So considering you loved this video so much on my Million Dollar Secret, I wanted to do
a follow up to it, to help you develop your million dollar business idea and break down
really simply the questions you need to ask yourself to start taking action on building
the business that you've always dreamed of and that can be highly profitable for you.
So if you're excited, hit that like button.
Make sure you subscribe with the bell to get notified every single time I post a new video
twice a week, Tuesdays and Fridays.
And let's dive into it.
So if you really, truly want to build a business that is highly profitable and highly scalable,
you have to ask yourself some very specific questions in order to get to the root of the
problem you're going to solve that you're actually going to get paid for.
And so the first question to ask yourself is what problem can I solve?
So one of the biggest mistakes that I find people make when they're trying to build a
business is they're trying to solve a problem that they've never faced themselves or that
they have no real interest or desire to actually solve.
And you're trying to go into this external realm of something that looks shiny, but you
actually don't know if it's going to make you money.
So some of the most successful entrepreneurs in the world solved their own problems and
that becomes their business.
So in my case, I had my tiny little social media consultancy for about five years and
I could only work for a handful of clients at a time.
And I was doing okay, but the business was really small.
And then all of a sudden, I hit a ceiling.
I couldn't take on any more clients and I didn't also have enough cash flow to be hiring
a team.
So by accident, I filmed a YouTube video to send out to my clients to answer one of their
most frequently asked questions and the next thing I knew, that video blew up.
And at the time, my YouTube channel did not look like it looks today.
I had no subscribers.
I had no strategy at the time, but it was this light bulb moment of like, "Okay, why
did that video do so well?
Why are there thousands of people all over the world watching this video that I made
for my clients on my YouTube channel?"
And so it was my light bulb moment to go, "Oh, wow!
Because YouTube is a search engine, and there are people looking for these answers every
single day, and if I show up to provide them, I'm going to get this influx of clients."
And so that's basically what happened.
So for the next year, I made a video a week.
I grew to 50,000 subscribers and three million viewers and obviously, we're obviously well
past that and it's blown up my business.
So I faced a problem of basically not being able to scale my business, having a ceiling
and a limit with my clients and not having enough cash flow necessarily to bring on the
team that I needed to support to scale.
So, I turned to YouTube and it blew up my business and now that's why my whole business
is built off of helping you blow up your business using this amazing platform.
Another really great example of this, and asking yourself, "What problem can I solve?"
Or what problem am I really passionate about solving that really grinds my gears is Sarah
Blakely.
So, youngest self-made female billionaire in the world and she's the founder of Spanx.
And when she started her Spanx business, she started it with just cutting out the feet
of pantyhose and testing shape wear and testing how to basically get a smooth appearance underneath
her clothes with some sort of undergarment.
So she was facing the problem with her own... in her own personal life.
And she was like, "I bet you there's other people out there who are facing this."
So that's the first question to ask yourself.
Write that down, comment below with, "What's the problem that I can solve?"
Or, "What's my biggest pain point that I have experienced in solving or I have solved for
myself?"
Generally, the most profitable ideas start there.
So the next question you want to ask yourself is, "Am I the expert?"
So often times, one of the biggest things I'll hear from you is, "I'm just a beginner,
I don't feel like an expert.
I don't feel like I can start a business yet, I'm not ready to start a business yet."
Here's the thing.
I was not always an expert at YouTube.
Sarah Blakely was not always an expert at shape wear, but you learn.
And the expert was always... was once a beginner.
And I think that's a really important thing to remember, is that the expert was once a
beginner.
If you're a beginner right now, you can build your business by just learning on the go.
And the value of that is you're actually in the beginner's mindset of having to learn
all the skill sets, and you're primed to be able to share them with other people in real
time.
Sometimes, when people build these really successful businesses, they get so far away
from the problem, because they're up here making millions of dollars and not facing
that problem anymore, so they don't even know how to speak to their consumer and their customer.
So you, being in the beginner seat and learning on the go, allows you to be this amazing problem
solver and become the expert.
Here's the thing, everything can be learned, especially nowadays.
We have so much information at our fingertips.
So next step for you is once you ask yourself, "Am I the expert?"
Here's the thing.
I still don't feel like the expert.
I'm learning every single day and I choose to read books and watch videos and go to conferences
to learn, learn, learn, so that I can always stay on my A game and I can always be in that
beginner's mindset.
