Summaries Starting a Business 5-Step Process to Turn Backyard Offices into Million-Dollar Business

This is a summary of a YouTube video "Start a Million-Dollar Business This Weekend" by Noah Kagan!

4.1 (73 votes)

Investigate the economics of a business idea and use the 5-step "Million Dollar Weekend Process" to evaluate backyard offices as a million dollar business opportunity.

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  00:00

  Evaluate backyard offices as a million dollar business opportunity using the 5-step "Million Dollar Weekend Process".
• 💡
  01:54

  Get creative ideas for your business by checking out Reddit.com DIY and Writer.com, marketplaces, Amazon best sellers, and popular products and services.
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  03:58

  Start a business by offering to do something on a friend's to-do list and use the Google Keyword Planner to research potential opportunities; "pre-fab backyard office" has low demand.
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  06:26

  Create a Facebook Ads campaign to test interest in a prefab backyard office business, using trends.google.com to check market conditions.
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  08:08

  Research competitor prices to get an average of around $15,000 for a backyard office and subscribe for more business success tips.
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  10:15

  Calculate TAM to determine if a business idea is worth pursuing.
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  12:22

  Pre-sold a product to friends and ran ads on Reddit to validate a business idea, now a 30 million dollar success!
• 🤑
  14:36

  Investigate the economics of your business and create a sales page to start a million dollar weekend business.

Detailed summary

• 🤑
  00:00

  Evaluate backyard offices as a million dollar business opportunity using the 5-step "Million Dollar Weekend Process".

  • Using the 5-step "Million Dollar Weekend Process", we will evaluate the potential of backyard offices as a million dollar business opportunity.
  • Go to your favorite subreddit and look at the most popular topics to find potential million dollar opportunities.
• 💡
  01:54

  Get creative ideas for your business by checking out Reddit.com DIY and Writer.com, marketplaces, Amazon best sellers, and popular products and services.

  • Check out Reddit.com DIY and Writer.com to get ideas for your business.
  • Go to marketplaces, list products, or check Amazon best sellers to get ideas for products to sell.
  • Look at popular products and services to get inspiration for creating your own physical home IoT product or service, or think of things you suck or love to create solutions.
• 🤝
  03:58

  Start a business by offering to do something on a friend's to-do list and use the Google Keyword Planner to research potential opportunities; "pre-fab backyard office" has low demand.

  • Start a business by offering to do something on a friend's to-do list that has been there for more than a week.
  • Using the Google Keyword Planner, 31,000 impressions with a low cost per click of $0.68 for the keyword "home office" indicates a potentially profitable business opportunity.
  • Searching for "pre-fab backyard office" shows low demand, indicating it may not be worth pursuing.
• 🤔
  06:26

  Create a Facebook Ads campaign to test interest in a prefab backyard office business, using trends.google.com to check market conditions.

  • Targeting the US, 18+ age range, and "home office" keyword, create a Facebook Ads campaign to determine the potential interest in a prefab backyard office business opportunity.
  • We can use trends.google.com to see if categories are going up, down, or flat to determine if we should join a tidal wave or a drought.
• 💰
  08:08

  Research competitor prices to get an average of around $15,000 for a backyard office and subscribe for more business success tips.

  • The market size is flat, not growing a lot but not declining, which is okay.
  • People may be willing to spend up to 18,000 over a five year period for the convenience of having their own home office.
  • Research competitor prices to get an average of around $15,000 for a backyard office and subscribe for more business success tips.
• 🤑
  10:15

  Calculate TAM to determine if a business idea is worth pursuing.

  • Calculating TAM (Total Addressable Market) gives an idea of the size of the opportunity and how much time is needed to make a million dollars.
  • Calculate potential customer base and revenue to determine if a business idea is worth pursuing.
  • You can potentially have a million dollar business by selling backyard offices to 50 people in a fast-growing city like Boise, Idaho.
• 🤝
  12:22

  Pre-sold a product to friends and ran ads on Reddit to validate a business idea, now a 30 million dollar success!

  • Create a customer viable product and use AppSumo story to get customers for your business.
  • Get 3 customers, make $100, and limit your time to increase creativity.
  • I pre-sold a product to friends and ran ads on Reddit to validate a business idea, which is now a 30 million dollar business.
• 🤑
  14:36

  Investigate the economics of your business and create a sales page to start a million dollar weekend business.

  • Craftsmen in the early 1900s successfully built backyard offices, but it has since become difficult to find affordable structures that can be easily installed.
  • To be interested in buying a product, one needs to know the price and how it can be used in different applications.
  • You can buy a self-contained phone booth for around $2-3k to help reduce noise in your home.
  • Understand the economics of your business and create a sales page to drive traffic to it.
  • Don't spend time setting up landing pages and ads, instead try out marketplaces like Facebook Marketplace or Craigslist.
  • Find out the market size, value of customers, total market size, and ways to validate if you can get customers to start a million dollar weekend business.