The stakes are higher when a small business crosses the $1 million-revenue mark, added White, author of the forthcoming book "Go to Grow: Why Some Businesses Thrive and Others Fail to Reach Their Potential." (Palari Publishing).

They're ''now playing with the big boys," he said.

Read our first profile on a million-dollar matchmaker here.

Do you own an interesting company that just crossed the million-dollar-revenue mark in the last year? Send your story and contact information to realstories@turner.com, and you could be featured in an upcoming article on CNNMoney.  To top of page

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