How to Turn $100 into a $10K/Month Business in Three Months
The thing is that most of us do not have the confidence, skills, or experience that most billionaires have, and therefore I do not feel like that shows a good representation of what the average person can do because we don't. We have not built a $1,000,000,000 business. We have not gone out and made connections and shaken hands. We don't have that confidence and those sort of intangible skills which are both a huge advantage.
So if you don't have those things, follow these steps. Take $100 and build a $10,000 per month business that you can live off full time. The first thing that keeps people from starting is usually their idea.What kind of business am I going to build? And honestly, it is irrelevant. It does not matter what type of business exactly you're doing.
This is going to be a great way to get started. Most will never start their business because they can't figure out what type of business to start. And let me tell you, it's irrelevant. It really doesn't matter what kind of service you're going to sell because what we're looking for is a very low barrier entry, very low cost service that we can sell to people, but most importantly, get a service that no one enjoys doing because that's job security at the end of the day. If people don't want to do it, they're willing to pay for someone else to do it for them.
So think about mowing lawns or trimming bushes or cleaning up gutters or washing windows or potentially washing out garbage bins. These are things people don't enjoy doing. Pressure washing, soft wash, fence staining. These are all great options, including things outside of the home like mobile car detailing.
Those professionals don't dream about doing that on their weekends. And if you can provide that service, you'll make money. Before we get to the step-by-step process and we give you every single week what you need to be doing, realize that you're going to grow your business.during these three months.
You want to minimize your spending at all costs. This might mean moving into a smaller rental for your apartment or potentially even selling your car and downsizing. The goal here is we'll take every single dollar you make and pump it back in the business to allow it to grow and become as profitable as possible, as fast as possible, because we only have three months. You have to endure short term pain for the massive payout of having a business that produces $10,000 per month in revenue.
A phrase I like to remember is “Sacrifice or regret - you choose.”
The next 90 days is going to be a lot of sacrifice, but you won't have to regret it one day. The next 90 days are going to offer a lot to sacrifice, but if you do it correctly, you won't regret it. Last thing to keep note of before we get started is something that's often overlooked - your opening budget.
As is the fact that renting equipment allows you to get a business started without a lot of initial capital required. A lot of people think they need a big pressure washer, a big mower, or all these other pieces of tools and equipment. In reality, you can rent all of these things to get started and eventually, once you get cash flow, buy that equipment down the road.
What is The Chronological Breakdown?
Week number one, the very first week your business is getting started. You are not going to be deciding the name of your business or anything like that. The objective is to SELL. The reason most businesses never get off the ground is because people can't sell.
And so what I want you to do is go spend 30 bucks to buy a uniform. Maybe it's a nice polo shirt with a little logo on. If you've got that, great. If not, doesn't matter. Get a nice uniform, get some nice clothes because you're going to be going door to door and introducing yourself to a lot of people. Next, get a pack of business cards, maybe a 100, 200 business cards you can pass out to people and give them your information Now, the remaining $60 I set aside for equipment rental because we're not going to be needing big fancy equipment.
We're doing simple services. Really, we're selling our time and our labor to do things that people don't want to do. So we should not need a lot of equipment, but we're going to set aside $60 to be able to get the first couple of jobs under our belt. And then we'll take that cash flow and keep rolling it into the next job.
Now, that basically uses our entire $100. So those first few customers, you're going to have to reach out to your personal contacts and use your social media to tell your friends, family, everyone in your community that you are open for business. If you have a good network online, this is a great way to book yourself out the first couple of weeks of business simply by reaching out to your personal database and people that you know online.
At this point, you can charge $40 per hour. We're going to go up from there, but to get started, this is a great way to book yourself out. The goal here is to just book yourself at two or three weeks and get your schedule completely filled so you can have confidence that you have clients coming down the pipeline. Now, what I recommend you do in this stage instead of trying to sell jobs and then go out and get equipment or supplies, is try to sell these jobs and get a deposit.
If you're booked out one to three weeks, tell someone. “Hey, look, I'm booked out two weeks. I'll be here on this specific date. If you give me 50% down, I'll be here on this date.” And that is what's going to get you on the schedule. By getting these deposits, you can get 50% or half that money before the job even starts. That's going to allow you to have the cash flow required to get more supplies, more tools, and equipment down the road. Now, this will all fall apart and be a failure if you cannot find a way to sell!
This might mean reading some books. Figure out how to sell and present yourself in front of people. And this is the massive advantage that the Undercover Billionaire contestants have. They have massive amounts of confidence to sell themselves, sell themselves to vendors, suppliers and customers. If you can figure this out, the rest of this will become much more easy.
Now, week number two I call “Setup.” So, why would you set up your business after getting customers? The fact of the matter is most people never get started by getting customers scheduled and collecting deposits. It's going to force you into action. Then, you can go figure out your name and your business; figure out if you're going to do an LLC or sole proprietorship.
All of those things are inconsequential to getting $10,000 in monthly revenue and won't move the needle for your small business. You can do those things, but they are not going to be the thing that makes you successful. Therefore, I push them off to the second week. That way, you get them fast. You're going to be so busy, hopefully by selling in week number one that you're going to do these things fast.
You're going get them out of the way and you're not going to meet your downfall by analysis paralysis. Now you're going to need to have insurance, set up your entity structure, set up your bank accounts, and make sure that your business is ready to go. You're also going to create your social media presence, things like Facebook, Instagram, TikTok or whatever other social media platforms you're going to use to spread your message.
