I constantly wondered what would help me generate passive income while helping me to grow a strong recognizable brand. I learned that it doesn't matter what kind of business you own or want to start, but with some work there are 6 business secrets will help your brand generate passive income.
Since we’re getting to know one another, I don’t know your abilities or desire to succeed so I have to make at least one assumption about you: You know something about business and you're older than 18.
If you're a reasonably intelligent person, then you'll have no problem understanding these points. I'm going to shoot straight from the hip… no BS, no coddling, no arguments, please!
Whether you agree with what I'm revealing here or not, is NOT the point… these are essential ‘truths' to making money in your OWN business, not speculation – they are time tested, battlefield proven FACTS.
Use them or not as you see fit. They are here to help you and inform you. Period.
OK? Let's dive in…
1: Capture EVERYTHING
You must CAPTURE the names, addresses, emails, favorite social media networks, favorite travel agencies, favorite restaurants, favorite soda, etc…(if you can and if applicable) of every prospect within your audience that contacts you in any way… by phone, email, contact forms, surveys, forum thread, or letter (yes, even snail mail).
In order for your business to be profitable, you must use the lowest cost methods available to you that generate a consistent and reliable flow of new prospects for your products and services.
You MUST store your prospects in a database or spreadsheet (like Excel or Google Sheets) so you can easily manipulate, retrieve, and insert your prospect's information into any your marketing communications that pertains to them.
You must diligently and unmercifully follow-up with this person until a sale is made or they remove themselves from your mailing list.
Normally it can take anywhere from 1 to 10 or more communications with someone before they will buy anything from you. DO NOT STOP at 3 letters or emails. Email at least 10 times before giving up on them. To do this easily without forgetting or not creating a strong relationship, you can create a newsletter or autoresponder that will be programmed to share valuable information and product and service deals with your prospects.
2: Simply Ask and Product Development
You MUST have your own product to sell in the $7.95 to $49.95 range. This should be your lead product but not until you know what your audience wants. Your initial product should be inexpensive and good with a perceived value worth your audience’s time. It has to “WOW” your audience while simultaneously solving their problems.
It must be a product you are proud of and that is above average in USE-ABILITY and USEFULNESS to them.
When thinking of a product to develop think about what others would find USEFUL and HELPFUL first. A great way to do this? ASK them! Focus on the customer.. and what they would find useful and helpful to fulfill their dreams and goals. Ask them through blog posts, surveys, and social media what they need and find the best and efficient way to provide the solution to them.
For example consider the BIGGEST issue you are struggling with as a solopreneur. What would that be? What is the one thing that you are unable to get control over or resolve on your own. For instance it may be figuring out where your audience hangout online. Do you know when they are most active and ready to share online? Perhaps you are unable to manage your social media accounts or blog and run your day-to-day business operations and need help. Whatever it is share it here on the blog or by responding to this email with us because perhaps others in the community are also finding this to be a struggle for them. Always remember that you ARE NOT ALONE.
3: Sell Like A Madman or Madwomam
Now that you have asked your audience and created the ultimate product or service that will “WOW” your audience and simultaneously solve their problems you are ready to make the sell.
We are all in business to make money. You have to be HONEST with yourself about that before you can consider developing a truly profitable online business and brand.
Anyone can generate profits, but YOUR ultimate goal is to create valuable solutions for your audience that will remain evergreen and will grow with your audience and their needs.
Once you have captured the attention and loyalty of your audience, SELL the value of your solution. Don’t waste time or momentum with this step because you want your audience to always take action. If you are working with people who are procrastinators, you want to give them reasons to become action takers. This is what everyone looks for in building their business. You don’t have to be sleazy to sell valuable solutions. Through constant contact and communication, you transform yourself from an “unknown solicitor” to a “known problem solver” who actually cares enough about your audience to make sure that they are happy with the solution(s) you provide and actively seek ways to improve or build on what you give them.
4: Upsell To Profits
Upsells are always part of HIGH income generation. You MUST have another product… either your own or as an affiliate that is an increase from your initial product. Consider these as add-on solutions that allow your audience to propel in their own journey. Usually upsell products can range between $295 to $999 as individual products or packages. If it's your own product great!! You're going to generate AMAZING income quickly. If you're an affiliate, make sure the product is $495 or higher and you're getting at least 50% of the gross as your commission. This is where the MAJOR income is made for affiliates. Multiple affiliate products or services can also do the trick.
You must diligently and unmercifully follow-up with the people who bought your lower-priced product until a new sale made with the higher product or they want off your mailing list.
5: Save – Avoid Unnecessary Spending
You MUST KEEP the majority of what you make from your business and avoid spending money indiscriminately. Just because you begin making money doesn’t exempt you from being responsible and using your money wisely. In order for you to become wealthy you must WISE money decisions and you must SAVE the majority of you make while reinvesting with a purpose. This is where most entrepreneurs FAIL miserably. They make the money, but then they spend it on irrational and non-essential items that do not help them to produce MORE wealth.
Don’t get me wrong. You make money to improve on and enjoy your life, but you cannot spend and not reinvest in what is making you the money to begin with. You need to focus on growing your business while moving toward the lifestyle you want to live. Spending below what you are making is vital to growing your wealth so that you avoid living PAYCHECK TO PAYCHECK.
FOCUS spending profits on advertising that gets results or building a ‘system' of some kind: equipment, office systems, software or information that will help you MAKE more money. That's it.
Be very, very diligent about SPENDING.. in most cases DON'T!
6: DON'T MANAGE YOUR TIME… Control it!!
‘Managing time' sounds like you have very little control over how it's used. Nothing could be further from the truth. You must be as diligent with your time as you are with your money, especially if you spend a lot of time on the Internet.
It's easy to waste minutes, hours, and days just ‘surfing' or ‘browsing'. Is that you? Learn when “good enough” will suffice and move on to productively take action.
Divide your time anyway you want but make sure the majority of your time is spent on DIRECT CASH GENERATING ACTIVITIES such as blogging, placing online ads, posting to social media, driving subscriber action, sending offers and newsletters to your subscribers, etc.
Here's the model I use for controlling my own time:
- 80% to direct cash generating activities
- 10% to product delivery and customer service issues
- 10% to planning my direct cash generating activities (including social media and blogging activities)
And… every 30 days take one whole day OFF– no cell phones no pagers, no computer, nothing! Really take a day off and re-charge your internal batteries.
Be very, very diligent about SPENDING your cash and your time and please …don't waste either one!
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