If you haven’t read my blog post from a few days ago, please go back and review that. That one really is the Part One to this subject.
What do the 7 figure online marketers do that is so different from the people who simply can’t make money in their business? First of all, they know their business and its model. They’ve already dealt with the questions that are in the first blog post from a few days ago.
And, to be perfectly clear, I don’t have a 7 figure income myself. I’m in this group because I’m their tax advisor. But, you better believe I am taking notes!
It isn’t what they do that is so different as it is the way they do it. Based on that, there are some lessons:
#1: It’s just business. They clearly have identities outside their business. I’ve seen people who make emotional decisions in a business that have more to do with their personal identity than what is good for the business. In the case of the 7-figure guys, they have an identity of a successful business owner, but the business doesn’t operate to fill holes in their own personal life.
I’ve been aware of this differentiation and it’s a daily struggle for me. Working as a CPA is a high paid gig, but it’s not going to get me to 7 figures. I’m going to have to change if I really want to do that. But there is something that is fulfilling to me in being a CPA that I would have to find some other way. That’s a case of trying to use the business to fill a personal need.
#2: They monitor stats daily (at least). Every business should have a full set of all three financial statements, but if you’re in the face-paced world of Internet Marketing you need to watch all of your stats and be ready to make changes. Most of the big earners I’ve met kind of stumbled into a big money making opportunity. But that doesn’t mean it’s all luck. Instead, it’s a systematic approach to finding the next big thing and then taking full advantage when the right one comes along.
#3: Nothing is too expensive or too cheap. It’s all ROI. Think about that for a minute. What would happen if everything to spent money or “invested” in your business if you figured out what the ROI (return on investment) was going to be? And, you set a desired number and know you’ll quick that path as soon as it looks like you can’t hit it. Advertising could be called ‘expensive’ but if it brings in sufficient ROI, than it’s worth more than a silly expense that doesn’t create any ROI. If you can let go of the doo dads and focus on ROI for everything you do in your business, you’ll make more money, faster.
#4: Know what you need to do and what you don’t need to do. One of the hardest things to learn as a business owner is knowing what (and how) to turn over business tasks. If it’s something you’re not an expert in, those are the things to turn over right away – like accounting, legal work and tax return preparation. For fulfillment and basic tasks, those should be turned over once you have a system that you can teach and hold people accountable to. Some things you can never let go of. Leadership and direction of the company is a task you’ll always have. It’s up to you determine the path. Someone else can’t do that for you.
Business doesn’t happen overnight. It takes perseverance and reaching the right group with the right message. In the case of Internet Marketers, they are usually listening to what the market wants, so they are able to move more quickly.