Dear Fellow Penny Hoarders,
I would like to know if anyone has a bright idea for a business. I would like to make one million dollars within one year!
I have some capital available for business, but, we all know Dominos Pizza was started with $1,400 loan! So the amount is really not the most important, it is the idea!
Thank you,
Generous Moroccan
While I have no idea if it’d make $1M in a year (probably not), and I don’t know how much capital you have, owning and operating a fast food franchise could be a good route to go.
Lots of trendy, growing brands out there that could be an exciting investment beyond your Domino’s and Pizza Huts.
You should look into e-commerce, as that’s most likely (and a very cost effective, low-risk way) for you to get to your goals. This is because:
E-commerce offers very high scalability (i.e. trying to double your revenue is not going to be twice as difficult).
Low risk - you don’t have to overcommit on inventory, and you can do a lot of due diligence before even buying that minimal inventory.
I HIGHLY recommend you buy this book called 12 months to 1 million. It literally is the exact goal that you have in mind, with the exact timeline. Despite the very tacky title, the book talks about in very definitive terms all the things you need to do to build a million dollar e-commerce company within 12 months. He outlines:
Exactly how to do the research you need to know if there’s a good market fit.
How you’ll need to create / source the product
What methods you should use to sell/ship the product.
Once you strike it rich in 12 months, maybe you’ll remember this post and donate me a couple bucks lol.
–
Angie & Will,
I very much appreciate your replies to my topic, and your great suggestions.
I have been an entrepreneur since the age of ten. I remember assisting a friend of my brother who sold custom jewelry in bus stations early in the morning to customers who were traveling to far cities and towns in Morocco. I worked from 3:30 am to about 9:30 am.
Best regards,
Generous Moroccan
@generous.moroccan - that’s awesome to hear. I actually had a trip planned to Morocco coming up in 2 weeks originally but they just cancelled all the flights due to Omicron.
I am sorry that you had to wait, but the whole world now is in turmoil. The bright thing, you will be safe once everything is OK. time flies, I am sure Morocco will open its borders very soon. Morocco is absolutely worth the wait, and plus Morocco and its people have a wonderful relationship with the US.
Greetings,
most of the truly self-made men I have known have been in either real estate or insurance. They started out selling to the public but moved into comercial accounts. They ended up owning their own agencies.Many real estate companies offer training for free or little cost. Shop around.
I know one guy who started out “flipping” cars and ended up with a car lot and another who did well with a fly by night car painting business. He now has three legit paint shops. (The car lot guy is one of his best customers!)
If I had no money and little skills, (Don’t be insulted, I don’t know you.) I would go into residential window washing. Plenty of demand and little competition. Especially in older communities. I would consider advertising in church papers, if available.
Any success story involves looking around and seeing what is needed, then filling that need.Set realistic goals and go with it. Remember, the first thing you have to sell is yourself.
Good Luck!
Whichever business you start, set it up so you can do the parts you enjoy and either find a partner who is good at what you don’t like, or hire someone. Once you are doing what you love, it doesn’t feel like work and before you know it - it’s all you do and people are telling you to get a life.
