we are going to build a million dollar
business in 48 hours which sounds insane
but it is possible and I believe in you
part one we found the ideas they figured
out how big is the market for that idea
today we take that idea make sure your
customers have money get your first
customers and talk about how to scale it
up to the million dollar business so
step four is assessing your tan which is
a fancy business word for total
addressable market taking how many
customers we found from step two
how much each customer is worth and that
gives you your total addressable market
so if you come back to our original
thing with Chihuahuas on Facebook
there’s about six million people that
enjoyed Chihuahuas I guess a lot of
weirdos out there let’s just assume so
out of the six million maybe 5% will buy
something from that’s 300,000 people now
we know that a customer is worth like
$15,000 that they own a Chihuahua and if
we’re spending maybe $50 and selling
them something that market size is 15
million dollars that’s good so we do
have a winner the jackpot thing is going
now you’re gonna be rich in slink just
kidding now the hard part comes but the
thing that’s really critical about this
you’re not gonna get a hundred percent
market penetration there’s many many
dogs out there so if you get this
working with something with Chihuahua
food guess what there’s a lot of other
dogs out there and this is only just one
product once you kind of get in the door
to figure out something that works with
this customer base it’s a lot of other
things that you can actually potentially
some so we do now have a million-dollar
opportunity but now is the fun part
which is let’s validate and get customs
so step 5
aka the fun there’s a difference between
a million dollar opportunity and
actually making a million dollars so we
know people are willing to spend the
money but are they actually willing to
buy your product this is the most
important thing out of doing anything in
your own business so there’s three key
pieces and validation number one is your
time let me your time to 48 hours or the
weekend why because if you limit it
you’re gonna be more creative and guess
what you’ll spend as much time as you
allow yourself and I found that 48 hours
is the perfect amount of time to get
into step two which is three customers
if you can’t get three that wanna be
buying this it’s only going to get
harder not easier people I always like
aiming for a hundred dollars of revenue
why cuz if you get a dollar not easy if
you try to get 10,000 it’s not gonna be
hard so again three customers 48 hours
try to aim for a hundred dollars and
that is validation for you so we’re
gonna go step by step on some of these
things about how I did it without soon I
found a product called injure calm I
guess maybe your editor like me you know
about it and they were selling a pro
version for $24 for me I thought I loved
more
I love software and I know that this
daily deal things and customers are
really gonna be interesting for everyone
out there has this economy and business
growth so what I did is like you know
that’ll and I said hey can I sell these
monkeys seven dollars for everyone I saw
doesn’t cost you anything now I’m gonna
do all the marketing Howlin was like
sure you normally sold it for 24 but its
software’s the margins were good then I
went onto Reddit and I actually
literally just cold email the reddit
founders I said hey can I get free ads
to promote this thing I’m doing and
they’re like yeah sure why not and so
they gave me free ads and for me I
actually wanted to sell a hundred imager
pros I sold them at twelve and I paid
out on seven so that’s a five dollar
margin and we ended up selling I think a
few hundred of these and it worked out
extremely well and it was validated that
Wow people want this and I really want
you to think about as you’re starting
businesses pushing versus pulling so
think about if you’re going on a
mountain an you’ve a rock and you’re
pushing it up the hill oh man
can heavy you’re not saying but if
you’re throwing it down the hill you’re
like yeah
rolling down step one email text call
slack message ten people that you know
what’s in your network to buy whatever
product you’re trying to sell with it’s
a chihuahua info product if it is
actually a course if it’s a physical
product whatever it is the number one
thing that you can do today is use your
assets use your network a lot of people
try to go beyond it they post up things
make hope and pray that things happen
and guess what that’s not the reality
for actually kind of sort of business
without spending a lot of money without
spending a lot of time a lot of people
might reject you and guess what that is
great now you didn’t spend money on
domains and you in spent of money on
building a lot of stuff and wasting a
lot of time and we can actually find a
business that people do want there’s
three key things when you get rejected
number one ask them why they don’t want
it hey I know you have dogs I searched
it on Facebook I saw that you liked it
why don’t you want this step two is that
find out what would they pay for so if
they do have a few have friends who are
dog owners and they wouldn’t pay for
your info product is there something
else as a dog walking the dog Hotel is a
dog dating I don’t know maybe something
else in their life so find out something
that they’re are excited to be paying
for and number three if those two things
don’t work out ask for a referral that’s
a really amazing way to validate where
like this person doesn’t want it but
maybe someone else does another thing
