by Todd Sivers
According to my friend Dan Conklin, there are only four ways to make a million dollars: Arbitrage, exploitation, marketing and processing. I’ve done some thinking about this…
Arbitrage is when you recognize and take advantage of supply and demand trends and discrepancies.
Exploitation is when you discover, refine or develop resources that already exist.
Marketing is when you influence demand and enhance supply. (That’s a cool definition isn’t it?)
Processing is when you transform resources into a different, more usable form.
Many businesses do all four of these in one way or another, while others may do as little as one.
So here’s my business plan in a nutshell: I’m going to help other people who want to become successfully self-employed online to do so. Simple enough? You can do the same. Here are the details…
Arbitrage: I’ve recognized some supply and demand trends.
1. There are millions of people searching for products, information and opportunity online every day.
2. While there is lots of supply out there online, it isn’t nearly specific, detailed or clear enough to meet most of this demand.
3. There is opportunity for millions of people with all sorts of background knowledge and research ability to meet this demand and make an excellent income in the process.
4. My plan is to train and prepare people to meet these demands and get paid.
Exploitation: I’ve discovered the greatest exploitation opportunity in history.
1. There are millions upon millions of valuable information, integration, and solution resources online that are free, cheap, or undervalued.
2. Anyone can package these resources, present them, and explain them to create value.
Marketing: I see one of the most powerful marketing opportunities in history.
1. Millions of busy people are searching for quick solutions and opportunities online.
2. Millions of solutions and opportunities exist online, but most are incomplete, complicated, and confusing.
3. There is opportunity for millions of specialists to influence demand and enhance supply profitably.
Processing: This is the key to online profit. We tend to think of processing in terms of natural or industrial resources like oil or steel. But information and services benefit from processing too. Let me show you an example from fast food:
McDonald’s opened their first restaurant in 1940, and their first franchise in 1955. They quickly became the largest fast food franchise in the world.
Fred Deluca started Subway in 1965. Subway is now the largest fast food franchise in the world, with more than 43,000 restaurants. (McDonalds had about 35,500.)
Firehouse Subs started in 1994 and now has more than 850 restaurants in the U.S.
Each of these fast food restaurants offers a different menu and a different atmosphere, and each has a different business plan. But each is very profitable. And they all market to the same hungry people.
If I want to go out to lunch, there are 10 restaurants within a mile of my house. Each of them offers at least 10 lunch options, so that means I have 100 lunch options within a mile of home. But if I go online and search “lunch” on google, I get 574 million pages of results. In reality, when I do (rarely) go out to lunch, I go to 1 of 2 of those 10 restaurants 95% of the time and I always order the same thing at each one of them.
In other words, of the 100 options for lunch within a mile of my home, I’m perfectly happy with 2 of them 95% of the time. If the other 98 disappeared I wouldn’t miss them. Most people who search for solutions and opportunities online do not want to look at hundreds of millions of them. They want 1 or 2 that they connect with and feel comforted by.
Bridging this gap is the biggest opportunity for wealth in history. And there’s plenty for everyone. So can an average person like you go from zero to 1 million in a few years in this environment? Absolutely. And as one of us does, we can actually help others do it too, without any fear of losing out on our own success.
I know this post has some big ideas, and in future posts, I’ll break those ideas down int bite-sized chunks. So if you’re looking for a way to learn more about success online, or experience more success online, join us for free and get tons of inspiration and information to make your dreams real.
The 9th Day - 7 Ways