March 11, 2024

7-Figure Business in 48 Hours

7-Figure Business in 48 Hours

Episode 118: Million Dollar Weekend by Noah Kagan, the founder and CEO of AppSumo, walks you through the step-by-step process for building a 7-figure business in 48 hours. I know it sounds too good to be true, and no, you’re not going to make $1 million in 2 days, but after reading the book, I can promise you that you will have a repeatable process for going from business idea to revenue in 48 hours and understanding if it has the potential to get to 7-figures. In today’s episode, I break down the Million Dollar Weekend method as efficiently as possible, and if you want to learn more, you should 100% buy Kagan's book.

 

Link to the book: https://www.amazon.com/Million-Dollar-Weekend-Surprisingly-7-Figure/dp/059353977X

 

Link to the site: https://noahkagan.com/mdwbook/

 

Link to Noah’s YouTube Channel: https://www.youtube.com/@noahkagan

 

Send us an email and let us know what you think of the idea! foundersjournal@morningbrew.com

 

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Transcript

Alex: What's up, everyone? Welcome back to another episode of Founder’s Journal. I'm Alex Lieberman, co-founder and executive chairman of Morning Brew. On Founder’s Journal, I act as your startup sherpa, curating the best content for entrepreneurs on the internet, summarizing it so you don't have to read it yourself, and analyzing it so you have actionable takeaways to apply to your business. Before we hop into the episode, I have one ask of you. Please share Founder’s Journal on social media. Podcasting is a super competitive game and the only way to grow is through word of mouth and promotion on social. A minute of posting on your end will make the dozens of hours that the team and myself spend creating this show each week completely worth it. You can either give the show a shout-out or share the single most interesting thing you learned from today's episode, and make sure to tag me so I can give you props once you post on social. 

Now, let's talk about today's episode. I am really excited about this one because I'm not summarizing an article, an essay, a podcast, or a YouTube video. I am breaking down an entire book, and not just any book, the new book of a friend and a $100 million entrepreneur who I respect so much. Million Dollar Weekend by Noah Kagan, the founder and CEO of AppSumo, walks you through the step by step process for building a seven figure business in 48 hours. I know it sounds too good to be true, and no, you're not literally going to make a million bucks in two days. But after reading this book, I can promise that you will have a repeatable process for going from business idea to revenue in 48 hours and understanding if it has the potential to get to seven figures. So what I'm gonna try to do is break down the Million Dollar Weekend method as efficiently as possible, and if you want to go deeper, you should a hundred percent buy the book. Now let's hop into it. 

Million Dollar Weekend starts with all of the common excuses that people make for not starting a business, and I can promise you, I've had many of these excuses. I don't have any good ideas, I have too many ideas. That's the bucket I usually fall into. Starting a business is risky. I'm nervous about quitting my job. I've started a few different businesses. They do okay and then I lose interest. But how will it scale? I don't have enough time to create a business. I need to read more books, do more research, and be totally prepared before I can really start. I'm broke as hell. I've spent so much money and have made $0 in profit. I'm not good at marketing. And the final one is I need a technical co-founder to implement AI, VR, AR, insert buzzword, in order to start the business.

Now, Noah argues, and I agree, that these are all excuses, and I would argue that most of these excuses are masking a deeper fear, like the fear of failure or the fear of the unknown that are worth taking a closer look at. Noah says the key way to break through these fears is by developing what he calls creator courage, something that everyone is born with but people lose over time. Creator courage is the ability to come up with ideas and have the courage to try them out. Now the rest of the book is Noah's playbook for overcoming these excuses and methodically finding and testing business ideas to quickly understand if there is a there there. Noah calls this playbook the Million Dollar Weekend, and it is a three-step process that includes finding a problem, crafting an irresistible solution using market research, and then finally validating the idea as quickly and cheaply as possible.

