How To Make $1million

16 years ago

Good to luck to you because the scheme you are proposing will take a lot of effort. I will subscribe to this thread so keep us posted on any progress you make.

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AndrewCavanagh 16 years ago

You might want to take into account the actual end result you want.

If all you want to do is make $1 million then just live long enough and work a job.

That should do it.

50 years x $20,000 = $1,000,000.

But if you want to make $1 million to spend in a reasonable period of time that's a whole different story.

You have to calculate in tax and the costs of whatever method you use to make your money.

But ultimately $1 million is an arbitrary figure.

It makes a whole lot more sense to work out what kind of lifestyle you want to live and work back from that.

How much money do you need to make each week to support that lifestyle?

How many hours a week would you like to work?

That will give you much more meaningful, motivational goals.

Kindest regards,
Andrew Cavanagh

P.S. Good luck with your million dollar plan. Just taking some action will at least get you started in a serious learning curve.
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AndrewCavanagh

16 years ago

Originally Posted by Rob Hall

Here's what I came up with...

I worked out I'd need 20 sites making $50 a day each. That works out at $1,000 a day, $7,000 a week, $28,000 a month and $336,000 a year!

So, say it took one year to get the site up to this level, I could then run the site for 2 more years, earning $672,000 and then sell the site for 12-24 months revenue, which would have surpassed the $1million mark!

You'll find it easier to do if you start building half a dozen related sites each selling a product or service in the same niche.

That way you can cross sell or upsell to the lists you create from each site.

In fact that is likely to make you 3 times the money of just having 20 unrelated sites so
you're getting much closer to your goal with less effort.

Kindest regards,
Andrew Cavanagh

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onlinemoney00

16 years ago

Good luck, work at it, figure out your your vision and purpose to why you want this $1million. As they say, when you have a strong enough why, the how will present itselff

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Michael Mayhew

16 years ago

Get 1,000,000 people to give/pay you a dollar.
Get 100,000 people to give/pay you $10.
Get 10,000 people to give/pay you $100.
Get 1,000 people to give/pay you $1,000.
Get 100 people to give/pay you $10,000.
Get 10 people to give/pay you $100,000.
Get 1 person to give/pay $1,000,000

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AndrewCavanagh

16 years ago

Originally Posted by Michael Mayhew

Get 1,000,000 people to give/pay you a dollar.
Get 100,000 people to give/pay you $10.
Get 10,000 people to give/pay you $100.
Get 1,000 people to give/pay you $1,000.
Get 100 people to give/pay you $10,000.
Get 10 people to give/pay you $100,000.
Get 1 person to give/pay $1,000,000

Or a more likely model for someone starting out focusing on creating a proper upselling process with progressively higher prices products and services...

Get 10,000 people to pay you $20 = $200,000
Get 3,000 of those people to pay you $50 immediately or over time = $150,000
Get 1,000 of the list you've created to pay you $100 = $100,000
(Focusing on these first 3 steps is probably a good start for most people).

Get 500 of the list you've created to pay you $200 = $100,000
Get 100 of the list you've created to pay you $500 = $50,000
Get 50 of the list you've created to pay you $1,000 = $50,000
Get 20 of the list you've created to pay you $5,000 = $100,000
Get 10 of the list you've created to pay you $15,000 = $150,000

TOTAL: $900,000

And if you're smart...
Get 2,000 of the list you've created to pay you $10 every month.
$20,000/month = $240,000/year

And if you have 1-5 other related niches that spin off this main niche you could easily double or triple these numbers without spending a whole lot of extra time and effort in creating lists.

Of course you're going to have to think through some pretty sharp lead generation to get 10,000 people to pay you $20.

You'll probably have to pay some serious affiliate commissions or pay per click etc which will be a break even proposition at best.

In other words you may spend more than $200,000 to create that list of 10,000 buyers.

But you should be happy to do it if you understand the business model.

Kindest regards,
Andrew Cavanagh

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Brad Spencer

16 years ago

Originally Posted by Michael Mayhew

Get 1,000,000 people to give/pay you a dollar.
Get 100,000 people to give/pay you $10.
Get 10,000 people to give/pay you $100.
Get 1,000 people to give/pay you $1,000.
Get 100 people to give/pay you $10,000.
Get 10 people to give/pay you $100,000.
Get 1 person to give/pay $1,000,000

Sometimes it's just that simple...

