Laid a beer host the ex Google attack lead.

It is coffee time, and today, what we're going to be talking about are my five top tips on my way to a $1,000,000 that I have learned on my path up.

Now, as far as I'm concerned, all of these tips are worth their weight in gold.

They have taken years to learn, trying their mistakes, failures and successes.

And I'm here to share them with you.

So if you know what's good for yourself, you'll listen up.

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So the first tip I have for you is that for a while I was working on this website.

It's like a social network, and I charged a monthly membership.

It was like five bucks a month or something like that, and it just kept out at that much.

No matter how much more people wanted to pay, there was no way for people to pay more, and other than that, I was monetizing through advertisements and it was decent.

It was okay, right?

And it was even pay me more than my day job.

So I was pretty happy with that.

But the problem was that I don't think I was monetizing it at the maximum potential, you know, like they were probably people willing to pay far more than that.

And I was getting this virtual economy all said that where there were virtual in game currency and points and things you could mess around with.

But I kind of feel slimy if I were going to try to monetize that and sell points and things like that.

So I never really got around to doing that until months later on, right?

And even then I had them fully developed that feature set out.

So the tip here is that you need to monetize, and you need to be charging a pretty decent amount, right?

Like if you're capping the amount that you're charging people, I say $5 a month and then you give them full access to everything that you're offering.

That's just not going to be enough.

You know, I don't think that's enough to generate significant revenue.

A quick back of the envelope calculation can figure that out for you.

You can think about Hey, if you had, say, 10,000 daily active users and maybe like 1% of them is going to actually purchase, and that's a decent conversion rate.

You've got maybe 100 people who are buying.

You tried him five bucks a month.

That's 500 bucks a month.

It's okay by the same time, considering how much work you put into this, you may want to look into ways that you can offer more and then charge more for your service Is tip number two I have for you on this journey was there's a second project I was working on, and this was after I have built the social network.

I realized that all I had to actually do was clone another app, another website or game that had proven success.

So in this original social network app that I had built, I had spent about two weeks coming up with the concept, and it was very innovative and crazy and unique.

But the idea was improving, and personally, I felt bad about trying to just take another person's idea.

Include that.

Now you don't necessarily want to clone a completely, but I would say that you can take an idea.

Take a look at what's working the proven parts about it, studied the other competitors and then take that portion and then copy that and then putting your own spin from there.

This is essentially a guaranteed path to success, and I remember at the time there are other large cap companies and their entire business mother with be that they would take a look at the top, say 10 20 performing APS, the new APS that we're coming up on to the market each week, and then they would just take those and clone them.

And that's essentially guaranteed success right there, right and again here you're applying your own looking feel at the end and the additional features and unique things that you think it was going to make the app it better.

And then just push that idea Ford instead of coming up with your own unique crazy idea, which is unproven in the marketplace.

And then you have to build that market is going to be easier for you to gain traction to.

Just take a look at what's working out there and then copy that idea and then put your own spin on that not tip number three I have for you here is that there was this app I was building, and this was at the time when the Facebook was becoming a platform.

Twitter was becoming a platform.

Everyone was making their website a platform for developers to build additional side apse.

I could be hooked in, and it was an exciting time.

It was very novel, unique, and people were very interested to see what could be out there.

Essentially anything that you put out at the time would become an overnight success.

If you think about iPhone naps at the beginning, indecently up like an astrology app could become successful.

Now here's the insight.

Okay, I remember that at the time a lot of people would say that they wanted to build a big, sustainable business, something like the next Microsoft or the next Excel the next uber.

And that's great.

That's all good.

But at the same time, I would say that you don't necessarily need to build a sustainable business around any of this, right.

If our your building is an astrology app, that may be fine that you could just read.

That trend enters the whole class of APS, where larger businesses are not going to come after large businesses are not going to try to build a fart app and astrology app.

A silly, stupid game, a calendar app or a calculator at these may be areas that you can come in.

You can build something right, the trend for a short period of time, and then at some point, every single app in the whole area is going to just die off.