The rest of the book dives into these three steps. Part one is about starting, so let's go through it. Noah gets into this section by sharing his experience as a 24-year-old being hired as Facebook's 30th employee, and subsequently being fired for leaking information about the company's expansion plans beyond colleges. While he was partying at Coachella, not only did he miss out on hundreds of millions of dollars in Facebook stock, but Noah felt deep shame and insecurity, which he'd felt for years, especially because he was a mediocre student at an elite Bay Area high school. He got into Berkeley through a back door and he got placed into English as a second language because he tested so poorly on the SAT, but he got back up and started and kept starting until he found the business that would stick.

Between blogging for his site, Okdork, teaching students online marketing in Korea, launching a personal CRM website, and running marketing for mint.com, which would later sell to Intuit for $170 million, Noah just kept trying shit out. This was his superpower, a superpower he thinks every entrepreneur should possess. Focus above all else on being a starter, an experimenter, and a learner. He says, don't base your happiness or your self worth on being the smartest, the most successful, the richest. Being so focused on the end results set you up for a major fall because there's always going to be someone who's smarter, more successful or richer, and every time you see that you've fallen short, it will eat away at your motivation.

Noah then shares that the best way to start is just to do it, and the easiest way to just do it is through accountability, and so he created something called the Dollar Challenge, where you ask someone that you know and you respect for a dollar investment in you and your future business. In exchange for the dollar that they give you, you commit to giving them regular updates on your business and a front row seat to the process of building your company. It's basically like creating a board of directors from day one without having true investors. 

Noah then reiterates the importance of biasing to action as an entrepreneur, which he calls now, not how, and he shares how most people will think, plan, strategize first, and then act, whereas he believes successful entrepreneurs all act first and then figure out later.

He then finishes the Just Start chapter by talking about your freedom number, and so your freedom number is a short-term monthly revenue goal that is realistic, and if achieved, gives you the short-term freedom that you want. For Noah, it was $3,000, which covered rent, food, and savings, that would allow him to work on whatever, wherever, with the people he wanted to work with for a long time. For you, that could look like having a goal of making $5,000 per month while keeping a full-time job, because that gives you extra income to spend on vacation or because it's an important hurdle that you want to jump over to be on the path to ultimately quitting your full-time job. 

Noah then dedicates an entire chapter to the power of asking and getting rejected. He talks about how relentless his Israeli dad was at selling copiers door to door and getting rejected dozens of times before ever getting a yes. He said, so many nos, no, no, no, no all day. Doesn't it make you want to quit? This is what Noah said to his dad, and his dad would say “love rejections. Collect them like a treasure. Set rejection goals. I shoot for a hundred rejections each week because if you work that hard to get so many nos, my little Noah, in them, you'll find a few yeses too. Noah explains that skill, having the chutzpah to ask for what you want, despite the fear, is the entrepreneur's ultimate and most necessary quality. The thing is, most people don't ask for what they want. They wish for it. They make suggestions and drop hints, they hope. But the simple fact of business is that only by asking do you receive what you want. No ask, no get, that applies to every part of life. Seriously, every part having this ability to ask is the reason so many immigrants or children of immigrants fare well in business. 

He then tells the story of Sarah Blakely, the self-made billionaire founder of Spanx, who persistently sold fax machines door to door for seven years before starting her clothing business. She was rejected constantly, but it was something that she was conditioned to be okay with since she was a kid, and that's because her brother and she would get asked by their dad nightly at the dinner table, what did you guys fail at this week?

Noah finishes the chapter by explaining that most nos simply mean “not now.” And that studies show that follow-up asks after getting a no are twice as likely to get a yes. And so then he creates a challenge for you to desensitize yourself to rejection by going to any coffee shop or retail store and making a simple purchase. And then when you make that purchase, asking the cashier for 10% off for no reason, and you're not supposed to say anything else, not create any sort of justification, just ask for the discount, and whether you get the discount is irrelevant. What matters is that you made the uncomfortable ask and you learned to sit with the rejection and not have it stop you.

