$3,000 to $1,000,000 in 15 months: HOW TO DO IT

ok, my brain has been turning for some time on this.
Instead of just doing a theoretical exercies, I am actually going to do this and be a test subject. I am ready to embark, I have secured a website, and have some needs, I will start a new thread for advice so as not to hijack this thread.

Product- service with lifetime subscription.
Target- est. 10-20% of population would be possible client
Webbased- knowledge threshold will need to be overcome
Marketing- affiliate and otherwise, also threshhold of knowledge will need to be overcome
Budget- $3,000. spent so far $6
Pricing- est around $285. Estimating about 40% profit margin, meaning I will need about 9000 customers to hit 1mill. Which means 600 sales per month. Very aggressive. For the sake of easy tracking, we will stack from 10/1. This means I will be a millionaire by the end of 2008. Merry Christmas 2008 to me.

Here's the link to the new thread.

Good for you for TAKIN SOME ACTION!!!

I have lots of comments .... but will wait for your thread!

Kurtyordy-

This is exactly what I was hoping for when I started this thread.

I put a link to your new thread in your post.

Rep points + + +



-Russ H.

__________________
"Control everything. Own nothing." -John D. Rockefeller

"Don't confuse motion with action" -Ernest Hemingway

thanks guys.

here is the link to my thread with my first step questions-
My fifteen month business for 1 mill

To turn $3k into 1M, I would do:

- Day trading
- Arbitrage
- Affiliate Marketing

I guess websites like the million dollar homepage, wiki etc would work too if you're good at marketing. I think many of them spend a ton more than $3k building and marketing those sites though..

That's a tough thing to do. I can't see any way to do it other than trying your hand at the markets.

Near impossible to do over and over again; but you CAN make ridiculous amounts of money quickly in the markets. I'll be the first to admit though, that it would get to the point of being much more luck than skill.

I once made 70% overnight longing the British Pound against the dollar. Had the market gone the other way I would have blown out this little fun/test "see what I can do" trading account. But 70% a bunch of times really starts to compound.

This is a great thread Russ but I feel that if we substituted 100k instead it would be a lot more realistic in people's minds - as in they wouldn't go to the clouds for solutions.

Here is a real way that a friend of mine got almost to that number from less than 3k:

Spend 2-3 months locked in your room doing nothing but studying html and how Search engine optimization works.

Pedal around town approaching small biz owners with an offer to create a web site for them, charging something small like $200-$500 for a web site and $100-$200 for SEO.

Work like mad for one month doing as many websites as you can and find another one or two people (in any part of the world..thats the magic) that will do websites for you for half price.

Referrals Referrals Referrals.

Start increasing prices, start becoming better at selling yourself - 7-10 months later get as high as $7000 per website.

Have 2 people working under you who do 90% of the work and get 40% of pay. Hire sales people who work on commission and find new leads.

For threads sake - this took 2 years I believe from having 0 knowledge to where he is now, but a lot of that time can be saved with a plan.. there were some mistakes along the way that can be easily avoided.



As long as we are brainstorming:

Find a huge event coming up in your area. Go to a shirt store and order 300 shirts at $10 each. Go around selling shirts for $15-20

Next big event get the shirt store to give you a credit next time and a 30 day period and buy twice as many shirts.

Rinse and repeat. If all fails spend $3000 on a wonderful dinner and entertainment for one of your geriatric wealthy relatives.

why does it have to be a relative, go to the nursing home, find out which ones families have not visited in a long time. Blow 2k over 12 months wooing them and suggesting towards the end that they 'update' their will. Then after that is done, take them out for a very rich dinner, alfredo, served during a hotair balloon ride during a hurricane or something like that. Blow the remaining 1k, and wait for your payday.

It's amazing to read people's contexts in this thread. I am not a millionaire yet, but believe I will be.

I am reading people say this is impossible or very hard to do. For you it is.

In my head I have been figuring out a plan to do this. I have been determining the best approach.

It is possbile. Others have done it, it is just a matter of putting a plan together, executing, having some luck, and doing doing doing.

Good luck kurtyordy. Perhaps I'll figure out a different approach and go another route.

Joe

swing trade (since in school)


open a discount broker margin account...you can setup an account with a parent.
+
live and breathe the stock market.
=
profit



OR

__________________
"Many people die at 25, but are not buried until 75" - Benjamin Franklin

The whole reason I posted this thread was to challenge ALL of us to expand our thinking.

Yes, it's easier to come up with ideas to make 10K or 100K in a year.

But if you see that, why not try to scale it up larger? Is that possible?

My favorite responses on this thread are the ones who say, "Gee, this isn't easy."

No duh!

If it were easy, it wouldn't be a challenge, eh?

Seems like we get at least 3 groups of people responding here:

Group 1: Those who read the initial post and got all fired up to come up with a solution. They worked out a whole plan-- not just a few half-hearted suggestions, but an actual implementation plan.

Groupl 2: Those who try, but are stymied by their own self-imposed sense of what is -- and IS NOT-- possible. The ones who start, and can only come up with "invest in stocks" or "try this one big general topic". No high-level planning or entrepeneureal thinking is involved.

Group 3: There are others who can't see a thing. They're dead off the line. Car never even starts. Some don't even post--- they just read and click the back button. Others post how hard this is.

