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

Idea threads

jpa0827

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My biggest issue isn't the time or commitment or knowledge. I am hitting wall after wall as far as finding a niche to break into or a product that will sell. Are there any threads or subjects or anything on this issue?

I have the SEO knowledge. I have the e-commerce knowledge. I am always learning and thirsting for more knowledge. I just need a solid product and/or niche and to go for it.


I just found this thread and saw your post and it made me smile. Knowing where you are now it's kind of cool to see how far things have come in a short period of time. Gives me hope, that's for sure! I'm currently in the phase you were back then. Only thing I know so far is that i want to go the B&M phone sales style for executing.

Anyway, just thought this was cool to see and wanted to bump the thread.
 
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MJ DeMarco

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So... in what order of priority is "SEO" on your plate?

How integral has it been to your businesses growth?

What has "SEO" done for your business?

Let me guess...

Nothing.

1800-tequila-silver-self-pouring-shot-feat-michael-imperioli-large-4.jpg


In fact, I wonder if @Likwid24 is thinking about SEO right now?
 
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million$$$smile

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I think this is very possible...

I think it can be done with a unique product; something that is very simple and quick to manufacture and is unique to it's niche market.

To make it happen, the processes and production would have to be tested and verified prior to mass marketing. Your manufacturing/production would HAVE to be ready, in order to produce the item when it "hits"

But marketing is the key in order to sell enough in 15 months to clear 1,000,000. Once you have a few using the initial investment of $3000, preordering is a must, but if it is UNIQUE it could work.

I'm thinking of an item that could be produced for $2, marketing cost of $1.00 each and WHOLESALED for $10.00. Dealers could retail for $19.95

This would have to be done quickly before larger companies could compete.

If your net was $7.00 per, you would only have to sell approx. 143,000

If your market accepted it coming out of the gate, I think it could be done.

I don't mean to be so vague, but I do have the product in mind. Lets just say it is in the hardware and tool market.

Maybe I can put this all together and present it at C&B in Houston....

Maybe I can have a prototype...



The question I always have to ask myself is...

WHAT WILL IT TAKE????
 

Worldisyours

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OK, Here's a fun exercise inspired by one of our fastlane members:

1. You have $3,000

2. You want to have $1,000,000 in 15 months

****

Limits:

-You cannot borrow money from any banks or other lending institutions
-You are 17, so you're not eligible for most other loans, RE, etc.
-You have to go to school from 8 am to 3 pm M-F
-You have no particular skills that would be considered mega-valuable

****

That's it.

Outline a PLAN for the next 15 months.

Your goal: Fifteen months from now, you have $1,000,000 in your bank account (and it's all yours, not OPM)

****

Ready? Go!

:hurray::hurray::hurray:
:hurray::hurray::hurray:
:hurray::hurray::hurray:
:hurray::hurray::hurray:
:hurray::hurray::hurray:

-Russ H.

What you are asking to DO it very very improbable. You have to have something great, be able to manage it, work your a$$ off, and sacrifice other thing in your life. And do that at 17. Very tough challenge. The first million is the hardest.

I am not being negative, just being a realist. Go for it but don't disappoint yourself.

Better off to do 250k in 15 months at 17. And build from there.

Good luck
 

DennisD

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What you are asking to DO it very very improbable. You have to have something great, be able to manage it, work your a$$ off, and sacrifice other thing in your life. And do that at 17. Very tough challenge. The first million is the hardest.
I am not being negative, just being a realist. Go for it but don't disappoint yourself.
Better off to do 250k in 15 months at 17. And build from there.
Good luck

Maybe you missed that this was a thought exercise with 15 pages of people participating.
Have fun with it.

This would have to be done quickly before larger companies could compete.

If your net was $7.00 per, you would only have to sell approx. 143,000

If your market accepted it coming out of the gate, I think it could be done.

The guy who brought Razor scooters to market in US didn't have to do much marketing.
He saw they selling like crazy in Japan, so he made a deal to source them to the US, and they sold themselves.
It was a damn good unique fun usable demonstrable visual product with a social element.
 
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Andy Black

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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:

How I'd do it...

1. Tape success principles to my wall and never deviate when the times get rough.

2. Research. I would look at businesses for sale on bizquest.com, bizbuysell.com, sites for sale on sitepoint.com etc. for the sole purpose of sparking ideas and seeing actual revenue. Most websites don't make money. Don't buy into the garbage for sale.

