How to Make 1 Million Dollars – During a Recession Or During a Boom
Would you like to know how to make 1 million dollars? There are at least 1 million ways to make 1 million dollars. But you will need to devise an action plan to make it a reality, and to implement that action plan will require some effort, possibly beyond your comfort zone. Let’s break it down into numbers, so as to put the numbers and the effort into perspective:
You can make 1 million dollars ($1,000,000.00) by selling a million copies of something electronically on the Internet for a net profit of $1 a piece. If the cost to produce, license, or reproduce that product is zero, such as an e-book or an affiliate commission, then all you have to do is focus on mass-marketing your product to a wide enough audience so that you can find a million people to sell your product or service to. If your conversion rate is 1%) that means that your website would need to receive one hundred million clicks (100,000,000), out of which if 1% of them were to result in sales, you would make 1 million dollars that way. But what if your click through ratio was itself 1%? That means that your website would need to receive ten billion page views, out of which 1% would have to result in clicks, which is 100 million clicks. Out of those 100 clicks, 1 million people will buy your product at $1 a piece.
Now that sounds all well and good on paper, but generating that type of traffic would be an immense effort. Even if you were to aim for ten billion pages views spread over ten years, that is still one billion page views per year, or 83 thousand page views per month, or over 2.7 million page views per day. Only the big guys, like Google or Yahoo could achieve, let alone sustain, that magnitude of traffic.
Perhaps you could then adjust the price of your product to $100 net profit per sale. With the same conversion ratios, it would look like this: To make 1 million dollars net profit at $100 per sale, you would have to make 10,000 sales. At a 1% conversion rate, that means that your site would need 1 million clicks, which would be 1% of 100 million page views. If you wanted to make your 1 million dollars over 10 years, then you could afford to have 10 million page views per year, or 833 thousand page views per month, which is about 27 thousand page views per day. That is a little bit more doable, but still requires a lot of heavily targeted traffic to get in front of that many viewers.
Those click-through rates and conversion rates of 1% each are extremely conservative. If you have a high-demand product that people are hungry for, and you are able to target your advertising effectively, perhaps you could get as high as a 20% click through rate and a 2% conversion rate. Let’s see how those numbers work, at a $100 per sale.
$100 per sale to make a $1 million dollars is 10,000 sales. At a 2% conversion rate, that means you would need to receive 500,000 clicks. At a 20% click through rate, you would only need 2.5 million page views. Spread out over 10 years, that is 250 thousand page views per year, or 20,833 page views per month, which comes out to about 694 (let’s say 700) views per day.
Phew! That sounds much easier! If you can find advertise a product such that you can get 20 out of every 100 people to view your advertisement to click through to view your product page, then 2 of those 2 people should end up buying it. If you can get 10,000 people to buy your product at this rate, you will surely make 1 million dollars.
Can this be done. Absolutely. People are doing it all the time on the Internet. Is it easy? No. It requires a great deal of patience, perseverance, trial-and-error, and fine-tuning of your Internet advertising campaigns to make this happen. Will you make 1 million dollars instantly? Not likely, unless you are starting with a substantial amount of seed money. Can you make 1 million dollars starting with zero money, if you are flat broke?
Absolutely yes! You can spend a couple of hours a day at your local library using their Internet computers for free, and start making serious money. Once you start making some serious profit, you can reinvest those profits to accelerate your efforts to reach your goal of making 1 million dollars.