CEO of AppSumo and author of Million Dollar Weekend Noah Kagan is on a mission to inspire people to start their own million-dollar businesses.
Noah’s entrepreneurial journey led him to work for some of the fastest-growing startups: he was the 30th employee at Facebook and the fourth employee at Mint. These experiences inspired him to take more ownership of his own future. “Having your own business gives you that opportunity, so no one can take away your livelihood,” says Noah.
Noah shares his quick-start guide to building your own empire, with expert advice you can act on right now.
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5 Things You Can Do This Weekend to Start a Business
Noah says anyone can become an entrepreneur, but most people need a little push to get started. The process of launching a website and getting your first customers doesn’t have to take months or years.
1. Look for business opportunities in your own life
You don’t need to have a million dollar idea that you’re stewing over. Noah recommends mining your own life for ideas. For example, look at your credit card bill and see which categories or products you spend a lot of money on. Is there a way to make these products cheaper or more convenient?
He also likes looking at things people avoid, like hanging pictures in their homes. Are there any services or products you could sell that might make these boring tasks a little easier? “Then you start to realize that many of the most exciting problems are the ones you encounter yourself,” Noah says.
2. Improve your business skills
Noah interviews millionaires and billionaires for his Youtube channel, and they all say the same thing: getting better at sales helped them be more successful. “Every no brings you closer to a yes,” Noah says.
You can start to improve in your sales by simply making a few requests one weekend and getting comfortable with rejection.
Noah’s advice is to start asking for discounts from the companies you do business with to make it easier to ask for money. You can try to renegotiate your internet bill or ask your Airbnb host for a discount. They’ll probably say no, but feeling comfortable putting yourself out there is a valuable lesson for a founder.
3. Validate your idea with real customers
Once you have an idea for a million dollar business, don’t wait to attract customers. See if you can ask them to give you their email or even a deposit for a pre-order. “What you’re looking for is the enthusiasm to give you that money,” says Noah.
A common way to do this is to create a landing page or Shopify site and see if you can gather a few pre-orders in 48 hours. It doesn’t have to cost a lot of money either. You may be able to create video content for free with your phone to attract people to your website.
4. Look for growth potential
Even if people want your products or services, demand doesn’t mean it will be a good deal. You’ll want to make sure the business model will support your goals, meaning it will generate enough profit to be sustainable.
Noah says to ask yourself, “If I wanted to make a million dollars, how many items would I need to sell?” Take the price you plan to sell it for, subtract the cost and shipping, and estimate how many you would need to sell to make a profit. You can also look at other factors, such as whether the market is growing in Google Trends, and research how much people spend on your product annually.
5. Grow on a timeline
Once you understand the basics, set yourself a deadline. Noah uses the analogy of driving a car. You wouldn’t start driving a car without having a destination in mind. You need a specified amount of time to achieve certain goals, so you can change direction if a tactic isn’t working.
That’s where strategy comes in. Noah says many entrepreneurs ask him for help starting four different marketing channels. “Why don’t you just find the one that works and make sure you get the most out of it,” he says.
To learn more about how to start a business in a weekend, listen to Noah Kagan’s interview on Learn with Shopify.