Book: 12 Months to $1 Million
Synopsis – This is the road map to a seven-figure business . . . in one year or less
The word “entrepreneur” is today’s favorite buzzword, and any aspiring business owner has likely encountered an overwhelming number of so-called “easy paths to success.”
The truth is that building a real, profitable, sustainable business requires thousands of hours of commitment, grit, and hard work. It’s no wonder why more than half of new businesses close within six years of opening, and fewer than 5 percent will ever earn more than $1 million annually. 12 Months to $1 Million condenses the startup phase into one fast-paced year that has helped hundreds of new entrepreneurs hit the million-dollar level by using an exclusive and foolproof formula.
By cutting out the noise and providing a clear and proven plan, this roadmap helps even brand-new entrepreneurs make decisions quickly, get their product up for sale, and launch it to a crowd that is ready and waiting to buy.
This one-year plan will guide you through the three stages to your first $1 million:
- The Grind (Months 0-4): This step-by-step plan will help you identify a winning product idea, target customers that are guaranteed to buy, secure funding, and take your first sale within your first four months.
- The Growth (Months 5 – 8): Once you’re in business, you will discover how to use cheap and effective advertising strategies to get your product to at least 25 sales per day, so you can prove you have a profitable business.
- The Gold (Months 9-12): It’s time to establish series of products available for sale, until you are averaging at least 100 sales per day, getting you closer to the million-dollar mark every single day.
Through his training sessions at Capitalism.com, Ryan Daniel Moran has helped new and experienced entrepreneurs launch scalable and sustainable online businesses. He’s seen more than 100 entrepreneurs cross the seven-figure barrier, many of whom go on to sell their businesses.
If your goal is to be a full-time entrepreneur, get ready for one chaotic, stressful, and rewarding year. If you have the guts to complete it, you will be the proud owner of a million-dollar business and be in a position to call your own shots for life.
Rating (1-10) –
Book Review –
Notes:
Chapter 1 – The Landscape of Opportunity
Small niche business brands get bought up by big companies that are too big to innovate quickly enough.
Chapter 2 – The Mindset of a Seven-Figure Entrepreneur
It’s going to be hard. The pursuit is worth it. What you become is worth it.
Chapter 3 – Step One: Choose Your Customer
A brand is trust. A brand is an expectation that the customer will be happy with his or her purchase. A brand is something built by creating a group of products that all serve the same person.
Study Amazon reviews, successful Kickstarters, look at successful Facebook ads to do research on a product you want to sell from your brand.
Map out 3-5 products that you can sell.
You’re not just selling a product. You’re selling a solution to a target customer base. You aren’t a UV blocking glasses company but rather a company that helps people sleep.
Put simply, customers want to buy into brands that are going to serve them over the long term. You’re not just selling workout glove. You’re selling to people who work out. This is nonnegotiable.
Examples of brands that focused on a core customer base.
Bullet proof coffee – People that wanted higher performance (CEO’s to professional athletes to buys parents)
James with blue blocker glasses wasn’t selling glasses but helping his target market sleep better. He created more glasses but they didn’t do well because he didn’t realize he was a company that focused on helping people sleep better.
Questions to answer to find your target audience:
- To whom are you going to sell?
- What do they already buy?
- Which product out of the suite of products do you want to focus on, to either make a great version of it or a version that solves one of their problems.
- What does your group think about similar products on the market?
- Where does your person hang out with others?
- Do you know how you will get predictable sales?
- What will be products two, three, and four?
Chapter 4 – Step Two: Develop Your First Product
Find an existing product that is similar to what you want to create and get samples from alibaba. You can find different contract manufacturers but Alibaba is probably the easiest. The key is to get your product going as quickly as possible. Don’t try to create something from scratch if you want to get to a million in 12 months.
Sell on Amazon since it has an existing marketing.
There are other marketing strategies. The key is getting your product out as quickly as possible. It might not be perfect but you want to quickly do a proof of concept and see if people are buying.
Chapter 5 – Step Three: Funding Your Business
Use your profits from your sales to roll back into your product orders. Maintaining inventory is probably the hardest thing when you are first starting to scale your product business.
Be willing to sell your product for a premium. If you’re able to target the right customer base and solve their problem, they are willing to pay more. Charging more gives you higher margins that you can plow back into advertising and research and development.
FIND YOUR AUDIENCE AND SOLVE THEIR NEED.
Ways to get funding:
- Profit from sales
- Kickstarter
- Investors
- Loans
Money follows movement