The Simple Steps To Building
A Million Dollar Business
How Do You Build a Million Dollar Business?
That's the million dollar question right? Building a business is hard enough. Growing and scaling your business is harder. But it's not impossible.
It’s Allen. And this Sunday morning I wanted to create a video because, one, I haven’t had a video directly to turn on the hustle. And I wanted to talk about if I were to start all over again, what would I do?
So say for some reason BestSelf no longer existed or didn’t exist, but I learned everything from BestSelf. What I would do if I had to start all over. And my intention for this is to…is to give you guys some ideas if you’re looking to start something new or looking to start something fresh or just looking to end what you’re currently doing and starting over.
Good morning, Michael. So, give people a sec…I’m going to give people
a second to come in here. I’m not sure a lot of people are going to come in due to it being the weekend, but if I had to start over here is what I would do.
Now behind you, I have a whole white board listed out and written down with a step by step strategy on – here’s what I would do, ABC, one, two, three.
Unfortunately, I can’t get the camera to display correctly. So what that means, that means that I’m going to be doing this blind, I won’t be able to see your comments. But if you leave some comments, leave some questions during this livestream, or if you’re watching it after the fact, drop some comments below and I will come in and answer and continue the dialogue with you.
So if you’re just joining, I’m going to talk about what I would do if I had to start over. If I had to start completely from scratch. So without further ado…I’m just going to jump. I’m going to turn this camera around and hopefully you guys can see here.
So, here is the breakdown and I’ll go over it as we start and I’ll explain some things while we start, while I’m breaking down each section. So if I had to start over…
I would pick a market or a niche that I knew about.
So that’s step number one. And why would I do this? Because what is easier, it’s easier if you already know about the topic, the subject.
You already know about your target market. If you were that target market, it’s even better, because now you can actually write copy and start targeting and talking to customers the way that you want to be talked to. So, for me, with BestSelf, it was easy. I was talking to entrepreneurs. I was talking to people who were running businesses, who were looking to just get the most out of their time because I knew the struggles
that entrepreneurs face, because I am one. So, it’s easy for me to talk to that specific demographic.
So I would just pick a hobby or a niche or a market that I knew about that I was a customer of, because it’s easier to market that way. So that’s step number one.
So maybe if you like sports, maybe if you like, have hobbies. Maybe if you enjoy doing things on the weekend with your time, think about all the different aspects of your life and think about all the different opportunities there are to talk to that current demographic. So boats, cars, sports, hobbies, et cetera.
So now that you figured that out, what I would do next is I would build an audience, people who like that stuff. So, how do we build this audience? We would build it on Facebook. So we build a Facebook page that is geared towards, geared towards that market, that niche. And we’ll also build a group, a Facebook group where people can come in, share content, share stories, share product, share ideas, and just talk about that niche, that market together.
And then, so that covers Facebook, but here’s the thing with Facebook. With Facebook you don’t control that. So what do we control? We can control email addresses, so we would build an email list. And how would we do that? How would we build an email list if we were just starting from scratch?
The easiest way is to do a giveaway. So you compile a bunch of products, a bunch of swag, a bunch of things geared towards that, that niche, that market and that brand that you’re trying to build, and that niche market, and you curate products that already existed, services that already existed. And what you would do is you would run a contest.
The easiest way to do this is with a piece of software called KingSumo Giveaways. It’s a WordPress plugin, and they run contest and giveaways. And the more people who sign up they…So if someone signs up, they get a URL, a special URL. If they share that URL and someone else signs up they get more entries in. So it forces them to share and build this, build momentum.
So how we would we build that email list? How would we let people know about the contest Well, this goes back to the Facebook page and to the Facebook group. This is what you will be promoting most. And you can also run a couple ads or talk to affiliates or people who already have those audience and say, “Hey, I’m giving away a thousand dollars worth of “X, Y, and Z, that your customers and your audience “would be stoked about. “Why don’t you offer this to them as value act.” So that’s how you would build the audience.
