How to Start a $1 MILLION Business This Weekend
Maybe it’s not going to make you a million dollars, but at least you might be sitting around thinking how on earth to get started. I was inspired by an article written by Tim Ferriss, where he interviews Noah Kagan and his successes with launching businesses.
Noah Kagan is an exceptional entrepreneur. He was employee number thirty at Facebook. And since then he has launched multiple very successful businesses, including Sumo, AppSumo.
And these businesses combined have millions of paying customers. So Noah is not only great at starting businesses. He’s great at starting really successful businesses.
So if we follow the advice of Noah on how to launch a $1 million business in a weekend, it is reasonable to assume that it would happen for you to some degree.
Maybe it’s not going to be $1 million, but maybe it’s going to be enough to replace your day job or to produce an extra income stream for you. And I think it’s a really great idea to have a specific timeline for how long are you going to dedicate to the launch of this business idea that you have.
One of the biggest things I see, the biggest problems I see with people thinking about businesses is that they think about it too much and too long. And they overthink it.
I have had multiple conversations with people thinking and saying to me, Hey, I’d love to start a YouTube Channel, but you know, maybe when the timing is right or a little bit from down the line, or I have this business idea and it’s such a good idea.
I know it’s going to do so well, but it’s just maybe a little bit late, I just need extra time, extra income. I just can’t get started right now.
And that’s the curse of people not following through on great ideas. The most profitable area of the entire world is the graveyard because there are millions of multi-million dollar business ideas that never came into fruition because people just never executed on those ideas.
Having this weekend dedicated to creating this business idea, do it this weekend I dare you to, it’s going to light a fire under your bum to just get started, to just execute on this idea.
And the thing is if you launch this and if you find that this is a really great idea throughout the weekend, and you go through the inspection of this idea and the execution, and the market research this one weekend, you might actually launch the business. It might not be perfect, but at least you’ve done it.
And that’s always the hardest thing is to just get started. So with that all being said, then we share some of the tips that Noah says as well as the things that I’ve learned over my time, being in business to help you get on your way.
Firstly, find a profitable idea. I’m not going to delve too much deeper into this. You need an idea before you can start a business. And the main thing is to monetize your skills.
So for example, you might be a coder and you’ve worked as a coder for years. You could take that skill of coding and turn that into a course
or perhaps you can become a tutor and teach people how to code.
Alternatively, let’s say you have a passion or a specific skill. Say knitting or playing video games that can be also turned into a business idea, helping people get good at something that you’re already good at.
Then you might be looking at small things in your life that you do really well. For example, let’s say you just know how to get really great results on Tinder, optimizing your pages in order to get more swipes.
In short, it’s taking something that you’re already really good at and making that into a business. This for me has been the shortest path to success for myself.
And it’s usually the easiest path for most people. Basically looking at whatever you’re already good at, whatever you have a passion for, and turning that into a profitable monetization stream.
But Noah offers further suggestions. He says, to look at what you or your friends are constantly complaining about and what there doesn’t seem to be an obvious solution for.
And maybe you are able to find a solution for that. But what are people always bitching about or complaining about? Keep a lookout for that. The second approach Noah suggests is to just look at your daily life and see what you are doing.
Is there a way to make a part of your day a little bit easier, faster, and more efficient? So for example, Noah mentions about this simple mirror that has a sticky tape on the back of it.
He was able to put the mirror in his shower so he can shave. And this was a complete game changer for him. The other place to find potential profitable business ideas is to go to places such as Craigslist or Gumtree and see the gig section and what people are asking for.
So if you’re looking in your relative area to produce services in that area, what are people looking for? What solutions do they need? Perhaps through this research, you’ll be able to find a common theme of what a lot of people in your area are looking for. And maybe have a solution for that.
If you’re looking to create and sell physical products, a great research tool for you is eBay and Amazon. Have a look at what is already selling really well on these websites.
And then you could either create a complimentary product to those items that are already selling well. For example, a luxury phone case for an iPhone, or perhaps you are able to create a product that is even better than what is already selling really well, slightly different, with a bit different advantages.
The list of possibilities there are really endless and you already have examples and evidence of people purchasing these kinds of products. A little creativity will help you go a long way in finding these business ideas.
I would recommend that you try to come up with a $1 million business idea this weekend, whenever you trying this exercise just to expand your mind and see where it likes to think, and where it expands, to what solutions it comes up with.
The brain is a miraculous tool in getting us to create solutions to problems that we might have. Because if you say you have a salary of $2,000 a month that you want to cover off with your business, you could just come up with a $2,000 a month idea.