All in all, this is a great cross section of typcial responses to any problem.

But you have to ask yourself: If you're in Groups 2 or 3, and you plan on being a millionaire someday, how will this ever happen if your beliefs and lack of motivation hold you back?

-Russ H.

__________________
"Control everything. Own nothing." -John D. Rockefeller

"Don't confuse motion with action" -Ernest Hemingway

Ok. Great points Russ. It all starts with what is between your ears. Profound as it may be and no matter how many books state it, many of tend to forget that part.

My first step would be to pick a vehicle. As I believe I'm well versed from a standpoint of getting started in a number of avenues, I would have to pick one and focus based on my circumstances.

With little money, I have heard/seen it done in real estate, internet, or trading.

1. Real estate - since the markets have cooled, flipping preconstruction homes in CA isn't going to be the option. Esp since I'm in Ohio, if I were to go this route my choice would be to utilize what contacts and knowledge I do have to partner up with someone/some people looking for big deals. This route would have to allow enough time, money, and energy to pretty much put all eggs in one basket. As MJ has said there will be some barriers to entry when dealing in bigger deals, but if committed enough I could do it. Being that real estate isn't as liquid and now is a time to buy, but necessarily not sell, this may not be the route I would take. The option could be to buy low enough to refi/cash out and put that liquid cash in the bank.

2. Trading. Here I would focus solely on futures. Being that I was trained in futures on the technical side, I have seen it done. The main points would be focus, plan, and money management. I wouldn't risk everything on one trade, but I would have to keep rolling my money over and really set my emotions aside and follow my system. Starting with 3K limits me to the markets, but one trade can make the difference. Obviously you have some downside risk to this too and can lose it all immediately, but that would be a learning experience worth learning. On top of trading, I would set up some sort of site/blog/ or something to track my progress that could eventually lead into a subscription based community site to discuss/track trades going forward.

3. Internet. I agree with many others. I have already sold everything possible on ebay - trust me I checked, so that is out to gain additional capital. I currently have an idea that would cost much less to start, but I would have to be super aggressive and really work the plan. It is a service and does cater to businesses - mostly service type businesses. It isn't real tech oriented, the market can be competitive, but not necessarily. I have seen others doing something similar in various markets making over half million a year, so in 15 months this woudl be possible.
As for research, I am looking more and deeper to ensure my strategy at least has some staying power and ability to get off the ground.

It is possible - hearing someone successful like Peter2 say, yeah I'm going to start another business soon - sounds so confident and makes you excited that it can be done.

Looking forward to seeing what kurtyordy does!
good luck

Joe

a lot of good ideas on this thread... except that the time period to record a $997,000 profit using 3k will require a lot of leverage. SteveO`s idea is good.... but I have a question - has anyone on this board gathered partners together without bringing dough to the table?

While real estate presents awesome opportunity for leverage, 5k is a tough amount to get real estate with... site planning, engineering, attorney, and other expenses generally swallow up much more than 5k.... also, doing DD on property to find the right one that will reap these kinds of rewards are out there but tough to find and close on (in my experience) and realistically can take significantly longer than 15 months to achieve the objective.

to answer the threads question- I am buying shares of publicly traded junior e and p companies and using derivatives on margin. As the US$ continues to flutter (and for as long as the yuan is pegged) it looks like foreign junior gold, silver and other metal mining companies will reap highest rewards along with other foreign holdings.

Of course it's possible. It's actually pretty easy to go from $3000 to $1,000,000 in 15 months. You don't actually have to earn a million. All you have to do is start a business that make a $25,000/month profit and then sell it after 15 months, and you should have a million.

Of course you need to start making $25K/month very quickly, but it shoudn't take more than a couple of months to get to that point.

I am closing on a 4.8M deal next week with investor money. The next one should be 8-15M.

shawn,

do you currently day trade?

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http://snowbank23.blogspot.com/

Joe,

I'd be real interested in speaking with you. I had been looking into trading, and decided on futures a few weeks ago. I've been studying/training with someone in my spare time.

-Bill

__________________
http://snowbank23.blogspot.com/

I agreee with Russ in that it is interesting the responses this thread has elicited. Myself when i first read the challenge it started me to thinking about how I would do it and to be honest I havent come up with a concrete plan yet ( a few possibilities but I am in the planning stages and not ready to post them until I ave it all figured out). What i find interesting is how many people in this thread seem to be just throwing things out there without really putting much thought into this. What makes this challenge so great is that it can be done but not without planning. I am a big believer in taking action but I also believe that you must spend some time planning or you can end up waisting time and resources when you just rush into something without really knowing where you are going. It seems very cliche' but a sales manager told me this when I fiorst started in sales, PLAN YOUR WORK and WORK YOUR PLAN.

(Sing it, boys!)

Did I ever tell you you're my Hero?

Yup, we closed on a deal last week.

Remember.... deals are not just about the money. It is not the *only* thing that NEEDS to be brought to the table in a partnership or JV.

There are 4 basic necessities in putting a deal together:

• MONEY
• CREDIT
• TIME
• KNOWLEDGE

So what if you don't have or don't want to use your own money,

what else can you bring to the table?