An online business should not be seen as just one entity, but instead a collection of separate elements which all work together to produce a profit.
Specifically, there are 7 important elements you MUST have to make a profit of above $10,000 per month in your online business...
1) A Profitable Niche
When choosing a niche, it should be something that both interests you and is profitable. And by "profitable", I mean it needs to have a large enough audience of people who have important problems they need solving.
The best way to judge this in 2 minutes or less is simply by looking at the Clickbank.com marketplace. Find your chosen niche in the left-hand column, and if it contains more than 2 offers with a "Gravity" statistic of at least 10, you have a winner. Usually the more offers there are with high Gravity numbers, the more profitable the niche is.
Many people try to over-complicate this process, but I find it's much less overwhelming to keep it simple.
2) High-Converting Offers
Sometimes a niche can be profitable but it doesn't have many paid offers to promote - either because the product creators haven't set up an affiliate program for their offer(s), or because they're very picky with who they allow to promote their brand. And if you don't have any offers to promote, this leaves you with one option - to create your own.
So whether you plan on creating your own products or just being an affiliate, you need to be able to promote at least 3 high-converting paid offers in your niche.
This is simply because not all of your customers will want to buy the same offer, and some customers may want to broaden their knowledge by purchasing multiple products from you.
Plus, the offers you promote must also sell ("convert") well, otherwise you risk sending a lot of prospects to them but not actually making any sales. Getting an offer to convert well is the job of the product creator, but as an affiliate, you should always check that the offer's average conversion rate is above $1 EPC.
3) Squeeze Page
If you're not building a list of leads or subscribers in your online business, you're leaving a lot of money on the table. After all, having your own email list allows you to send traffic to any web page or offer on demand, and also allows you to follow-up with your interested prospects over time.
So you need a way of collecting leads/subscribers on your website, and the best way of doing this is to use a squeeze page.
This is just a simple web page with one main focus - to get your prospect to opt-in to your email list in exchange for something valuable (usually free content).
ALL of your new traffic should be sent here - no excuses! This way, you build your email list while making sales from your...
4) Sales Funnel
What happens when people give you their email address in exchange for the valuable thing you promised? At this point, you need a way of turning those leads/subscribers into customers.
The best way of doing this in the fastest time possible (with the least resistance) is by using a sales funnel.
This process of web pages should guide your prospects from knowing nothing about you whatsoever, to knowing who you are, liking you, and trusting your word - then you recommend your chosen paid offers as solutions to their problems.
This way, they have a much higher chance of buying your chosen paid offers (and therefore solving their own problems as a result - meaning it's a win-win!).
5) A Compelling Hook
Just throwing any old sales funnel online won't be enough to convert your prospects into leads/subscribers and customers, though.
Instead, you need to make the whole process as compelling and interesting as possible with a curiosity and benefit-driven statement of what you're going to help them with.
For example, here's a poor hook:
"How to lose weight"
... But a much better hook could be something like...
"The one weird trick to drop 10 pounds in 14 days or less - without exhausting yourself at the gym or sacrificing the foods you love"
Do you see how that's more specific, interesting and compelling?
Your job is to create a hook for your sales funnel which people would crawl over broken glass to get to. Then you'll never have a conversion problem (i.e. lack of results) ever again.
If you never communicate with your audience, they'll eventually forget all about you and become less responsive to your marketing - meaning your results will dwindle and your business will die a painful death.
So it's insanely important to always have regular, long-term communication with your leads/subscribers, customers, JV partners and mentor.
Ideally this contact should happen every one to three days, but providing updates or giving them some valuable content every week or so would increase your results massively.
7) A Premium Offer
When most people build an information marketing business, they often place too much focus on acquiring new customers without making more sales from the customers they already have. The weird thing is, your existing customers WANT to give you more money at the soonest opportunity.
So after you have the foundations of your online business set up, you need to create a high value product which you can sell for a high price.
Think about your ideal customers and what the BEST outcome for them would be - then create a service or program which gets them there in the fastest way possible with the least amount of effort.
Once you have all the above 7 elements set up correctly, your online business will soar past $10k per month without any issues.
- James Francis.
P.S. If you'd like to learn more about the above 7 steps, feel free to read our case study here.