$1,000,000 in 12 months

[biophase]

Yes, I am starting one of those threads. :eusa_clap: But it's not about me. It's about these types of threads.

I was pondering this as I drove to work today. How do I make $1,000,000 in 12 months? That would be a great goal to have... but wait...

Here's the difference, I'm not talking about starting today and 12 months from now having $1,000,000. I am talking about making $1,000,000 every 12 months. That means $83,333/month. There is a huge difference here. We are talking about building a business that brings in $80k+ profit a month, month after month, year after year.

This is not building a business that makes $333k/yr and then flipping it at 3x for $1m in 12 months. We are talking about building a strong, sustainable business that consistently profits $80,000 a month. That's the type of goal people we should be going for. Not the $1m in the bank account crap after a specified amount of time.

 

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[oddball]

When I saw the title I was like "Oh great, another one of these," then I was more confused when I first saw it was you.
But this is interested, I'll be curious to follow.

 

[The-J]

But that's too hard. Who wants to think of goals like that? Consistent action, sustainable businesses... that's boring! I want an instant sell-out where I can make $1 million easy peasy!

 

[Deege]

Check it out.

83,333$ per month = ~3334 People profiting you 25$ every month.

3,334 People.

What do you have to offer to nearly 3.5k people every month that they will gladly hand you 25$ for. What do you spend 25$ on Weekly/monthly?


Food for thought?

 

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[AgonI]

I'd love to hear from the experienced guys on the forum on this topic. This could be sort of guide to 1 mill in a year with top tips from the top members. Posts like this one can be deleted.

 

[socaldude]

creating a product or service that actually means something to consumers should be your first priority.

the whole 1 million dollars a year in after tax cash flow should just be a scaling dilema.

 

[theag]

Check it out.

83,333$ per month = ~3334 People profiting you 25$ every month.

3,334 People.

What do you have to offer to nearly 3.5k people every month that they will gladly hand you 25$ for. What do you spend 25$ on Weekly/monthly?


Food for thought?

Working on exactly that. Profit per customer might even be a bit higher.

 

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[nzerinto]

I was reading the Dollar Shave Club guys just raised $9 million for the company. That's INSANE...for a subscription based service that sends out razors, for goodness sakes.

But it got me thinking. They obviously do well, and they obviously have a fair amount of equity, because presumably the investors did their due diligence.

The thing is then, these guys must have quite a large number of people subbed to the service, in order to justify the investment, so Deege's suggestion of having a few thousand (if not tens of thousands) people paying $10-$30 a month is pretty much "on the money".....

 

[theag]

I was reading the Dollar Shave Club guys just raised $9 million for the company. That's INSANE...for a subscription based service that sends out razors, for goodness sakes.

But it got me thinking. They obviously do well, and they obviously have a fair amount of equity, because presumably the investors did their due diligence.

The thing is then, these guys must have quite a large number of people subbed to the service, in order to justify the investment, so Deege's suggestion of having a few thousand (if not tens of thousands) people paying $10-$30 a month is pretty much "on the money".....

I'm sure they will use the money to expand into other products. They proved their business model and execution abilities and now they're gonna scale it up big time. There are enough other items where this models makes sense. Maybe the toothbrush guy from this forum will now get a strong competitor..

 

[biophase]

creating a product or service that actually means something to consumers should be your first priority. the whole 1 million dollars a year in after tax cash flow should just be a scaling dilema.

You only have a scaling dilemma when you can't provide enough product for the demand. Sales and scaling are very different.

Do you gross only $10,000 a month because of lack of sales or the inability to scale. Big difference there.

 

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[theBiz]

as far as the dollar shave... forget about the $10/m ........when you login to get your order soon they are probably going to have a full ecommerce store and before you finalize your order have stuff like:

Add shaving cream for (X)/m
Add..
Add..

It only makes sense, they most likely will have one time buys on there too... they can get their average customers purchase up big time. So if they have 1000 people paying X they figure if we start upselling them we dont even need new members BUT we obviously still have a huge base to hit so they are in a good position.

 

[Kak]

I was thinking you better have made the million already.

 

[MJ DeMarco]

83,333$ per month = ~3334 People profiting you 25$ every month.

3,334 People.

What do you have to offer to nearly 3.5k people every month that they will gladly hand you 25$ for. What do you spend 25$ on Weekly/monthly?

This is the heart of the whole strategy.

Step 1: CREATE something of value. Invent. Write. Create. Make sure your creation has a viral "tell your friend" appeal as your marketing efforts will double ... every new customer, yields more via word of mouth.

Step 2: SELL your creation to just 1 person. Just ONE!

Step 3: EVALUATE. Any changes needed? What's the market telling you? About your marketing? Your product? Is the need confirmed?

Step 4: ADJUST based on 3.

Step 5: REPEAT. (Scale.)

This is the whole macro-process in a nutshell.

Now each of those steps easily has dozens more steps within them, which I call, the micro-process.