I would also look at the entrepreneur top 500 co's, Inc. most growth co's to spark ideas and see what co's and trends are making money. All the while I'd open up my antenna's for opp's and problems people would pay to have solved.

3. I would compare all these ideas to my strength's and see what's out of my reach - i.e. too much tech, to hone in on a few serious opps.

4. More research into the market. After finding a good idea that fits my mold as best possible I'd go to the library and research the market for this business idea. Study the problems, what they complain about, trade journals, etc.

(I'm fortunate to live in a big Metro and our county library was ranked #1 in the country and linked up to all colleges in the state. Their research databases are top-notch.)

5. After finding that there is a market who is reachable, willing to pay for this service, and having an angle that will give you leverage (niche, better service, faster delivery, etc.) then give it a go.

6. Product or service? I'd do service. Products can take too long to develop and cannot be adjusted as easily or at all as you go. Forget creativity in the product or service sense. Be creative with the delivery. I would be willing to license product rights but that might cost $$ and all the money should be funneled into marketing.

Also, be sure you can get repeat customers. Unless very high ticket, it's easier to get to the $1 mil mark when people are consuming every month. Creating new customers can cost alot ot time and money - better to resell current clients.

7. Study your competitors marketing methods. Use google adwords and design a website but don't spend months or thousands of dollars in this design. Hire a friend who can do this. Don't do this yourself unless you can complete FAST and cheap! Most websites are not the business themselves, but a marketing arm of the biz. Adwords and PPC speeds up the process of startup incredibly - that's why I'd do this first.

Keep your testing small and build on that. Could you run an ad in WSJ? Yes, but that costs serious money and may not be targeted. Forget mass marketing - that's for those with deeper pockets. Stick with small targetable, mediums and create calls for action via direct response. Use your profits to reinvest in more marketing.

8. After getting starting via small potato ad's on the web I'd start calling potential customers from a highly pre-qualified list, and to setup JV's. What I mean by JV's is setting up offers other businesses will send to their customers with their endorsement. Getting this may be tough but is much faster and profitable than any ad. Give the businesses a reason to do it like money in the form of % of sales revenue . Remember you only have 1 year and you must leverage the relationships of others.

Use press releases for PR and offer something of value to listeners - like a free trial for a week / one time use, etc.

I don't expect a newbie in marketing to jump in and tear it up unless they, at a minimum, learn a little bit. I'd be studying marketing, sales, and PR from a few very specific sources while in the research phase assuming I have no experience. I'd ask pros what they read. Most is just rehashed so go right to the top producers.

KEY POINTS:

-Don't be a pioneer trying to create a market. Create a better system of delivery or find an overlooked area to serve. Creating market's is possible but can be time consuming and expensive - we don't have this in 15 months.
-Don't be creative with the product or service but the delivery. Again too much time and untested.
-Direct response ad's on a very small basis. No branding.
-Leverage is key. You need to leverage your experience with the resources of others. -Much faster and more potential for than doing it alone.
-Focus on marketing and promotion and have other people or systems do the work for you.
-Research shouldn't take more than 1 month.

I think I just created my how-to for the next 15 months :banana:

Michael

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.
 
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cutthroughstatic

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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.
 

Andy Black

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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:

Of course it's possible. It's actually pretty easy to go from $3000 to $1,000,000 in 15 months. You don't actually have to earn a million. All you have to do is start a business that make a $25,000/month profit and then sell it after 15 months, and you should have a million.

Of course you need to start making $25K/month very quickly, but it shoudn't take more than a couple of months to get to that point.
 
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Dwight Schrute

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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.
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:

Limits:

-You cannot borrow money from any banks or other lending institutions
-You are 17, so you're not eligible for most other loans, RE, etc.
-You have to go to school from 8 am to 3 pm M-F
-You have no particular skills that would be considered mega-valuable

I can imagine the government wouldn't ever let a teen enter the lottery game...
 
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Damage Inc.

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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 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;)

Fun idea to think about, but private for profit lotteries/raffles are illegal - at least in the USA.
 

Dwight Schrute

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private for profit lotteries/raffles are illegal - at least in the USA
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
 
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Andy Black

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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.
 
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biophase

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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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Dami-B

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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.
 
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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?
 
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biophase

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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?

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.
 

hestati

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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.
 
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Andy Black

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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?
 
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biophase

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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.

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.

 

hestati

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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!
 

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