Tuesday, October 23, 2007

Online Millionaire Plan: Basics - Multiple Streams of Internet Income

Multiple Streams of Internet Income

The idea is to start off with a niche you know, some personal solution to a problem you’ve had, some itch you’ve scratched.

Then you either expand that niche, or take on additional niches, or both.

Corey Rudl tells about having multiple streams of income and how he does it:

You can make a lot of money targeting niche markets.

As mentioned before, I have found that the easiest way to make money on the Internet is to diversify your interests. In other words, have a couple of non-related products marketed to a niche with each making a little money every year. Each may only make $10,000 a year (like my Dr. Stewart's Tape package), or $12,000 a year (like my Buy/Build Specialty book), or may make only $40,000 a year (like my emblem business), or $150,000 a year (like Car Secrets Revealed). And this is only to mention a few businesses I am involved in... can you see the potential here?

Once you add up the incomes however, you can have an easy $100,000 income in short order. Since everything is automated, it is not much more work (beyond the initial set up and marketing) to run one online business as it is to run four or five.

Rudl ended his book by stating that his annual income was now several million a year, and that he had needed to hire several people to take over the simple functions which had made him a millionaire:

Final Notes

In the world of business, there is no magic formula that will guarantee success every time you promote an idea. You've probably heard the saying, "opportunity knocks but once". Don't believe this nonsense.

Opportunities are around every corner! All you need to do is visualize the potential and tap into it.

Many people will be skeptical when you enter the business world. Don't advertise your plan for success... just do it! It is okay to express your ideas and get feedback, but if you express how wealthy or successful this may make you, others will be cynical.

Most people do not believe that wealth is a lifestyle choice within their control. Indeed, many believe the only way to get rich is to win the lottery or rob a bank. They will never be as enthusiastic about your future plans as you are.

Other people’s skepticism may be enough to kill your desire to pursue what may have been a fantastic opportunity. Ted Turner was asked what he attributed most to his success. His reply was "Early to bed, early to rise, work like hell and advertise". This course attempts to promote that philosophy, combining hard work and technology for success. It is so easy to work smarter and more efficiently by automating your business instead of just working hard. Take advantage of this, be efficient, and don't get too caught up in all the technology. Use the KISS method (Keep It Simple, Stupid).

For those who have serious business experience behind them, I urge you not to let the simplicity of this presentation frighten you away. The techniques I present here are the same methods that earn me hundreds of thousands of dollars per year as a one-man operation working a few hours a day from my home (please note that as my online businesses have expanded to over 4.2 million dollars in sales every year, I have had to hire 6 new employees to take over some of the daily tasks).

You don't need a lot of money to get started; you need commitment, desire, and will. You don't need any advertising experience. You need the willingness to learn, and to apply the methods and techniques I have shared with you.

Income multipliers

Jay Abraham, marketing expert, has this formula for multiplying your sales exponentially:

1. Increasing number of clients

2. Persuading these customers to buy more in their orders

3. Encouraging these customers to buy more frequently

More customers. Larger orders. More often. Simple, eh?

Most businesses only work on 1) above. However, if they took the time to really service their clients and build trusting relationships, they would wind up with 2) and 3) as well – and often referrals from these very satisfied clients, which brings them more of 1)

This actually expands on something I discovered during my research for this book.

You want to be able to multiply your income, not just add to it. Multiples will give you exponential growth; linear just slowly increases income – but only if you’re lucky or very clever.

The rough formula I had was Job x Clients x Orders equal Income. (Profits = Income minus Expenses).

The guy in the day job with a 40-hour week or a fixed salary is working at 1 x 1 x 1 = 1. Getting a second job or overtime is 2 x 1 x 1 = 2. You can only work so many hours each day at the one job you are doing. Having your spouse work is then 3 x 1 x 1 = 3. But your expenses go up as you are paying a babysitter and the government is taking more money out of your paycheck for taxes – so your profits aren’t really increasing linearly, you’ve got them to increase slightly and you have less time for yourself and your family as a result. Family stress and strain are appearing.

Now, start a business at home instead of getting another job. Your expenses are less because you are allowed certain tax deductions for having a home-based business. But you are still linear, not working in multiples. But you are with your family more, working in more comfortable surroundings – and you are your own boss.