So for you, if you don't feel like the expert, that's normal and the only thing you have
to do is just invest in your education and invest in learning from the people who are
the experts.
So that's the next thing to ask yourself, "Does it already exist?"
That's the next question.
Does your million dollar business idea already exist?
There are pros and there are cons to this.
If your million dollar business idea already exists or if someone's already doing the thing
that you want to do, it's not a bad thing, because it's proof that people will actually
pay for it.
It's proof that you can actually make money at it.
The con is, you can't beat the original.
So, you've got to basically use your experience and your expertise to build your million dollar
idea, but also leverage the fact that it already exists, it's already out there, and someone's
already getting paid for it, which is amazing.
So, you don't have to start from scratch and you don't have to reinvent the wheel.
However, what you do need to do and the biggest mistake I see people make is they see someone
doing a thing and let's say it's me.
You see me doing YouTube for business, and you're like, "I'm just going to do what she
did."
It doesn't work.
The reason being is that you haven't spent thousands of hours working on this and working
on the strategy and creating your own methodology and formula.
But, that doesn't mean you can't create your own methodology and formula by testing, trying
and doing the work.
But if you just choose to say, "Hey, I'm going to take the Sunny System and call it the Alex
System," that's not really going to work for you, because my system is based on my own
experience, my own research, and my own story.
So you have to see something that's basically out there already and that people are getting
paid for, that's a great thing.
But then take that and be like, "What's my own unique experience, my own intel on this
and my own expertise on this and how can I particularly solve this problem a little bit
differently than anybody else?"
And really use the thing that nobody can compete with you on, which is your story and which
is your experience because no one else is you.
So if something already exists, it's not a bad thing.
But it's bad when you say, "Oh, that thing already exists?
I'm going to copy it word for word, lesson by lesson, I'm going to copy the prototype,
and I'm going to copy the model.
I'm just going to do the exact same thing."
That doesn't work and it's completely unethical.
So if you really want to stand out and build your million-dollar business idea, you have
to stand out and that means you can't copy what's already out there.
So that's the next question to ask.
The next thing is how painful is the problem?
So the more pain, the more profit, which sounds kind of weird and morbid, but it's true.
So the more pain, the more profit basically means that the more dire the situation, the
more money people are willing to pay.
Again, this is why doctors and lawyers are so well-paid, because generally when people
come to them, they're in a bit of a crisis.
So for you, you have to figure out, what is the pain you're actually solving?
Because if you, let's say you want to be some sort of a business coach.
That's great, but the more successful business coaches out there are really honed in on one
specific thing and one particular root of the problem that they're really helping people
solve.
So figuring out what is that one thing that's the most painful that you can help people
solve, and that also helps you differentiate yourself.
So for a prime example of this, a good friend of mine, Mastin Kipp who I absolutely love
and adore, he has this whole business on helping people build their businesses with trauma-informed
coaching and getting to the root of their own trauma, so they can get past their blocks
to actually build their business.
That is such a unique take on it, and it's why he's been able to do so well at it.
So figuring out what is your particular way of solving that pain, or what is the pain
point that you and only you can solve in your own unique way, so the more pain, the more
profit, and you really have to gt to the root of it.
Because just saying, "I want to help people build businesses."
Well, a lot of people say, "Yeah, I should build a business," or, "Yeah, I want to build
a business," but they put it off for 10 years.
So obviously, the pain is not that high.
So you need to make it more specific and more particular in how you're going to solve a
pain point or a problem and really communicate that in how you're marketing your offering.
Okay, the next thing is what are the current offerings out there and what do they cost?
So if you can figure out what the current offerings are out there, you can get a lay
of the land.
And again, this gives you proof that people are actually paying for what you want to solve
and it shows you what's possible really, and how much money you could make from this million
dollar business idea.
So really important to get a lay of the land.
What are the current offerings, and what do they cost?
That will help you determine how you can price your own offer.
How can you master the skillset needed in the next 60-90 days?
This comes back to the expert was once the beginner.
So for me, I invested in so many books, I started watching all the videos.
I started learning from the people who were doing the thing that I wanted to do and I
started doing the work.
I think this is the big thing.
You can know something up here, but until you actually put it into action and do the
work, you're not going to be able to help anybody else do it or solve the problem.
