there's something oddly satisfying about the idea of earning six figures a year the typical group to get there though is working your way up the corporate ladder which can be painfully slow so I've analyzed the process that every entrepreneur I know is using that makes at least six figures a year and I've broken it down into a simple five-step formula let's dive in step number one make a proven business model and stick to it one of the most common misconceptions is that you need to create something totally unique and change the world but that's not
true at all all those business models you hear Internet entrepreneurs talking about things like e-commerce affiliate marketing product creation influencer marketing marketing agency and countless others they all work there are new businesses popping up all the time that followed those models and have huge success because there's so much demand for those things so there's room for you to get a slice of that pie as well the problem is some people try one of them maybe they start a marketing agency where they help small businesses with their digital marketing but after a couple of months they
hardly have any clients so they conclude it doesn't work and they move on to the next thing this is called shiny object syndrome where you're constantly chasing the next newer idea thinking this is the one until the next shiny object comes along and the whole process repeats so they never give the idea of fair shots and reach that tipping point of success they're too busy trying everything and never actually mastering any one of them the reality is if you pick a proven business model and stick with it long enough and work at it hard enough
and really can't go wrong step 2 sell a high ticket offer in other words you need at least one product or service with a relatively high price let's look at the math set to make a hundred K a year that's the equivalent of just under two thousand dollars a week that means you could sell 500 ebooks a week four dollars each or you could sell two in depth training programs a week at $1,000 each both options will get you there but it's a lot easier to find two customers really connect with what you're offering and
want your premium product or service than 500 new people every week wanting a cheap low ticket offer this is a double win though as it's not only less administration for you to be working with a smaller number of clients but it helps position you as a premium option in the market not the budget option so rather than trying to compete on price with your competitors compete on value by creating just one or two core products with a high price that can really deliver great results and then double down your focus on selling those learn about
the sales process enough so that you can confidently sell your high ticket offerings to those who need them because if you're offering something valuable enough people will pay more step 3 do less by building a team the most common misconception is that to make more money you need to do more but it's the opposite you need to do less you need to figure out what activities in your business are most essential make the most money and move the needle forward the most the rest should be out sourced and delegated as much as possible we all
only have the same 24 hours a day so it's about efficiency remember the 80/20 rule here 20% of activities drive 80 percent of the results so make sure you've identified the 20% and are focused on those simplifying is good saying no to more things is good and sure building a team is kind of scary though because you have to have faith in other people but when you take the time to find the right people and train them suddenly scaling your business becomes radically easier and if they're not working out let them go but the bottom
line is this if you're gonna be making six figures a year your time is valuable it's your most precious and limited resource so you can meet to be more strategic with them so for example if you're doing tasks like graphic design of video editing that could be out sourced for way less than your hourly rate you're losing money by trying to do it yourself because you would have earned more money by paying someone to do those tasks and using that time to do something more profitable for your business step four build an audience stop thinking
of social media as a place to see pointless photos start thinking of it as business media that's gonna bring your business a consistent source of leads the majority of digital entrepreneurs are leveraging many of the social platforms to build a loyal following who then buy their products or services and they generally do this by putting out regular free content that would appeal to their ideal customers if you're trying to sell someone fitness coaching you put out Fitness content if you're trying to help businesses run Google ads post tips about running Google Ads campaigns it works
for pretty much any niche industry or product you're giving away some of your expertise and insights for free to build credibility and trust and also to position yourself as the expert in their eyes on that topic if they see enough valuable posts from you you're going to be the go-to person when they actually need your products or services and because you have the social proof of all that content and you've got this following you've built you can command higher prices step 5 build partnerships ever notice how a lot of successful people seem to run in
similar circles for example a lot of the biggest Internet entrepreneurs you give business advice you'll collaborate with each other dan Locke Jason Capital Dan Pena Jordan Balfour and my left Russell Brunson Grant Cardone ty Lopez I could go on all day here they all appear in each other's content and that's because of these strategic partnerships they form they all have huge list of customers interested in similar topics so they sell to each other's audiences as well and maximize their exposure collaborations and networking in this way is an essential step as to use the very cliched
quo your network is your net worth surrounding yourself with successful people on a similar path cannot only be advantageous for you in terms of the money to be made but the people you surround yourself with directly influence your mindset and success working with ambitious people achieving great things inspires you to do the same and keeps you on the right path so don't try and do everything form strategic mutually beneficial partnerships to speed the process up and make sure you're connected with the right people so there we have it that's a lot of information so let's
just summarize real quick number one pick a proven business model and stick to it put the blinkers on and stay focused number two sell a high ticket offer learn to create and then sell a premium offering that can really have a big impact on above the rain do less by building a team the more you delegate an outsource the more you can focus on the things that matter most and scale quickly now before build an audience post free content to build a following earning credibility trust and plenty of leads in the process number five build
partnerships for mutually beneficial partnerships and connect with ambitious people on a similar path and then once you combine those five steps with hard work and you ditch any limiting beliefs about money or what you're capable of it's pretty much inevitable you can and will hit six figures a year but if you're now thinking well that's all well and good but I still don't know what I dare to do my personal recommendation is to build a YouTube business that is where you create a YouTube channel around a skill of yours or something you're genuinely passionate about
you build an audience with free content and then use all of those videos as the start of a funnel to sell a premium product or service related to the topic you talk about it's so simple yes so effective but for more information on how that actually works and how you can get up and running check out the links in the description of this video but whatever you decide best of luck you've got this Cheers
