So I had this question today via email that I thought I would cover in todays blog post:
I think it's a great question, and you can basically apply this advise to any income goal. Just replace their numbers with your own numbers…
So I'll break this down into 4 steps… We can always expand more on the topic or dive deeper but I'll lay out the basic plan.
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Step 1 – Pick a valuable product you resonate with AND something that pays well.
What I mean by paying well can be figured out by answering this question:
“Can you make your target income on your own personal efforts alone without the help of a downline duplicating?”
If not, you may need to look for a different product.
Perfect example is if you love your product but it pays you $5 per sale residually, then you need 200 total sales to create a $1000 per month income. If you love your product and it pays you $100 per sale residually, then you only need 10 total sales to create a $1000 per month income. Which is easier? 10 or 200? I would venture to say 10 can be achieved way faster, and 200 might take a lot longer. And the same 200 sales it took longer to do would equal $20,000 per month vs $1,000 if you earned the $100 per sale…
So that's step 1. Find a product you love and can hit your income goals on your own personal effort.
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Step 2 – Calculate YOUR income goals based on the sales numbers you need.
I talked about this on step 1, but it's time for you to do your own calculations based on personal goals. If your goal is $1,000 and your product or service pays you $100 on your personal sales, then you know you need to make 10 sales of that product to hit your goal…
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Step 3 – Pick 2 forms of marketing (1 Active & 1 Passive).
So now that you have a good product to sell, and you know how many sales you need, it's time to start marketing!
Active – The good news for “Active Marketing” is you actually don't need a website if you do it right. You can start that right away. Active marketing to me means you go out there and find people to take a look at your product. In MLM they call this prospecting, but I think it's a lot easier than it ever has been before with the creation of Facebook.
All you have to do is search for people who like things you like, start conversations with them with instant messenger, or comment on their posts to start up some kind of dialog. Once the conversation is started follow this formula: Make a friend, Find a need & offer a solution. It's that simple. Do this to enough people and you'll be well on your way to your 10 sale goal with active marketing alone.
Passive – This one might require you to have the basics like a blog and/or YouTube channel as well as a “Lead Magnet”.
But now days those are easy to come by. You just google search “How to setup a blog on <<insert your hosting company>>” and a video will show you how. The hardest part of this formula is the “Lead Magnet”… But there are plenty of resources you can use now days to create your pages like Click Funnels or Kartra. So really you just need to figure out something your target market wants or needs and give it to them for free. Slap it up on a page and done! You now have a Lead Magnet!
My favorite passive strategies are Blogging & YouTube. Wake up in the morning write a quick blog post. Then later that afternoon shoot a YouTube video around the same topic. Have your lead magnet on your blog sidebar under under your YouTube video and over time you will start having leads coming to you passively.
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Step 4 – Commit to doing your marketing plan DAILY!
Nothing in life will just come easy to you. You have to put in the work on a daily basis if you want it to happen. Read my post on Sandbagging if you are having a hard time with this concept…
So there you have it. That is what I would do if I had to start over from scratch to build an income. In fact that is what I'm doing now.
Of course there are more things you should be doing like personal development, health regiment, and/or many other small details in this whole process but I wanted to just get you the bare bones on what it really takes to hit your income goals when it comes to the marketing side of things.
What are your thoughts?
Mike Hobbs
You’re right that is a fantastic question. And the calculations you broke down so easily to understand and yes definitely we have to put the effort in ourselves to build our own home business and help others build theirs we have to master ours. Great post!
Thanks Sarah!
Step # 2… Calculating your goals… I remember when I didn’t have even the idea to do something like that. Yet, I was looking to make a lot of money online. It definitely helps to know how many sales you need to reach your goals. Great post.
Yes for sure! Thanks!
Solid formula for building a business, Know Your Numbers, Have a product you can promote with confidence and that can give you the financial return, and take daily action. Great advice.
Thanks Suzanne!
BOOM BOOM BOOM Mike! Such valuable insights from someone who who has the experience to back it up… It’s easy to overlook these tips but they are hard won after many years of freedom crusading right? Love your posts Mike!
Boom! Many many years of crusading!
All great stuff man – My struggle is with how I look doing the daily things – I don’t feel like I fully know from start to finish how things work so I don’t work until I do. Not really at least – because if not, I feel like I am lying to people. Can you do me a huge favor and put together a flow chart and message me on facebook to discuss with you why it still doesn’t make sense in my mind and go back and forth until we come up with a flow chart that makes sense to me personally enough to run with and follow? That would probably transform the progress of this industry. I feel like that is a free giveaway of my time that I could give to you for you to pay me with your time and help 🙂 It doesn’t have to be now, but the sooner the better and we will together help so many people if you can ever make time for that – it might take a week of talking to complete such a powerful thing, but because I am in touch with how I feel so well and I am super expressive, I believe I can bring a TON of insight to the table in this industry to help propel it to new heights with your help. I don’t think I have ever found anyone as open and vulnerable as myself ( I say that in humility) and I truly believe that I AM your perfect avatar. I appreciate you a ton man ~ James Mike Brown @followjamesbrown on Facebook
All great stuff man – My struggle is with how I look doing the daily things – I don’t feel like I fully know from start to finish how things work so I don’t work until I do. Not really at least – because if not, I feel like I am lying to people. Can you do me a huge favor and put together a flow chart and message me on facebook to discuss with you why it still doesn’t make sense in my mind and go back and forth until we come up with a flow chart that makes sense to me personally enough to run with and follow? That would probably transform the progress of this industry. I feel like that is a free giveaway of my time that I could give to you for you to pay me with your time and help 🙂 It doesn’t have to be now, but the sooner the better and we will together help so many people if you can ever make time for that – it might take a week of talking to complete such a powerful thing, but because I am in touch with how I feel so well and I am super expressive, I believe I can bring a TON of insight to the table in this industry to help propel it to new heights with your help. I don’t think I have ever found anyone as open and vulnerable as myself ( I say that in humility) and I truly believe that I AM your perfect avatar. I appreciate you a ton man ~ James Mike Brown @followjamesbrown on Facebook