The next few chapters are about finding and testing your business ideas as quickly as possible. Noah says that it all starts with becoming a problem seeker. First is finding the most painful problem you can solve. Second is for people that you have the passion for and or unique expertise in. And third is for the largest niche possible that you belong to and understand. And so then he gives you four exercises for finding your business idea. The first and most obvious exercise is finding and solving your own problems. He says, great ideas come from being a problem seeker. Analyze frustrations in your day, including the things that bother you at home. Waste your time on your commute to work or online.

And so I did this exercise right after I read it, and the way I think about this exercise is I turn my brain off autopilot. So in the same way in life, there's a difference between hearing and listening. Hearing is passive, listening is active. I think in general we go about life in a passive way and if you turn your active brain on like active observation, I call it the squeaky brain. And you look for squeaky things in your life. Things that suck could be better, are annoying, are low quality, seem inefficient, et cetera. It's amazing how quickly you find ideas. And so I went through this exercise and basically from 8:3am to 12:30, I came up with 15 different business ideas, and I'll just share a few of them just so you get a sense of how much abundance in ideas you can find when you switch your brain on to being off autopilot.

One idea I came up with, because I had recently washed my dog in the shower, was how annoying it is to wash your own dog and to brush their hair and blow dry them and also how much they hate it. So one idea was a Dry Bar for dogs. Another idea as I was putting jeans on in the morning and I looked at my belt loops was like, why do we have to wear belts on jeans if they fit appropriately? If they fit great, then you should be able to wear any pair of jeans you have without a belt. And so then the idea, custom size jeans and pants in general that don't require a belt but also are affordable and you can kind of do at scale. 

Another idea that I came up with is a catcher for beard trimmings. I was speaking at the University of Michigan and I decided to trim my beard before doing it and it created this whole mess in the sink, and then I had to clean up the mess. I had to grab the beard hair, put it in the garbage, and it was like if I just have something that easily covers the sink, that catches my beard hair or makes things way easier. So this idea of turning on your squeaky brain and just observing problems you're experiencing and then creating a list is exactly what Noah thinks is the best way to find business ideas. And I totally agree. 

The second way to find great business ideas is drafting off of bestsellers. Noah says, what products are already selling a crap ton, iPads, iPhones, et cetera. Basically, any product you'd find on Amazon's bestseller list would work here. How can you accessorize the product, for example, stickers for an iPhone or sell a service to those people, i.e., teaching someone how to use an iPhone? It's easier to sell to a large group of people who've already spent money on a product or service. And beyond Noah's examples of the iPhone, there are so many successful businesses that benefit from bestsellers, from, I would say a classic example in the B2B world are Salesforce implementation agencies. So people who consult companies who use Salesforce as their CRM, basically helping them implement Salesforce, which people wanna pay for because if you're paying hundreds of thousands of dollars for Salesforce, you're willing to pay tens of thousands of dollars to make sure you set it up well. 

Another example going with the iPhone example is Mophy. Mophy is a business that does hundreds of millions of dollars per year in revenue, helping iPhone and mobile users charge their phones. 

Noah's third place to look for business ideas are marketplaces. He says, one of my favorite ways to find ideas is by studying the marketplaces where people are trying to spend money. Your potential customers are everywhere, already asking in public for solutions, on message boards, in Facebook posts, in tweets and church groups, on and on. Check completed listings on eBay. This allows you to see how well certain products are selling. It's also an easy way to measure the sales prices of items and gauge the overall percentage of the market that's receiving bids. 

And then the fourth place to mine for ideas are search engine queries. Services like Answer the Public, Glimpse, and Exploding Topics let you understand what questions people are searching for most frequently and what search trends are growing in interest. By the end of the problem-seeking process, you should have a list of ideas that are interesting to you and you deemed to be like a real annoying problem or nuisance to yourself or people that you understand. 

So as we head into the next chapter, where Noah breaks down sizing your market and figuring out if there's a real opportunity, narrow down to your top two ideas in your problem list that you want to use for the rest of the Million Dollar Weekend method and if you focus on these one or two problems, you should have a business idea or two business ideas that you have validated or not validated by the end of this process.