I think this chart is simply one of the most brilliant things I've read this week. I love simple things like this b/c they take "I want to make a million dollars" and turn it into a simple equation.

Cheers Michael for adding something that is more valuable than most things on WF.

Brad Spencer

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Rob Hall 16 years ago

That really does break it down nicely, putting things into a bit of perspective. $1million is a massive figure I know, but it's an inspirational figure.

I've began working on my initial website. This website is to exercise the skills I've picked up over the years, from university plus my own education online which I actively do.

I really enjoy marketing, the psychology side of it, it was only a couple of days ago I went into great depth with a few friends to show them how they could earn online, they were blown away.

The first website is... Seven Million Hits Take Your Website To The Next Level

I intend to turn this website into a newsletter, reverse engineering some of the biggest brands in the world, giving huge amounts of examples of how the strategies can be used online.

It will be both fun and educational for the customers, the first global brand I'm studying is McDonald's, there's already some extensive information up on the blog for the first chapter of that.
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edaspera

16 years ago

I think the 1M goal is possible if you are able to create an online rep sufficient for people to buy your products and ask for more at every beck or call.

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Nathan Denton

16 years ago

That's a great tip Andrew about building your sites around a related theme to leverage off each other to multiply your results. Why work harder in trying to build multiple sites in multiple niches when you can use your knowledge and skills to maximise the potential in your favourite niche?

As for the $1M target, this amount is truely an arbitrary figure. Work on creating an income level which represents something to you. I.e $500 p/m to pay for your car lease, $1500 p/m for your mortgage payment, $5000 p/m to replace your day job etc.

Focussing on the smaller "goals" will aid your motivation going forward and act as stepping stones till you reach the BIG goal you desire.

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Tuzic Banned 16 years ago

hi ,

great post, and hope you achieve this, i also agree aim high achieve high, great remark too.
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- rperales 16 years ago
  
  Personally...
  
  ...you are better off thinking about a home that cost a million!..
  
  Why?..
  
  Because you can have the image of a home that is build with all
  the bedrooms, etc..
  
  Thinking about money we need the seriel numbers..
  
  Most rich millionaires buy assetts that pay..that's how I did it..without
  knowing really..I just met people that wanted a business so bad and
  was in their hearts..I made it possible with a percentage per month..
  
  Well, the word got around and you know the rest..I do not have any
  skills, education and no ambitions..All I had was a desire to help some
  poor folks that help me when I was in the streets for 3 years and that's
  it..and the beat went on..
  
  By the way, all millionaires are rich! haha..
  
  rey
  
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John Taylor

16 years ago

About ten years ago I set myself the target of
achieving £1 a year in sales turnover. Breaking
that down meant that I has to generate about
£83,350 per month.

Whatever your target, my advice is to break it
down into manageble chunks.

When you figure out what your daily sales target
is, extrapolate that back into traffic.

If you make 2 sales from every hundred visitors,
you'll need to drive a lots of traffic to 20 sites to
meet you target

John

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Peter Bestel

16 years ago

Originally Posted by John Taylor

About ten years ago I set myself the target of
achieving £1 a year in sales turnover.

I must talk to you John about setting your sights a bit higher!

Peter

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AndrewCavanagh

16 years ago

Originally Posted by Peter Bestel

I must talk to you John about setting your sights a bit higher!

Peter

I don't know. I think doing 1 pound a year would be an amazing accomplishment.

You'd have to keep refunding people to stay on the 1 pound mark.

Shut down sites so you stopped making sales.

That'd be a real challenge!!

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naruq

16 years ago

Premium pricing.$50.00 Productx20,000 Customers=$1million Dollars! $1000.00 Productx1000 Customers=$1million Dollars! $50.00 product at this price point it takes 20,000 sales to make a million dollars. On the other hand, you only need 1,000 customers buying $1000 product to make your million. Even at the higher price point it is easier to get 1,000 to 2,000 buyers than 20,000. Your customer service problems will decrease dramatically. That's why most online and offline marketers sell premium priced products.

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AndrewCavanagh

16 years ago

Originally Posted by naruq

Premium pricing.$50.00 Productx20,000 Customers=$1million Dollars! $1000.00 Productx1000 Customers=$1million Dollars! $50.00 product at this price point it takes 20,000 sales to make a million dollars. On the other hand, you only need 1,000 customers buying $1000 product to make your million. Even at the higher price point it is easier to get 1,000 to 2,000 buyers than 20,000. Your customer service problems will decrease dramatically. That's why most online and offline marketers sell premium priced products.