So building the audience is important because you need to start curating people that you can reach out to once you do have a product or service in that niche and market. So Facebook is a page and a group and you get emails through a KingSumo Giveaway contest, by JV’s, meaning reaching out to people, say, “Hey, I’ve got this contest going on. “Promote it for me.” You may have to pay them for that. And you can also do PPC. You could drive traffic to that contest. So I’m just going to pause right here.
I can’t see any of your comments, but I’m going to pause, let this sit. I’m going to come around to the other side of the camera. So I can just check in with you guys and I’ll pump the breaks for a second.
Thanks, Jaden. Welcome, Josh. Allan, Scott.
Alright guys, if you don’t have any questions I’m going to keep continuing. But if you do have questions, drop it in, and what I’ll do is I’ll continue the dialogue after this livestream ends and we’ll go from there. So now that we have an audience, now that we have a Facebook page and a group and now that we have email addresses.
Now don’t worry if this takes a month to build out. I would rather build a solid audience first before moving on to any of these later steps. Then if I was to build a small audience and not really build it to what I know the potential could be, and then start going down all of these and really not having the juice and the momentum that I need which needs to fuel all of these.
So this is critical to build this audience. So if it takes a month, if it takes two months, if it even takes three months, don’t worry. It took Catherine and I three months to build our email list, to build our audience before we launched our kickstarter. Three months gearing up. Just wait, just wait, just wait, and that’s what we kept telling ourselves. In due time, in due time. And we let our customers know, “Hey, we’re about to
launch this kickstarter. We don’t know when, but when we’re ready, you will be the first to know.”
So that’s… So think about it as a long term strategy. And to give you some numbers, we built a list of 3700 people in three months using pretty much this step number two right here building the audience. So after the audience is built, I would say a minimum of a thousand people is who you need. What I would do then is – meaning a thousand
people on email address – I would have way more in on a Facebook page or a group, just because the reach is much less with Facebook rather than email.
So then what I would do next is I would set up a Shopify store. It’s so freaking easy to set up a Shopify store. And my approach here is, okay, I’m going to offer products to my audience and make a profit. So I need to buy products at X and sell them for Y. And the difference is profit that I can now generate back into a business, back into the company, so I can keep fueling that. We don’t take the profit out, we put it back into the business.
So how would I sell products? Well the easiest way… And maybe you’re saying, “Oh, well I don’t have money to buy products.” Well, perfect. If you don’t have money to buy products here’s what I would do. I would set up a Shopify site. I think it’s like 35 bucks a month for a standard plan. You can get one of their free templates that actually look pretty good. And then once you have that set up I would install a plugin which is like another 10 bucks a month maybe. So now you have $45 a month for an online store. So this plugin is called Oberlo, and what Oberlo does is very important.
What Oberlo does, I think that’s how you pronounce it. I’m not sure. What that does, that syncs up with AliExpress. Now, what is AliExpress? AliExpress, if you know of Alibaba, it’s a sister company to Alibaba. So Alibaba has manufacturers, products that are over in China and places outside of the U.S. that manufacture products in large quantities, and you could purchase those products for a very small cost. There’s a minimum order quantity, sometimes it’s a hundred, sometimes it’s a thousand, sometimes it’s 10,000 depending on what the product is and then once you get that then you can sell that. So that’s Alibaba.
What AliExpress is… AliExpress is, you take one of those products, you pay a little bit more for it but you don’t have the minimum order quantity. So where Alibaba you need to buy a thousand at a time for two dollars, well, now you’re paying four dollars for the same product but you’re only committed to buying one. You only have to buy one.
And what this does… What this plugin Oberlo does, it will curate products
that you find on Alibaba and you’ll star them on Alibaba. And then it will pull the feed… So Oberlo will pull the feed into your Shopify store. So now you’re resourcing products on China, or on Alibaba from China that you, or whatever country that they’re being manufactured. And your listing them on your Shopify store. Now here’s the beauty about it. This is all synced up. You can change the images, the description, the prize, the quantity, all the different variants and variables on Shopify.
