What are some easy ways to make a million dollars?
Tony Rush, Reader. Tea drinker. Rationali... (more)
1.4k upvotes by Kabs Ayofe, Steve Brown, Kong Ding Henn, (more)
Lawrence Tam gave a great answer below. Let me add this...
Making a million dollars is not as complex as many people believe. Play with the numbers.
Earning $1,000,000 can be:
250,000 people spending $40
100,000 spending $10
50,000 people spending $20
10,000 people spending $100
1,000 people spending $1,000
What if you had a product or service that you charged $83 per month for? You would only need 1,000 customers to earn $1,000,000 per YEAR.
Stop and think about that. When you consider how many millions of people are on some type of recurring subscription every month for all kinds of things.....the possibliites are endless.
I have a friend who sells a newsletter for real-estate agents to learn how to market real-estate better. He charges $99/month.
A friend of mine is close friends with a guy who is the #1 affiliate in the world for DirectTV. He makes $10 per referral everytime someone signs up with DirectTV because of his recommendation. He's made over $20,000,000 in the last few years marketing DirectTV online.
Just today I was ordering a house-warming gift for a friend who moved into a new home. I sent their family some gourmet cookies. The company I bought from has a service where you can "subscribe" and have cookies sent to your house every month.
Say the cookies cost $10 to make and they sell them for $50. That's $40/month they're earning in gross profit. If they had 2,000 people on such a subscription, they're doing a million dollars per year.
This is the method I've used to average at least $100,000 per month in personal income for the last several years. It works.
Just plain old free enterprise with an internet twist.
So, my answer is this:
Get a pencil and a piece of paper and start playing with the numbers. Think about what you can do that others would be willing to pay for. And take action. :)
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