How much money do you want to make online?
When asked, most newbies would be thrilled to make $100,000/year online. They are not looking to build the next Facebook or google. They are looking for a reliable source of income that can replace what they are accustomed to in a typical corporate job.
According to the US Census Bureau, the mean personal income in the United States in 2015 was $44,510. Needless to say that making over $100,000/year online while having the freedom to work from home or anywhere you want at anytime you want is an attractive endeavor.
Now you will find many online business owners boasting how much they have made online so far, but in general they are quoting their accumulative revenue since they started. They are not referring to their total annual profits. Two different numbers altogether.
Keep that in mind when making your online income goals. If you want to make $100,000 in profits, then you will most likely need to make a significantly larger amount in revenue.
How much do you want to make “in profits” each year? That is the number you should be aiming for.
As you grow your business, your operational costs will start going up and you will have to adjust your mindset and skills to accommodate that growth.
Below are six tips from Matt Lloyd, CEO and founder of MOBE (My Own Business Education) who’s company has generated over $150 Million in revenue over the past seven years. Throughout this period, Matt has experienced first hand what it takes to make the transition from a 6 figure earner to 7 then 8 figures.
Here’s what Matt had to say…
Breaking Your Income Barriers: How To Make Your First Million Dollars Online
The things you do to get to six figures are very different than what you do to get to seven figures.
In fact, if you keep doing what you did to get to six figures, you’ll never get to seven figures. You have to change your role in each level, otherwise you hit a ceiling and you won’t scale.
Most entrepreneurs will hit the ceiling that matches their degree of competence. So if someone can’t get to $100,000 per year and they’ve been in business for 10 years, that means they still don’t have the skills, knowledge, or the ability to grow a business over $100,000.
Some people learn quickly, and others take longer. Many never learn. It takes all of us different amounts of time.
I was not a fast learner in the very beginning. It took me close to three years to get to my first six figure year, and that was working very, very hard.
In 2009 and 2010, I wasn’t even coming close to doing six figures. In fact, I don’t think I even did five figures in 2009. So I wasn’t even in the “five-figure” club.
In 2011, I learned a lot and had my first 6 figure year. And in 2012, I learned what was needed to have my first 7 figure year.
So here are 6 strategies to get into the 7 figure club:
Step 1: Build & Nurture Your List
The first major thing you should do is build your own list of email subscribers…
Most people I know who’ve made at least six figures or over a million dollars online all have their own list—and they’re all branded as the guru.
If you want to do 7 figures, you really need to have the right positioning.
That means you need to build your own brand, and you need to build your own influence. You need to build an enormous audience, but more importantly, an enormous responsive audience…
When you send out an email promoting a webinar, you’ll need to get a lot of people there and influence a lot of people. And that’s usually something you have to build up over time.
For me, it took three or four years to build 100,000 subscribers on my first list. And that’s because in the first few years I was starting out from scratch and I knew nothing.
Just accept the fact that it takes time to learn new skills, and the first skill you need is building your list of subscribers.
Step 2: Get Good At Influencing Other People
The second thing you need to do is learn how to influence other people—you need to learn how to influence the masses…
For example, if you’re doing a webinar, or even if you’re writing emails, you need to know how to persuade someone and help them see that taking action on buying your course / service will help them.
Warning: It’s Not Easy
You just can’t learn these skills overnight. And you can’t learn it in your first few weeks or even your first few months. It can literally take years to get really good and start making money.
I would bet if you gathered together a group of 10,000 affiliates picked randomly from our industry, you could count on one hand the number who’ve made over $10 million dollars in commissions with all their affiliate programs combined.
Nevertheless, a lot of people come into this industry because that’s exactly what they want… They want millions of dollars overnight—and of course I don’t blame them!
But getting into the “7-figure club” is difficult, and I never want to make it seem like it’s easy or you could do it overnight because it’s just not that easy.
Step 3: Stay Consistent and Persistent
Being consistent and persistent means you can’t just send a few emails this week and then forget to email for two weeks…
You need to be involved in your business every single day.
