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[Tom Bell Contribution Level: 1]

Ok, Ive found a new year resolution worth making.

I was challenged on the phone today to help create an e-course on how to build a million dollar company with the following "ground rules"

1) No using pre existing business relationships.
2) No using pre existing lists
3) Starting out with only $100

Oh yeah and getting to the million dollar annual earnings mark within 3 months.
(In other words 2739 a day steady)

I have my ideas on how to do this, and I will be posting them here but I want to make this a group effort, so, who is up for the challenge?

How would YOU do it?

Tom Bell
Co author MlmTrafficFormula
AllMine2739.com

[Mike Dillard Company: Magnetic Sponsoring Contribution Level: 5]

Hmmm... Not sure yet but I definately like the concept behind this post! I'll put my thinking cap on... Should be fun!!!

Mike

[Melanie Milletics Company: ViSalus Sciences Contribution Level: 4]

Dude,
If I knew the answer to that I wouldn't have the MLMTF on my shelf! Or maybe I would...
I can imagine it-
but it would most certainly require a few skills.
Copywriting, webdesign, a marketer's education...
wouldn't you say?

I'd love to hear how a complete newbie could expect to accomplish such a goal.

[Tom Bell Contribution Level: 1]

I think the core of it is in building a solid business that can routinely make that magic 2739 a day, every day so its a question of providing that much value to the people who would be paying it.

Its really just math, for example 10 sales @$27 20% of those buyers opt for a $297 upsell course with more in depth information and 50% of the original buyers opt for a monthly interview series.

27 x 10 = 270
297 x 20% = 2 units = 594
50% of sales going into a 19.95 a month membership site (industry average duration is 3.5 months = 19.95 x 3.5 = 69.82

so for every 10 sales the overall income in this example would be 270 + 594 + 69.82 = 933.82

divided out into per unit gross is 93.38 in gross incoming customer value

one would need to sell 29 units a day to meet those numbers.

Its hypothetical, and there are factors that affect earnings on both sides of the margins (returns, acquisition costs, and fees on the one side of the column, and list promotions, and larger upsell products on the plus side)

and this example assumes an info product, and there are thousands of ways to add value to a customers life.

I thought it would help to make building a "Million dollar business" the straight line equation that it is.

29 happy customers a day.

If it inspires anyone, I can tell you that its more then possible to sell 29 $47 ebooks in a decent hour (been doing it for years)

If any of the terms in the post seem like another language (upsell, list promos etc, just reply and I will clear it up.

The minute you believe it's POSSIBLE is when it begins to happen for you.

If you don't have a plan, or a complete strategy, thats ok, post a thought, or add to someone else's, if this post does its job, we will ALL move closer to our goals.

Tom Bell
Co author MlmTrafficFormula
AllMine2739.com

[Ann McLaren Contribution Level: 1]

Hi Tom,

Great thread! I certainly believe the challenge is possible for guys like you and Mike who've learned by years of blood, sweat and tears what works and what doesn't and have already got the million dollar bank accounts to prove it.

But as Mike says, "everyone sucks at first", so for ME to believe I could do it right now off the bat would be akin to Tiger Woods giving me my first-ever golf lesson and telling me I could hit a hole in one if I would only believe I could. To realistically believe in anything you first have to know you have the skills and experience for the task.

Of course, the reason I'm here is to learn those skills and put them into practice to gain that experience and I certainly believe that is possible.

I'm figuring that in the challenge you would provide information material which would cost you nothing to put together other than your time, then use the $100 to set up an Adwords campaign and plough every cent of the profits back into your advertising.

[Mary Gannon Contribution Level: 1]

Okay - I like the math part - 29 customers per day. The difficult part is driving enough volume, without using existing lists or contacts, to generated those 29 customers per day - and with a $100 budget.

I know we've all used free ad sources. I have not found any that would generate enough leads, even for a compelling product. I am open to ideas, though.

Anyone have a great source of free or virtually free customers for whatever product that leads to upsell that leads to monthly service we choose?


Mary

[Tom Bell Contribution Level: 1]

The best free ad source on earth...

Drum roll....

A satisfied customer :-)

Second best free ad source...

A greatfull subscriber.

Here is a thought, if done well, the best ad source isnt free, it PAYS. What I mean is I find it best to pay for ads gleefully as long as I am making a positive return on the investment.

It gets better.

If a product appeals to a wide audience, and you can "make the numbers work" on a small scale, very often you can duplicate the results on a larger scale.

for example if you're selling a $27 dollar book, and you run $100 in paid traffic and spend 5 hours doing the high value free stuff (like articles and press releases) and get:

500 clicks from the paid and sell 5 units
200 clicks from the free and sell 2 units

and gross 7 x $27 in this example = $189 or 7 x 93 in the example of overall customer value = $651

you then need to ask yourself which things you can scale easily (paid) and which things are more difficult to scale (free) and start pulling the arm of your "magic slot machine" (The kind where you put in $1 and get $6.50 out.

I know, I know theres more to it then that, but its a start, and like I said in a previous post, it' possible, My wife accuses me of being a "bulldog" when it comes to a goal, but this one is worth it, 10,000 million dollar businesses launched in 2008

I am issuing an open challenge to anyone who has something to teach, some strategy or tactic that could help in this effort to accomplish this to join me and make this goal happen. This is the "stunt" I want to hang my career, reputation, and legacy on.

How can we pull this off?

Tom Bell
Co author MlmTrafficFormula
AllMine2739.com

Whoa baby.
If this stuff will be ANYTHING like the Boot Camp, Magnetic Sponsoring, MLM Trafic Formula, Google Adwords, Landing Page Secrets, and Mini-Site Creator I'm "all in". Looking forward to it.
Thanks guys.

[Shiraz Khan Contribution Level: 1]

Hey Tom,

The numbers make sense, and the way you break it down, it seems reasonable.

But I'm thinking it would also make sense to have another higher priced back-end product. I see the $297 item that's essentially it, but wouldn't it make sense to offer one more at $497 to possibly up to $997?

You've got two months to build contacts and establish relationships with experts, leaders, and mastermind groups to create a product that high. And in the third month, you can deliver.

I'm thinking a conference or seminar of some sort could work if it's compelling enough. There's lots of them going on already, and perhaps working out a deal with one of the producers to give you a percentage for referrals, kind of like an affiliate. Ofcourse it would have to be related to your line of products.

Or maybe I'm just crazy to think the numbers you've thrown out so far are too "small" B)

- Shiraz

[Jim Yaghi Contribution Level: 4]

oh i would love to know how to get that kind of traffic from nothing!! where would you start!?

jim