Now it's time to complete what Noah calls the one minute business model. First in this one minute business model is figuring out if you have a big enough market, and I love how Noah describes the importance of the size of your market. He says, even if you're a great surfer with an amazing board, you will still fail if you don't have a good wave to ride. Your job is not to create demand for something that seems exciting. It's to find existing demand and satisfy it. What you want when you're opening a taco restaurant is a starving crowd. And this is such an important point that so many great entrepreneurs will share endlessly. And you know what comes to mind is the famous Marc Andreessen essay where he talks about the three things that decide success for a business: the market, the product, and the team. And most people think the product or the team are the most important determining factors of success, but his argument, and I agree, is it's the market. A good team in a great market leads to a great business; a great team in a good market leads to a good business at best. And so there's two questions Noah wants you to answer so you understand the opportunity of the market that you're selling to. First, is the market shrinking flat or growing? And second, is this a million dollar opportunity, which you will find out by understanding the number of potential customers and the price of your product. So to answer if the market is growing or dying, Noah uses Google Trends, which you can search terms related to the problem you're solving or the product you're providing, and it will show you if interest is growing or shrinking over time based on search volume on Google.

And so Noah did this for a beard oil brand. So he searched beard, beard grooming, razor beard oil, and haircut in Google Trends to see how popularity around this niche has changed. Second, as part of this market sizing exercise, the way you can look at size of your market is by using Facebook's ads library. If you want to see exactly how Noah does this Facebook ads analysis, you can go to MillionDollarWeekend.com, but basically in Facebook ads, which anyone can create an account in, you can research your market size by typing in the keyword of the business category that you're thinking about building for, and Facebook will spit out the approximate size of the audience of that category. You will also be able to see every active ad that is running on Facebook for your keyword so you can get a sense of the competition in the space. 

Once you have the size of your market, you need to understand if your specific product offers a million dollar opportunity. Said differently, can it be a million dollar a year business and profit? And so here's what Noah found for the beard oil business idea that I just mentioned. Google Trends showed that this category was flat with a little bit of growth. The Facebook ad audience showed that the size of this market in the US is 2.5 million people, and the cost of the beard oil that he would try to sell is $50, which means the market is $125 million. He then takes it one step further to understand just how hard would it be to get a million dollars in profit for the beard oil business.

So assuming you can sell beard oil for $50 and he assumes the fully baked cost is $37.50, your profit per unit of beard oil is $12 and 50 cents, which means you need to sell 80,000 units of beard oil to hit a million dollars in profit for the business. Noah then explains, okay, obviously selling 80,000 units sounds hard as fuck, but consider the following. This is only the number of people we see via Facebook. This is only for one beard product. If you find success with beard oil, you can easily repeat the process many times with other grooming products. This is only the first sale to these customers. It's far easier to sell an existing customer than it is to acquire new ones. So once we've built up a decent customer base, we can make even more products to sell them. Plus you can likely sell a subscription to increase the amount you sell per customer. 

