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Notable! $3,000 to $1,000,000 in 15 months: HOW TO DO IT

Discussion in 'Progress/Execution Threads' started by Russ H, Sep 5, 2007.

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  1. Andy Black
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    Andy Black Any colour, as long as it's red. Staff Member Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Nice bump. Never even seen this thread before.

    I'm only on the first page and this excellent post jumps out:

    In particular:

    Don't be creative with the product or service, but the delivery.

    Product-founder fit (does it suit your skills and experience?).

    Forget branding ads and do direct response.

    Use paid search (or other media buying) to get initial traction.

    Study competitor funnels.

    (Which assumes you're not creating a completely new product or service.)

    Service based more likely than product based. (This makes a lot of sense for speed to market.)

    Recurring monthly payments from customers/clients. (Grow this mutha like a snow-ball.)


    I like.
     
    Last edited: Aug 17, 2015
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  2. LLiriano
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    LLiriano Contributor

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    I've been digging the forums, I had bump the GOLD! loads of it in this thread!
     
  3. jason91
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    jason91 Bronze Contributor

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    Great bump!:rockon:
     
  4. cutthroughstatic
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    cutthroughstatic I Buy Cars Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    hmm...

    $3,000 is quite a good starting investment into lottery tickets. Spend a couple hundred on psychics and then the rest playing the magic numbers. It's a can't lose proposition, really!

    All kidding aside, this has been a really cool thread to read. It sparks so much imagination and creativity of what is possible. I'll let my imagination rest, however, as my goal at the moment is simply to create small recurring revenue.
     
  5. Andy Black
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    Andy Black Any colour, as long as it's red. Staff Member Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Aha. My next question was going to be how much our business would need to make each month for someone to be willing to buy it for $1m?

    Aaand, it's already been answered in the thread:

     
    Last edited: Aug 17, 2015
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  6. Dwight Schrute
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    Dwight Schrute Ludicrous Speed Read Millionaire Fastlane Speedway Pass

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    Just throwing out an idea:

    Production cost per ticket: $0.01
    Take $2000, print 200,000 tickets.

    Spend the other $1000 on advertising

    Sell tickets to kiosks for $2 each, they resell them for $5

    Potential profit in first month: $400,000; minus the 10-20% you let your customers win
    (the winners will be happy and spread the word)

    Rinse & repeat, scale.
    The longer you are in, the more you can afford to let people win.


    This is of course oversimplyfied it'll not be that easy to do in reality, but difficult entry is a good thing;)

    Edit: Okay, forgot about that:

    I can imagine the government wouldn't ever let a teen enter the lottery game...
     
    Last edited: Aug 17, 2015
  7. Damage Inc.
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    Damage Inc. There's no return from 86 Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    Fun idea to think about, but private for profit lotteries/raffles are illegal - at least in the USA.
     
  8. Dwight Schrute
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    Dwight Schrute Ludicrous Speed Read Millionaire Fastlane Speedway Pass

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    Yeah, same here...but I can imagine that the responsible institution lets you enter if you came
    up with an innovative idea that has potential to generate huge profits.

    On the other hand, the limits don't say that it has to be legal:D
     
  9. Andy Black
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    Andy Black Any colour, as long as it's red. Staff Member Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Phew. I'm not going to lie - this thread was hard to get through in places. I had to resort to skimming.

    Also... paragraphs and white-space are our FRIENDS. :)

    Maybe it's the nature of this thread where people are encouraged to blue-sky and think outside the box, but has the forum changed over the last few years? I think people would get shot down a lot more now-a-days. I dunno if that's a good or a bad thing.



    Anyhow...

    Make $1m by building a business that generates $25k profit per month and then selling it.

    Obviously it has to be built such that the new owners are confident they can continue to generate $25k/mth.



    Now, how to make $25k/mth ?

    Maybe 1,000 businesses paying $25/mth ?

    Maybe 100 businesses paying $250/mth ?

    Maybe 10 businesses paying $2,500/mth ?


    Or more likely, a bit of Perry Marshall's 80/20 rule of thumb that one fifth of your customers will pay 4 times as much.

    So if you had 100 businesses paying you $250/mth, then 20 (20% of 100) will likely be willing to pay $1k/mth, and 4 (20% of 20) will likely pay $4k/mth.