It would be more accurate to say that most successful online and offline marketers sell a range of products in different price ranges including premium higher priced products and services.

In the information product markeitng model the high end premium service is usually high priced seminars and/or mentoring although it could be a high priced service of some other kind.

In some cases that reaches into the tens of thousands of dollars.

The highest I've seen anyone get is clients paying $1,000,000 a year for mentoring.

I guess that's one way to make a million dollars but not a realistic way for people starting out.

Kindest regards,
Andrew Cavanagh

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John Taylor 16 years ago

Originally Posted by Peter Bestel

I must talk to you John about setting your sights a bit higher!

Peter

Alright who stole my M?

C'mon, where is it?

Ahh! Here it is hiding between the N & <

John
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idogi

16 years ago

Good post, can anyone tell me actual steps?

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Michael Ellis 16 years ago

Originally Posted by idogi

Good post, can anyone tell me actual steps?

lol

Now, that's funny.
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Chuck Evans

16 years ago

OR you could buy $2M worth of options!

chuck

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Sami 16 years ago

Originally Posted by rperales

Personally...

...
Most rich millionaires buy assetts that pay..that's how

... 3 years and that's ...

By the way, all millionaires are rich! haha..

rey

LOL - Ooooh Ray you got me with that one ... I was wondering how long it would be before some called you on that. OK, I was reaching for the keyboard myself

Originally Posted by Chuck Evans

OR you could buy $2M worth of options!

chuck

LOL - That was funny. Chuck the clock is ticking. I'm sure it was $2M when you wrote it ... 2 hours later, it is now $2Billion worth of bank shares to make a $1M over night
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Ricter 16 years ago

Originally Posted by Chuck Evans

OR you could buy $2M worth of options!

chuck

Lol, that's about what I thought on seeing the title: start with $2M and open a forex account.
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vorales

16 years ago

Hi Rob,

This is a fantastic goal. I can say it is great and fantastic destination for you and for everybody. It would be a fantastic journey. Since it is a fantastic journey you must choose a fantastic vehicle to ride on.
U must have a fantastic plan. This plan will be a road map for you to reach your destination. To help you drive your fantastic vehicle you must have fantastic skills. You and everybody will reach that fantastic destination.

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Rob Hall

16 years ago

Thanks for the great replies everyone.

Let me tell you all a bit about myself....

I'm 21 years old, fresh out of University and ready to try my hardest to take everything to the next level. I've been doing well online as it is, not starting this as a total newbie I must add.

My main skills are in programming, however I do like to write the odd report or guide.

Anyways, creating this post here was probably the best thing I could have done, as now it feels I have a real goal and people are ready to back me with encouragement.

I'm going to keep it all updated with my progress, it's going to be a long ride though, but it will be very interesting to see how this all looks in a few months.

There will be many failures along the way, but every failure will be a step closer to success.

Thanks

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apollion

16 years ago

That 1 pound - reply was great, Andrew ;-)

I learned that money is the worst motivation too..

Get materialistic..

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John Hillage

16 years ago

I like Micheal and Andrew's way of breaking down the goal financially. 1000 people giving you $1000 now that's a plan to work towards - live events, huge product launches, mentoring programs etc. Not easy and will take some time - but certainly not IMPOSSIBLE.

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bobsstuff

16 years ago

Whether it is $1 million a year or just $10 a day from one site, it all looks very easy on paper.
I have made so much on paper it is not funny.
The key is to implement a plan to have continuous activity. The day the activity stops, is the day the plan stops.
My primary plan is to work when I am at work. I think if I can just do that more of my "paper plans" will become reality.

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yfish

16 years ago

I am still new here...and definitely interested in the topic.

What about a plan of getting a million people, hitting each other's site few times a day...

It's sure nice to have a plan though!

Good luck everyone!

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Talk about Health & Food!

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drkellogs

16 years ago

That's one way to do it. I think it will be difficult to manage.

The other way is to make 1 website dominate the niche. Then make another one and dominate the niche. And then do it again.

Of course I'm over-simplifying here, it takes a lot of resources, skill and knowledge to dominate a niche.

But I'd rather do this then have little fickle sites earning me a few bucks a day.

Again, that's just me.

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Raz

16 years ago

Nice ideas. The extremely important thing after got the ideas is implementation of the ideas, of course it needs a lot of effort to implement the ideas but if succeeds, it's really worth it.

