You can turn $5 into a million dollars in less than 12 months. I have a step-by-step strategy from what I’ve learned over the years of being on YouTube and an entrepreneur. Let’s start this little side hustle.
Getting the essentials
If I had $5, my goal would be to earn $500. I could do that with limited skills, knowledge, and resources. I’d go to the store and buy a case of water. At a park on a hot day, I’d start selling bottles of water which would sell quickly. I’d buy another case of water and reinvest to make $500. With that $500, I’d buy a camera. I wouldn’t buy anything super sexy, but something like the Canon M6. It’s quick, easy, and super affordable. I’d also buy a tripod to adjust and set your camera on. I’d also purchase a microphone because good audio is essential. So for about $400, I’d have this cool rig set up where I could vlog wherever. I wouldn’t need a studio.
With the other $100, I would buy a domain name. Then I’d sign up for a basic Shopify plan with a website and email capture. Having an email capture is critical for gathering visitors’ information; that way, when you’re ready to sell, you have a captive audience to sell to and create revenue. If you don’t know how to set up a Shopify account, go to Skillshare and take courses to learn everything you need to know. One of my favorites is from Asmat: Shopify eCommerce Stores 2023 for Beginners.
Taking advantage of an insane opportunity to get traffic and customers
So what type of business will you start? Do you have an idea of what you’re interested in? That’s the million-dollar question. If you can identify something you’re interested in, talking about, or passionate about, you should focus on this. Even if you are still determining what the product will be, it doesn’t matter. Simply identify something you’re interested in and post two to three YouTube videos a week. The Skillshare course by Ali, YouTube for Beginners: How to Start and Grow Your YouTube Channel, is highly recommended. Skillshare has courses covering topics from scripting, shooting, thumbnails, and tips to grow your channel.
Another piece of advice is to find others in your niche and review their most popular videos. Create your own version of their most popular video using the same title, format, and thumbnail. Don’t copy their thumbnail but make it very similar. Viral videos have many people searching for them, and YouTube facilitates the growth of new creators.
Just get started posting. It doesn’t have to be perfect. You need to work at it to get better and more comfortable at making videos. Sure, you’ll hate some of the videos you put out there and perhaps be embarrassed by some. But people will end up being interested in what you’re talking about. Direct them to your website by offering them something free when they sign up via the email capture. This email capture incentive can be sent out as a PDF as a free gift.
Business type options
At this point, formulate a plan regarding something to sell. Reinvest the money you make from YouTube, which will grow as views grow. Soon it will be real money, and you will have monetization options. Regarding options for business:
- Information products have a low barrier to entry. You can package information as a course and put it in a PDF or video series.
- Another option is affiliate programs. You get a link to a brand or company, and then the viewer will use your affiliate link. You receive a commission on every person that buys through the link. Virtually every brand has an affiliate option.
- Some other options are creating art and setting up an Etsy account. You can monetize what you are passionate about. You can sell anything if you want to make money and have a skill.
- Another option is private labeling which gets a bad rap, but it’s quite the opposite. It’s a fantastic option with a low barrier to entry with lower minimum order quantities than private label companies. You can find private label companies for everything from shirts, shoes, and glasses. Get samples to be sent to you, and from there, start talking about your products in your videos. Get your viewers excited, and offer a discount for when the products launch.
- Another option is Alibaba, where you can request samples and modify product parts, including materials used.
Just get started!
You will learn about finance, marketing, and networking as you grow. You can also use Skillshare to learn how to keep your business profitable. But you have to start. If you have $5, you can build a multi-million dollar company. If you’re putting out great content and incredible products that people love, you will be crazy, wildly successful.