    So maybe it would look like:
    • 80 businesses paying $250/mth ($20k)
    • 16 businesses paying $1k/mth ($16k)
    • 4 businesses paying $4k/mth ($16k)
    Total monthly revenue of $52k ?

    We've overshot, but maybe we pick the 100 * $250/mth scenario and any upsells are gravy, or we hit $25k/mth earlier than 100 signups.



    Hmmm... interesting. I've already decided they are businesses and not consumers.



    What springs to mind immediately is 100 cities for XYZ vertical.

    Provide a service for a business in a city for $250/mth that needs minimal maintenance once built.

    After you've dialled in one business in a vertical, scale by finding similar businesses in different locations.

    Obviously we're looking at businesses that cover specific geographies.



    EDIT: Why sell when you get to 100 * $250/mth for XYZ vertical?

    Go to 500 in XYZ vertical as well as diversify to other verticals.

    Add higher levels for businesses that want more of what you're selling.

    Add lower levels for businesses that want less.



    Start with 1 * $250/mth doing something that *could* scale.

    Don't worry about scaling with your first client.

    Just concentrate on landing them and use them to learn the vertical.

    THEN find a way to scale.
     
    Last edited: Aug 19, 2015
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  10. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    You know. I never say this but... my new business is being launched with $2000 and I think it has some real potential to do this. Actually seeing this thread title after it getting bumped made me think. Could it actually do $1M in 15 months? All it takes is a small idea and you never know. I guess we will see where its at on Feb 2017.
     
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  11. jasoncuellar123
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    jasoncuellar123 Money Never Sleeps Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    bump
     
  12. Ubermensch
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    Ubermensch New Contributor

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    My response.

    Felt more fitting to record it than type it.
     
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  13. Dami-B
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    Dami-B Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    Great thoughts Andy. would that be $2500, $250, $25 revenue or profit
     
  14. Andy Black
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    Andy Black Any colour, as long as it's red. Staff Member Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Profit. It would have to be profit. :)
     
  15. Dami-B
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    Dami-B Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    This is a very interesting question. I had to think this through the night.
    First of all i'll have to put this into perspective
    Convert seed money $3000 - Naira
    $3000 - N595, 000
    I'll have to tackle this from two industries
    1. Agriculture
    2. Manufacturing|Exportation|E-commerce

    I'll Probably choose and begin by November, somewhere about November 20

    1. Agriculture |November 01 -December 20
    Book Early for 600 turkeys from Farms for xmas
    Male Turkeys - Qty 300 - Farm Price N9000 |Sales Price N18000
    Female Turkeys - Qty 300 - Farm Price N6500 | Sales Price N14000
    Spend N100, 000 on Marketing
    Use N400, 0000 for upfront cost for procurement
    N95, 000 for other expenses
    Gross - N4, 950, 000
    Net - N4, 000, 000

    Convert Seed Money of N4, 000, 000 to dollars
    N4, 000, 000 -$20000

    2. Manufacturing|December 20 - February 20
    Manufacture product in China
    Product requirements
    1. Target moms
    2. Must have huge cute factor
    3. dads must feel responsible to buy for kids (think nice school bags or something like that)
    4. Aunties feel guilty when they don't buy for nephews and nieces
    5. Must be able to Mark up x10

    Production Cost - $1.5 - $2
    Sales Price -$20
    Net - $15

    Mass Production
    Mass Marketing
    Diversify sales Channels
    Have a Global Market
    Rinse and Repeat


    GOAL
    Be Selling 67000 units by February 20

    EDIT:
    I should have started sourcing and having talks with suppliers in China for manufacturing since November 01, while simultaneously doing the agric thing.
     
    Last edited: Aug 19, 2015
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  16. Mr.B
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    Mr.B Silver Contributor Read Millionaire Fastlane Speedway Pass

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    Always the wiser choice!
     
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  17. hestati
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    hestati Contributor Speedway Pass

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    Guys, new challenge for you.

    You have until the end of the year (so 2.5 month) to go from 10k to 100k. Your expenses are paid so you can play with all 10k.

    You can't do anything illegal, but can do "grey" things (for example gambling at the illegal casino).

