Recently, I read Noah Kagan’s book Million Dollar Weekend: The Surprisingly Simple Way to Launch a Million-Dollar Business in 48 Hours. It’s packed with actionable insights for anyone wanting to turn a raw idea into a profitable business quickly. Let me walk you through the four-step process Noah outlines, with some of my takeaways and examples sprinkled in. 🚀
Step 1: Find Million-Dollar Ideas 💡
Coming up with a great idea doesn’t need to be complicated. Noah shares three simple ways to generate profitable business ideas:
- Solve Your Own Problems 🛠️
Ask yourself questions like:- What irritated me today?
- What’s been on my to-do list for weeks?
- What product do I wish existed?
- Best Sellers Are Your Best Friends 🛍️
Look at products that are already selling well—like iPads or Nike shoes. Instead of competing directly, think of how you can accessorize or enhance them. For example:- Custom-painted Nike shoes 🎨
- Unique stickers for iPhones 📱
- Study Marketplaces 🌐
Check platforms like Facebook Marketplace or even Twitter posts where people ask, “Does this exist?” These are gold mines for ideas!
By the end of this step, you should have a list of 10–20 ideas. Now, pick the one that excites you the most and move forward. No overthinking! ✅
Step 2: Is This a Million-Dollar Opportunity? 💰
Not every idea has million-dollar potential. To check, answer these three questions:
- Is the market growing or stable?
Use tools like Google Trends to identify market growth. - How big is the customer base?
The larger, the better. - What’s the price of the product?
Multiply the price by the market size to see if you’re hitting $1 million or more.
Example:
- Beard oil market
- Growing market 📈
- 2.5 million customers
- Average price: $50
- Potential revenue: $125 million
- Homemade cookies in a small town
- Market size: 1,000 people
- Price: $20
- Potential revenue: $20,000
Beard oil wins. 🍻
Step 3: The One-Minute Business Model ⏱️
Here’s the simplest business formula:
Revenue – Costs = Profit
Using this, calculate how many units you need to sell to hit $1 million in profit. For example:
- If beard oil sells for $50, with a profit of $12.50 per unit, you’d need to sell 80,000 units to reach $1 million.
If that feels like a lot, consider bundling products or expanding your offerings—like adding shampoos or grooming kits. This creates a brand rather than just a product. 🌟
Step 4: Validate Your Idea (The 48-Hour Money Challenge) 🕒
This is the most important part of the process:
Find three paying customers within 48 hours.
Ask people directly and, crucially, ask for money. 💸
If someone pays you, that’s real validation. Polite interest without payment isn’t.
Example:
Noah’s friend Boris emailed close friends about a healthy food delivery service. The email was simple and to the point. Five people paid immediately, proving the demand.
No website. No fancy logo. Just real customers.
Bonus Tips to Execute These Steps 🏆
- Set Your Freedom Number:
Decide how much money you need each month to live the life you want. - Act Now, Not Later:
Don’t overthink or wait for perfection. Start now and figure things out as you go. - Embrace Rejection:
Set a goal for how many rejections you’ll get. Rejections are just stepping stones to success. - Double Down on What Works:
Once you find something successful, go all-in instead of trying too many things. - Focus on One Goal:
Pick a single metric, like hitting 1,000 customers, and work relentlessly toward it. - Delight Your First 100 Customers:
Happy customers become your best marketers. Focus on their experience. - Be Ready to Pivot:
If your initial idea doesn’t work, tweak it. Success is often just one adjustment away.
Final Thoughts ✨
Launching a business doesn’t have to be overwhelming. By following these four steps, you can test ideas quickly and focus on what works. Whether you succeed or fail, you’ll learn, grow, and get closer to your goals.
What’s the next idea you’re going to validate this weekend? Let me know in the comments below! 👇
🌟 Million-dollar success is closer than you think—just take that first step! 🌟