The everyday people who have found success with Mike and Robert's 3-Step Formula are waiting to tell you their story in Video 3, which you can watch right here.
But if you missed Video 1 or 2, we can help you catch up fast.
You'll find the important moments from Video 1 are recapped in this blog post here.
And below, we have recapped the important moments from Video 2 to quickly introduce you to Mike and Robert's 3-step formula… and show you exactly how they turned $1,500 into over $3.2 million.
So please take a few moments to recap these million dollar moments before moving forward to Video 3.
Million Dollar Moment #1:
Step 1 – Identifying a Problem to Solve
So let's dive into the 3-Step formula, and then show you how we use it to build our businesses, because we really have this entire process down to a science, and a step-by-step system.
So the first piece of the puzzle when it comes to building any kind of successful business, is that your product or service needs to solve a problem.
We, as an entrepreneurs, get paid to help people avoid pain or solve a problem.
For example, the new electric car company Tesla is having incredible amounts of success, because it's created a product that helps people avoid the pain of constantly having to buy expensive gasoline.
Steve Jobs created the most successful company in history by creating computer products which were the most reliable and easy to use in the world.
My first little ebook that we looked at in Video 1 which has gone on to produce over $25,000,000 in sales, taught people how to build their home business without having to go through the discomfort of pitching their friends and family members on a business, or cold calling strangers.
So Step 1 of our formula is to identify a pain or problem in the world we can solve, no matter how large or small it might be.
– Mike Dillard
Million Dollar Moment #2:
Step 2 – Find Your Elegant Solution
That brings us to Step 2, which is to identify, not a solution for the problem we've identified, but an Elegant Solution.
We define an Elegant Solution as a business model that is as simple, fast, and inexpensive to create as possible, and this is especially critical if this is the first business you've ever built.
There are no points awarded in business for degree of difficulty.
For example, let's say that you're incredibly knowledgeable and experienced when it comes to weight loss, and you want to start a business in order to help people solve that fitness challenge.
Well on one hand you could start a chain of fitness gyms which would require at least a million dollars just to buy the facility and equipment, hire and train the staff, and start advertising for members.
Or… You could write an ebook or create a simple video series teaching people your methodology for about $1,000 bucks. You could use some free online advertising techniques that we use, which cost you little to nothing to implement, and your book could sell 24/7 per week while you're relaxing at the beach, or spending time with your family.
Both options are viable and proven business models, but one is infinitely cheaper, easier, and more profitable to run than the other… or in other words, more Elegant.
So in Step 1, we've identified a problem that's shared by others.
In Step 2 we've identified an elegant solution for that problem that's as simple, inexpensive, and easy to create as possible.
– Mike Dillard
Million Dollar Moment #3:
Step 3 – Acquire 1 Skill to Bring
Your Elegant Solution to Market
Which bring us to step 3, which is acquiring a skill to help you bring that solution to the market.
For many, many years, this was the missing ingredient in my business endeavors that prevented me from having success.
Like tens-of-millions of other people around the world, I got my entrepreneurial start while in my 20s as a distributor for a network marketing company. Well over the course of six or seven years, I was a distributor for many companies and I struggled to achieve any kind of results.
Well I finally realized that I was missing the third part of our formula, which was a skill. The network marketing company provided me with a problem to solve, and a product that solved it, but I didn't have the skills necessary to market or sell it.
It took me a good six years before I figured this out. But once I did, things changed dramatically.
In fact I went from waiting tables in my mid 20s, to making 7-figures within the next 18 months.
Many of you have probably heard this quote at some point in the past, which is “You're one skill away from your first million dollars,” and it's absolutely 100% true.
So this three-part system is the foundational piece to all of our successful companies.
It's what allows you to identify a problem in your life or the world, come up with an simple, inexpensive, elegant solution that people will clamor to buy from you, and then acquire the skill you need to bring it life.
– Mike Dillard
Million Dollar Moment #4:
Mike and Robert's Criteria
For a New Business
Now I'd been in business long enough to know what features I wanted this new business to have…
– First and foremost, I like simple, little, very profitable businesses that I can run from home which don't require an office or a bunch of employees.
– Second, I like businesses that have an element of recurring income, which allows you to get paid a monthly subscription fee, instead of having to find brand new customers each and every month.
– Third, I wanted to get the business up and running in about 90 days.
– Fourth, I wanted the business to have the potential to make at least $100,000 per month. In order to reach my goal, I'd have to acquire just 1,000 customers at $97 per month.
And finally, here's the most interesting part… I needed to figure out how to create an amazing product around a subject matter that I actually knew very little about.
Million Dollar Moment #5:
How We Used the 3-Step Formula
to Make $3.2 Million in 7 Days
In 2008, I watched as so many people lost so much of their money and financial security during the big crash, and yet on the other hand, I watched some very savvy investors become even wealthier.
Clearly, if I was going to start saving and investing the money I made each month, I wanted to invest like the wealthy were, and not the middle class who had just gotten hosed.
So I went to the finance section at my local bookstore here in Austin and started to look for books that would teach me how to invest like the rich… and what I found was complete BS.
Everything had been written for the pre-2008 paradigm and they all said the same thing… Buy a house, invest in mutual funds, max out your 401K, etc…
So with all of this in mind, I was able to create my elegant solution.
Because I couldn't find the answers I wanted when it came to investing in this new economy, I decided to track down some of the most successful and wealthy, self-made individuals I could find.
I would then learn and record everything I could from them about money and investing… and then share that knowledge with the rest of the world in the form of an online diary which I would charge $97 per month for, or $600 for the year.
This simple business model fit all of my criteria.
Instead of being the subject matter expert, I'd simply be the tour guide into the world of the wealthy, and interview the actual financial experts.