Your business opens a line of information products in a certain niche and gets this profitable. If you add in several more ways to get customers, then you are multiplying the effect.

You move from 2 income sources x 1 set of customers x 1 set of orders ( = 2) to 6 income sources x 1 set of customers x 1 set of orders ( = 6).

Now, lets get that all on automatic and move into another niche of information products and use all these new ways to get customers. You now have 12 income sources x 2 sets of customers x 1 set of orders.

You’ve just moved from 2 to 6 and then to 24.

Add in Abraham’s strategy of increasing the size and frequency of the clients’ orders, and you get something like 12 x 2 x 5 = 120.

See how this multiplying effect makes your income go exponential? Now note here that you are still working your full-time day job and have invested your part-time hours into your business (which is now starting to make you more than your day job...)

You increased your income by improving the effectiveness of your time, not by taking even more time away from being with your children or taking needed vacations, etc. Your income has gone up 120 times while your time invested has remained the same. (And when you can replace your day job, you’ll be able to reinvest those 40-plus hours however you choose...)

In this Online Millionaire’s Plan, I tell you more than eight different inexpensive ways to get potential clients for your business. None of them require much investment to get started with. But those eight marketing routes multiply your income each time.

Once you have the sales pages and mailing lists and sales funnel and all the rest built for your first product line, you can stream line this down to an efficient work-flow. Get most of it on automatic.

Then add another niche. Get a product for that list, apply the same tactics and strategies for your first niche. Add in all the eight or more marketing strategies.

You’ve just moved from

2 (day job and 1st niche business) x 8 x 5 = 80 to

3 x 16 x 5 = 240, tripling your income potential.

If you were making, say $24,000 a year salary working in a factory as a supervisor, you could then go to $48,000 with your own business and a single source of clients, buying the minimum from you. And then you could take it exponential, making possibly $5,760,000 (240 x $24K).

That’s the math behind this system, how it it is pretty simple to make your fortune online.

Now, of course, “your mileage may vary.” And you will have to prove it to yourself. But Corey Rudl did exactly that. In a quote earlier in this book he mentions 4 niches he was operating to bring him well over $100,000 annually (having quit any day job) and within a short time was making just over $4 mill a year.

And right now, in the set-up we currently have, anyone can do this same thing, take this same route to their own millions.

That’s why I wrote this book. It was too exciting to keep to myself.

What do you use to catch your fish?

Like any successful fisherman, the Internet entrepreneur has many poles in the water - or a baited string of hooks - or many traps. The fisherman with only one pole out there is just enjoying the rest it provides. The fish harvester goes at it with a net. The single-pole fisherman is lucky to come back rested and with dinner. The fish harvester brings his catch back to the market, where he is sells it for a handsome sum and supports his whole family while putting money in the bank.

You will need to have many different ways people are led to your site. This book goes over the key ones and you will probably find more as you go. Don't depend on a single pole to catch your dinner. Always have many lines in the water.

Joe Vitale wrote these now famous words, which say so much about making your own fortune:

The Five Steps in Spiritual Marketing.

The first is to know what you don't want. Most people are real hung up on what they don't want. They're always complaining, they're gossiping, they're saying they're hurting, they don't have money, they don't have the health that they want. They're stuck on this stage.

And I'm saying, Step One is know what you don't want, because you use it as a springboard to Step Two, which is know what you DO want. That's a very powerful single step.

I have learned about the power of intention. Intention can reshape the universe to your will. And it comes from making a decision for what you want, which is Step Two in Spiritual Marketing.

Step Three is to get clear, meaning that if there are beliefs within you saying that "I don't deserve the things that I want," or "it's not possible to get the things that I want," or "there are other things that may have to happen before I can have what I want," those are all beliefs. Get those beliefs out of the way so you're streamlined to go for what you want. And Step Three is all about that; that's getting clear.

Step Four is feeling right now what it would be like to have, do or be the thing that you want. So if it is to drive the new car or live in the new house or have this particular romance, this relationship, feel it. Feel it as if it's happening right this minute because the more you can feel it right now, the more you turn yourself into a magnet for the thing you want. And it will start to come to you as you start to go to it. That's Step Four, feel it.

Step Five is let go. Step Five is let go, because so many of us are still trying to struggle with life and make things happen, and I've actually found the escalator through life. And the escalator through life is these five steps that I put under the title of Spiritual Marketing.

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