Did I do it reading a book?
Did I do it using some Niche Finding Software?
Did I do it writing articles and bootstrapping for success?
The answer to all the above is NO, and I'm sure you saw that hook coming.In this post I will explain how I got to $1,000,000.
How to develop a team, an idea, and put it all together.
Today marks my first $1,000,000 dollar day. This post is intended to show that if you take your Internet Marketing knowledge and then mix it with good business practices, blend it with a good idea, and pour it into a team of great minds, success is truly not that far away.
For those that know me, know that I dabble with a lot of investments and start-up companies. Today I received a call from one of my business partners that we just signed on a $1M angel investor deal.
So, yes, I don't have the $1M in my hand, in fact I don't actually see $1M, I only own 15% of the company that it's investment is apart of.
So the question is, how do you come up with a million dollar idea?
First you need a few things:
- A Mastermind Group
- A Need
- A Plan
- Initial Prototype
The Master Mind Group
You create this through forums like this. Through Networking at Seminars, through coffee shops, through business cards, through any means necessary to get your mind matched with liked minded business individuals.
- Meet with this group at least once a month to discuss possible business ideas, you NEVER jump on the first idea, analyze each one, look to see where they will fail not where they will be successful.
Finding A Need
If your main platform of business is going to be the Internet, everything you do should be written down. Then questioned. How can I make this process more efficient with technology.
Your Local Flower shop wants to increase it's business. It's competitors are rocking the local area in market share. To change this up, your local flower shop tests out some technology.
Make it possible for the locals to have a mobile application to order flowers on demand specifically from the local flower shop. It's a free app for the consumer, creates better customer satisfaction and more revenue for the flower shop.
Charge a license on the technology, and expand to more local areas.
There are 15 flower shops in my 15 mile radius, at a low price of $1,000/yr to license, this small venture makes $15,000 a year.
Add the team that you have to expand nationwide. Your company makes $150,000 a year, build and explode.
There is no sure way to make a plan, use your knowledge of Internet Marketing, business, and the team to construct an action plan to pursue.
Since you have a team involved, it's time for everyone to ante up for the prototype. If you were by yourself, $5,000 to create the technology could be quite an investment, but with 5-10 people, it's now split amongst you. The risk is split, and it's easier to get your prototype created.
- 1st Seed -
Your Friends and Family.
- 2nd Seed -
- 3rd Seed -
With a prototype in hand + plus a plan + you can start by joining a few business plan competitions to start grabbing more funds, usually rewards are between $5,000-$10,000.
Also start with friends and family.
When your ready to speak to Angel Investors all that matters is that initial executive plan, you have two minutes to catch any attention.
In our case...
Our two minute pitch started with:
Our company started with a $5,000 prototype, and now earns $150,000/yr in one location, we want to now expand into more markets with our On Demand Mobile Flower Solution.
Angels are typically rich people.
They get rich by seeding start-up cash in efforts that the company will hit big. In most cases, they see one or two successes out of every 10, and usually invest between $150k-$1.5M
They want to see potential. With just a plan, no prototype, no statistics, no numbers you can forget ever seeing the big check.
The above example is not our business idea but is used to simulate how this all kind of works, if you have detail questions be sure to ask and I will do my best with them, but due to the nature of my arrangement I will not release the idea or discuss the niche we operate in.
I hope this all inspires you to think big.