So say you’re buying a product for two dollars but you’re selling it for $24 on Shopify. When an order comes through you’ll have to go in every evening and place the order on AliExpress. But here’s what Oberlo does. Oberlo does, it takes that customer information that’s sitting in Shopify, imports it into AliExpress and populates it so all the information goes to the AliExpress order and then syncs it back once it shipped and gets tracking number and all that. So this is what I would do.
I would send people, I would find products on AliExpress, sync it up to the Shopify store, write a description, change everything about it. If I need to do image editing, I would do that. But it’s very minimal on the work load. I would then send this audience to the Shopify store and have them purchase products on there. So that’s huge.
Now you’re making money. You no longer spending money to build an audience, you’re now making money. From… So I’m just going to stop right here. I’m going to come back around to the other side of the camera and just make sure that
everybody is doing cool.
Neil, thanks for joining. Awesome. Then I’ll keep moving. I’ll keep moving.
So now once we’re here, what we can do is we can sync Shopify to Amazon. So 3a is Shopify. Once we start figuring out what products are selling and what products are
customers are enjoying and once we get some feedback directly from our customers then we’ll open up another channel. But only until this channel is working and we can focus on it, then we’ll open that up to a new channel. I recommend getting this one working first rather than shotgunning a whole bunch of different channels.
Now you’re trying to do too many things at once. Get this working to where you have a system and then open up the second channel. So 3b would be Amazon. It’s very simple. All you do is create another Amazon account. You need to create a professional account. I believe it’s 40 bucks a month. And it will sync directly with your Shopify store. If you want that will be ideal.
So now you have an audience. Building this audience up continuously, right? You’re sending them to your Shopify store, you’re now making money, you’re now using that money to build up the audience, to bring people back to the Shopify store. And you have this little ecosystem. Now you open up another arm of that system on Amazon. So now you’re acquiring customers instead of your audience over here, now they’re coming in from the other side, from Amazon side and they’re finding you. So it’s just opening up another channel of where you’re getting your customer from.
So now that you had this little ecosystem, what you’re going to do is you’re going to scale this. So we will start running Facebook ads. We’ll use Facebook ads and we will scale this back up to building an audience and people to your Shopify site. Maybe even sending them to Amazon to get your ranking up there a little bit.
So the idea here is to acquire a customer for less than what your product sells for. So if you have a $30 product and it cost you $10, that means you have $20 to acquire a new customer. Now why are we going to acquire customer for $20? Well I’m willing to spend $20 to acquire a new customer, because what I can do after that, so I made, not make any money, but that is okay, because what I can do is once I have them in now I can sell them other things and other products. And I’m not trying to make money upfront right off the bat. It is ideal if you can to do that.
But what you ideally want to do is acquire customers for free. Get emails and customers for free. And finding out who is going to pull out their card and spend money with you is so much better than finding just another person who likes your Facebook page. The value that that person is worth to you it means that they trust you enough, they like your company enough, they like the products enough, they like the services enough that they’re willing to pull out their credit card and spend money with you. So if we can acquire those customers for nothing that’s beautiful because they hold so much more weight than just acquiring another fan or another like. And so say, or okay.
So now we have $20 to acquire our customer, we will fine-tune and tweak it and do retargeting. There’s so much that goes into this, I can’t really dive in it into this video. But this is what I will do. Now there are some strategies to bring that cost down to acquire customers more rapidly, but think about it this way. When you’re running your ads and you’re nervous about spending money. The whole thing is to build an asset of business.
And if you were to build a business that had $10,000 profit for the year. $10,000 profit for the year. That’s great. But what happens if you had a million dollar business that had $10,000 profit for the year. Which business would you rather have? They’re exactly the same profit wise. They’re exactly the same as far as how much liquid you can take out of the company.
But which one is more valuable? The one that just made $10,000 profit and that’s it? Or the one that made $10,000 profit but also generated a millions dollars in revenue?
I would take the million dollars in revenue because it’s worth more to someone who wants to purchase it. So if you want to sell this thing you have now a higher multiple. So don’t be scared about losing money or breaking even when you’re driving traffic. So just keep that in your head. I rather build it up as an asset and that’s what you want to do.