    Again, no borrowing, no OPM.

    I thought about it for a few days, herr's what I would do.

    You need either insane scale or high magnitude. Scale is harder to do in a short time, so I will start with magnitude. Real estate? Probably not in 2.5 months. Same with cars, even if you're good at flipping, with just 10k and 2.5 months not gonna happen. What else is expensive AND liquid? Precious stones. So here's what I would do:

    1. Read everything I can on emeralds. Pay a jeweller to learn even more. Become an expert in a few weeks or so of intense research.

    Buy a plane ticket to Bogota, Colombia and buy a high quality emerald there for 5-7k.

    Bring it to a country where emerald prices are highest, say it's Japan or Switzerland. Sell it there for a profir of 3-4K. Repeat until you reach 100k.

    Is it guaranteed success? Probably not. But given extremely limited time it's probably your best shot.

    How would you approach this?
     
  18. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Have you been watching too much Gen Hunt? I think you have a much better shot flipping cars.

    Seriously, you think that buying a stone for $7k and selling it for $11k in two different countries will be easier than flipping a $7k car for $11k in the USA? Plus you have all the airfare, hotels, etc...

    In Gem Hunt they buy for $1k and sell for $30k. That's more worth the risk.
     
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  19. hestati
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    hestati Contributor Speedway Pass

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    I actually never watched gem hunt.

    Problem with flipping cars, how muxh can you make with 10k initial? Say you're VERY lucky, you buy a car and it sells the next 2 days, netting you 1k. Not enough time.

    Plus, cars are not liquid enough. There may be no deals today, or if there are, the guy is too busy to show it to you today. Supply is limited.

    With emeralds or other stones you first purchase is 7k, your next purchase is 10k next one is 15 k, 22, 30, 40....



    Again, I'm not saying it will work for sure, but I think you have more chances than with cars to actually hit 100k at some before new years.

    Other crazy idea is go door to door in upscale neighborhoos offering christmas tree service. "Give us the height you need, we buy the tree for you, we install it for you, we come pick it up, all for just $200". If you can net $100 from each transaction, you need to sell 1000, which is extremely hard, but probably doable.
     
    Last edited: Oct 14, 2015
  20. Andy Black
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    Andy Black Any colour, as long as it's red. Staff Member Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    I dunno @hestati

    I've just watched the video linked to in this thread. It's freaking hardcore, and makes all the "how do I make X dollars in Y months?" weak by comparison.

    What do you think? Would you be better served to pick a direction and start, today?
     
  21. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    So you think that emeralds are more liquid than cars? I have a tough time believing that. You can't exactly buy and sell them on craigslist. You put a 2.5 month constraint and you have yourself flying back and forth from Columbia to Japan. Each deal is going to take you at least 2 weeks. This means you can only do 5 deals.

    Why don't your emerald numbers work with cars? Why can't the next one be $10k then $15k, 22, etc...

    BTW, you should watch Gem Hunt. Here's the episode with Emeralds.

     
  22. hestati
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    hestati Contributor Speedway Pass

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    @Andy Black

    Don't get me wrong, this question was to just get my mind working hard. I did pick a direction and working on my fastlane project right now. I'm not looking for "get rich in month" scheme.

    @biophase

    Emeralds is what I would do because I've been to Bogota and saw it myself. Supply is unlimited. You can't sell them on craigs, but most jewellers will gladly buy it from you if the price is right. Gems are extremely liquid when the price is right, so each transaction will take maybe 1 week.

    Cars are liquid if the price is right too. But the problem is the other side. You need to find exceptional deals constantly. With emeralds you can just call your buddy Jose who sold you the first one and tell him you need 2 more like that tomorrow, he will get them for you. With cars, most people never even return your calls.

    What would you do though? Cars or something else?

    I will watch the episode, thanks!
     
  23. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Your big "if" is if the price is right. That can be said for anything. When it comes down to it, your main business plan is to buy low somewhere and sell high somewhere else, just like every other business.
     
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  24. daivey
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    daivey Bronze Contributor Speedway Pass

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  25. daivey
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    daivey Bronze Contributor Speedway Pass

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    lol guy looking for secret sauce.