How to earn 1 million Dollars?
How to earn $1 million in 12 months? well, to be very honest, its answer is very simple.
But simple things don’t need to be easy. Like, for example, if you want to make $1 million, then there are a lot of ways for that.
To understand, if I replace $1 million with 1 crore rupees, then see, if you have to earn 1 crore rupees, you can do a lot of things, like for example,
if you sell a thing worth 10 rupees to 10 lakh people, you will earn 1 crore rupees. If you sell a thing worth 100 rupees to 1 lakh people, still you will earn 1 crore rupees. Or if you sell a thing worth 1k rupees to 10k people, then it becomes 1 crore rupees.
Similarly, you can see the whole chart on the other hand, I am talking about just one product, if you create multiple products, like, for example, if you create 5 different products, and sell just 25 units of those 5 products,
Then by creating multiple products, you can reach $1 million. Ryan has done this. in his book, 12 Months to $1 Million, he explains step by step process, of how you can start a business and generate even seven figures, in less than 365 days.
If you don’t know, let me tell you Author Ryan Moran has become the founder of multiple companies. On the one side, 24-year-old guys can’t figure out what to do in life, on the other hand, he had become a millionaire at that age. He had sold his 2 successful startups for multiple million dollars.
Because of this, he was living a good life. Let’s try to understand the strategies behind all this through his story. when Ryan started his first business venture Zen Active Sports, where he used to sell yoga mats, towels, and a lot of things. That was a physical business. That physical business was a loss-making business.
He had to spend a lot on inventory, salary, and advertisement. Because of this, he used to be out of money. which was his major mistake. He said he didn’t have any structure or game plan of business. He kept doing things according to his mind. and that was a problematic thing for him.
He used to invest his all money in the business because of this, he wants to be able to pay his rent. Due to this, he had to live and sleep in his friend’s house. But then, he did an interesting thing. To fund his Zen Active Sports, he started a podcast named ‘Freedom fast-lane’.
Where he started hosting some famous and successful businessmen. while gaining wisdom from such influential personalities, he launched his Zen Active Sports on Amazon. after which he made systems and processes by learning from people. and that thing turned his loss-making business into profitable. and before that company hit $1 million in revenue
Before that, a private equity firm bought his company. From there, his journey to becoming a millionaire started. After selling off his Zen Active Sports, he launched his second sports and nutrition company. There, he used to sell pre-workouts.
To scale this business, he sold that to a private company. After this, he started working on his third venture, which was related to health oil. and guess what, he made that profitable too. The learning thing here is that, what business strategies he learned,
due to which he was able to make such businesses, and was able to sell them also, that too in a few months. Well, the first answer is White Label Product.
White-label product:
The biggest secret of Ryan’s success was, that he used to get products at lower cost from websites like Alibaba in China and Vietnam, and then he used to white-label them and sell them on Amazon.
The products on which you can do white labeling, are called white-label products.
Its classic example was Micromax which used to get mobiles imported from China, and by naming it Micromax, they used to sell them. This means, Micromax had no manufacturing plant.
They were selling through branding. The author used to do the same thing, which was his no. 1 secret. If we talk about the book, the author has divided it into three stages, which he says, you should follow to reach $1 million. The first stage is the grind stage which lasts from 1st month to 4th month. The second stage is the growth stage, which lasts from the 5th to the 9th month. and then comes ‘The gold’, which lasts from the 10th to the 12th month.
Grind Stage:
If you have to pass through all three stages, first of all, you have to ask a question, what product should I sell? Which you can call ‘the grind stage, i.e. first step.
Here, he gives the example of Paul Miller. Paul Miller was a successful businessman, who had insomnia. He used to keep listening to podcasts through headphones, and many a time, while listening, he used to sleep.
But doing this thing, he realized using headphones while sleeping, was very uncomfortable. and the quality of the headphones was not that good either. He thought headphones could be made better.
So, he got some headphones in quantity. and by opening them, he made their build quality and audio quality better. He made those headphones more comfortable by experimenting so that you can listen to music or podcasts well while sleeping, without having any problems.
this led to the birth of Cozy phone headphones, which he started selling on Amazon. And guess what, people liked it so much that it became a bestselling product on Amazon. After coming on Amazon, they started selling Cozy phones in bulk quantities. And in four years, they got a revenue of 6 million dollars. This is amazing, isn’t it?
But they made a mistake and that was not getting a patent for their product. Due to this, many people came who used the copycat strategy, and started copying their products.
and this thing is very common also. They wait for the product to become a hit, and then sell them at lower prices by copying those products. Due to this, competition increases a lot. You know, what did Paul do to beat that thing? He, instead of focusing here and there I said, ‘I’ll focus more on making my product much better’. Where they’ll give the best products and services to the customers.
