Imagine India, a developing country in the year 1991. The color television was all the rage and mobile phones were still unheard of.
In the province where Buddha attained enlightenment, the ancient city of Pataliputra, which had been the seat of government of Indian Empires for centuries, witnessed the birth of a little boy to a hardworking doctor and his wife.
That little baby was me! (Boy, do I love a dramatic entrance!) Now on to the challenge..
"Make At Least $83,333/Month In Revenue by December, 2017, Starting From Scratch & Doing It On The Side..
And here is the crazy part..
If I fail, I have to donate every penny made from this challenge, that’s left at the end of the year to charity!”
My goal is not to make $1mn by working in 2017 BUT to be able to make $1mn in passive income in 2018! (Passive Income is when you are not directly exchanging your time for money.)
In order to make $1mn in 12 months of 2018 I will need to make $83,333 per month. So I have to hit that target by Dec, 2107. Assuming I can keep up or grow that monthly revenue throughout 2018, I will make $1mn in 2018.
The goal is to build a business in 2017 that earns me $1mn in 2018!
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Why "revenue" and why not $83,333 "profit"?
A couple of months ago, (Nov, 2016), I posted a crazy idea in a couple of my favorite Facebook groups. “Can a person make $1 million in a year, starting from scratch using online businesses that involve blogging, kindle publishing, niche sites and the like?”
Not many people called me crazy, at least not as many as I’d expected! Here is what most people meant to say, in one form or another – “You won’t know until you try!” and some also agreed that “It’s worth a shot!”
In one of my favorite groups, Pat Flynn of SmartPassiveIncome.com (legendary blog by the way!) posted a comment that got me thinking. He asked if this was the amount that I needed for my desired lifestyle and if so, I should go ahead but if not, I should recalibrate.
This got me thinking about the ‘Why’ of the challenge. Why did I want to attempt this?
To understand the reason behind this adventure of mine, you need to know a little about me. So back the story!
The little one grew up to be a talented kid. He loved to read and write stories. In the beautiful hill state of Darjeeling, he completed his primary schooling and topped the class, in fact he was one of the highest scorers in the nation-wide exams. He then went on to study at one of the best schools in the country.
Okay, I’m done bragging. Fast forward seven years.. I’m now a software engineer, a 25 year old guy living in New Delhi, India with my own e-commerce company that does about $2 million in annual revenue.
I have a full-fledged business here and I do not really "need" to make money through this challenge. Having said that, the reason I am doing this is because I have always wanted to blog since I was a kid (not that long ago, I’m still young 🙂 .
I love the idea of a blog and a community around it and over the past year, I have realized that I would not be able to forgive myself if I never did it. And regrets are the last thing I want to have at the end of my life.
My goal is not to make $1mn from this blog but to add $1mn Worth of Value to people's lives! There are plenty of blogs about making money online and a lot of them make money ONLY by teaching others how to make money online. I want to create a resource with real and honest ways to make money online not just by teaching others how to make money online.
However, it is not easy to determine whether I have actually added $1mn worth of value or not, but if people actually pay me $1mn for my products and services, then that is the surest sign that I have done it!
This is the reason why I've set my eyes NOT on "$1mn in profit" but "$1mn in Revenue". However, the important thing to note here is that, I will be starting from scratch – absolute zero – so technically; it is all going to be profit.
Will I be making a loss?
Yes and No. Since I will start from scratch, and re-invest the money I make, if it takes making a loss to achieve my targets, for the first several months, then that is exactly what I will do.
My aim is to experience and to show the reality of doing business online - with all of its wins and losses.
However, the goal is to be profitable by the end of the year and not spend more than 40% of the income on expenses, like most popular bloggers do. Every month I will post an “Income Report” on this blog to show you how much I’ve made so far.
I’ve made the end goal pretty simple: the month I hit $83,333 will be when I will consider myself to have won the challenge.
How will I earn this crazy amount?
I am not a guru by any stretch. I have had success in the past, publishing Kindle ebooks (I’ve made up to $2000/month in the past) and I have spent years reading tons and tons of blog posts, guides and just about any content I could find, on how to make money online.
I want to show how anybody can publish Kindle ebooks and earn money from that, how anybody can create niche sites and authority websites and make money from those. And only when I feel I’m qualified enough, and that I can provide tremendous value, I want to create online courses and help people create online businesses.
By doing all of it transparently and showing every step of the way, my aim is to create a resource that I would have loved to have when I was starting out. Like I said, I’m not a guru of any sort. I will only execute what I plan, learn some good stuff along the way, and share my results with you.
Also, in all honesty, I am using the challenge as a tool to get myself to do something I’ve postponing for very long.
Why start from scratch?
The biggest reason why I am starting this blog is because I wish I had a resource like this when I was starting out. At the time, I was in school and had little money to spare. This is the reason why I want to do this starting with nothing but a laptop, an internet connection and my knowledge - which anybody can acquire.
I firmly believe that you don't need a hundred thousand to make a million. If you are willing to work you face off and learn as you go - you can do it starting from zero.
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How is this blog going to be different from a million other “make money online” blogs?
Honestly, I could think of several dozen reasons but here are the top 5:
1. More stories. I love to write fiction and also like to share stories from my own life. Though a few business-related niche bloggers do share a little of their personal lives online, for me, this blog is going to be much more personal. You can expect to find relevant stories, experiences and also my own self-development experiments.
2. A touch of India. While all my blog posts will always be meant for an international audience, I will be including an Indian perspective and also country specific-tips and workarounds for readers from India and the India sub-continent (Bangladesh, Pakistan, Nepal & Sri Lanka) in general. (Fun Fact: I was born in India & the only other country I’ve ever been to is Nepal.)
3. Show rather than tell. I am not a ‘guru’. I am not going to preach or even tell readers what to do. All I intend to do is experiment with a ton of stuff and share the results of my experiments on this blog. What this means is I would be ‘documenting’ rather than ‘creating’.
4. Strong sense of direction. While a lot of blogs are created for the general purpose of sharing useful information on a topic (and do a good job of it), this blog has been created with the single purpose of attempting the Million or Nothing challenge and sharing everything I learn along the way. This blog will continue to move in that specific direction for the foreseeable future and there is going to be a ton of reporting, evaluation and tweaking.
5. Self Help Experiments. I have been a master procrastinator for years now! I have put off more projects than I have attempted and the list of finished projects is very small.
On the other hand, I have been pretty successful in starting and growing my startup, in the last 18 months. I have learnt to work on a schedule. But the question persists – can I continue that momentum into a blogging project? Haven’t I procrastinated on such a project for almost 7 years now?
The answer is: I don’t know. Perhaps the attention and the accountability that this blog provides me will be enough or perhaps it won’t be.
The only thing I know for sure is that I am going to try everything possible to kill procrastination and I will share my progress and results with you.
My focus will always be to bring you as much value through this blog as possible. If you find this challenge interesting, please take a minute to help me spread the word by sharing this post in your favorite Facebook group. It would mean a lot to me.
Also, before you go, I’d love it if you can leave a comment about what you think about the challenge. Do share what new stuff are you planning for this year?