that you can do which is really common
in was popular in the 4-hour workweek
and I like it I just don’t love it as
you can build a basic landing page on
Unbounce on WordPress and see if people
are actually wanting it and you can buy
ads
this thing I don’t really like cuz I
don’t really want you spending a lot of
money but it does work and especially if
you’re scared and you want to play
business I’d recommend doing it a third
example this is a bonus of validating
ideas is that if you do have an email
list maybe it’s on send Fox com which I
do recommend and it’s free for you to
start you can email your audience saying
hey here’s something I’m thinking of
building I’m looking to sell it to three
people at this price send the first
PayPal to this address and guess what
you can see who opens you can see who
actually sends and no one does all you
do is email them and say okay why
weren’t you interested in then so look
make sure to subscribe and hit the
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you get notified every single time boom
town let’s get it on maybe you now have
figured out your customers you figured
out the market you figured out the
validation and guess what within 48
hours I hope you have made at least a
hundred dollars if not significantly
more and let me know here’s what’s
happened though a lot of people may have
watched this video maybe you’ve seen
some of the things that I’ve done and be
like oh I can do this I know it’s gonna
be biking I know it’s gonna be cooking
but they actually don’t do anything you
know why this is actually shocking and I
learned this from monthly one cake after
helping 10,000 people start businesses
they are afraid
so here’s have to kill your inner
entrepreneur if you haven’t done but
you’ve at least tried you’re one of the
underdogs and you’re with me and I’m
here to help you so if you have not had
success in your business journey you
need to do the coffee challenge so the
coffee challenge is any time you buy
anything generally gonna be coffee you
ask for ten percent off so ask for ten
percent off when you make your coffee
purchase or any purchase you’re doing
preferably in person and wear a mask if
it’s kovat time and when you get
rejected guess what that’s awesome
Starbucks is actually my preferred place
because guess what they almost never get
it and the thing that’s actually really
powerful because it’s a small exercise
that builds a lot of confidence and
builds help in your business journey how
because when you get rejected you’re
like oh
not bad I can actually do this what else
can I do one other challenge that I
highly recommend is the dollar one
challenge
so what you have to do is just go to
anybody in your network don’t make it
hard on yourself
and get just one dollar and just say hey
I’m starting a business I want you to be
my first customer will you give me one
dollar people have been posting this in
our Facebook group and I will say that I
have never seen so many people have
positive transformations from just
starting with that one dollar because
what happens is they start realizing
they put themselves out there for a
little bit of fear they overcame it and
now they can actually have more success
and now they can start building on top
of that so let’s recap some of the
things that we’ve gone over to find a
profitable business idea you can study
trends on sites like Amazon Facebook
groups reddit you can look at things
that suck for your own life or you can
look at things that you’re already
spending your time on or do the best
friend text message thing that I
recommended earlier in the video of it
ask them hey what kind of business do
you think I should start secondly you
want to find out how many people are in
that market alright is it a small market
or is it a big market let’s go for that
big market so number three figure out
how much is that customer works that for
is alright take the amount of customers
take the amount that they’re worth and
now you can say is this market actually
gonna be big enough if I spend my time
on it and Step five the most important
thing is do customer validation again
the three key things of validation is
you have 48 hours you have to get three
customers because one is easy two is not
bad three is gonna be a challenge and
hopefully it’ll be easy for you and four
aimed to make at least $100 and whatever
you’re doing and finally if you’re
getting scared and you haven’t actually
done any of this and you’re still buying
domain you’re still bidding your site go
do the coffee challenge or the dollar
one challenge to start feeling good
about yourself and success for your
business journey let me know in the
comments if you want to be a feature to
underdog about what results you’ve done
starting your own business from some of
the things that I’ve been teaching you
in this video and other material on
YouTube contest okay dork and I will
call you out in a future video so if you
want more help on starting your own
business you should make sure number one
hit the subscribe button with that
notification about so you don’t miss
another video about how to get success
on your business journey and number two
we have a course called monthly 1k calm
which is $7 it is the strategies and
accountability in detail from this
article in beyond guess what we give you
your money back once you make your seven
dollars by the way if you just came to
this video for the first time make sure
you don’t miss part one where I help you
figure out your business idea and figure
out how big the market is or that idea
and until next time I love you and I’ll
see you out there