Wednesday, November 4, 2009

Who Wants a Million Dollar Online Business?

Who doesn't want a million dollar online business would be a better question. Everyone seems to think that as long as they set up a website, maybe a blog, do some advertising and do a couple videos that the money is going to come rolling in. I'm going to give you a heads up of what it really takes to have a Million Dollar Online Business.

Market: Is there a big enough market for you to earn a million dollars online? For instance, if you sell a specialized food to a specialized animal, chances are you won't do a ton of volume. You may be the best in that particular market, but when you have your market share how many customers do you really have? So when starting an online business you need to make sure you are in a market that will produce the amount of volume it's going to take for you to earn the amount of revenue you want. Do a little research and find one that can provide for you.

Systems: Okay, now you've found the perfect market for all of your dreams to come true. Do you have the proper systems in place? When I say systems I mean a sales process that takes someone from prospect, to customer, to repeat customer virtually without you being a part of the equation. Now, if you're in Networking and/or MLM you would want that person to go from prospect to customer to distributor to taking some sort of promotional action without you being a part of the equation. If you're confused right now it's okay, it just means you need to do a little more homework or find someone to teach you these details. Trust me, when running a Million Dollar Online Business you simply don't have the time to talk to the amount of prospects that will be coming. Your job is to develop leaders and have them duplicate your systems for a successful business.

Focus: This should actually be the first thing on the list. Especially in the Direct Sales industry. You are bombarded with opportunity after opportunity claiming you can go to sleep tonight and wake up tomorrow rich! I know you know what I'm talking about and I know you've been involved with at least one of these opportunities. I want you to, right now, think of someone in your market who is having the results you want. Do you ever see them doing anything else other than what they do? No, they are focused on building that one business and have become successful in doing so because of their focus. You need to be in control of your time and focus or it will control you.

Marketing/Advertising: Yup, here we go again. You must always be Marketing and/or Advertising your business. Yes, there is a difference. Advertising is just that, an ad for your business. Marketing can be a number of different mediums from an article about your industry, product or service or videos teaching people how to become proficient at something you teach. However you look at it, Marketing is not a blatant sales pitch, it is always more informative. I'll also tell you right now that ALL of the Top Earners online use paid advertising such as Google Adwords or other forms of PPC (Pay Per Click) Can you manufacture 15-20 FREE leads a day with consistent marketing...Yup, but you can manufacture 100+ leads a day with paid advertising. Remember, we're talking about a Million Dollar Online Business, not a part time hobby. You're going to need that type of volume.

Consistency: You are going to have to do something everyday in your business if you expect it to continue to produce results. Now, you don't have to work 10-12 hrs a day, but you need to make sure something is always getting done to promote the growth of your business. Your time should be focused on the 20% of the activities that account for 80% of your results. The 80/20 rule exists everywhere in all instances of any business. It happens in your life too, but that's for another topic all together. As an Online Business owner, if it doesn't pertain to that 20%, outsource it to someone else because it is a waste of your time. This was hard for me to do at first because I thought I had to control everything. The best thing to ever happen to me personally and professionally was to outsource.

Keep these things in mind when you're building your business. This is not Rocket Science, it's just volume of qualified prospects, that's it. The more qualified prospects who go through your system the better. At the end of the day it's all about sales and sales is simply a numbers game. As your numbers grow you will understand the importance of systems and outsourcing. So get out there and start building your Million Dollar Online Business. I hope this helps you on your Journey. Until next time, Happy Marketing!

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