To put it mildly, online businesses are minting millionaires in droves and this is the best time in all of human history to jump online and create wealth for yourself and your loved ones faster than you ever thought possible. This is not utopian.
It used to take companies at least a hundred years to go from humble beginnings to global brands. Global brands like P&G (1837), Nestlé (1866), Heineken (1864) come to mind immediately.
On the other hand, Microsoft (1975), Apple (1976), Amazon (1994) and Google (1998) took less than 10 years to become household names.
Going big isn’t limited to tech giants. People are making a killing online in fields as varied and mundane as online training, fitness, and writing (also called blogging).
Take Brendon Burchard for example. He is an online coach that started around 2009. Today he has more than 3 million students in more than 100 countries. His impact is so massive that Oprah refers to him as “One of the most successful online trainers ever.” His net profit is estimated at N22million.
Another example is Ramit Sethi. He launched his first blog in 2004 and in 2018 it appeared on Fortune and Forbes simultaneously. In the same year, Forbes featured Ramit alongside Warren Buffet and estimated his net profit at $ 25 million.
Going big is not limited to men. Chalene Johnson, the global fitness icon, has an estimated net profit of $ 10 million, while Marie Forleo has an estimated net profit of $ 14 million.
While Chalene Johnson has been a household name as a fitness coach for over 30 years, Marie Forleo catapulted herself to fame in the past 10 years with the help of her Marie TV, online workout, training, and books.
The fastest, easiest, and cheapest way to succeed is to harness the power of the Internet. As the internet gurus say, to be successful online, do what works. In short, don’t try to reinvent the wheel.
The Internet is a paradigm shift. While it has created stupendous wealth for those who dominate its ecosystem, it has also accelerated the gap between those who know how it works and those who don’t.
Generally, whenever there is a paradigm shift, the knowledge base is reset to zero and everyone has to learn again. To learn fast and easy, you need to follow a proven path.
To be successful and thrive, you need to 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 have been chaos. My Beginner Internet Business Success Formula is a short but powerful framework that shows you how to be successful online. If you follow it, you will be successful. If you don’t, you will fail.
The formula consists of 7 steps. Here they are:
Learn day and night
Despite its apparent plug and play simplicity, the Internet is a complex ecosystem. To be successful, you must learn day and night because change is fast and furious, and basic algorithms change overnight. Learning allows you to have depth and breadth and keeps you always green
Here are the highlights of the things to learn. Learn:
• How the Internet is evolving
• How to be visible
• How to connect with people
• How to create a list
• How to write scripts
• How to create products
• How to make your products visible
• How to earn money online
Be visible offline and online
Being visible requires that you increase your presence online and offline so that you are known and start to build credibility and seriousness. Here are the things you need to do to increase your visibility:
• Develop enduring intellectual properties (books, courses, learning guides, etc.)
• Have a base of operations (website or blog)
• Have embassies (social media platforms)
• Have listening posts (mailing lists, social media platforms, podcasts)
• Have satellite towns / cities (guest posting, befriending influencers on social media).
• Organize events and develop your own platforms such as the YouTube channel.
• Court the media
To attract strangers, visitors, friends, and turn enemies into loyal customers and true fans, you must build relationships. While it makes sense to have a broad base of relationships, it’s more important to build a true fan base. Here are the things you need to do to build relationships:
• Give away valuable things, like books and e-books, for free
• Communicate with your other influencers online
• Extend a hand of companionship to strangers you meet by offering advice.
• Help with specialized information whenever you can, for example in forums
• Make recommendations in areas where you have authority; do not be shy
• Bring people together as a connector
• Ask for help wherever a challenge comes your way, once again, 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 furious argument online about what comes first: the product mailing list. As a beginner, don’t get distracted by these chicken and egg arguments. List and product are two sides of the same coin: your online business. Just keep in mind that with a list you can market what you don’t have through affiliate marketing, but a product with a list gets you nowhere. Also keep in mind that as a beginner you will not be able to do affiliate marketing. So build your list and pursue your product impartially. Here’s how to go about building your list:
• Start a mailing list from day one (at least now you know).
• Start with fruits that hang low, medium and finally high.
• Create a segmented list so you can personalize your messages
• Employ an affordable email or contact management system
• Invite people personally to join your list and be persistent
• Give away valuable incentives, such as books, video lessons, and more.
• Keep it up day and night
Have something to offer (create products)
Create products to sell so you can add more value to your followers. People will follow you because you have something to offer them. When you do, you will earn money, but earning money should not be your main consideration. When you get it right, the money will come. These are the things to do:
• Equip yourself with knowledge and wisdom
• Write and refine your intellectual properties to perfection
• Develop irresistible courses, events and platforms
• Mastering the technologies necessary for production
• Master the technologies necessary for delivery
• 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 the axes that bring in money. The most successful online business owners excel at marketing and sales. Invest a large percentage of what you generate in marketing to generate more sales and continue to grow your business. Here are the things you need to do to boost your marketing and sales:
• Learn how to use marketing to grow your business.
• Understand the psychology of buying and buyer behavior.
• Learn to develop your business portfolio
• Learn how to create and optimize your sales funnel.
• Learn how to create sales scripts that convert visitors into customers.
• Learn to use social media for marketing.
• Learn how to configure your landing pages.
• Keep selling enthusiastically because selling is human, but don’t be a seller.
Key strategies for long-term winning
Succeeding sustainably online is a marathon. Commit to it for the long term. Learn about how online effort is monetized and where money is made along the value chain. Know that Rome, as they say, was not built in a day. If you go into online business like a sprint or a hundred meter race, you will give up too soon and fail. These are the things to do at this time:
• Master and refine your winning game plan
• Mastering the four phases of online business (learning, audience, product, sales)
• Develop a long-term vision
• Keep things always green
• Diversify into adjacent winning areas as you get more secure
• Develop offline assets to mitigate your online risks.
• Repeat and develop the principles of excellence.
There you have it, the seven planks that make up my formula for Internet business success. You might be wondering where the technology is, after all, we are talking about the Internet. The truth is that technology permeates all seven steps, but technology remains what it is, an enabler. Technology allows you to scale and reach thousands online, but in the end, relationships succeed. So we talk about high-tech, hi-touch.
In the long term, you must master the technologies that allow you to learn day and night, be visible offline and online, build relationships, build a mailing list, create products, learn to market and sell online, and master strategies to win over. long term.
Knowing the technical aspects or the technology is important because it is about machines and the technology will help you scale and automate, but it is not a prime condition for the success of a beginner.
Online success is anchored in two magic numbers: a customer base of 10,000 and monthly recurring income of $ 10,000. You can easily achieve both by following the 7 Step Internet Business Success Formula I have given you in this article. Once you hit these numbers, you are ready to take advantage of technology to scale. That will be the subject of another article.