25 Jan How to Launch Your Million Dollar Business Idea
All month we have talked about business. It’s a popular topic around here, but we’ve dug deep into several key areas. So, if you have a million dollar business idea, you’re in the right place.
Here’s the truth: anyone can build wealth but not everyone will. There are those who keep their ideas in the back of their mind, always thinking what if. There are those who take the first step but never follow through. Ten years from now, they will have invested quite a bit of time and money into something that never went anywhere.
But I’m hoping you’re different. I’m hoping you have a million dollar business idea AND the passion to succeed. These five steps will transform your bank account and help you achieve your goals.
5 Steps to Launch Your Million Dollar Business Idea
1) Start with the end in mind.
Dr. Stephen Covey, in The 7 Habits of Highly Effective People, says, “To begin with the end in mind means to start with a clear understanding of your destination. It means to know where you’re going so that you better understand where you are now and so that the steps you take are always in the right direction.”
It seems like such a simple principle, but too many forget this essential step towards success. Simply put, if you don’t know where you’re headed, you can’t make any progress. It would be like taking off on a road-trip with no destination in mind – you’d be aimlessly driving, wasting your gas, frustrated and tired.
Do you want to make a million dollars someday? Write it down. Keep a record of your goals. Identify your target so that you know where you’re headed.
2) Find your business value.
If your business idea doesn’t offer some value, there is no point in spending hours and hours planning for its success. Why? It won’t be successful. You cannot force a business to be successful. Your audience must experience a felt need on a regular basis.
There are three parts to this concept. First, it’s important that you know the strengths that are unique to your idea. Or, put another way, it’s important to know where you can add unique value. Second, you must find a market for what you’re offering. Who is going to buy your product or support your nonprofit? Finally, it’s essential to make sure that people will pay money for this product.
3) Develop a plan of action.
I wish this wasn’t the case, but you won’t just fall into riches. Instead, you need a specific plan to move toward success. You need concrete steps that you will take at specific times. You also need accountability to ensure that you carry out your plan of action.
In my book Money Mastery, I say, “Entrepreneurs know that in order to succeed they need to be involved in every detail of the business… You won’t like every area, but you’ve got to learn and get a pulse on your organization.”
Even if you don’t like planning – or thought you’d leave these details to someone more experienced – you need to get your hands dirty. Develop a plan of action and stick to it.
4) Formulate a business plan.
You’ve already created a large-scale plan, but this is where you nail down the business details. Basically, this is where you funnel all the previous work you’ve done. You crunch the numbers, structure your goals, and build a solid business plan.
My favorite tool for creating a business plan is the Business Model Generational Canvas. In a nutshell, this giant planning chart breaks down your value proposition, customer segments, channels, customer relationships, key partners, key resources, key activities, revenue streams, and cost structure. Maybe you’ve never even heard of some of these terms. Don’t worry. Do a quick search on this blog and you’ll learn more.
For now, don’t skip this step. Do the hard work to learn and spend time creating a beautiful Business Model Generational Canvas.
Want to see a sample Business Model Generational Canvas? Sign up at the end of this post & get immediate access to tons of business tools – this included!
5) Pick your exit strategy.
How are you going to leave your business someday? After all, you won’t be around to serve as president and founder forever. I like to say that the simplest way to make a million dollars is to create a business – also known as an asset – that you can sell.
I once heard of a guy who purchased a building in a particular location next to highways and heavy traffic for his business. He built the structure to resemble a popular gas station. He wasn’t planning on running a gas station, but he wanted a solid exit strategy. And he knew that when it came time to sell, he’d be able to sell the building for profit to this particular gas station chain. This is absolutely brilliant.
Successful people select their exit strategy before they begin.
These steps may seem really big picture right now. That’s a good place to be. Maybe you’re in the dreaming stage, or the planning stage, or the executing stage. Remember: it’s never too late to find your business value, develop a business plan, or determine your exit strategy.
Following these tips will get you well on your way to a million dollar business. I can’t wait to hear about it!