The Million Dollar Challenge Contest
I genuinely hope to show the world that with the internet, the impossible is possible.
While the challenge may sound impossible there are by this point innumerable multi-million dollar internet businesses that have been created with very little seed capital. One of the most prominent examples is that of a 17 year old who dropped out of high school because her free MySpace layout website was earning in excess of $1 million per year (and yes, with the internet you can make a fortune giving things away for free!).
So, while building a million dollar business completely from scratch is very difficult, it is absolutely possible. If successful, the myth that “it takes money to make money” will at long last be dispelled.
What I plan on doing…
I plan on starting a series of free blogs using blogger.com and then promoting them. I have already chosen several profitable niche markets that I intend to target with each blog. The niche markets themselves will not be revealed until the start of the contest. Once the contest starts I will also reveal why I decided to target each market and how to perform basic market research online.
Once each blog has enough traffic and actually begins to generate some revenue, I will then launch a website using the blog as a sort of launching pad. I will also be experimenting with businesses on the side, primarily creating and marketing information products. Information products cost very little to develop yet can yield enormous profits, making them perfect for the million dollar challenge.
I will be starting with blogs because they are free, very easy to setup, very easy to promote, and can also generate traffic in a very short amount of time. Traffic afterall is money and the faster I can get traffic the quicker I can start making money.
While the million dollar challenge is going on I am only going to focus on things that I believe the average person can replicate. Therefore I will not attempt to create sophisticated websites or software programs that, while very profitable, would be out of reach for the average person. However, as cash becomes available, I may outsource the creation of a sophisticated website or software program if I feel it is a profitable investment.
The point of the million dollar challenge is to show that anyone can build a profitable business online, regardless of income or education.
Rules & Definitions…
(1) The challenge is not to earn $1 million in cash but to build a business valued at $1 million or more. A business valuation takes into account all assets, liabilities, cash on hand, revenue and predicted revenue and then arrives at a valuation of that business.
(2) The only money I will spend on building my business will be money earned from the business itself.
(3) I will post updates to the million dollar challenge blog at least twice per week. Each update will describe what I’m doing, why I’m doing it, and will also report my traffic and earnings. The first two months will likely be very slow in terms of traffic and profit as I will be spending most of my time doing grunt work.
(4) Any revenue generated from the million dollar challenge blog itself will not count towards the million dollar challenge.
(5) To prevent myself from having an unfair advantage, I will delay the disclosing of each blog, website, or information product I create until they are steady earners. The reason for this is simple: the million dollar challenge blog will likely have a great deal of traffic and if I include links to what I am doing as I am doing it I would have an unfair advantage that the average entrepreneur would not have.
(6) I do not guarantee that I will succeed in building a million dollar business from scratch. I simply guarantee that I will attempt to do so to the best of my ability.
(7) I reserve the right to end the contest early if I feel the goal is totally unreachable or if I become too involved in my other businesses.
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