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Ali Abdaal — If I Wanted to Make My First $100K in 12 months, I’d Do This

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5 min read

Ali Abdaal — If I Wanted to Make My First $100K in 12 months, I’d Do This

Source: YouTube Channel: Ali Abdaal (6620000 subs) Duration: 34:57 Views: 337864 · Likes: 10176 Video: Watch on YouTube

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Key Insights

In this video, we’re going to go over the five step process that you can follow to build a hundred thousand dollar a year lifestyle business in under 12 months and which you can work through to build a million dollar business in hopefully around three to five years. So, if you would [music] like a step-by-step process that you can follow, let’s dive in. All right, so this is what the road map looks like for building your multi-six figure or even low seven figure lifestyle business. [music] Over here, we have a line of roughly what revenue is going to be. Everyone starts out at zero. Over here, we have an inflection point at a hundred thousand dollars a year. Over here, we have a plateau point at around 10 million. Over here, we have 1 million a year. Over here is about 3 million a year. And you can see the graph starts to plateau out around about this level, which highlights the fact that generally lifestyle businesses don’t really scale beyond 10 million a year. So, if you’re okay with that, then we can continue watching this video. And then over here between 100K and a million, we’ve got about 300,000. And in general, every tripling of a business revenue is when things start to break and when like the paradigm shifts and when like things become a little bit different. So, that’s why we’re sort of dealing in triplings rather than in other kind of units of numbers. This here is what we call phase five, [music] freedom. This is where you have true financial freedom because you’ve got a business that’s doing somewhere between 1 million and probably 5 million in revenue. Maybe it’s somewhere between 50 and 80% margins. So, you can do the math on that. It’s a pretty good place to be. Over here, we have phase four, which is leverage. This is where you’re scaling from about a hundred thousand a year to about a million a year. And this process takes about two to three years. Um some people do it sooner or quicker than that. Some people do it like slower than that. This phase, phase five, you kind of hang around in phase five forever. Because if you have a lifestyle business, then once you hit like the seven figure mark, you actually just kind of want to be hanging out in this range for the longer term. And so, really this kind of range here is our ultimate destination. We want to become a lifestyle business millionaire. In order to get that, we have to spend a few years in phase four scaling from 100K to a million. But most of the people watching this video are not yet at 100K yet. So, now let’s explore the initial three phases. So, we’ve got phase one, phase two, and phase three. Phase one is called ideation. Phase two is called validation. And phase three is momentum. The ideation phase, we ideally want to last around 1 to 2 weeks. The validation phase generally lasts about 1 to 3 months. And then the momentum phase, generally 6 to 12 months, depending on how much work you put into it. So, if we’re doing this well and we are stacking the unfair advantages that we have, it’s actually fairly doable getting from 0 to 100k a year in [music] business revenue, which is an $8,333 a month run rate. And it’s fairly doable getting there within 12 months if you do the right things and if you willing to put in the [music] work. I’m going to say that overall our goal here is about 12 months to go all the way from 0 all the way through to 100k a year. When I first did this journey, it took me 2 years to go from 0 to 100k, but I knew nothing. I’d never read any books about business. There was no videos about entrepreneurship. And if I knew what I knew now, I’d probably be able to speed run that journey in probably about 3 months even if I had no audience as long as I had the skills that I have. I have a bunch of friends who’ve made that journey. Some of them have gotten there within like 3 months. Some of them have gotten there within 6 months. Some of them 12 months. So, I think 12 months is a good kind of middle-of-the-road target to shoot for.

Transcript continues…

Chapters

  • 00:00 — Introduction
  • 00:16 — The business roadmap overview
  • 03:02 — Phase 1: Ideation
  • 05:15 — Finding your niche and craft skills
  • 10:06 — Building your first draft offer (The 6 P’s)
  • 19:13 — Phase 2: Validation
  • 20:47 — How to run discovery calls
  • 24:20 — How to get people on discovery calls
  • 34:09 — Phase 3: Momentum

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