YouTube Channel: @RyanDanielMoran

My model for building million dollar businesses is very simple. It's third grade math. Four products, 25 sales a day is 100 sales a day. At a $30 price point, that's $3,000 a day or about $1.1 million per year.

40,000. Now.

The real question is what are the fastest and best ways to plug in that formula so you can get to the million as fast as possible using today's opportunities. Now I made mine by selling on Amazon, getting reviews, turning those customers into repeat buyers and reviews, and over and over and over again. But today there are new opportunities that didn't exist just a few years ago. And in this video we're going to go through the top ways to get to the million in 2022 and beyond.

The real hack to getting to the million dollar business is to find concentrated attention. Nothing is more valuable than attention. It's the only. I literally value attention equal to oxygen. Where can you find of attention in one place that you can get in front of and turn into customers? A few years ago this was just put content on Instagram and you'd get enough attention to be able to build an audience so that you could launch products to them. Before that it was just put your product on Amazon because there is a gap between how much attention it has and how many sellers there are. What is that today? Because that's the question that many of the entrepreneurs that I work with inside of our programs come back to is how do I build the audience or how do I get the attention so that I can launch products to them and make money and make sales? Because if you get that quick hit, it's much easier to be able to build upon that momentum. The first way to be able to do that is by partnering with micro influencers. Now I hesitate to even say that because most people think micro influencers means Instagram. I don't know mini celebs showing parts of their body and of course I mean their abs and their ankles. But that is a very close minded way to look at influencers. My favorite influencers to partner with are bloggers with email lists. This is a tremendous amount of underutilized attention because if someone writes a lot of content and they build an email list from that, they own that distribution. Email lists tend to be more responsive than Instagram followings. Now there's exceptions to this rule of course, but if someone sends an email about a product that they like, it usually converts at a higher rate than an Instagram story or a post, a Facebook post, even a YouTube video. So I love to look for influencers who have small but really responsive audiences and are willing to send an email on my behalf and I might pay them for it or give them an affiliate commission, or I might give them equity in the company. And we ride the upside together. So when you're thinking about micro influencers, go beyond social media platforms because the best forms of endorsements don't come from what everybody else is doing. It comes from these really raving communities that are small and under the radar. Speaking of communities that are under the radar, the second place where there's a lot of concentrated attention is in Discord communities. Discord is the go to place for Web3 projects and there are entire communities that are being built inside of these Discord channels. If you're not familiar, Discord is almost like a public slack where you can invite your followers or outside contributors to participate in a channel and communities are being built. It's kind of like forums were 10 or 15 years ago. And there's a tremendous amount of concentrated attention inside of these Discord groups. Now there's Discord groups on just about every topic that you can consider. But the greatest amount of attention is being given to web3 now. If you are able to find the owners of these Discord channels or if you just get plugged into discord groups that reflect the values or the mindsets of the brand that you're trying to launch, it's a great way to make connections and build an audience. For example, if you are posting content on TikTok or Instagram about your brand and and you start to get plugged into Discord groups, you can start to make connections with other people in the space and bring that attention over to where you are talking about your brand. Of course you don't want to be spamming the Discord group. You need to actually be a contributor or you will get kicked out. These are real communities and in order to build an audience on any platform, you have to be thinking about what you are creating and contributing to the group rather than what you are going to get out of it. Otherwise you're just a taker, you are an asshole and you are going to get booted out of the community. So if you've got a place where you're documenting your food brand or your pet business, or you're selling spatulas, what Discord groups exist that you can get plugged into that will give you the connections that you need to grow that distribution and to grow your product sales. If you spend some time looking for Discord groups, Even if they're Web3 Discord groups, go get plugged into those because they're very well connected communities that are extremely responsive. And I want to comment here, I hesitate to say this because some of you are going to say I just don't know how to do that. But let me tell you, launching an NFT around your brand.

That'S actually what I really wanted to talk about in this section is if, if you launch an NFT that is simply your VIP group for a brand and you launch a thousand NFTs at whatever base for the money, doesn't matter, you're not trying to make money with the minting of an nft, you're trying to build a community. Then you can build your own community and your own discord group of people who have ownership in seeing this brand succeed. If you release your VIP group like your E Commerce VIP group with early access to the next products that you launch and you issue an NFT to those top contributors, you will do very well. That is going to be how raises are done. That is going to be how private communities are built. It's going to be how VIP groups are run. We're going to have NFTs that give you access and ownership into the early stages of brands. And the brands that contribute the most to those communities are going to be the ones that break out.

And the third way to build a million dollar business in 2022 and beyond is for you to take whatever products you're selling or thinking about selling and partner with an influencer and take the same exact products, white label them to the influencer and give them their own brand. So instead of you trying to build your own brand to a million dollar business, you say hey, this isn't working or hey, hey. Like this is what I want to do and this is going to be my thing. But in the meantime, I'm going to take a 20% stake in an influencer brand and I'm going to build this for them. And you give them 80% or 60% or 30%, I don't care, whatever you negotiate and you'll still have your brand and you continue to build that and you own 100% of that, but you take the exact same products and white label them for an influencer and you do all the work to give them equity and them cash flow in this business and that you run this has a few benefits to it. One, there's obviously the upside and the cash flow that will come from an influencer having their audience buy that product but it will also give you economies of scale. When you are able to order 10,000 units of something versus 100 units of something, your cost per unit goes way down. And since you're just swapping out a label and it's the exact same product, you can place bigger orders and just divide it into two brands so your profit margins on both brands will go up. The other thing this allows you to do is you can have one premium brand and one cheap brand. You can have crossover promotions between the two brands if there are different products between them. It allows you to make one a specific Amazon brand and one specific to shopify and goes directly to the audience. It gives you flexibility because it's the same set of products, but it's a different brand. And you could partner with several influencers that don't conflict with one another. And you still own 100% of the brand that is really the producer of all of these other brands. Of course, all this assumes that the best way to build a million dollar business is to have four products that get 25 sales a day at a $30 price point. Which I believe to be still the best way to have a million dollar business that you can scale or sell. When you have that million dollar business, it changes your mindset, it changes your approach to entrepreneurship. You now have a real business. And if you want some help, I have a free video series called Finding the Perfect Business that you can find around this video. It's four videos, it's a free series and you can find it somewhere around here. I'm Ryan Daniel Moran with capitalism.com thank you for watching. Sam.