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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 attracting millionaires and this is the best time in human history to jump online and create wealth for you and loved ones faster than you think. This is not fiction.
It took at least a hundred years for companies to go from their humble beginnings to global brands. Global brands like P&G (1837), Nestlé (1866), Heineken (1864) come easily to mind.
On the other hand, each of Microsoft (1975), Apple (1976), Amazon (1994) and Google (1998) took less than 10 years to become household names.
Making it big isn’t limited to tech giants. People are making a killing online in fields as diverse and mundane as online training, physical fitness, and writing (otherwise known as blogging).
Take the example of Brendan Burchard. He is an online trainer that started around 2009. Today he has more than 3 million students in more than 100 countries. His influence is so great, Oprah referred to him as “one of the most successful online trainers in history”. His net worth is estimated at N22 million.
Another example is Ramit Sethi. He started his first blog in 2004 and was featured in Fortune and Forbes simultaneously in 2018. The same year, Forbes listed Ramit alongside Warren Buffett and estimated his net worth at $25 million.
Making it big is not limited to men. Cheylene Johnson, the global physical fitness icon has an estimated net worth of $10 million, while Mary Forleo has an estimated net worth of $14 million.
While Chalene Johnson has been a household name as a physical fitness coach for more than 30 years, Marie Forleo catapulted to fame in the last 10 years with the help of her 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 be successful online, what works. In short, don’t try to reinvent the wheel.
The Internet is a paradigm shift. While it has created incredible wealth for those who have mastered its ecosystem, it has also widened the gap between those who do and those who don’t.
In general, whenever a paradigm changes, the knowledge base resets to zero and everyone has to learn something new. For quick and easy learning, it is essential to follow the proven path.
In order to succeed and thrive, you must follow what is dubbed 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:
Learn day and night
Despite its plug-and-play simplicity, the Internet is a complex ecosystem. To be successful you have to learn day and night because change is fast and furious, fundamental algorithms have changed overnight. Learning enables you to gain depth and breadth and keeps you evergreen
Here’s a highlight of what you should learn. Learn:
• How the Internet is evolving
• How to look
• How to connect with people
• How to make a list
• How to write a script
• How to create products
• How to make your products discoverable
• How to make money online
Be visible off and online
To become visible you need to increase your off and online footprints so that you become known and start building credibility and gravitas. Here’s what you need to do to increase your visibility:
• Develop evergreen intellectual properties (books, courses, learning guides, etc.)
• A home base (website or blog)
• Have embassies (social media platforms)
• Keep listening posts (mailing lists, social media platforms, podcasts)
• Satellite towns/cities (guest posting, befriend social media influencers.)
• Develop own platforms such as stage events and YouTube channel.
• Court the media
You must build relationships to turn strangers, visitors, friends and former enemies into loyal customers and true fans. While it makes sense to have a huge relationship base, it’s even more important to build a true fan base. Here’s what you need to do to build a relationship:
• Give away valuables like books and e-books for free
• Connect with your other online influencers
• Extend a helping hand to strangers you meet by offering advice
• Help where you can, with specific information for example on forums
• Make recommendations in areas where you have authority; Don’t be shy
• Connect people together as a connector
• Ask for help wherever you are challenged, don’t be shy again.
Create a mailing list
Prioritize building your mailing list so you know who to market to and sell to tomorrow. There’s a fierce argument online about what comes first: the mailing list over the product. Don’t get distracted by these chicken-and-egg arguments as a start. Inventory and product are two sides of the same coin: your online business. Just note that with a list you can market things you don’t have through affiliate marketing but a product with a list will get you nowhere. Also note that as a beginner you will not be able to do affiliate marketing. So make your list and follow your product accordingly. Here’s how to build your list:
• Start a 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 to enable you to customize your messages
• Use an affordable correspondence or contact management system
• Invite people personally to join your list and stick to it
• Give valuable incentives like books, video lessons, etc.
• Keep it 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 make money but making money should not be your primary consideration. When you do it well, the money comes. Here’s what you need to do:
• Equip yourself with knowledge and wisdom
• Write down and refine your intellectual qualities to perfection
• Develop indispensable courses, events and platforms
• Master the techniques required for production
• Master the techniques required for delivery
• Be persistent and focus on the things that last, the evergreens
• Specialize so people know what you stand for
Learn how to market and sell online
Marketing and sales are the linchpins of bringing in money. Most successful business owners excel at online marketing and sales. Invest a large percentage of what you generate in marketing to generate more sales and continue to grow your business. Here’s what you need to do to increase marketing and sales:
• Learn how to use marketing to grow your business
• Understand the psychology of buying and buying behavior
• Learn how to build your business pipeline
• Learn how to build and optimize your sales funnel
• Learn how to create sales scripts that convert visitors into customers
• Learn how to use social media for marketing
• Learn how to set up your landing pages
• Pursue sales with passion because selling is human but don’t sell
Master strategies for long term wins
A sustainable way to succeed online is a marathon. Commit to it for the long haul. Develop insight into how efforts are monetized online and where money is made in the value chain. Know that Rome, as they say, was not built in a day. If you pursue online business as a sprint or a hundred meter dash, you will quickly give up and fail. Here’s what you need to do at this point:
• Master and refine your winning game plan
• Master the four phases of online business (Learning, Audience, Production, Sales)
• Develop a long-term vision
• Keep things evergreen
• Diversify into nearby winning areas as you grow more confident
• Develop offline assets to mitigate your online risks.
• Iterate and build on principles of excellence
There you have it, the seven pillars that make up my Internet Business Success Formula. You might think, where is the technology, after all we are talking about the internet. The truth is, technology permeates all seven stages, but technology remains, an enabler. Technology enables you to scale and reach thousands online, but in the end relationships win out. So we talk about high-tech, high-touch.
In the long run you must master the techniques that enable 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 master strategies to achieve long-term wins.
Knowing the technical aspects or techniques is important because you are dealing with machines and technologies that help you scale and automate but it is not a paramount condition for success for beginners.
Success online is anchored on two magic numbers: 10,000 customer base and $10,000 monthly recurring income. You can easily achieve both if you follow the 7-Step Internet Business Success Formula I’ve given you in this article. Once you hit these numbers, you’re ready to take advantage of technology to scale. That will be the subject of another article.
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