So this is the process that Noah uses for understanding if your business idea has a big enough opportunity in theory. Now is about actually validating the idea in reality. And so Noah uses the 48 hour money challenge as the quick way to validate your business idea. And the challenge is very simple and it's something you should do as you work through this process. In 48 hours, find three customers who will give you money up front for your business idea. And so to demonstrate the 48 hour challenge, Noah picked a beef jerky subscription business. I think his audience had recommended this as a business, and he committed to validating the business by getting a thousand dollars in profit in 48 hours. And he walked us through the three methods to validate a business idea quickly. The first way to validate a business idea is direct pre-selling. And to do that, you should create what is called the Dream 10, which is a framework that was invented by Chet Holmes, where you basically fill in the 10 ideal people that you want to validate your business idea with, and the people you should start listing in your dream 10 should be in what is called your zone of influence, aka your friends and close connections who might be interested in the product that you have. This could be work friends, college friends, friends from town, your Facebook friend list, people from a Facebook or WhatsApp group you're in, LinkedIn connections, past clients, people from your congregation, from your community. You get the idea. Once you've built out your Dream 10, you want to start validating. And validating is a conversation, not a sales pitch. This is something that Noah makes very clear. You're not selling, you are talking about the problem and the solution you're gonna bring to the customer. It is a three part process of listening to a customer's problems by asking what or how questions versus yes or no questions, because when you ask yes or no, you don't really get any texture or context. Then suggesting options that can solve this person's problems and throwing out what they would have to pay for that solution that you came up with. And then finally, if they seem interested, transitioning to actually selling them. In talking about this final step of transitioning from conversation to the sale, Noah says often you can distill your offer down to three parts: the price, the benefit, and the time strung together. They form an offer sentence, and then he gives an example, which he says, for $25, I will teach you how to save an hour a day on your Mac in just 20 minutes. 

So something to remember here as you start validating your idea is that you will get rejected. It is a guarantee. And if you remember what Noah said about rejection goals. Rejections are a gift that allow you to flip a hard no from someone into new knowledge and new ideas for your product. Meeting people's rejections with questions like, why not? Who is one person you know that would really like this? What would make this a no brainer for you? Or what would you pay for that? All of these questions can help you understand what is missing from your product to switch a no into a yes.

Now I just wanna quickly highlight the two other methods that Noah says you can use for validating ideas outside of selling to your Dream 10. The second method is validation via marketplaces. Here's the example he gives. My good bud Neville wanted to validate whether people would pay to rent expensive cameras. He posted one for rent on Craigslist and was able to get $75 for it in a few hours. This simple validation cost him $0 and a few minutes of his time. This is so much better versus building a website, figuring out a domain, designing a logo, trying to find customers, et cetera. 

I also often use a simple virtual product process on marketplace sites to test products that don't even exist yet. I find an item similar to the one I want to validate or I draw up a quick and dirty design of what I wanna sell, and then I post it to the marketplace along with a price to see if there's an audience. You can do this process with Facebook marketplace, Craigslist, Reddit, eBay, Amazon, et cetera. And once you validate the idea, then you can have the good problem of figuring out how you're gonna fulfill the order. 

The final method of idea validation is via landing pages. Now, Noah does say that this is his least favorite approach because it requires a fair bit of work, whether it's resource in terms of time or money, but he says you can make this process work if you limit it to 48 hours. And he says, one really popular approach is to set up a simple landing page using a cheap or free service. Currently Instapage, Unbounce and ClickFunnels are popular landing page tools, and then they run a bunch of ads to send people to the site and see if people actually will enter an email address to get on the mailing list or even pre-order the product.

And so you know, that's a very common strategy. When people are testing business ideas, they haven't even created the product yet. They literally just create this imaginary product that solves the problem on a landing page. They run Facebook ads to it. If people pay for it, then either they decide how they're gonna fulfill it quickly or they'll just refund the people who made the purchase. But through doing that act of running paid ads and seeing if they can generate purchases, they understand if there's actually demand for the product. 

So that is how you approach validating an idea in 48 hours. And remember, your goal is to get to three paying customers through any of the three validation methods. If you've done that, there may be something to your idea, and now it is time to grow the business. Given that Noah is a marketing genius and has demonstrated his growth chops over and over and over, this next section of the book was the one that I was most excited for.

And so Noah's growth machine, as he calls it, has four steps. First is setting a super specific growth goal. Second is creating your marketing experiment list. Third is doubling down on what works. And fourth is making your first a hundred customers happier. Let's break down each one for setting your growth goal. The more specific, the better. It should have a number and a timeframe. For my business Storyarb, it's getting to $5 million in run rate by July 1. For my YouTube channel, it's getting to 10,000 subscribers by July . 

