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Show Me The Money

By November 7, 2014 Business, Entrepreneur

Here’s the fundamental things that you need to keep in mind when you are looking to build an online business.

1. Choose what you want to do and stick to it.

There are so many ways to make money online that you can easily get side-tracked going from one shiny object to the next without ever really achieving anything except wasting your time and most likely a lot of money on things you’ll never need or use.

No matter whether you want to brand yourself, develop your own products or services to sell, become an affiliate sales superstar or setup an Amazon store, the opportunities are endless. The main thing though is choose a path you want to follow and stick to it.

Building a 5, 6 or even 7 figure business online takes time and consistent effort. Don’t allow yourself to get off track and then step-by-step success will come your way.

2. Have a Backup Plan

As mentioned already it takes time and effort to create ‘overnight’ success making money online. If you think you’re going to do it fast and easy because that’s what some of the so-called ‘guru’s’ are telling you that can happen, then my recommendation is don’t give up your day job just yet.

By having a backup plan it means that if you plan to go full-time building an online business, then have at l;east 6 to 12 months worth of savings put aside to live off while you work on your business. It’s 10x harder to focus and make smart decisions when your back is against the wall financially.

Giving yourself a financial buffer will give you a sense of security at least for a short while. But you will still need to work your butt off to make it happen even in a 6 to 12 month time frame.

To work out how much money you need to put aside just multiply your normal monthly living expenses by 12 months and you’ll have your figure. Of course, if you already have savings, or a partner that is willing to continue working and covering expenses while you work on your dream, then that can also work.

3. Find a Mentor.

Most of the time there’s really no need to reinvent the wheel. Find someone that is already succeeding online doing what you want to do and  either buy some of their courses and training, or get ion touch with them to see if they offer coaching or mentor programs.

By doing this you will find that you’ll be able to copy a lot of what they are doing and not have to waste time and effort by doing things the hard way instead of the smart way.

4. Plan Your Approach

You MUST have a plan in place. It can’t be some pie in the sky idea you have that has not been well thought out and researched. You need to have financial targets that you are aiming for, and a breakdown of how you are going to hit those targets from your products or services sales.

This will also include how you are going to build your list (if you require one, which 99% of people will), what traffic strategies you will use, what you USP is (unique selling proposition), who your ideal target market is (customer demographics) and what your sales funnels look like.

5. Have a Compelling Reason Why

There is a reason why 95% of people who try to make it online fail. The reason is because they lack the self discipline and character required to work harder than they have ever worked before until they make their dream happen.

When I started out, I was working a full-time job and built up to $10k per month part-time working after hours and on weekends. Basically, I had no life for the first 6 months until I could afford to hire people to do the grunt work.

Being a business owner is a far cry from having an ’employee’ mentality which to me is one-step above laziness. You just turn up for a set amount of hours and get paid for your time and then forget about it. Whereas a business owner knows that the buck stops with them.

Whether their family eats or doesn’t and they have enough money to live or not is up to them. No-one else is going to do it for them now, they are on their own. The sales, the customer support, the admin, the financial systems, collecting debts, delivering products and services, and so much more is in your hands.

Now, I’m not saying this to scare you off but if it doesn’t, then that;s a good thing because you would never have made it anyway if you can get scared that easy. Building a business whether it’s online or not is never a walk in the park and is for people who are 100% committed to never give up on themselves, or their dream.

A compelling reason is one that hits you right in the heart and triggers powerful emotions to help you to stay motivated and focused no matter what obstacles come your way. I find that if you write down your most compelling ‘Why’ you have-to succeed and read it to yourself every day, then you are on the right track.

6. Have a Supportive Partner

It really helps if your partner supports you (if you have one) while you are starting out. Having someone whinging about how much time you are not spending with them and how much money you’re not making in the initial stages can be a real downer and de-motivator.

If you have a significant other that tends to behave in this way, then you need to sit down with them before you get started and make an agreement on how things are going to work. If that agreement gets broken by either of you, then you have to renegotiate it.

I wouldn’t recommend you even get started online if you have a partner that won’t get off your back as it’ll probably destroy your relationship. However, if the relationship is already rocky, perhaps it’s time to move on anway and then work on your dream.

7. Become Like Water

If you find that what you are doing is not working, instead of quitting, keep looking for another way to get the result you are after. It may be that you are missing one thing that will make all the difference, or you just need someone else’s feedback to point you in the right direction.

Never be afraid to ask for help, search forums, or do whatever it takes to get the answers you need to make the right decisions for your business growth. Even teaming up with someone that you know, like and trust who has skills you don’t and vice verse can be a very smart thing to do.

8. The 4 Hour Work Week

If you haven’t already read the book ‘The 4-Hour Work Week’, by  Timothy Ferris, then I highly recommend it as it will help you focus on the right way to setup your business from the start so that you free up your time to live an extraordinary lifestyle.

You see, after saying how hard it is to get your business running, the fact is once you succeed in it, then the next stop is to develop system that let your business run without you. This is actually easier than it sounds. I’ve done it in my business and now it pretty much runs itself.

The beauty of having a business that runs on auto-pilot, especially and online one, frees you up to live anywhere and do anything you like. My days are filled with doing things I really love, which includes writing, creating, helping people to have a better life and living in a relatively stress free way.

Imagine what your life would be like if you only had to work 1 hour or less a day? What would that mean to your health, happiness, relationships and quality of life. So, even though I kept it real earlier on about what it takes to make money online, I can tell you for a fact that whatever sacrifices you need to make, do it!

There is no better or bigger opportunity in the world right now to create a business that can give you your life back than the Internet. It only requires that you treat it like a real business, instead of some ‘get rich quick’ scheme and you’re sure to achieve your victory.