1, 289 Likes 69 Dislikes
So you want to learn how to start a business...but not just any business, a BILLION DOLLAR business. Follow these steps and it just might be possible. Subscribe here to learn more of my secret SEO tips: https://www.youtube.com/subscription_center?add_user=neilvkpatel
Find me on Facebook: https://www.facebook.com/neilkpatel/
Read more on my blog: https://neilpatel.com/blog
It's not about how hard you're working, or how smart people you have on your team because you know what, to create a million dollar business or a multi-million dollar business, you need that as well.
But the difference between creating a business that does hundreds of millions, versus billions of dollars is you need a business that solves a problem for a really big market cap.
One of my first businesses is called Crazy Egg. A lot of businesses are using it.
We have hundreds and thousands of companies that are using Crazy Egg every single month.
And what it does is it helps you optimize your website, so that way more of your visitors convert into customers, and that's a decent pain that a lot of people are experiencing. But here's a problem, and here's why Crazy will never be a billion-dollar business.
It doesn't solve a big enough problem. Now think about Uber on the other hand. They're solving transportation problems. They're making it more efficient for you to get to one place, to another, and spending less money doing that, and best of all, you don't even have to drive. You can be a poor person, and now you can have a driver just like those rich people have.
Uber is solving a huge problem. It was such a big problem that they increased the market size of the whole taxi industry. That's right, before Uber, the taxi industry was smaller. They didn't just take a portion of the taxi industry, they grew it, and making it way bigger. So if you don't solve a big problem, and go after a huge market, you're not going to create a billion-dollar business. Now whatever idea you have, you have somewhat competitors. It may not be direct competitors like Uber's not directly competing with taxis.
A lot of people aren't like should I take a taxi, or Uber, it's more so they're like oh I need to go to a place, I'd rather have an Uber, versus having my car. Like me, I don't even drive, right, but when I'm in New York it's easier to grab a cab, then it is to grab Uber in most cases. But if you're not going after a really big market, you won't do well.
So if you go after something big like a Salesforce's market size or the CRM market, and let's say they're worth 50 billion.
Will we be bigger than Salesforce? If you dream it, maybe it'll happen.
But chances are you're not, but that's okay. If you're, you know, 5% of Salesforce, you're still a billion dollar company.
And if you go after a huge market size, even if you take 1% of it, you can do well.
And that's why you see me creating multiple products in the marketing space. It's not that I want four, or five different companies, it's because I can combine them all, and I eventually will, and I can have a business that's going after a really big TAM. Total addressable market.
And if you go after a big market, what does that mean? You can have a big company. So if you're not sure if your idea is going to be big enough, where you can hit that billion dollar mark, leave a comment, and I'll respond, and I'll tell you if it's a big enough idea.
And if you're unsure, and you need help, go to Google Finance, you can see other publicly traded companies, and their financials, that'll help you determine if idea's a good idea.
You can just type in a stock hold like Apple, AAPL, and it'll reveal their stock price, and market cap. The other thing you can do is to look at Google Trends and type in keywords related to your space, and it'll show you how many people are searching for stuff related to your space, like the word computers.