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Fastest Way to a Million?
philipjterry




msg:4361768
 7:13 am on Sep 13, 2011 (gmt 0)

(with emphasis on the word fastest)

Be interesting to hear best practice strategies on 'fastest way to make a million on the web'.

I keep this an open ended question to allow people who have already done it in the thread and for those who have not yet - to enable them to use their imagination.

While coming up with solutions to a problem I find that forcing the deadline increases the quality of ideas (Parkinson's law) - why I emphasize the word fastest here.

Thank you.

 

topr8




msg:4361770
 7:31 am on Sep 13, 2011 (gmt 0)

1. have a good idea of how to monetize traffic.
2. get the required traffic.

it is completely straightforward

phranque




msg:4361798
 7:52 am on Sep 13, 2011 (gmt 0)

start with $2M.

lucy24




msg:4361805
 8:08 am on Sep 13, 2011 (gmt 0)

Buy cheap, sell dear.

BeeDeeDubbleU




msg:4361807
 8:25 am on Sep 13, 2011 (gmt 0)

start with $2M.


LOL!

"Stack 'em high and sell them cheap"

koan




msg:4361823
 9:34 am on Sep 13, 2011 (gmt 0)

start with $2M.


Go to the casino a multimillionaire, you'll come out a millionaire!

piatkow




msg:4361983
 3:23 pm on Sep 13, 2011 (gmt 0)

@phranque - you took the words out of my mouth, or at least out of my keyboard.

Old joke about the musician who won a million. When asked what he would do he said he would carry on gigging professionally until it was gone.

inbound




msg:4361996
 4:06 pm on Sep 13, 2011 (gmt 0)

Depends on whether you are talking about profit or turnover.

Also, there's a huge difference between ways you could (such as develop a Google killer) and ways that are feasible with minimal resources; what's the starting point?

philipjterry




msg:4362023
 4:59 pm on Sep 13, 2011 (gmt 0)

inbound, excellent questions and points to consider. Profit. One Million in pure profit.

To empathize with the majority - we start with minimum resources, say 2-3K. Starting capital frames the problem way too tightly.

How would you approach it?

topr8, what would your monetization choice be?

londrum




msg:4362032
 5:15 pm on Sep 13, 2011 (gmt 0)

do you remember that famous one-page site from ages ago called the "million dollar homepage"?
all it was was a big block of 1 million pixels, and he sold each pixel for 1 dollar. people bought them in 100 pixel blocks, or whatever, to put little micro ads on them.

sounds like a totally dumb idea, but he made a million out of it easy-peasy, in six months.
sometimes you just need a good idea, and get a bit of a buzz going about it.

philipjterry




msg:4362046
 5:39 pm on Sep 13, 2011 (gmt 0)

Hi Londrum, yes - I know him well, Alex Tew. Great example.

The idea was given a force multiplier by floorlessly executing wave after wave of PR campaigns. He knows how to tell a great story. Russian mafia taking down the servers for example. Our tabloids in UK love this stuff.

Sometimes you wonder if the website should just actor as a rotor for all the PR...? I managed to get 250k worth of publicity in a tabloid a few years back however failed to monetize effectively...

philipjterry




msg:4362089
 8:04 pm on Sep 13, 2011 (gmt 0)

If you could convince 50 Cent to Tweet on it maybe it would send the value of the firm soaring in hours...!

viralvideowall




msg:4362231
 4:30 am on Sep 14, 2011 (gmt 0)

It really is all about traffic. And then there's good traffic and bad traffic. It's easier to make money with highly targeted traffic ... from people that are in a buying mode than it is from Stumbleupon traffic.

But... overall if you have traffic the making money part is easy.

teaandbiscuits




msg:4362251
 5:25 am on Sep 14, 2011 (gmt 0)

I saw this on another site..... make a site similar to million dollar pixels,call it find gaddafi,have it against the background of a map of Libya with a million pixels,i think the idea was to give a prize to whoever bought the land where he was found so it wouldn't quite be a million you would get.

inbound




msg:4362311
 9:09 am on Sep 14, 2011 (gmt 0)

The gaddafi idea has legal issues (effectively a lottery, even if you can claim it's skill based game it's still gambling).

How would I do it? Well, given that I have turned over more than GBP1M but nowhere near that figure in profit I'd do something that didn't require paid staff.

I'm busy doing something which has a much higher investment than the 2-3K, but if I started with that amount I might do controversial mobile apps (anything involving gaddafi would be good right now, e.g. skill based throwing of shoes at him with amusing retorts based on your performance).

I might also look at the top 100 or 1000 websites that are out there and see if I have any skills/information in those areas to exploit. If you have something good in a popular area it should be easy to "go viral".

Also, controversy or conspiracy theories are always good - I would not do it but I imagine that tapping into the people who believe in various theories would be profitable.

Building a solid, reputable business is not a fast way to a million in comparison to flying close to the sun.

philipjterry




msg:4362347
 12:17 pm on Sep 14, 2011 (gmt 0)

"see if I have any skills/information in those areas to exploit."

inbound, I am wondering what your hypothesis is behind this? Are you saying piggy back on the popularity of existing concepts of top blogs/ bloggers?