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Eric Louviere

16 years ago

1 million gross per year, or net?

If we are talking gross, then I can deliver some insights then...

First, change your mindset from how much you can do on your own.

Most people think in terms of the old school hours for dollars. Or, they think in terms of 24 hours in a day. In other words, what can i accomplish working X amount of time per day. Forget that.

Just throw it away.

Now, start thinking how you can do it with other people. If I can sell 5 widgets per day by myself, how many can 10 people sell per day who work for me?

If it takes me 30 days to create, set up and fully automate a membership site, how long does it take me if I have content creators, graphic artist, tech people etc working for me?

If I can send 10,000 visitors to my site via PPC, how many can I send with Joint Ventures?

If I can spend $100 per day and make $150 back ($50 in profit), then can I build-up... and then spend $10,000 per day and make $15,000 back ($5,000 in profit per day)!

ok, now you're thinking right?

another example...

If I search around all the pre-forclosures and find a house that's worth 100k, but I can get it for $50k (50k in equity), then sell it for 75k (25k in profit) how long did it take me to do that? How much searching did I have to do? How much research, time, effort, etc did that cost me?

Well, I made 25k though.

So, what would happen if I paid 2 people to do the research for me for say... $10 per hour?
Perhaps, I'd find 10 deals like that in one week! I'd get some hard lenders and perhaps make $250k instead of 25k just as fast as I did on my own.

...and I dont know crap about real estate.

Ok, so what's the insight here?

Systems!

That's the insight.

If you have a system that works for you by yourself, then expand it with others... or other resources. We all only have 24 hours in a day. So, why do some people generate more money than others with the same 24 hours in their days?

Basically, if you have a winning system, it comes down to... "how much of a business do you want to own and run?"

Of course, some would say... "but... but... what about not having employees... and what about passive income... the IM dream... not dealing with other people....and yadda yadda yadda". Well, how much of a business do you want?

Anyway, "Who Else Wants To Be A Millionaire?"

lol

Hope this helps a couple millionaires-to-be

~Eric Louviere

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AndrewCavanagh

16 years ago

Originally Posted by Eric Louviere

1 million gross per year, or net?

If we are talking gross, then I can deliver some insights then...

First, change your mindset from how much you can do on your own.

Most people think in terms of the old school hours for dollars. Or, they think in terms of 24 hours in a day. In other words, what can i accomplish working X amount of time per day. Forget that.

Just throw it away.

Now, start thinking how you can do it with other people. If I can sell 5 widgets per day by myself, how many can 10 people sell per day who work for me?

If it takes me 30 days to create, set up and fully automate a membership site, how long does it take me if I have content creators, graphic artist, tech people etc working for me?

If I can send 10,000 visitors to my site via PPC, how many can I send with Joint Ventures?

If I can spend $100 per day and make $150 back ($50 in profit), then can I build-up... and then spend $10,000 per day and make $15,000 back ($5,000 in profit per day)!

ok, now you're thinking right?

another example...

If I search around all the pre-forclosures and find a house that's worth 100k, but I can get it for $50k (50k in equity), then sell it for 75k (25k in profit) how long did it take me to do that? How much searching did I have to do? How much research, time, effort, etc did that cost me?

Well, I made 25k though.

So, what would happen if I paid 2 people to do the research for me for say... $10 per hour?
Perhaps, I'd find 10 deals like that in one week! I'd get some hard lenders and perhaps make $250k instead of 25k just as fast as I did on my own.

...and I dont know crap about real estate.

Ok, so what's the insight here?

Systems!

That's the insight.

If you have a system that works for you by yourself, then expand it with others... or other resources. We all only have 24 hours in a day. So, why do some people generate more money than others with the same 24 hours in their days?

Basically, if you have a winning system, it comes down to... "how much of a business do you want to own and run?"

Of course, some would say... "but... but... what about not having employees... and what about passive income... the IM dream... not dealing with other people....and yadda yadda yadda". Well, how much of a business do you want?

Anyway, "Who Else Wants To Be A Millionaire?"

lol

Hope this helps a couple millionaires-to-be

~Eric Louviere

Great post Eric.

Leveraging your money through effective profitable advertising and leveraging your efforts (by training others to do work for you and rewarding their efforts).

They're both huge keys to building wealth.

Kindest regards,
Andrew Cavanagh

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How To Make $1million

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