A while ago I set the challenge to double my money, starting with $2 until I got to $1,000,000. Sitting at $30,000 I had plans to use it in Vanuatu for some specific projects.
That was meant to be last year, we kept waiting then other things came up so plans were delayed there. Next they got hit by two cyclones, so it got delayed further.
Now, a year on from when it was meant to be going forward, it still isn’t. Since I’ve been patient with it and nothing seems to be happening, I have decided to move in another direction.
What is the $2 to $1,000,000 Challenge?
My aim was to show different things so it wasn’t me doing the same thing (e.g. reselling) over and over. I also wanted things that could create residual income, not just one off income.
Creating and selling an eBook was next and something I still make money from. I don’t include the ongoing income from this in the challenge though.
Crypto (although this is volatile), followed by investing in myself with courses and things, buying and selling websites (one of my favourite options and I’ll explain more further down) were the next things I did.
Why Can’t Things Progress With the $2 to $1,000,000 Challenge?
After seeing things in Vanuatu were not as they seemed, on the flight home I thought long and hard about my next moves.
Living in Australia there are so many options. The main reason I was planning to do things in Vanuatu was to assist family and progress things there for them.
When it became clear recently our plans cannot work how we anticipated due many factors, we realised we have to change.
I always have ideas and am kicking myself now for waiting to see how this panned out instead of simply moving ahead with other ideas.
That said, there isn’t much I could have done the past year or two with babies, pregnancy, moving house etc.
So as much as I would have liked to be further along in the challenge, it didn’t happen and I have accepted that.
What is Next for the $2 to $1,000,000?
Even though things couldn’t progress as hoped, there are always other things I can do to double my money and continue.
On the flight home, I had a great idea, planned it out and presented it to someone I would like to partner with me on it.
It won’t be shared as yet but once it is ready to go, I will. It will take me a few weeks to lay the groundwork between all my other commitments and then I will be interested to see how it goes.
Interestingly, this plan requires a larger startup cost than anything I have done in my life so far. Even bigger than starting a company previously but I feel strongly it will pay off.
Other than the first thing, most of the things I have done in this challenge did not cost the full amount of money I had to double my money.
How to Know What to Do
Research whatever it is, learn what you can, use your knowledge and skills, get professional advice and go from there. Do not invest in things you don’t know about.
All investing comes with a level of risk. Only you know what your comfort level is for risk, whether you are happy to do higher risk for higher potential rewards or if you prefer more stability.
When it comes to my $2 to $1,000,000 challenge, knowing what to invest in or do at the lower levels was easy. Low risk resulting in low rewards meant I wasn’t worried.
I had the knowledge for what I was doing and it didn’t require much effort.
My next step in this challenge will stretch me. Some of the knowledge I have but not all.
Having been involved in various businesses and marketing for years, I know a lot and feel comfortable moving ahead with my plans. They are based on my previous knowledge and experience.
Here is what I will be doing.
Researching my idea and whether there is a demand for it was the first step. While it is not as big a demand as some of my other ideas, this is the one I feel most called to.
It is also one I will be able to outsource easily and will flow into other business opportunities so it is worth it to me.
For information on how to do market research, Business.gov.au covers it well. It is simple the process of researching and analysing your opportunities or ideas. Sprout Social has a comprehensive guide you might want to read.
This step is important because it shows you whether it is worth it to pursue or whether you are wasting your time. There is no point creating something or investing in something no one wants.
Every business I have had, I got professional advice. There are great lawyers, accountants, insurance brokers, business managers, coaches and other professionals you can learn from.
Getting advice specific to your situation is the best option. You can learn. a lot from podcasts, YouTube and similar.
When it comes to legal advice though, you need a lawyer. An insurance broker will help you get the best deal on insurance and make sure you are covered for everything relevant to your business.
Accountants help you with all things money, including what you can claim on tax and how to do those things better.
No one knows everything so seek professional advice for all of it. It is well worth the money spent.
Use Your Knowledge and Skills
What do you know well, what are you qualified in, what are your skills? All of these things can help determine how well you will do with your business idea.
Yes, you can have success sometimes with things outside your area of expertise or experience. It is much easier though to work with what you have and what you know.
Instead of trying to reinvent the wheel, utilise your current resources in the form of your knowledge, experience and qualifications. Along with your current network.
You never know who you might know that could help but don’t go telling everything to everyone until you are ready.
Learn What You Can
Use the time with professionals to learn more. Listen to relevant podcasts and audiobooks on your commute. Find out where to learn more and learn as much as you can that is relevant to what you are doing.
You don’t need to know everything but you do need to know some things. Including if you got the right professionals, what to outsource, what to be aware of legally and for tax etc.
Business isn’t a walk in the park, there is a lot involved, a lot to know but it is worth it for those who. are committed and determined.