Second is creating your marketing menu. The way to approach this is by making an educated guess of who your ideal customer is and where you think they congregate. Noah gave examples of his ideal customers and how to figure out who they are. He says, at Mint, we focused on personal finance bloggers and tech professionals. At AppSumo, our customer is marketing agency Matt, who is a solopreneur. At Okdork my customer is an underdog looking for inspiration on their business journey. The best way I found to figure out your ideal customer is to look for patterns with your existing ones. Think about what's in common with your existing customers: certain age, common interests, specific gender, certain hobbies from a specific area. So once you have a sense of who your ideal customer is, now you should start making a list of all the places you think you could have success reaching them via marketing. And so in case you're racking your brain, Noah does share a generic list of marketing channels that you can at least consider to add to your list. They are contacting your network, paid ads, social ads, content marketing, cold outreach, target market blogs, influencer marketing, PR, SEO, giveaways, and collaborations. 

So once you have a sense of the tactics you wanna focus on, you should create a very simple spreadsheet. In one column, you have your list of marketing experiments. In the next column, you create an estimate of how many sales, new listeners, or whatever action you're trying to achieve, each marketing tactic will drive. So for example, Noah's friend who was selling glasses that help rock climbers belay more easily; he had a specific goal of $4,000 a month, which equates to 166 new customers. And so then he made a list of his different marketing tactics, which included reaching out to friends and referrals, selling to the Vancouver rock climbing group, wholesale options, eBay, Facebook ads, and giveaways. And then he estimated sales for each channel: 30 sales from friends, 20 for the rock climbing group, 50 for wholesale, et cetera, which then leads to the third step of the growth machine, which is doubling down on what works. 

So keeping the example of the rock climbing gear going, Noah's friend found that not only did he blow past his 166 unit sold goal by hitting 237, but that wholesale was by far and away his most successful channel, with 217 sales or 92%. 

In step three, this is the point at which this entrepreneur would double down on wholesale and the few other channels that worked, continuing to focus on them until these marketing channels get exhausted and you have to find new ones that are gonna retain growth.

And that leads us to the final step of Noah's growth machine, which is making your first hundred customers happier. Here is how Noah describes this step. How would you double your business if you could not get any new customers? This will help you think of ways you can overdeliver to your current customers, because the biggest growth lever in business is customer retention and referrals. If you're just starting out, every referral can literally double your business. Noah then goes on to give examples of using this step in practice, including replying to every YouTube comment on his channel, giving his personal phone number to every customer of his business gambit until they got to $20 million a year in revenue, or him personally writing to customers of AppSumo to see what they like and dislike.

Just as an example, in the early days of Morning Brew, we literally would respond to every single subscriber email that we got, which in the early days was maybe one a day, but it got to a point where we were getting hundreds a day and we were still responding to every email. Now, before we go, I want to talk a bit about two specific marketing channels that Noah goes deep on and I think are worth you considering for your business: social media and email. Noah's whole view on social media, and I totally agree, is that it is a growth tool to build up a large top of funnel of people in your target market that you can ultimately funnel to an owned audience like email. He argues a community who already knows you, who follows you, who is rooting for you is one of the most powerful forces in business, and it is created through generosity. People get hooked on characters. People do business with real people, especially those who feel like a friend, and that's why building a personal brand and owning an audience on social can be so valuable. When you're an entrepreneur, according to Noah, there are four things you need to get right to grow on social. First, you need to find your unique angle. Second, you need to prioritize the right platform. Third, you need to define your content circle. And fourth, you have to start posting. Your unique angle is your brand on social, it is your specific point of view, your spiky point that only you can offer, and that a small group of people will really give a shit about. You should be able to describe your unique angle in 30 seconds or less, and to decide what it is, you need to effectively answer four questions. Who are you? Why should people listen to you? What are you passionate about, and what will you do for people? 

Next, you pick your platform. There is no right or wrong answer to the platform you choose, but to do it thoughtfully, you want to be able to answer three questions: Which platform has the audience you want to connect with? What medium do you enjoy creating content in most, and what disproportionate results will you get compared to the work you put in? 

