Do you want to make a million dollars?
I know of seven different ways to make $1 Million and in the video below, you’ll learn how…
Making a Million Dollars
There are lots of different ways that you can make $1 Million. You can get involved in property. You can get involved in shares. Or if you’re talented enough, you can play in the NBA.
But, if you don’t have any of those talents, then the best way to make serious dollars is to start your own business. Or if you’re an existing business owner, you can better optimise and grow the business you already have.
A guy named Robert Allen taught me this formula and now I’m teaching it to you. I’ve used it all throughout my career and even used it to create 3 Million dollar companies before the age of 30.
7 Million Dollar Strategies
Basically, what it involves is working out what are you going to sell your product for? Now if you sell a product for $1, you have to sell a Million units to make $1 Million. But, if we change the formula a little bit and add one zero, we can sell a product for $10. So now we need to sell 90% less. We only need to sell a hundred thousand to make your Million dollars.
So every time we add a zero over here, we get to take off a zero on the other side, which is pretty cool. Let’s go a bit further. If you sell a product for $100 you only need to sell 10,000 units to make a Million dollars. If you go further and add another zero, your product sells for $1000. This means you’ll only need to sell a thousand and you’ll still make your Million dollars. This sounds more achievable.
If you sell a product for $10,000 then you only need to sell a hundred to get the same result. If you then up it to a hundred thousand, which could be challenging but go with me for a moment. You’re going to need to sell 10 units. And if you sell a product for 1 Million dollars then you need to sell one of them to achieve your goal.
Now you can have a bit of fun with this and apply this principle to pretty much any business or industry. Say for example you’re in the fitness industry. Start asking yourself the question what product could I sell for $1? What product could I sell for $10? Continue it to go up the ladder and you can look at what options are available to you. You can also look at what is the likelihood of you being able to sell that many units.
Let’s try the fitness industry example. Let’s imagine you have a fitness business. Now, this is best done with friends over a few glasses of wine and a pizza while you have fun with it. Let’s play with it for a moment.
What could you sell for a dollar? One example is you can sell a fridge magnet with inspirational quotes. So every time you open the fridge, you can see these quotes and think about being healthier. That could be an option.
Let’s go on to $10. What could you sell for $10? Well, you could sell a cookbook and after your expenses, you’re going to make about $10. So now you’ll only need to sell a hundred thousand of these.
What could you sell for $100? Now you could sell a piece of exercise equipment and you might get a spot on the Shopping Channel. If you sell 10,000 units of that exercise machine then you’ll be able to make a Million dollars.
What could you sell for $1,000? Well, you could sell a gym membership, which costs a thousand dollars per year. Now you’ll only need a thousand members to make a Million dollars.
What could you sell for $10,000? Now, this is where things get really interesting. You’ve got to use the power of creativity and imagination to think a bit further. How about if you sold a license to a fitness program to help other trainers to start their own business? That could be something you could sell for $10,000 if you package it all up. Now all you need is to sell a hundred of those and you’ve made a Million dollars.
Now we move a bit further and again add another zero. What would you sell for $100k? You could do a complete fit out of a gymnasium, including all the equipment. Someone who wants to start a gym could invest a hundred thousand dollars. They may want to have everything taken care of so they can just walk in and have a gym ready to go.
Million Dollar Question
We then move on the heavyweight question. “What can I sell for a Million dollars?”
Now, this is where it gets really fun because you need to think really hard about this. Apart from thinking of a Million dollar product, you need to find that one person who wants what you have to offer.
Imagine this scenario. What if you approached Arnold Schwarzenegger and told him you wanted to hire him for three days? Would you be able to to find somebody out of the 7 or 8 billion people on this planet? Someone willing to pay a Million dollars to spend 3 days with Arnold Schwarzenegger? That someone would be able to work out with Arnold at the gym for three whole days.
Perhaps you could find someone who would is willing to invest that amount. And you could do a profit share on that with Arnold. So now you’ve made hundreds of thousands or a Million dollars.
Million Dollar Formula and 52 Ways
So there you have it. This is a great formula for helping you to make a Million dollars from your business. Try it out and have some fun in applying it to other industries. If you already have an existing business, we’ll help you extract more value from your business.
Do want more great tips on how to grow your business? Head over to 52ways.com and register to Australia’s best one-day business workshop.