For example, one of the top affiliates I know is a guy who just crossed $2 million in commissions. And he is “religious” about sending his emails every single day. He doesn’t go to sleep without sending an email.
Even when he’s traveling all around the world and he’s on planes all day long—he will be the last person to board the plane because he’s quickly typing his email. He understands this powerful concept, and he’s got to send an email every single day.
You must nurture your list and really build a strong relationship with them over time. You have to be someone who people want to follow, and that takes time to build. It took me years to build up my list to the extent I have it today. It takes years to build up a really good reputation where people do want to follow you.
For example, let’s say I wanted to start a new affiliate program from scratch…
I’m pretty confident I could make millions of dollars in any other program within a matter of months, because I’ve built a list of people who would follow me.
I obviously have people who wouldn’t, but within this industry I have built up a reasonably good reputation. Everyone does not like me of course, but a lot of people do like me.
You can do the same thing. You can build up a strong following of subscribers, but again, it’s going to take you time and you’ve got to be consistent and persistent. This means constantly communicating with your audience.
Step 4: Host Live Events
If you want to get to that level where you are doing over $1 million dollars a year, it would help you enormously if you could add live events into what you do.
When you host a live event, it’s so much more than just attending a Webinar, because you’re actually coming to a certain place, in person, where you’re able to stand up there on a stage and influence people right there on stage.
Learning how to do live events—if you do it right—can create a rush of buyers better than any other selling environment.
Promoting events is all about getting people to actually show up, and then it’s all about learning how to sell from the stage. You need to be passionate about what you’re offering so the audience relates to you and gets excited. But then you need to learn how to sell. That’s an entirely different skill to learn.
Step 5: Get Good At Video Marketing
You need to be doing video marketing. I don’t think anyone’s going to get to $1 million dollars without posting videos of themselves online to connect and influence their audience.
Because in order to motivate people, persuade people, and influence people, there needs to be this almost face-to-face communication… and there’s no better way to do that than with a video.
In a video, you can’t see them, but they can definitely see you, and it plays a huge part making the sale. Again, I believe there’s absolute no way to get to $1 million without having some videos out there.
Step 6: Find a Mentor
Here’s the final thing I want to talk to you about today…
Every single person who makes it to eight figures—not just online but business in general—they all start out just like you.
I’m assuming most people reading this are new or they’re still struggling to grow their business or wanting to grow their business into six figures or seven figures.
Everyone starts out without knowing anything about online marketing. But all these skills can be learned. It just takes time, and it takes persistence.
You should take inspiration from knowing that everyone else who’s done it started right where you are.
It’s possible for you too…
Therefore, if one human being can accomplish something, clearly there’s a series of steps they took in order to accomplish that goal—and it’s humanly possible that you can do it too.
As long as you can find out what those steps are, through either asking them, or learning from they’re past mistakes, or learning from different mentors and all of their past mistakes, then you can replicate their steps.
And you can replicate their success.
The success I’ve had in this industry—I would love to say it’s all been because of me because I thought of all of these things—But the truth is no, it hasn’t…
I found success because I found mentors, I found people I could learn from, I modeled this idea, I modeled that idea, I learned from this mistake, that mistake. Then I pieced it all together and formed something of my own that was drawn from many, many different sources through my experience.
You can do the exact same thing to build your own business, and eventually if you work hard enough, you could get to eight figures.
So let’s sum it up. If you want to join the 8-figure club and make your first million dollars online…
- Build & nurture your list
- Get good at influencing other people
- You should to be marketing constantly, consistently and persistently.
- 4. Host webinars and live events
- 5. Get good at video marketing
- 6. Find a mentor to cut your learning curve
I hope this helps you on your journey to getting into the “8-figure club.”
And if you want to cut your learning curve even faster, let me reveal to you my secret system for success…
In February of 2010, after several years of struggle, I heard about a small group of people who had discovered a unique way to make money online.
I tried their method and quickly made $15,200 CASH!
Best of all—this money came from ONE transaction.
My entire life was transformed at that moment! Because now I could for one week and take the rest of the month off.
You can learn this unique way to make money online too.