RE: Gadaffi idea - do you think it's attainable to reach such a lofty goal with a single campaign message as opposed to a more holistic business idea?

inbound




msg:4362362
 1:03 pm on Sep 14, 2011 (gmt 0)

Rather than piggy back, the point was about making sure you are doing something that people are likely to want. Looking at top websites for inspiration may make you think of areas you know but would not have considered for development.

Re the 1 idea, not easy to do but apps can go stratospheric (e.g. Angry Birds) - of course, it's much more likely that a rounded business plan would make a profit but you did ask for the fastest way...

httpwebwitch




msg:4362401
 3:04 pm on Sep 14, 2011 (gmt 0)

I can't speak from personal experience.
Most people I've known/met who have achieved the $1M mark took many, MANY years to get there. Years of work and schooling and entrepreneurship and sweat and stress and so on.

I know plenty of folks who earn >$1M per year, consistently. And just a few that have started up new businesses and got them revving up to $1M in less than 6 months. But those people... they're not starting from scratch, and they're not making it up as they go along either.

You know, that guy who invented pet rocks, he earned a million dollars from that

justrobin




msg:4362409
 3:27 pm on Sep 14, 2011 (gmt 0)

I have known several people who achieve their first million after few months but they are into business offline... I think you can achieve this online if you sell your site for 1 million and someone wealthy man buy it..

jmorgan




msg:4362683
 4:09 am on Sep 15, 2011 (gmt 0)

A million dollars isn't cool ...

teaandbiscuits




msg:4362691
 4:53 am on Sep 15, 2011 (gmt 0)

^^ A million dollars is very cool,all the cooler if you can earn it from the comfort of your own home sat at a PC.

koan




msg:4362703
 5:47 am on Sep 15, 2011 (gmt 0)

teaandbiscuits, it's a quote from the movie "Social Network".

- A million dollars isn't cool, you know what's cool?
- You?
- A billion dollars.

teaandbiscuits




msg:4362706
 6:14 am on Sep 15, 2011 (gmt 0)

Oh sorry,i haven't seen the film . :)

BeeDeeDubbleU




msg:4362757
 9:35 am on Sep 15, 2011 (gmt 0)

do you remember that famous one-page site from ages ago called the "million dollar homepage"?

Within a few weeks of that site launching I had a three enquiries from people asking me to build them a million dollar homepage.

Hello?

philipjterry




msg:4362887
 3:01 pm on Sep 15, 2011 (gmt 0)

@inbound,
do you think the economics of the iphone app industry is still hot now or as strong as it was say 3 years back...?


@httpwebwitchinbound,
thanks for the excellent example of pet rocks - my takeaway is to market the meaning behind the product and what it represents, not the product itself. This was obviously an itch which many people had, that was never before articulated in such a quirky gimmicky tone. Great salesmanship...?

How do you mean "they're not making it up as they go along either."?

httpwebwitch




msg:4362935
 5:06 pm on Sep 15, 2011 (gmt 0)

>> How do you mean "they're not making it up...

I mean entrepreneurs who have already made a thousand mistakes in previous ventures, and enter a market with a game plan they already know will win. More experience = less guessing = higher confidence + less risk OR greater willingness to take risks.

philipjterry




msg:4364009
 3:49 pm on Sep 18, 2011 (gmt 0)

What would you say are the biggest mistakes an entrepreneur makes?

I've started using a technique where I first look at the mistakes and failures before the successes. Everyone looks at the successes but often underestimates actually how much valuable insight can be gleaned from spectacular failures....

philipjterry




msg:4364488
 8:32 pm on Sep 19, 2011 (gmt 0)

Some interesting stats here on iphone apps

90% of apps don't make profits for those who create them. Apple would not tell me how much money it makes from its App Store.
You must sell 1500 a day to get in top 100 list
54% of free apps have fewer than 1,000 users
225,000 apps shouting for attention
2 billion applications are trying to get the same people's attention as your app

I think we missed that train.....

Sgt_Kickaxe




msg:4366420
 5:19 pm on Sep 23, 2011 (gmt 0)

Get a job at Google. Learn. Apply what you learned. In the alternative get a job at eBay. Study affiliate data. Become an ebay affiliate and apply what you learn (while still working at ebay, of course).

philipjterry




msg:4367088
 7:57 pm on Sep 25, 2011 (gmt 0)

thanks Sgt_Kickaxe, I love the idea. I did similar a few years back with an internet firm in Stockholm and you are right it worked wonders - literally all the employees in that company had a side business - often pulling in as much as their base salary. The knowledge and insights floating around in these companies is often priceless. Especially if you are exposed to a lot of customer situations - you get to see what works and what is an uphill battle not worth the time.

Do you think it's worth holding out for those more valuable insights which create disprportionate returns or are you a fan of just getting on with it getting something out on the road?

What type of knowledge do you recommend looking out for if I were in Google for example?

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