If you think about iPhone naps and the app that was popular, say, two years ago, all of them probably 90% from our other of existence now and anybody at that time who is trying to build a big, sustainable business.

In retrospect, you could see that the whole industry was being transformed and every app was going to be dead within a few years.

So my recommendation for you here is that on your path to a $1,000,000 you won't be looking at those trends.

Ride the trends and don't worry too much about trying to build some big, sustainable multi year business that's going to be around for your grandchildren to take a look at it and marvel at, You know, just read that short term trend.

See what you can make out of it if you're like your business will be sustainable.

But other than that, you can just ride the trends.

I have a good run took Number four I have for you here is to go after a niche.

Many times I hear about people who come up with crazy product ideas that work at scale like they're going to come up with some dog walking business, right or some dog babies, any business, and that's just way too broth.

There are plenty of other businesses and larger companies already operating in this space.

And when you tried to push out your advertising to, like, say, some bread that's like dogs, it's just going to be really difficult to compete.

Even at that level, the more specialized in issue get, the higher the chance will be able to find some group of people who are not being served by the current products in the market.

The key to know here is that it is not about quantity of people.

You don't necessarily need 100,000 people visiting your Web site to be successful.

Even if you have, say, 1000 people.

And they're each pain $10 per month on a recurring monthly subscription.

That's already going to be pretty successful, actually, and it's going to be much easier for you to build a product identify that could put people precisely fit their needs, build something that they absolutely need, and not just once and then advertise that threw them through specific, targeted marketing.

Either through like read a, adds Lincoln as Facebook instagram ads.

You know when I built this time lapse.

Photography yourself for panel Epps That was at the time when there were already tons of other photographic software out there.

But I was able to identify this market of people who are very interested in time lapse, specific software and photography, and then build it at the market that specifically to them on a very niche forum.

And overnight I was starting to generate hundreds of dollars in sales per day, not my fifth and last final tip.

I will consider hardly essential for you, and it is a key inside here, and it is that you need to continue to learn.

There is nothing worse, actually, than being stuck running a $1,000,000 business that is slowly dying, say, or that you're not that excited about.

Imagine putting in 80 hour weeks, killing yourself over some app, website or business, but the in all this time and then the platform changes.

Or maybe you're not making as much income as you thought you would make right?

Maybe you're only making, say, 50 k a year.

That's okay that sustain the boat, but it's essentially like a second job that you've picked up and you're just put me in way too much work.

Maybe suddenly the platform changes some area of the business changes.

You've put in too much risk, and you have to take a look at the opportunity costs in which maybe there was some career that you left on the other side of the table that you could be working now, and that career has some value as well.

Maybe is your own personal youth or time that you're giving up.

So my suggestion here for you is that you need to learn to other mate as many tasks as you can and free yourself up, such that you can continue to learn and build up additional skills for me.

I've been through a number of businesses.

They all have life cycles, right.

There's a peak, and then slowly they started to go down after a while.

If I'm not really putting as much work or time into it, or maybe the landscape just changes.

But what's worked for me is I've continued to learn, keep my skills sharp, and look into other businesses that I can work on.

Imagine if I had started with that one small social network that had built and just spent years working on it, maintaining it continue to build on it.

And you know, that project just didn't have enough legs to really go that far.

The market potential was pretty much cap at the temp of product.

That it was, and what I really needed to do at that point was, perhaps build additional other properties.

And then you say, cross promotion email marketing to bring those users through those other properties and continue to build additional businesses.

That way, this is really about freeing up your time, such that you can do other things that, like a tasks use computer programs, system scripts to automate tests such that you can spend your time doing other things and continue bidding on other areas of your business.

You never quite want to get stuck in which you're putting all of your time in the one area of the business, and then you don't have time to do anything else.

You're not well diversified.

The landscape could be risky, and things can change.

I'll go for me.

Let me know what you're Top tips are for a successful business.

If you like the video, give it like in sub strapped down.

See you next time.

Thanks.