In order to reach my goal of $100,000 per month, I'd have to acquire just 1,000 customers at $97 per month. Considering that almost every single person in the first world has to save or invest money during their lifetime, finding 1,000 customers out of a billion was going to be pretty easy.
Now that I had my elegant solution I needed to combine it with my skill, which over the previous years had become online marketing.
So I spent a few weeks writing a webinar presentation using a very specific marketing formula I'd mastered over the past few years. It highlighted the economic changes taking place and then offered The Elevation Group as a simple, but valuable solution.
In December of 2010, I gave the public the opportunity to join The Elevation Group for the very first time during a window that was just one week long.
Without spending a single dime in advertising, over 85,000 people from over 65 different saw countries saw my video during the first 24 hours. And we were able to acquire 8,769 customers during that single week, which produced $3,206,851 in revenue.
– Mike Dillard
Million Dollar Moment #6:
What Happens When You Don't
Use the 3-Step Formula?
During the next calendar year which started just 12 days later, EVG would go on to produce $10,271,057 in revenue, without a single penny from investors.
To put that in perspective, let's take a quick look at the big famous silicon valley startup we've all heard about called FourSquare which is a location-sharing social networking company.
FourSquare was founded in 2009 and has received over $70,000,000 in funding.
In 2012, it produced just $2,000,000 in revenue.
Why so little?
Well in my opinion, it's because FourSquare didn't follow this 3-part formula…
They came up with a complicated, expensive solution that requires over 160 employees to run, for a problem that didn't really exist, and now they've spent the past four years trying to figure out how to turn it into a viable business.
In other words, if you follow the formula we've given you today, we believe your chances of success will dramatically increase no matter what industry or business you apply it to.
– Mike Dillard
Million Dollar Moment #7:
The Incredibly Affordable Start-Up Costs
of a Million-Dollar Business
Now you've probably got a few questions running through your head right now like…
“I don't have millions of dollars to invest or build a business with… How much did it cost you guys to set up The Elevation Group?”
So here's literally what it would cost to set up EVG today using the exact same software we're now using…
So you'll need a shopping cart which allows us to take orders from customers.
The one we use, InfusionSoft, is very robust and can be used for any kind of business in any industry, whether you're a landscaping company or an online business like us, which is $300 per month.
Now if you're just an online company and you just want to sell a digital product like an ebook, there's an even better option which is just $47 per month. It's called Clickbank and it literally runs every aspect of your business for you.
We need an email service provider so we can set up our virtual distribution channel and send emails to our list. iContact.com or Aweber.com can do this for just $20/Mo.
After that, there is a fantastic service we use called LeadPages.net which lets you create amazing looking webpages and lead pages in about 5 minutes, for $37/month.
You'll need a hosting account to host your webpage or blog, which you can get from sites like Godaddy.com for just $10 per month.
And if you want to set up some kind of monthly membership site like we have for The Elevation Group, the solution you'll want to use because it's so easy to set up and there's no programming required, is Kajabi.com for just $100 per month.
So literally… To set up a business just like The Elevation Group with the same technology we're using right now, wouldn't cost you $40,000 per month, $10,000, $5,000, or even $1000…
It would cost as little as $180 per month for the Internet-only platform, or about $390 per month for the “any kind of business” platform.
The single biggest expense that you'll have to take into account, is the cost to register your corporate entity like an LLC, which is about $500.
10 years ago, this kind of technology would have cost you hundreds of thousands of dollars to create because it was so cutting edge. Today it's a commodity that costs $47/Mo, and that's revolutionized entrepreneurship around the world.
Today, anyone who wants to start a business and change their financial destiny can afford to do so. It's absolutely unbelievable.
– Mike Dillard
Million Dollar Moment #8:
A Quick Preview of Video #3
Robert: A few months ago we shared our step-by-step business building process with some students, and we've invited a handful of them to join us here in the studio to talk about their experiences and results when it comes to building their own cash flow business.
You see, most people think that building a successful business has something to do with luck…
That you have to magically come up with that million dollar idea one night while you're lying awake in bed.
Well nothing could be further from the truth because there's actually no such thing as a million dollar idea… Only million-dollar execution.
Mike: The difference between having a million dollar idea, and actually making a million dollars, is dependent upon your ability to execute… To turn that idea into a real business, and that's the magical skill that makes up the 3rd part of our formula…
It isn't luck. It's just information and education. All you have to do is apply it.
So we're going to hear from some amazing people who've done just that… we invited some of our students who have applied this 3-part formula to share the good, the bad and the ugly about building a business with you.
They came from as close as Houston to as far as Alaska, Florida and North Carolina.
You'll see Garrett, the 18 year-old who just finished High School and started a business with his graduation money. He now supports himself from the revenue he's generating.
Then there's Alexandra from Colorado, a single mother who works full time AND home schools her children, yet used EVI to start her own business even though she admits she had HAD NO CLUE when she first started the course.
You'll also see Wes who used the “automation” processes he learned in EVI to increase his existing revenue by $10k a month, while freeing up more time to play with his son…
Or Bree, who used to struggle to make $3000 a month and now has a worldwide fan-base that raves for her healthy recipes … and now makes 5 figures EVERY MONTH, even though she works less.
To the guys who are actually behind the cameras today, and has now built up one of the fastest growing media production companies in Austin.
We're going to hear from all of them, including the good, the bad, and the ugly as they've followed our processes, in Video #3.
Now on to Video 3, Where We See What Everyday People Can Do with Mike and Robert's Formula
You've seen the 3-step formula, now it's time to see what happens when everyday people put it to use.
We recently invited past students from all walks of life to share what happened when they implemented our 3-step formula, and these were the results…