Succeeding in online business Part 1: Lessons from marketing millionaire Jeff Walker
Not many people need to be convinced about the benefits of starting an online business and claiming the advantages of this work-at-home revolution.
Promises of a low-cost start-up, being your own boss, working less hours for more money, having more time for family or hobby, and retiring rich are all very attractive.
But what does it really take so succeed online? What information do the online business experts withhold from you? What does making it online look like? Are there alternatives?
Let’s take Jeff Walker as an example – internet marketer, creator of Product Launch Formula and a humble, Ford-pickup-driving common man who leveraged the Internet into a $400 Million Dollar empire over a period of 15 years.
In an interview with Eric T. Wagner posted on Forbes.com in September 2012, Jeff summarizes his experience in 7 power key lessons:
- You have to get started and take educated, decisive actions as early as you can
- Have a goal, move steadily towards it, learn from mistakes, and never give up
- Nurture real, constructive, synergistic, empowering, supportive relationships
- Focus on your unique strengths, and maximize them in dedicated slots of time
- Develop trust by being transparent and giving value first, then patiently wait
- As you gain success, you will need to develop a new skill: “discernment” or being picky!
- Never stop learning: devour books, attend workshops, allow others to teach you
From my experience, just like with any business, it takes a certain kind of power to achieve success. That power consists of some combination of the following:
- Knowledge: education, know what others don’t, know the biz, know the market
- Systems: step-by-step procedures, the right systems used in right way, optimization
- Relationships: supportive connections, mentors, teams, joint ventures, favours
- Energy: sweat and tears, sleepless nights, collaboration, enthusiasm, perseverance
- Time: time to build, time to learn, time to mature, time to fine-tune, and timing
- Money: money can’t buy everything, but it can buy needed leverage to speed things up
Now, in order to make money online in a tried and tested way, you have 3 primary options (or a mix thereof):
- Sell someone else’s value, eg. direct reselling, affiliate income, network marketing/MLM, Cost-Per-Action/Pay-Per-Click ads, etc.
- Connect with other like-minded people and sell each other’s “value” (directly or as an add-on), or be the connector of buyers and sellers like eBay or Kijiji: earn royalty, usage or licensing fees, or commission
- Create your own products and deliver them through various channels, eg. your own website designed for a specific purpose, affiliate networks, or sites like Amazon and iTunes
But beware — there is no such thing as get-rich-quick. Every creation requires some level of discipline or persistence initially. Building a product or system from scratch takes energy, time or money — about 300 man-hours on average. Most great online products take a team of at least 6 people and 6 months to perfect.
Are there shortcuts? Are there easier and faster ways out there to thrive in 2013?
Yes they are! But more on that in the next post — watch for that in the coming weeks.
Chris Strongarm is a founder and executive director of ExecutiveVision.ca and Life