Three Essential Takeaways from Million Dollar Weekend

I’m not sure why it’s taken me this long to read the New York Times bestseller Million Dollar Weekend. I’m familiar with its author Noah Kagan, founder of major tech brand AppSumo and heavily involved in the launch of image sharing tool Imgur. I’ve read his blog, and listened to him on podcasts, and he gives good business advice, but I guess I let the title put me off. I don’t like crazy claims in book titles and we all know you can’t make a million bucks in a weekend.

Maybe I should have checked the subtitle before writing it off though. The book’s full title is Million Dollar Weekend: The Surprisingly Simple Way to Launch a 7-Figure Business in 48 Hours, which is a (slightly) more realistic aim. You’re not making a million this weekend, you’re coming up with and validating an idea that potentially will. Here’s what resonated with me.

The Fear of Starting and the (Bigger) Fear of Asking

Most of us fear starting something new, and if there’s a bigger fear than starting to sell something it’s the fear of asking for that first sale. It’s why we set up websites, storefronts or sales focused social channels and then don’t immediately start aggressively promoting them, running ads to them, or asking people to buy.

It’s not, of course, the asking that we’re scared of. It’s the answer. We’re scared it will be a no, and it mostly will be. Most sales professionals aim for a very low success rate when cold calling, sometimes a low as 1% — which means you potentially get to hear no 99 times before you get a yes. Good salespeople learn to simply see it as every no getting them a little closer to a yes. Kagan explains that it was his father who taught him:

“Love rejections! Collect them like treasure! Set rejection goals. I shoot for a hundred rejections each week, because if you work that hard to get so many noes, in them you will find a few yeses, too.”

Overcoming the fear of rejection is key to success, in almost anything. As a freelance writer I know this better than most.

Focus on What People Will Actually Buy

We all know we have to solve a real-world problem when we set up a business, and Kagan focuses on how to do that. He advises you address the problems you face yourself and those your potential customers face, but he also suggests a couple of other ways of finding something that will sell.

One tactic is to find something that takes a popular product you love and makes it even better. If you’re thinking about physical products this could be accessories or something that enhances the experience of using it, and it could be something very simple. Someone told me recently the best ‘gadget’ in her kitchen isn’t the dishwasher that makes washing up for a family of five a no-effort endeavor, but the sliding sign a friend bought her that goes on the front of it and lets everyone know whether the dishes are currently ‘dirty’ (yes you can put more in) or ‘clean’ (time to unload if you happen to be passing).

Online entrepreneurs succeed all the time with something that makes an existing product even better. One example is the YouTube channel that focuses on online tutorials to help you get the most out of a product you already own. Think how to level up in a video game, how to create the perfect make-up look, or how to convert your old work van into a cozy camper.

Validate Your Idea

Kagan suggests you do this by getting at least three sales in 48 hours, before you actually launch the business. That’s three actual pre-sales, from people who pay the money up front, not people who say they’ll probably buy if you make it. It sounds hard but in the online world it’s really not.

You run a webinar promoting a course you haven’t made yet and offer a pre-sale price. You post an excerpt of a book you’re writing on your blog and ask for pre-sales from your subscribers. You use an online platform like Kickstarter to see if people will invest cold hard cash in your idea, before the product is made.

I’m going to admit, 48 hours seems like too short a timeline to me. My instinct would be to give it longer, but who am I to contradict Kagan, who apparently sold over 200 subscriptions to Imgur in two days. That alone makes just three sales in 48 hours sound more doable.

If you’re looking to start a million-dollar business (or any profitable business) right now, Million Dollar Weekend is worth a read. Statistically, it’s unlikely you’ll make a million, but if you read carefully and apply thoroughly you’ll get a great sense of whether you’re on the right track to a viable business idea.

About the Author

Karen Banes is a freelance writer specializing in entrepreneurship, parenting and lifestyle. She writes articles, website content, ebooks and the occasional award winning short story. Her work has appeared in a range of publications both online and off, including The Washington Post, Life Info Magazine, Transitions Abroad, Brave New Traveler, Natural Parenting Group, and Copia Magazine. Learn More About Karen