You Want To Make 6 Figures a Year? Here’s How
There’s something strangely fulfilling about acquiring six figures per year. The most common way of arriving there, however, is moving gradually up the professional ladder which can be horrendously slow.
So I’ve broken down the cycle that each business person I know is utilizing to make themselves Six figures every year and I’ve separated it into 5 steps that you can steal. You’re welcome. Let’s have a look at those steps, shall we?
Make a clear plan of action (Business Model) and stick to it.
Quite possibly the most widely recognized misguided judgment is that you need to make something remarkable that can change the world. But that is false.
There are business models you hear internet entrepreneurs discussing like; e-commerce, product creation, influencer marketing, dropshipping, and numerous others.
New organizations are springing up constantly that followed those models and have had tremendous achievements. Because there’s such a lot of interest in those things, there’s space for you to get a cut of that pie.
The issue is a lot of people attempt too many of them. Perhaps, they start with influencer marketing where they assist independent or larger companies with customers and traffic by appealing to the audience they have built over time but after a few months, they scarcely have any company contact them for work so they assume it doesn’t work. They then proceed onwards with different business models or niches.
This is called 'Shiny Object Syndrome' where you're continually pursuing the next big idea you have thinking that this is the one until the next sparkly item goes along and the entire cycle rehashes. So they won't ever give reasonable effort to attain their goals and achieve success. Instead, they're caught up with having a go at everything and never dominating any of them.
The truth is that if you pick a demonstrated business model, stick with it long enough and work at it adequately hard, you should attain the success you are looking for.
Sell a product with high value
All you need is one item (service or product) at a moderately high cost. How about we take a look numerically at what it takes to make a Hundred Grand a year. You have to make close to $2000 every seven days.
That implies that you could sell 500 digital books a week costing four dollars each or you could sell two thorough training programs every seven days at $1,000 each. The two alternatives will get you there.
However, it’s significantly simpler to discover two clients that want what you’re offering and need your premium item or service than 500 new individuals consistently needing a modest low ticket offer.
You would be killing two birds with one stone because not only will you not be dealing with 500 new customers every week which can get bothersome, it also helps position you as an exceptional choice in the market. So instead of attempting to contend on cost with your rivals, you contend on value by making only one or two center items with a high cost that can truly convey extraordinary outcomes.
It helps reduce the competition you will inevitably encounter in the journey by selling only to individuals who need them. It also makes marketing your product cost a lot less in the long run.
Do less by acquiring talents
The most common confusion is that to make more cash, you need to accomplish more, and yet, it’s the contrary. You need to do less by sorting out the exercises in your business that are most fundamental, make the most cash and move the needle forward. The rest ought to be out-sourced as much as possible.
We only have 24 hours daily, so it’s about productivity and efficiency. Remember the 80/20 principle right? It states that 20% of exercises drive 80% of the results. So ensure you’ve distinguished the 20% and are centered around those that improve the service or product you are offering. The remaining 80% can be outsourced if it needs to.
Remember, the more you delegate work, the more time you will have to accomplish the things that matter. Efficiency is king if you want to make upwards of 100 grand a year and become a millionaire in 10 years or less!
Build a loyal audience around your business (It's not as hard as you might think)
Stop considering online media as a spot to see casual pictures of people you don't even know and begin considering it as a business media that is going to bring your business a predictable and consistent source of traffic.
Lots of businesses and internet entrepreneurs are taking full advantage of the many social media (Instagram, Twitter, YouTube, LinkedIn, heck Snapchat) to assemble an unwavering following who then purchase their items and services. They by and large do this by putting out customary free substances that would engage their potential clients.
If you’re attempting to sell people fitness coaching, there’s a right way at going about it and there is also a wrong way. The wrong way would be to shove all your products in their faces and expecting them to just buy them when you didn’t offer any value beforehand.
The problem with that is people need to trust you before they can do business with you. This takes me to the right way of doing it. If you want to successfully sell fitness coaching to people, you need to prove your authority in the field by putting out free content that will be valuable to your potential customers, and only then can you sell them your products as a bonus. This way, they will have trust in you and won’t have any problem giving you their money.
Think about it... Who would you rather buy a product from? Somebody who you just met or someone you’ve known for weeks that have been feeding you with value? The answer is obvious.
To build an audience, you need to provide value. The rest is history!
Cross-promote and build partnerships
Have you at any point notice how a ton of highly successful Individuals appear to run in the same circles? For instance, a ton of the greatest Internet business visionaries (Or even YouTubers) you know work with one another sharing their audience and reach. They all show up in each other's contents and that is a direct result of these key organizations they structure.
They all have a gigantic rundown of clients interested in similar subjects, so they offer their services to each other’s clients and also amplify their reach. It’s a system where everybody gains.
When you are just starting, it’s very hard to build partnerships with people with huge audiences and it’s understandable. For the partnership to work, everybody involved needs to give out equal value. What you can do instead is to partner with people and businesses of the same size as yours. It will be easier to build partnerships with those people in the same value rank as you because no one loses.
If you have 100 true fans, who would be easier to connect with? A business with 10,000 fans or a business with 200 fans? You should go for the business with 200 fans unless you have a genius strategy to make the business with 10,000 fans partner with you.
Let me recap for those that love to skim:
1. Make and follow a clear business model.
2. Sell a product or service with a high market value.
3. Out-source work as much as possible to save time. Efficiency is key
4. Take advantage of social media to build loyal fans around your business
5. Build partnerships with businesses that have similar audiences to yours to take advantage of each other's reach.
6. [Bonus for reading to the end] This one wasn’t listed above but it is very crucial. Find a good mentor, it will save you a lot of hassle.