So to just give you an example, I create content on Twitter because early stage founders overindex on using Twitter. I find myself more drawn to the written word than multimedia, and I believe by adding a ton of value to early stage founders, really interesting opportunities like new businesses and new business partners will arise over the long term.

Once you have your angle and your platform, you then need to decide your content circle, and the TL;DR here is that you want to niche down your content an uncomfortable amount. Productivity as your content circle is too broad. Productivity for professionals is too broad. Productivity and test taking strategies for medical students in the UK is a perfect starting niche. That is the level of specificity you want for your initial audience on social, and that's exactly how Ali Abdaal created a strong core for his YouTube audience that gave him the permission to get broader over time and now accumulate over 5 million subscribers. 

The final step requires no explanation, just start posting no excuses. The first several posts will suck, I promise you, and you will speak to an empty stadium. This is where everyone starts.

 The final marketing strategy and final part of Noah's book that I want to talk about is email. Now I'm obviously biased, but using Noah's exact words, “email is for profit; use email to make a fuckton of money.” Noah illustrates the power of email by sharing how his business, AppSumo, which generates $65 million a year, has over 50% of all of its revenue come from email. That is insane. Now, the book gets really in the weeds, but I'll share the high-level approach that Noah uses to build a marketing funnel to collect emails and ultimately build up and monetize his email list. First, he suggests creating a landing page so your audience actually has somewhere to go to join your email list. There are a bunch of good landing page builders, but the ones that Noah mentions are SendFox, MailChimp, Webflow, and ConvertKit. Second, start building your list and get your first a hundred subscribers. The best way to do that is to go back to your Dream 10 list and ask them to join your list. Now, beyond your zone of influence or the people you're closest to, Noah says that quote unquote “lazy marketing tactics” are a great way to build up a stream of email subscribers. And there are two core lazy marketing tactics. The first is including your landing page in your email signature. The second is including a LinkedIn bio in all of your social handles. Basically, these are the set it and forget it channels. Once you've done these two low hanging fruit tactics, there are more active strategies that you can use to start growing your list.

Posting on social is an obvious way, and even more obvious than that is prioritizing the channels where you have the largest, most engaged audience. Another common strategy is creating a very detailed blog post or white paper breaking down something that would be super valuable to your audience or customer base. And then on social, you tease it out with a few of your learnings and have a call to action that drives people to the full post that you wrote on your website, which people can get full access to if they give their email address. This is a classic example of a lead magnet. 

Finally, once you've built up a reasonably sized list, let's say a couple hundred subscribers, it's time to build your cash register, aka create an email sequence that nurtures your audience to eventually monetize them using Beehive, SendFox, MailChimp or ConvertKit. Noah suggests a three-step simple email sequence, and here's how Noah describes them. First, the welcome email is just what it says. It is a big bear hug of a welcome, telling your new subscriber how happy you are that they just joined your band of pirates, and what sort of stuff they should expect from you. A major thing here is one-by-one marketing. This is personally engaging with each new subscriber. That's kind of what I had mentioned before around me responding to every single email we got from Morning Brew subscribers. He then says, second, with the connection email, you're explicitly asking them to connect with you on social by following you on Instagram, LinkedIn, Facebook, Twitter, and so on. Finally, the content email is where you give them a piece of great content, a blog post, a video, or the invite to an event.

Now, there is so much more to Million Dollar Weekend, like the law of a hundred and an entire chapter about building systems and routines to design your business and your life in the way that you want. So I would highly recommend you buy the book and you give it a spin if you enjoyed this episode. And to finish things up, I'm gonna take a page from my friend Noah's book and connect with each of you one by one. If you shoot me an email to Alex at Morning Brew dot com letting me know what you think about this first book club style episode, or you can even share a book you would love to see me break down in the future, I will 100% respond to you, and I really mean that. If you got to this part of the episode, it means you're a power listener and I want to get to know you. As always, thank you so much for listening to Founder’s Journal and I'll catch you next episode.