If you only had 6 months to make $1 million from scratch…

Likes UP: If you only had 6 months to make $1 million from scratch…

It’s just past Labor Day in the USA and Canada and many entrepreneurs were happily working on their business even though it was a holiday. This question was posed in a Facebook group. Over 100 people commented.

If you only had 6 months to make $1 million from scratch… how would YOU do it? (with no investment money)

There were three themes in the answers and a fourth bonus. Of course, webinars were mentioned for each.

1) Joint Venture, Middle Man, Broker a Deal

JV or license a promising product from one source with a pay-per-performance royalty agreement, and JV the traffic from affiliates. Manage the launch, affiliate relationships and copywriting. Make sure they have a killer webinar that converts. Shoot for $3,000,000 revenue; pay out $1.5M to affiliates and $500,000 to product creator. Pocket the rest.

Find a starving crowd and then a supplier and wedge myself in the middle and ramp it up fast. Introduce the product to them and take your cut! 😉

In that case you will need a very commercial market – I suggest business resellers – not the owners and you need a high price point and at least a 30% margin. You could set up a referral program / affiliate program and focus all your energy on chasing resellers with more than ten business customers.

Or, would set up 1 day workshops and let Affiliates (JV) sell people into them and keep the whole ticket price. Then sell a Killer 2 day workshop for £1,500 at these events, and then sell a $30k Mastermind Coaching out the back end. Use webinars to maintain relationships in between and as preliminary bonuses

2) Build a Business But It Will Take More Than Six Months

A Dash for Cash is always dangerous as you can trade off long term asset growth for short term sales. Build a solid Model in 6 months that can scale up and be sold for over $1m would be preferred route.

Shotgun decisions are rarely ideal. Most people who generate wealth do it to reduce the possible pain of not having money (experienced or imagined). A better goal might be to build a sustainable (year on year) million dollars + per year revenue with a 50% profit margin designed around a decent lifestyle.

Internet Marketing is a marketing channel. There must be a business behind the channel to use it – that basic premise.

Approach it strategically and make sure only to do deals with ongoing backend. Depending on how things are handled and your role, you can also build your own list in niches.

A couple JV models that are easy when you know what to look for and can be a sustainable business. Just make sure to have deal in writing:

1. Find a solid SaaS* offering or similar that is mass marketed and offers white label capabilities. (Tip: recurring revenue here w/little ongoing work post-sale) Find good size niche who could use this offer. Get domain & create site targeted to niche. Find a larger player in the niche with a list & offer them 100% of your upfront cut to send them to webinar you give. Rinse and repeat.
2. Found something similar to above but no white label? Offer to play match-up in same fashion. (*Software as a service)
SaaS lifeblood offers are the best. Retention rate is super high. Have done this repeatedly in email marketing space. For example and after 3rd month, attrition is less than 5% per month. Some areas to consider: project management, intranets, CMS, teleconference lines, etc. Webinar shows how people in this niche have a problem that this service can solve and how it can solve it for them.

Business broking or asset brokering: Find a hugely valuable asset, get retained to sell it, find a buyer… then take a tiny cut of a massive sum.

3) Local Marketing Connection

This is also similar to #1, above. Find 10 already successful businesses who aren’t using online marketing effectively (most aren’t) and have an existing database of customers and prospects. Leverage existing underutilized marketing assets and under-performing products/services. Take the toll booth position as middleman savior! Find out which products they want to promote and start doing regular webinars and email blasts for these companies. Charge a $100,000 retainer (or more lucrative get a % of Profits) For Your Services.

4) Cars, Golf & What Do You Really Want?

Most people don’t need $1 Million to create the lifestyle they’re seeking.

Tim Ferriss talked about this in 4 Hour Work Week. Most people could have literally just about everything their little heart desires on $20K-$30K per month… many would be very happy on much less. When you drill down what really makes you happy… travel, a few nice things, a certain car you always wanted, housekeeper, whatever those “dream list” items are… and break it down to a monthly number… those things can ALL usually be had for much less than you thought you needed.
Even if you get SUPER crazy… the number is usually less than $1 Million per 12 months.

Example: The price for a new 2012 Ferrari 599 can be had for about $3500/mo… that’s 35 people paying you $99/mo for a membership program. Or, 18 people paying you $197 for a more advanced program… or … two “coaching clients” paying you $1997/mo (with a little gas money) 🙂

A particular car can have A LOT to do with multiplying your money. As can a certain country club membership, etc. For certain professions it can mean the difference between WINNING BIG and standing on the outside of the party looking in the window. I remember reading in Harvey Mackay’s first book, “Swim with the Sharks” about how he scraped together every penny to join a country club, and how it was upon those connections that he built Mackay Envelope. In that case it can be an investment.

I also believe you should pay cash for cars. I paid cash for mine and I do like it. There is zero doubt that a nice car helps others who value such things have confidence in you. People react to you differently.

Where do you feel a nice watch or suit fits into the picture? For men a nice watch is one of the only things he can wear as jewelry and a great watch is awesome! Selling is about creating an environment – It is about making your customer feel they are in the right place. For my customer a hoodie (like Mark Zuckerberg) is just as appropriate. When you get to a certain point you stop doing things to please everyone else and you just do what you do.

Go offline to $10-$100M companies who want more leads online. Most are so clueless. They put out pretty, non-functional videos and hope for more. How do you get to these people? Golf.

Golf goes with the Country Club mentality. Buying your way in to exclusive clubs is a sure-fire way to meet people who will buy your services. Golfers see it first-hand every day.

Not so much about how good you are at golf, but the connections you make. If you don’t golf but you partner with someone who does, it works like magic. (Score one for Relationship Riches)

The point here is when you DECIDE to do something significant (like $1M in 6 months) you need FOCUS, DETERMINATION and COURAGE. Most people that I see around are “trying” to learn or get the exact blueprint, which is different for every personality. Use your strengths, your skills and especially that thing you’re trying to leave behind – it’s probably the key to your success… 🙂

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