And that’s really cool, but what happens if you just allow your brain to go a little bit further and maybe you’ll find something much better, that will require the same amount of effort.
So, allowing yourself to think that big is going to stretch your mind. Definitely think really, really big. Okay so now that you’ve come up with a potentially profitable business idea, it is time to move on to step two, create a simple offer.
The next step is to come up with a simple, yet powerful offer. This is something that I find a lot of people struggle with. They might have this business idea, but they do not know how to sell it.
They do not know how to communicate, or how important of a service or a product that they have. If you do not know how to communicate your offer, whatever you have for sale in a very simple but powerful way, without having to over explain everything, you’re going to lose people.
It has to be really snappy and really fast and very powerful to convince people to buy from you rather than from somebody else. For example, let’s go back to the idea of creating a really great Tinder profile.
You’re really great at this skill. And this is something that you’re aiming to provide as a business service. Your offer should be a one line description of your business that will help anyone to grasp a very fast what it is that you do even better.
The offer should be able to hook somebody. So if somebody asks you how are you going to help me with my Tinder profile? You could answer something along the lines of, well, I’m really great at setting up profiles.
I’ll make your pictures really nice. I’ll make sure that you’re able to get some increased swipes, I’ll make sure that your bio is really optimized. Cool story, bro.
That’s going to be a lot harder for you to sell. But if you have something very simple and straight to the point, such as ‘I help people to get matches on Tinder, guaranteed’ or ‘I’ll help you get more matches on Tinder or your money back’ or ‘I’ll optimize your profile on Tinder to get you more matches guaranteed.’
That’s a simple offer that gets straight to the point and will sell. At this point of course, somebody might want to know more about what you do. And this is where you’re going to explain that a little bit.
But the initial line is what’s going to get them hooked and interested in what you have to sell. Let’s go back to the example of the mirror that Noah loves so much that he can now shave in the shower with.
A simple offer for that mirror could go something along the lines of ‘it’s an incredible mirror that lets you shave in the shower.’ It’s a bit bland to be honest and even better offer though is ‘this mirror is going to help you save seven minutes per day.’
It sounds pretty interesting, doesn’t it? It gets your curiosity up and you’re willing to read more or find out more about this mirror. This magical mirror, the benefit to the customer is much simpler and straight to the point.
So spend some time now creating your offer, making sure that you include the benefits to the customer in there. But remember we only have one weekend to do this, we cannot spend too much time, get it over and done with as soon as soon as possible and move on to the next step.
Price it. Okay, so now you have your good business idea and you have your offer. And now it’s time to figure out what you’re going to price your product or service. At this point, most people often go for the sweeping price tag.
They want to include as many people as possible because they think that their product or service is going to help absolutely everybody, which is really dangerous because you often want to niche down.
Of course the strategy can work a lot of the time for a lot of different businesses. Of course go for that if this is what you think is going to work for you. I personally always like to start off with a much more premium high ticket item.
The simple reason is that you just require a lot less sales in order to create a sustainable income for yourself. For example, let’s go back once again to the Tinder profile idea.
Let’s say that you work full-time right now and you make about $2,000 a month from your job and you want to replace that income with your business, so you can focus on your business full time.
And let’s say that it takes you two hours to completely redo someone’s profile. So you say we’ll charge $100 for that. So $50 an hour sounds pretty all right. To replace $2,000 of income per month, you would have to find 20 customers to pay this price tag.
This is absolutely a doable number. It’s not a huge number, but it’s also not a tiny number either. Let’s say that you are interested in starting a lawn mowing business and you charge $100 to mow the lawn.
Again, you’d need to mow 20 lawns in order to make your $2,000 a month. This is of course not taking into account taxes and business operations expenses and all that.
Now this of course, isn’t a recipe for failure. It is definitely doable, but it just requires a lot more work consistently on your behalf to find these clients.
What I would do at this stage is try to figure out how I would be able to charge more for the service. For example, if you are in the lawn mowing business, why wouldn’t you try to go for say the huge Golf parks that have enormous lawns that you couldn’t mow, or go try to find luxury homes that have huge grass patches.
Again, that would require a lot more work for you and these clientele, they have a lot more money, so they expect the service to be a lot higher, but they are also willing to charge more.
So you would only have to find a much smaller amount of clients in order to make the same amount of money or the Tinder business. How is it that you would be able to charge $500 for the service instead of 100.
What would it have to take for you to increase your price point, to make it worthwhile for someone to part with $500 instead. That means at $500, you would only have to find four customers every single month instead of 20, even better still.
If you’re able to sell to 20 customers at $500, that means you’re making $10,000 a month instead of just $2,000 a month. So that’s a really nice win-win there.