You should absolutely at least start a website and you don't need a big fancy one right now. You can literally start one on the weekend. On Wix, GoDaddy, Weebly, or some cheap site, if not free website. Just to get a presence online and a place where you can put on your business card as a website domain. The goal in week two is to be able to put $1,000 in your pocket, saved cash that's going to give you a nice little cushion as the business begins to grow.
And if anything unforeseen happens, you have that cash available to keep the business afloat. Now, if you haven't already started in week one, you definitely are going to start selling door-to-door in week number two because we don't have a lot of money to spend on advertising. You're going to have to go pound pavement, knock on doors, and introduce yourself to people of community.
I understand this is uncomfortable and most will enjoy this part, but typically your social media contacts and personal references are only going to last you so long to get the business off the ground. Typically, those will not be enough to continue the momentum required to build the business fast enough to meet our 90 day challenge.
Now, in week three to six, you should be getting a lot of momentum. You should have already been knocking on doors, telling everyone online, have social media on your website, and got everything set up. This has been a lot of work, but in weeks, three to six, I need you to raise your price because now you're going to need to have margin, which is going to be hard to cover the additional marketing costs and overhead required to continue scaling the business.
Our target hourly rate that we're going to charge customers is $50 per hour during this period of time. We're going to use yard signs and door hangers and spend $500 doing this. But you're going to literally going to put 20 to 50 yard signs around your target market as well as get 1000 to 2000 door hangers and put that piece of print on every single door in your target market.
And that might only be 500 or 1000 homes. So, you might be able to do this twice over the course of a couple of weeks. The goal here is to get to touch points, at least with the customer one on their door, potentially even doing the door or twice over the course of a couple of weeks. And then, also them seeing you multiple times when they're driving around their community, driving down the road, or driving in the neighborhood. Also, they will see the yard signs of course - you'll want to make sure you look into your local rules and regulations about yard signs and see if it's legal and where you can put them.
But honestly, for most small businesses, it's better to ask forgiveness than it is permission. And so instead of trying to do a lot of door-knocking and door hangers … by the end of like Week 5 or 6, as we head into Week 7, you're probably very busy. So instead, I really want you to focus on trying to get your existing customers to give you referrals.
You could ask your customers that you've done business for for the past five or six weeks. Ask them if they know of anyone - their neighbors, friends, family, people that they could connect you with that would potentially need your services. The goal by the end of week six is to be able to be booking yourself out for 30 hours of labor per week.
That leaves you an extra 10 or 20 hours per week to do sales, but 30 hours will need to be booked at $50 per hour. That's 1500 dollars per week, which is approximately $6,000 month, which is okay, but we're not at our $10,000 marker yet.
Weeks 7 through 9, I really want you to focus on upselling. That is not asking for referrals. We've already done that. Now we're going to ask our existing customers for another line of business, another type of product or service that you can attach or upsell to your existing customer base. Because at this point, we're starting to get pretty busy. We don't have a lot of time to do marketing again.
Maybe we can do some fliers or some yard signs or anything like that on the weekend, but there is a lot of work to be done.
So, for example, if I was mowing lawns, maybe I would now ask if I can install mulch. If I was cleaning the windows, maybe now I ask if I can clean the gutters too? If I was staining their fence, maybe now I ask them if I could stay in their concrete? These are all additional services that you could offer that are upsells and are hopefully aligned somewhat with your current line of business. You should be able to sell these to existing customers because they already know they can trust you. They've already bought from you, so they're going to be the easiest customers to sell to. It's a great way to add additional value and extrapolate as much revenue from every single customer.
Now, at this stage, you should have some good cash. I want you to set aside at least $2,000 at this stage to go spend on equipment. You're going to need that piece of equipment more than likely to invest in that second line of business. And when I say second line of business, I don't mean a completely different service.
It's something that's already aligned with you. Perhaps you're doing pressure washing. Well, let's add soft wash by getting some chemicals and some slightly different types of tanks or sprayers. So, set aside $2,000 at this stage to be able to divest or diversify into a different type of service that you can upsell existing customers. Because if you already have 50 or 60 customers and you've already done 100 $200 of revenue with each one, then you can go back to all of those customers and sell them again on a similar service.You just made a bunch of money and that's a great step to be able to go into our last stage of growth where we're going to get to that $10,000 marker.
So in Weeks 10 through 12, the last stage is exciting. It's also the most physically taxing part honestly because you're spending most of your time just getting the work done. You've already done the marketing.
And at this point, I really want you to focus on recurring work. I want you to try to ask yourself, “What can I do to sell this service to my customer?” But on a recurring basis, maybe it's every week, every month, or maybe you just literally say, “Hey, every year I'll come here and do your gutters.” or “I will come and paint your fence,” whatever it is.
Try to get recurring work. The goal here is to have guaranteed work so that after these 90 days, you have contracts or contacts to be able to reach out to and know that they have a scheduled set of services that you're going to perform for them.
At this point in the business, I want you to raise your prices to at least $60 per hour. This is going to allow you to improve your margins and as you pass the 90 day marker, you will not have time. You will need to spend money on advertising because you won't have time anymore. The goal here is 40 hours of labor scheduled on clients' property. What that means, if you do the math... $60/hour x 40 hours /week = $2,400/week. If you multiply that by 4, that's $9,600 per month in revenue. Throw in a couple extra working days and you got yourself a $10,000 in revenue business.