He kept going forward with this agenda. He knew that if he kept focusing on making its product better, it would easily beat its competitors. Because of their good reviews. at starting he ground a lot to make a winning product. which helped him make a million dollars.
Similarly, you have to do something in starting. here you see, which product you can make, what is that need in the market, which you can fulfill by working hard and fulfilling the needs of the people. Grind on that.at starting, it’s all about the grind.
Growth Stage:
If you come up with a great product after grinding, then comes, make a series of products and make 25 sales per day, which is called the ‘growth stage’. When you get your one product done, then you have to focus on multiple products, for example, the author cites Aubrey Marcus, who was a hustler. He tried multiple ventures, his first venture was about toys and supplements, but he didn’t get even a little success in it.
Didn’t get fulfillment either. But going back in time, he says that he was not ready at that time. I didn’t have much information and I was lacking in a lot of things. Those failures taught me a lot of things, like, there are three things that I learned because of failure.
No. 1 – How to create a product.
No. 2 – How to sell that product.
No. 3 – How to advertise that product.
He connected to a lot of people during that process, and while networking, he met the no. 1 podcaster, Joe Rogan. Joe invited him to his podcast. and while talking, he promoted his toys. As soon as Joe asked, what are you into?
He said, ‘I am into Nootropics’. Nootropics is a supplement, that boosts your memory power, motivation, and focus. Now during the podcast, he said ‘I can make the world’s best Nootropics, and I’ll show it. at that time, Joe made a promise to him, that you make the world’s best Nootropics. after that, he did a lot of research and experiments, and made the best product.
After making that, he gave that product to Joe Rogan to test it. when Joe tried, he liked that product very much and then decided to make a partnership with him. and he started taking that product in front of his millions of followers. After which that product was getting very high sale.
Its name was ALPHABRAIN which started getting huge demand. The orders came so much that they didn’t have any inventory left. and guess what, after that, they launched their second product. and that second product was related to mood. They named that product ‘Pinewood’. which can help you to improve your mood. and this is where the company named Onnit started. In which they are making millions of dollars by selling products.
Similarly, in the second stage, when you understand the possibility of a product getting hit, then you start creating multiple products, related to that niche or even a different niche also. If you have multiple products that you’ll sell, they can give a good revenue by combining all of them. You have to focus on these things from the fifth month to the ninth month. and then comes the last stage, which is the gold stage.
The Gold Stage:
Where you can use advertising. at this stage, your maximum focus should be on advertising and marketing the product. at this stage you should get your product promoted through Google ads, Facebook ads, or by paying influencers, to market it at the best so that it can reach millions of customers. Here your credibility also gets established.
This process will cost you. You have to keep reinvesting in this process so that you can take that to a bigger scale and make more money. If you have done grinding at the starting stage very well, and have created good products, you will get good rewards at this stage. Along with this, you have to do two more things. This is the fourth point, Tweaking a product for a year.
The Tribe Fitness owner Jeremiah Kingsman had listed its product on Amazon. This was a cellphone armband product, which he had white labeled from China. For the first batch, he got just 400 products imported. Because he wanted to know, if he could sell products or not and customer reviews are the most important.
That’s why, at first he got a few products imported. Then he took the output of customers and got it changed accordingly. Like, for example, people were getting small armbands in the first batch. The size of the armbands was increased so much in the second batch. And by making a lot of changes, he got a perfect size.
So, by taking feedback from customers, he designed such an armband, after wearing which people were very happy. Similarly, the armbands of The Tribe Fitness became a unique product in the marketplace.
How did this all happen? Just because he did a lot of experiments with his products.
Improved his products a lot and at the end of the year, he got 4% positive reviews compared to his competitors. Which turned the whole game many times.
Author’s Secret
last comes, the author’s secret This one secret helped Ryan become a millionaire.
He used to buy winning products wholesale at cheaper rates and then used to sell at higher margins by registering on Amazon FBA.
What is Amazon FBA? If you register yourself as a seller on Amazon FBA, then Amazon provides lots of facilities like storage, free shipping or fast delivery.
Due to this they buy winning products at cheaper rates and resell them on Amazon with a high margin.
The author says you will encounter difficulties initially, doing deep research, and gaining knowledge, it will keep going, but you have to always remember that magic number,
which is 25 sales per day and which should cost this. If you do this, you will achieve that magic number by the end of the year, before that too. This was a summary of ’12 months to 1 million dollars.