When you're just getting started with your online business, earning $100k per year may seem a million light years away...
But in this tutorial, I'm going to reveal how you can cut out the constant lack of clarity and skyrocket your online business to your next income bracket.
Going From Zero To $10k Per Year
Out of all the stages of growing your online business, moving from a complete zero to $10k per year is definitely the most difficult.
After all, you have no assets to leverage, and usually a very small amount of capital to invest in your business. This is not to mention the non-physical assets, including a huge lack of knowledge to point you in the right direction - meaning it's common to feel lost, overwhelmed and overworked due to the stupidly long hours you're putting in.
This stage alone took me around 2 years to complete (working around 2 hours per day after college and a part-time job), but you can drastically shorten this time frame down for your online business by focusing solely on building the foundations.
After all, you can build a house with the best walls and ceilings in the world, but if your foundations are rotten, everything will only keep crashing down on you. So it's important to get this done ASAP.
This means choosing just ONE proven business model, ONE niche, and ONE topic within that niche to focus your business around. Nothing else. And the more you ignore this advice, the longer it'll take for you to escape this stage of your business.
Looking back honestly on my own business, I was too distracted by all the shiny objects and didn't settle on one business model until about a year and a half in, so technically this should only take you around 6 months if you follow the right guidance.
Plus, when you do finally make your first $10,000 from your online business, you'll start to lose the initial frustration and even though you've achieved your initial goal, your entrepreneurial spirit will quickly make you feel hungry for more.
Going From $10k Per Year To $50k Per Year
At this stage, you'll have all the foundations set up, but they'll most likely be leaking profit all over the place - like a bucket full of holes. You'll also probably be working long hours to keep up with everything, as things will be pretty disorganised and not very leveraged.
So to move onto the next stage, you simply need to plug those holes by tweaking and optimizing all your processes, including...
- Increasing the conversion rates at every step in your sales funnel.
- Growing your traffic quantity and quality.
- Automating more tasks, so your business runs without you.
- Getting better at providing GREAT customer service.
- Maximizing the profit from your upsell and downsell flows.
- Becoming more productive by dropping all pointless "busy work" activities.
... And generally focus on everything else responsible for your bottom line.
Going From $50k Per Year To $100k Per Year
This is probably the easiest stage to complete, as you'll already have a proven sales process in place which is converting really well - meaning growing your business from this stage is simply a matter of scaling things up.
(That's why moving from $50k to $100k in my business only took me around 6 months.)
More specifically, you need to do three things:
- Repeat the activities which have gotten you to this stage on a greater level.
- Outsource tasks which don't require your input (e.g. customer service, web design, etc) to other people, to allow you to do other, more important profit-generating activities.
- Start selling higher-priced, higher-value offers.
Out of these three steps, creating and selling higher-priced offers will be the key to surpassing $100k per year before you know it, as just 50 people paying you $2,000 is $100,000 - WITHOUT including anything else from the front-end of your sales funnel.
(Not to mention the many lives you change as a result of the awesome value you provide.)
So if you do nothing else at this stage, create a perfect offer for your audience which provides immense value to them and which can be scaled effectively, then just sell it to the same audience which has gotten you to this stage of your business.
And sure, many people may say I've oversimplified the process of moving from zero to $100k, but I guarantee if you focus on these important tasks (instead of all the other results-draining distractions which you'll inevitably be presented with), you'll be hitting $100k before you know it.
Have a great weekend!
- James Francis.
P.S. Any questions or thoughts? Feel free to leave a comment below...