You don’t need a million-dollar to start a business. You just need a simple idea to make BillionsYusuf Al-Qaradawi
Compile a list of all these ideas, and you may find many million-dollar business opportunities with various types of million-dollar business ideas. However, most will never see the daylight, ever. Many carry a million-dollar business idea but never get to execute those ideas into reality.
Search the internet, and you will find many examples of million-dollar businesses. Dig deeper, and there are more examples of one-person million-dollar companies too. Search a little more complicated, and you can even find examples like AppSumo, a million-dollar business created in just 48 hours. Two weeks was all the time Mark Zuckerberg took to build the first version of Facebook, a company valued at over 400 Billion-Dollars.
Gone are the days when people discussed how to build a million-dollar business in 90 days.
Four Simple Steps to Create a Million-Dollar Business
In today’s fast-paced digital age, the discussion should rather be around how to create a multi-million dollar business over the weekend.
If you, too, dream about how to create a million-dollar business this weekend, we have you covered. Here is everything you need to know about how to start a million-dollar business in four simple steps.
Get Your Idea in Place
The first step is to write down all the ideas that you think have the potential to make that kind of money for you. Look for inspiration within by either listing down products or services you yearn for every day or are constantly complaining about and wish there was a better alternative. You can always look for most selling items on Amazon, eBay, and Craigslist gigs for those who prefer getting inspired externally. Looking at what’s popular in the startup world through news and platforms like Angelist, TechCrunch, etc. too, can be highly beneficial.
While listing your ideas, it is critical to ensure that each million-dollar business idea addresses a pain point or solves a problem statement for the users in general.
Evaluate the Audience Pool
With the ideas in place, it’s time to figure the actual number of buyers out there in the market for the ideas. Look at any million dollar business secrets review, and they will all direct towards finding buyers for the idea as most critical in setting up your million dollar business. Thankfully, various digital solutions and tools are available to help you identify your target market and help evaluate the growth potential they carry.
In business, as in life, it helps to learn from others. Search the internet, browse through platforms like Crunchbase, Angelist, LinkedIn, etc. and study your competitors. There is no shame in replicating what has already been implemented successfully by other businesses before you.
While researching, it also helps to evaluate the search volumes for your idea through various keyword planners like Google keyword planner, SEMrush, keywordtool.in, etc. By doing so, you can get a first-hand idea of the kind of demand that exists in the market for your product or service idea.
Another great strategy is to run your keyword on Google Trends to look for relative significance and make comparisons between terms. Searches are even divided by geographies and time range to help identify market potential.
This platform can also make certain decisions, like what product or service under a broader umbrella of products or services is most sought after. Based on the results here, you can even decide on the platform, android or IOS, you need to build on.
While identifying your target audience, also remember to search through the various social platforms you could piggyback on to build that traction for your business. WhatsApp, LinkedIn, Facebook, Instagram, and Craigslist are all great sources to channel your funnel from.
Identify the Potential Total Addressable Market (TAM)
When you research how to build a million-dollar business, one key element most gurus will speak about is identifying the total addressable market. But what does the total addressable market or TAM mean?
In simple words, TAM helps you identify the revenue opportunity available for the product or service of your million-dollar business.
On the Basis of TAM, you can prioritize your business opportunities. There are two ways in which TAM can be calculated. One school of thought focuses on the total market you can gain, assuming there is no competition in the market.
However, the more common practice is to estimate the market size that you could theoretically service with your product or service. If the value of TAM for your idea is more significant than a million dollars, you can then rest assured that you have a winner in your hands.
It’s Time to Test the Waters
If all the results so far are pointing towards a successful million-dollar business, then it is time for you to test the waters and see if the idea really works in the real world. So far, your million-dollar business exists only on paper and in excel sheets. By validating your idea using a small pool of customers, you save yourselves from deep losses in terms of time and money when your idea fails in the real world.
All you need to validate your idea is to create a basic sales page and share it with your target audience. You could decide to select a small pool of audience and send them a link to your sales page or create social media ads and see the response you get from there. If the results match or beat your predefined goal from the test, you have your million-dollar business ready to execute.
In today’s digital age, there is no rocket science in making a million-dollar business. What is critical for building your million-dollar business is to pursue your dream and actually work towards building your million-dollar business. After all, all it takes to join the next million-dollar business club is just a weekend.
If you’re ready to join a community that values market research and puts it in the hands of industry experts, check out how Biz-Buzz can help you today!
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