 

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[pdog]

Step 1: CREATE something of value. Invent. Write. Create. Make sure your creation has a viral "tell your friend" appeal as your marketing efforts will double ... every new customer, yields more via word of mouth.

Step 2: SELL your creation to just 1 person. Just ONE!

I often find I am stuck on #1 getting it "perfect". I spend too much time thinking ahead and 90% of those features etc never are needed. It's better to get to #2 asap right?

 

[The-J]

I often find I am stuck on #1 getting it "perfect". I spend too much time thinking ahead and 90% of those features etc never are needed. It's better to get to #2 asap right?

Yes, exactly.

You only need one sale to have a business. One transaction, one money-vote, one customer, that's all you need. Once you have that, your chances of failing in business go from 100% to 99%.

As far as making changes goes, simply listen to your customers. What do they want?

 

[JasonR]

Dollar Toilet Paper Club? Lol!

 

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[socaldude]

You only need one sale to have a business. One transaction, one money-vote, one customer, that's all you need. Once you have that, your chances of failing in business go from 100% to 99%.

Exactly, everything else is just mental masturbation; creating logos, t shirts, mugs, writing "CEO entrepreneur, founder of JOE BLOW INC" on your facebook to make a pointless egotistic statement to your facebook friends, filing for an LLC just cause etc.

As a consumer I want something of value that I can clearly see that has a marginal benefit that exceeds its cost. I want a BIG a$$ BANG for my buck PERIOD. A bang so F&$%*N loud that I want it to be heard across the milky way galaxy. I don't give a nano-gram shit that you wanna get rich, that you wanna be a CEO/founder. GIVE ME VALUE!! If I don't have value then you don't have a business.

 

[Steele Concept]

Nice post MJ. Everyones about create and sell but ya gotta get on that Evaluate, Adjust, Repeat. That's what I am in the process of doing... You should always have a finger on the pulse of the market and respond. In my case retailers want a lower price point and consumers wanted a percolator for my unit. Done and done, now time to run it and sell.

Listen to your market and respond ftw. Those customers are your boss.

 

[TheTruth]

Right on, but I would like to mention that the "create/invent something of value" should not be rushed in this process.

Here is what I mean:

Let's say you want to get your first customer and you know you have to get them fast, you may be inclined to throw anything up and if you don't catch anyone you move on.

However, your recognition might have been good, but your application of the value might have sucked.

When MJ built his limos directory, sure he threw on anything he could find and then saw how the market responded, and then made changes accordingly. BUT, he had been hearing the "need" for years of being in the limo industry. He damn well knew what was needed and then he implemented it very quickly.

I think what is worth investing into is researching the need and understanding the problem at a deep level. Once that is clear, create quickly and respond even quicker.

 

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[Eskil]

Check it out.

83,333$ per month = ~3334 People profiting you 25$ every month.

3,334 People.

What do you have to offer to nearly 3.5k people every month that they will gladly hand you 25$ for. What do you spend 25$ on Weekly/monthly?

Or...
8,342 customers monthly billed at $9.99/mo
4,169 customers monthly billed at $19.99/mo
3,335 customers monthly billed at $24.99/mo
1,667 customers monthly billed at $49.99/mo
833 customers monthly billed at $99.99/mo
417 customers monthly billed at $199.99/mo



This thread is food for thought.

 

[andviv]

This is the heart of the whole strategy.

Step 1: CREATE something of value. Invent. Write. Create. Make sure your creation has a viral "tell your friend" appeal as your marketing efforts will double ... every new customer, yields more via word of mouth.

Step 2: SELL your creation to just 1 person. Just ONE!

Step 3: EVALUATE. Any changes needed? What's the market telling you? About your marketing? Your product? Is the need confirmed?

Step 4: ADJUST based on 3.

Step 5: REPEAT. (Scale.)

This is the whole macro-process in a nutshell.

Now each of those steps easily has dozens more steps within them, which I call, the micro-process.

Nice book outline right here. Thanks.

 

[teabag]

Or...
8,342 customers monthly billed at $9.99/mo
4,169 customers monthly billed at $19.99/mo
3,335 customers monthly billed at $24.99/mo
1,667 customers monthly billed at $49.99/mo
833 customers monthly billed at $99.99/mo
417 customers monthly billed at $199.99/mo



This thread is food for thought.

this has been on my mind now for the past 2 days... I have been having trouble going to sleep because I just keep thinking!

What service or product can I provide to a certain niche market, who would pay me $9.99 a month, and how can I get 8,000 repeating customers.

What can I provide to someone elses life, that will get them to pay me $9.99 a month. If you think about it, it isn't a huge amount of money per month... the million dollar question!

 

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[1step]

Dollar Toilet Paper Club? Lol!

LOL Have you seen their newest video? Looks like you almost hit the nail on the head

 

[teabag]

LOL Have you seen their newest video? Looks like you almost hit the nail on the head

LOL just watched it, hilarious