Now that that’s done, now we’re building this ecosystem out even bigger. So now once we figure out all the products that are selling, that our customers like. We’re probably having a big dialogue with our customers talking with them, customer support. “Hey, do you have this? Hey, do you have that color? Oh, this one is sold out, when are you going to get back in?” You can sort of feel what the temperature is on what products are selling, what people like, what they don’t like. And now from here we’ll go to Alibaba or other manufacturers.
Maybe there’s some manufacturers in the U.S., maybe in Mexico. And we will start creating and sourcing custom products for us, for our brand. And we’ll tweak it and it will be unique. It’s not going to be something that anybody can pull off the shelf and sell to anybody. This is going to be something really nice that you are proud of and that you want to give to your customers because, one, they’ve been asking for it, two, you know you would want it, and three, it’s adding another asset to the business. So you’ll go out, you’ll source, you’ll talk to different manufacturers, you’ll get samples, you’ll get, you’ll start creating and tweaking. To create custom products specifically for this business.
So once that happens now you can do a couple of things, you can have the manufacturer drop ship for you or you can order the MOQ and fulfill in house. So this is step number six. This is where you’re either having a garage and every night you’re sending stuff out or a storage unit. And every night you’re sending out these products or you can use what’s called the 3PL, 3rd Party Logistics Center. And you send them your products and they will fulfill every time an order comes in.
That’s what we do. We actually have three. There’s one in Virginia in the U.S. There’s one the UK and one in Australia. And each one handles a different region of the world. So that’s what we have setup currently. So this would be step six.
Now the business is starting to run itself. Orders come in, the fulfillment house gets it. They process that order and then they send it out. If there’s returns, returns go back to the fulfillment center. The fulfillment center handles all of that. And that’s what they handle. So now we’re starting to get a system, what can we do next?
Next, is just hiring the team to run the entire fan. And so you would hire a customer service if you haven’t already. You would hire an operations person to handle all the logistics from ordering new products to returns, to dealing with vendors and manufacturers. Making sure all the systems of the business are working. And then you will grow and scale from there.
You would have a social media, a marketing team. They will handle the content, the writing, blah, blah, blah. And this is what I would do. Now could you hire people before step seven? Absolutely. But you should do all of this first. If this is the only thing that you’re working on you’re going to be busy, absolutely. But at least you’ll know what’s happening in the business, what’s going where, who is doing what, what’s working, what’s not working. So when you do hire somebody and do hire a team, you can teach them and onboard them as quickly as possible. And if they have any hiccups or hurdles to get over, you can teach them what to do because you’ve already done it before.
So this is what I would do if I had to start over and I hope this video helps. Maybe it gives you some ideas to for you to do. Maybe you and your wife want to start something. Or you and your husband want to start something. And you’re like, “Okay. Well, why don’t we try this?’ And you start from there.
Or maybe you just sold your business or you just left your job, you’re looking for the next thing to generate some income, now it’s not going to generate in parts one and two, but once you get to step three, don’t forget you’re going to be using that profit to generate back into the business. So just remember that.
This isn’t something that you’re going to put in and then all of a sudden you’re going to have cash just flowing into your account. This is for a long term business strategy. At least that’s the way I think about business. There may be people who say otherwise, but that’s just me. You could do whatever you want with your business.
So this is it.
Drop some questions below. Give me some likes if you like this. I hope your Sunday is a little bit better because of this. And yeah, let me know what you guys think. Let me know if you’re going to implement this. I would love to see what you’re working on, what step and what stage you’re in. How I can help.
We have a bunch of people inside this turtle in the hustle community that can help at each of these phases. Whether it’s building an audience. Whether it’s sourcing products. Whether it’s running Facebook ads. We have so many people with backgrounds and skill and
experience in each one of these.
Yeah. Ask for help.
Let us know where you are if you’re doing this. Yeah. And I hope you guys enjoyed it. Thanks for watching this Sunday or if you’re watching after the fact. Thanks again guys.