People often ask me how quickly they can make money in their business. And my answer most often is, "that’s up to you”. There are four core components (the 4 M’s) that go into business success. Get these right and you’ll be flying!
First up is the one that most people forget: what you think creates your reality. The only limits you face are the ones you create for yourself. I’ve seen enough cases of people making $1million (or even more!) 12 months into their business to know that there are no limits to what you can achieve.
Start believing in yourself. Start stretching your boundaries. Challenge yourself, and get out of comfort zone. Instead of saying “I can’t”; start asking “How can I?” Your brain loves to problem solve, so let it work on problems that will bring you success down the line!
Create a morning ritual which involves reading motivational books. Surround yourself with people who are also going for it in life. You’ll take on some of their inner strength and fearlessness just by being in their presence.
Second up, you have to have a decent business model. It’s much, much easier to make money when your income is more than your outgoings! The age of free blogging is slowing. Social media platforms now restrict publication of business posts unless you pay. There will be costs to marketing your business. Build that into your business model.
Rather than starting a the lower end of the market - writing a $10 ebook, for example - go premium from the get go. Offer 1:1 coaching, consulting, teaching or mentoring services to dig deeper into your clients’ problems and offer a solution that will actually create results they want. Coaching and professional services start from around $200 an hour, so if you sell a package of 10 sessions, that’s $2000. You’d need to reach 200x more people to make that money from an ebook!
3. Market Research
Third, make sure you know your market. Survey them, conduct phone interviews, get to know their problems, their desired results, and their motivation for getting there. The more you know about your audience, the better your solution will be.
Too many people build a package they would like, or even just do a qualification in something like coaching and ‘set up shop’ - completely disregarding what their ideal clients actually want or need! Build something they love and demand will be guaranteed for your service.
Finally, the fourth piece in this puzzle is marketing. To make it in business you have to know how to market. You can’t be held back by fear, or confused about how to run a Facebook ad. If you’re stuck, join a business programme like my Freedom Business Academy.
On average, about 1% of your list will buy. So if you have 100 people on your list, you will likely get 1 sale. If you have 50,000 people on your list - you’ll be more likely to have 500 sales! That’s why you need to be reaching out to new ideal clients and growing your community every single day.
What do “Results” mean to you? For many of my clients, it means replacing their monthly salary. Choose the number that works best for you.
Decide what your service price is, and how many of them you need to sell.
At a 1% conversion rate, how many people do you need to add to your community?
Start marketing, and see what results you get. Make sure your message and your product offers what your audience says they need. Keep testing and improving until you hit around a 1% conversion rate. Focus then on growing your community by enough people make the amount of sales you need.
How quickly you master these 4 M’s determines how quickly you make money in business. DIY-ing the process will likely take you years to piece it all together. In a structured business programme, like my Freedom Business Academy, you should expect to make money somewhere between months 4 and 9, depending on how quickly you implement all the training and depending on how much work you do on your mindset.
How quickly do you want to make money in your business? What do you commit to doing to achieve this goal? Leave a comment and let me know!