So there's a lot of armchair experts out there who are like, "Oh, well I watched a video
on this, and now I'm going to teach you how to build a six-figure business."
No, no.
Doesn't work.
So you've got to actually learn how to do it, but then do the things.
Actually take the action on doing the things.
So courses, books, conference, et cetera, what can you do to become the expert and to
learn that skillset?
Basically, you go into a rabbit hole and that is your core focus, and that brings me back
to this video.
If you haven't watched it yet, make sure you watch it next.
And the thought process behind how I became a millionaire, and the thing that I figured
out to help me become a millionaire and that truly is this insane focus on one thing, because
if you master that one thing, you become the person that everybody wants to work with and
pay to solve that problem.
Okay, how far could you get in the business on your own with a minimal team to create
cash flow?
This is such an important concept because often times, people start a business and they're
like, "Okay, well I'm going to hire this person and this person and this person and this person."
But, you should know how to do the majority of things in your business so that when you
do hire people, you're able to properly train them.
And I have learned this myself.
So how far can you take this business idea on your own?
The most profitable businesses are businesses that are lean.
So what I mean by lean is your expenses to run the business are low.
Your costs are low.
Your profit is high.
That's the ideal situation.
Now, every business doesn't work that way, but if you're starting to build your million
dollar business idea, you want to basically start from that place.
So how far could you take this on your own?
So a business that runs online, so easy to run it by yourself for a little while so that
you can create cash flow.
So all the money you're bringing in, you're able to keep that as a security blanket, so
then you can reinvest it back in the business.
So how far can I take this on my own to create cash flow and keep it minimal?
And what would I potentially need in the future to hire?
And keeping that team even then, minimal.
So my business is extremely lean, extremely small.
We are a small but mighty team.
We get a lot of [inaudible 00:12:44] done, and yet we're this really tiny team.
So we keep things lean because I want to be able to have that cash flow to reinvest back
in the business and to make a greater impact and reach even more people.
So things like, can you just put up a landing page?
My business for the first year just had a landing page.
You don't need a full-fledged website.
Are there friends and family who could help you with certain things?
Is there a social media platform that plays to your strengths?
So one of the big questions that I get about focusing on one thing is like, "Well, how
do you know where to focus?"
So for me, it's really having one social platform that drives the majority of the traffic and
having one offer.
That's really it.
So for me, YouTube made the most sense because I'm good on video, it's very easy for me.
It's a lot easier for me to talk like this than it is to write out a long blog post.
That's not my strength.
So you want to go where there's the least friction.
So where is the least friction for you?
Do you easily just bang out captions and long copy?
Okay, maybe blogging is the best route for you.
Or are you better on video?
Go towards YouTube.
Or are you an amazing photographer, or really tell a great story through photos, Instagram
might be your jam.
But all in all, pick that one platform to drive the traffic, have the one offer, and
make sure you're building your own audience on your email list so if anything happens
to those platforms, you are not screwed.
So that's really important.
If you're enjoying this by the way, let me know in the comments and let me know your
big takeaways and hit that subscribe button and the bell to get notified when I post new
videos, and that like button if you like it.
All right, so target revenue.
That's the next thing.
That's the next question to ask yourself.
What do you ideally want to make in the next quarter?
The next three months?
The next six months?
The next year?
Once you have your target revenue, you can basically work backwards.
So let's just say you want to make a million dollars in the next year and you have a product
you're going to sell for $500.
That means that you would need to sell 2,000 units, which equals a million dollars over
the next year, which would be about 5 units a day.
That is doable.
That's totally doable.
And that's a goal that you can start to work up to.
And if you increase your price point, you have to sell less units.
So that's what you really want to start thinking about when you want to build a million dollar
idea.
So, that's kind of the gist of how this all works.
Now, if you want to dive into YouTube as your one platform, make sure that you check out
our boss YouTube strategy, we'll link to that below this video.
And if you enjoyed this, make sure you check out this video on the Million Dollar Secret
that basically helped me become a millionaire.
If you like this, hit that like button below.
Be sure to share it with your friends, and be sure to subscribe.
And like I said, check out these videos next, and check out our boss YouTube strategy to
dive into how to 100x your subscribers and double your revenue in the next year.
Thank you so much for watching, I'll see you in the next video.
Bye!