Of course you need to be ensuring that you are able to provide a service that is going to be reflective of the costing, not just jacking up the price and just executing the exact same service that you would for $100.
By going through this exercise of pushing yourself, to see how you can increase your prices. You’re going to do two things.
Firstly, you’re going to come up with creative solutions of potentially creating a new business idea that you might’ve not thought of before, and how you might be able to serve customers in a unique way.
Secondly, you’ve got to challenge yourself to push yourself on how to make the service much better and unique, and much more valuable to the client. Something that they cannot live without.
And the more value you’re able to contribute to the customer’s life, the more likely you’re going to succeed in business. If you are not creating value in a business, you’re not going to succeed.
Business is nothing but creating solutions to a problem. Also, the more value that you are able to provide for the clients. This means that you will be able to charge more and you’re not going to have to find as many clients in order to substitute your income.
Lastly, but most importantly, you need to find customers. It is all good and great having a great business offer, but if no one believes it enough to buy it, it means it’s just a hobby and it is kind of a dead end business idea.
So, what kind of product or service you are going to be selling will depend on where your customers are going to be. Let’s go through three questions in order to help find where customers could be.
Firstly, where do people go to buy similar products or services? If you’ve managed to come up with a business idea that is completely unique and no one’s ever sold it before.
Congratulations, that is amazing. Likely you’re not going to have any problems selling this business or service, but in 99% of cases, you’re probably going to find that the product or service that you’ve come up with is already selling similarly somewhere online.
So the first question is to prompt you, to find out where those things, the product, or service is already selling. If you’re looking to sell something physical, you want to go out to Amazon or eBay and find out if it’s already selling.
If you want to be on those websites as well selling your product or service there. If you’re selling a course, or coaching, or a digital service, you want to find out where they’re already selling.
Find where people are already going to buy their services and put yourself in front of those potential clients as well. If you’re launching a business that’s related to a specific geographical area, you want to find out where people are going in order to get those services. Put yourself in the customer’s shoes.
If you were looking for your type of product or service, where would you go in order to find that product or service? The second question you may ask in order to find the right clients would be, where do people hang out online?
Who are interested in this kind of product or service? This question is going to help you find communities or interest groups that are interested in the potential product that you might have.
For example, let’s go back to the Tinder business idea. You want to be looking online where people are looking for this kind of similar information.
It might be Facebook groups or Reddit threads that are talking about dating or talking about Tinder. There are also YouTube Channels that you could be looking for.
Big YouTube channels that are gathering a lot of discussion and conversation in the comments section, or you want to be looking at forums or community websites that focus heavily on the topic of your business.
Once you identify these places, this is a great place to start looking for customers. You could put advertising, paid advertising of your brand or product or service in front of these customers.
You can also become part of the conversation, and start talking to these potential clients, customers, answer questions, have discussions, and then sell them the product or the service.
And it doesn’t matter how obscure the business idea is that you might have. Just consider that you now have access to the entire internet and on the internet, you’re going to find people interested in whatever the tiny niche is that you might be selling.
There is someone out there in the world that is looking for something that you have for sale. It is just how well you can deliver that service and how well you can communicate that offer to that person.
And then the third question for you to find potential clients is, who are the businesses that are already succeeding in my industry? In my opinion, there is no easier way to succeed than following the example of someone who is already succeeding in the field that you want to get into.
Study what they’re doing and how they sell their services to the customers to start getting ideas. Don’t just study how they find customers. Also try to see if you can discover the channels that they use in order for the customers to find them.
Do they rely heavily on websites, social media, print advertising, podcasts, or a combination of all of these things. The more examples you’re able to find, the more ideas you will have in order to promote your own business.
Let’s say you want to become a world renowned business coach that teaches people all across the world. There are so many examples of coaches that do this. For example, let’s talk about Tony Robbins.
Tony Robbins is of course extremely successful in what he does. So you are able to study what it is that he does in order for his customers to find him and how he finds customers.
Study how he’s able to convince them to part with money in order to secure the service with Tony Robbins. And then you can emulate their example or do even better.
Is there a way for you to improve on how you are able to find these customers and sell to the customers. And once you found your potential customer, there is nothing left for you to do, except to put the product in front of the customer and seeing if they buy it.
Okay, that’s it. It’s partially wisdom from myself and partially wisdom from Noah Kagan, who was interviewed by Tim Ferriss on how to start a very successful business in a very short time period, do not spend too long.
You want to get through this as fast as possible because again, overthinking any business idea is where it gets a bit dangerous, and why nobody starts in the first place. Hopefully it’s been helpful if you found it helpful.
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