Day 3 * 1 0 x Customers Spending $100,000 Dollars A Year Each = A Million Dollar Business
Welcome to One Mummy- One Million Dollars- One Year- where we spend 365 days watching to see whether or not I can make any money online.
Yesterday, I shared a link for the 1,000 true fan theory, and if you read the article you will see that you only need one thousand true fans who spend approximately $22 per week or $85 per month, and then
You have a million dollar business!
In yesterday’s article, I decided to expand on this a little more because it’s such a great idea, (although I am not doing it in the true sense as how it was originally explained, I’m simply using the mathematical numbers behind it.)
When we break down the 1,000 true fan theory …we realise that any single one of us regardless of age or education could easily sell something for $25 a week…. the real struggle is not the maths, it’s figuring out who our customer is, what problem they need solving and whether or not we can find a solution and charge money for it.
Yesterday we looked at #1 way to make this million dollars.
I chose advertising or sponsorship as one of the 6 things for sale, and I created a sales letter offering my sponsorship for the entire 365 days to one company for one million dollars.
Now today, we look at the #2 way to make money.
This is where I am going to offer 10 products up for sale for $100k each in order to reach the million dollar target.
The big ticket question here is:
What product or desire would somebody be willing to pay $100,000 to solve.
And once you solved that initial desire, could you then solve another problem for them, and another problem and then another problem (10 times all together!!) in order to hit a target of one million dollars?
Or could I look at it another way and sell one x $100,000 product to 10 people?
Straight away I can see the second one is way easier…especially if I stick with the sponsorship or advertising route I went down yesterday.
If I couldn’t get 1 x sponsor for the entire story at $1 million dollars, then I could offer up 10 spots (one for each month of the 12 months to the 10 sponsors and keep two advertising spots for my own business) and again this seems relatively straightforward.
I could use the sales letter I wrote yesterday, and not much would change.
However…. for educational reasons, lets try playing with something else.
First….let’s revisit the 6 things we have for sale that we have at our disposal for the challenge this year.
- Physical goods
- Digital Goods
- A service of my own
- A service or product of other peoples
Yesterday we took advertising/sponsorship and used it, so today let’s try something else.
Looking at the 5 things we have left- physical goods, digital goods, my own or someone else’s services and entertainment, it makes me curious to ponder what problems I could solve and charge $100,000 for.
Do you have any ideas?
At $100,000 a pop, I would have to guess it would be entertainment.
Maybe a 10 series pilot program for tv, or maybe a song catalogue for a singer or dj etc… it’s entertainment which has huge licencing fees readily available to be tapped into.
Not only that, but entertainment also offer us up the opportunity for syndication….which means we can still hold the rights to the Masters if we don’t want to sell outright.
So in this instance I think the entertainment angle is my best path forward for the $100,000 angle. now the next question is:
What kind of entertainment should we make?
That’s my investigation for today, though off the top of my head because I love to write, I’m thinking I will write some short stories, and then see if I can find a scriptwriter on somewhere like fiverr to turn them into a tv pilot script.
On top of that, I am also going to create some new worksheets for the book we started yesterday. Mostly similar to what we had yesterday, but this time instead of the 1 x customer = 1 million dollars, I’m going to go 10 x customers @ $100,000.
Now moving on….let’s get some worksheets made for our new workbook.
Today’s worksheets got a little out of control…the page count was something like 74 pages approx as I allowed space to write for 10 different products, which had had me wondering all day whether or not each of these sub categories needs its own book. I’ll think on this a little more and make a final decision when all the worksheets are done.
I’ll share a few samples from the workbook below, notice I changed the colour to green from yesterdays orange colour?
I wanted readers to be able to easily distinguish each section from the other if all 6 of these days posts were bundled in together.
Let me know your thoughts on this idea by leaving me a comment below. These worksheets are designed to be helpful so I really want to make sure that I am getting the design right for you 🙂
If you would like to download the digital PDF you can find it in the shop via the link here.