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My Internet Business Success Formula For Beginners – Your Proven Path to Success in 2021
To put it mildly, online businesses are minting millionaires in droves, and now is the best time in all of human history to jump online and create wealth for yourself and your loved ones faster than you thought possible. It is not utopian.
It used to take companies at least a hundred years to move from humble beginnings to global brands. Global brands such as P&G (1837), Nestle (1866), Heineken (1864) immediately come to mind.
On the other hand, Microsoft (1975), Apple (1976), Amazon (1994) and Google (1998) took less than 10 years to become famous.
Making it big isn’t just limited to tech giants. Individuals are making a killing online in fields as diverse and everyday as online training, fitness, and writing (otherwise known as blogging).
Take Brendon Burchard for example. He is an online trainer who started around 2009. Today, it has more than 3 million students in more than 100 countries. Kahina’s influence is so great that Oprah calls her “one of the most successful online trainers in history.” His net worth is estimated at N22 million.
Another example is Ramit Sethi. He launched his first blog in 2004, and in 2018 was featured in both Fortune and Forbes simultaneously. That same year, Forbes featured Ramit alongside Warren Buffet and estimated his net worth at $25 million.
Making it big isn’t just limited to men. Global fitness icon Chalene Johnson has an estimated net worth of $10 million, while Marie Forleo has an estimated net worth of $14 million.
While Chalene Johnson has been known as a fitness trainer for over 30 years, Marie Forleo has gained fame over the past 10 years through Marie TV, online training, coaching and books.
The fastest, easiest, and cheapest way to make it big is to harness the power of the Internet. Internet gurus say to succeed online, do what works. In short, don’t try to reinvent the wheel.
The Internet is a paradigm shift. While this has created enormous wealth for those who master this ecosystem, it has also widened the gap between those who know how it works and those who don’t.
In general, the knowledge base is reset whenever there is a paradigm shift and everyone has to relearn. To learn quickly and easily, you need to follow a proven path.
To succeed and thrive, you should follow what I call the Internet Business Success Formula for Beginners. As you know, there is order in the universe. If there was no order, there would be chaos. My Internet Business Success Formula for Beginners is a short but powerful framework that shows you how to succeed online. If you follow it, you will succeed. If you don’t, you will fail.
The formula consists of 7 steps. Here they are:
Study day and night
Despite its apparent plug and play simplicity, the Internet is a complex ecosystem. You have to study day and night to be successful because change is fast and furious and core algorithms change overnight. Learning allows you to have depth and breadth and keeps you evergreen
Here are the highlights you should learn. Learn:
• How the internet is developing
• How to be visible
• How to connect with people
• How to make a list
• How to write scripts
• How to create products
• How to make your products discoverable
• How to make money online
Be visible off and online
Being visible requires you to grow your footprints off and online so that you become known and begin to build credibility and gravitas. Here are the things you should do to increase your visibility.
• Develop evergreen intellectual qualities (books, courses, study guides, etc.)
• have a home base (website or blog)
• have embassies (social media platforms)
• have listening posts (mailing lists, social media platforms, podcasts)
• Have satellite birds (guest post, befriend social media influencers).
• Stage events and develop your own platforms, such as a YouTube channel.
• Court media
To turn strangers, visitors, friends, and former enemies into loyal customers and true fans, you need to build relationships. While it makes sense to have a wide base of relationships, it is more important to build a base of true fans. Here are the things you should do to build relationships:
• Give away valuable things like books and e-books for free
• Connect with your fellow online influencers
• Extend your hand of fellowship to the strangers you meet by giving advice
• Help with specific information wherever you can, such as forums
• Make recommendations in areas that belong to you; don’t be shy
• Connect people as a connector
• Ask for help wherever you are challenged, but don’t be shy.
Create a mailing list
Make building your mailing list a priority so you have someone to market to and sell to tomorrow. There is a raging debate on the Internet about which comes first: the product mailing list. As a beginner, don’t get distracted by these chicken-and-egg arguments. The listing and the product are two sides of the same coin: your online business. Note that with a list you can market what you don’t have through affiliate marketing, but a product with a list will get you nowhere. Also note that as a beginner you cannot do affiliate marketing. So make your list and search for your product evenly. To create a list, follow these steps:
• Start building your mailing list from day one (at least now you know).
• Start with low-hanging, medium-hanging, and finally high-hanging fruit
• Create a segmented list that allows you to tailor your messages
• Use an affordable mail or contact management system
• Invite people personally to join your list and be persistent
• Give away valuable incentives like books, video lessons, etc.
• Wear it both day and night
Something to offer (creating a product)
Create products to sell so you can add more value to your followers. People follow you because you have something to offer them. If you do this, you will make money, but making money should not be your primary consideration. If you do well, money will come. Here are the things you should do.
• Equip yourself with knowledge and wisdom
• Write and refine your intellectual qualities to perfection
• Develop irresistible courses, events and platforms
• Acquire technologies necessary for production
• Acquire the technologies needed to deliver
• Be consistent and focus on things that will last, evergreens
• Specialize so people know what you stand for
Learn how to market and sell online
Marketing and sales are what bring in the money. The most successful online business owners excel at marketing and sales. Invest a large percentage of what you create into marketing to generate more sales and continue to grow your business. Here are the things you should do to increase your marketing and sales:
• Learn how to use marketing to grow your business
• Understand shopping psychology and buyer behavior
• Learn how to build your business pipeline
• Learn how to build and optimize your sales funnel
• Learn how to write sales scripts that convert visitors into customers
• Learn how to use social media in marketing
• Learn how to set up your landing pages
• Continue to sell with gusto, because selling is human, but don’t be salesy
Master strategies for long-term winning
Sustaining online success is a marathon. Commit to it for the long haul. Develop insights into how online efforts are monetized and where monetization occurs in the value chain. Know that Rome, as they say, was not built in a day. If you approach online business as a sprint or a 100 meter sprint, you will give up too soon and fail. Here are the things you should do now:
• Learn and refine your winning game plan
• Learn the four phases of online business (learning, audience, product, sales)
• Develop a long-term view
• Keep things evergreen
• As you become more confident, expand into adjacent winning areas
• Develop offline assets to mitigate network risks.
• Iterate and build upon principles of excellence
Here are the seven boards that make up my formula for internet business success. You may ask where is the technology, because we are talking about the Internet. The truth is that technology goes through all seven steps, but technology remains what it is, an enabler. Technology allows you to reach and reach thousands online, but in the end, relationships win. So we are talking about hi-tech, hi-touch.
In the long run, you need to master technologies that allow you to learn day and night, be visible offline and online, build relationships, build a mailing list, create products, learn how to market and sell online, and manage strategies for long-term success.
Knowledge of technical aspects or technology is important because you are dealing with machines and technology helps you scale and automate, but it is not a prerequisite for success for a beginner.
Online success is anchored in two magic numbers: a customer base of 10,000 and $10,000 in monthly recurring income. Both are easy to achieve if you follow the 7-step formula for internet business success that I’ve laid out for you in this article. Once you’ve hit those numbers, you’re ready to use the technology to scale. This is the subject of another article.
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