The Secret to Making Money Online — or Anywhere!
It works like this, and you don’t need to be famous.
1. If,
you have a product or service
that people with money actually want to buy
2. and . . .
you’re willing to do what it takes you to engage that group’s attention
3. and . . .
you can offer that group irresistible buying opportunities
4. and . . .
for which they are willing to pay more than it costs you to
research, make, build, buy, offer, advertise, sell, serve, and otherwise deliver
what they buy
then,
you will make money.
BONUS:
If you want to make more money:
Follow the above formula with more things they want to buy and more opportunities to buy them.
That’s the secret of how to make money anywhere.
Which step do you see people leave out most frequently?
–ME “Liz” Strauss
Work with Liz!! SOBCon08 is May 2,3,4 in Chicago. Have a plan!! Register now!
I’d say they mostly skip steps 2 and 3. I’ve seen so many business owners trapped in product features and services ideas who forget to either make them known to their target audience or to create the irresistible buying opportunities you speak of. But if I stop and think of all the people marketing bad products and those charing incredibly little for their work, I’d say their numbers are also significant. I’d still rank those second though.
Hi Alina,
I see many who think everyone will see what they see in the product or service they have thought through, worried over and built up. Then they’re disapointed when no one seems to care about the same things. 🙂
As a business coach I most commonly see steps 1 and 2 missed out. Either the product is just not appealing to a large enough crowd of people or it is priced out of the comfortable range of their market. Or the product IS fabulous and properly priced but no-one knows about it!Luckily the latter is much easier to fix than then former – a few jvs and an affiliate program should get it out there.
Love the simplicity in which you set out this equation. You are dead on.
I’d say most frequently, it’s step 1. People pretty much build what they want to build.
Right on, Liz! Great, simple list. Step 1 is where most people screw up. They assume they have what the market wants, but they didn’t research enough. All other steps after step 1 gets screwed up become a whole lotta work for not much in return!
Hi Ed,
Yeah, I call that the “it’s a good idea because it had it” syndrome.
Hi Michael!
A whole lotta work that leads to a whole lotta disappointment.
Sometimes what I also see is that people know exactly who the right customer is but don’t realize that they have no connection or way to reach that group of customers. 🙂
Liz, good point. I see market potential everywhere but I realize that if I were to reach that market, I have to let go of the idea that I have to do everything myself and become a facilitator instead. More like a true entrepreneur/owner would.
That’s so true, Michael.
It’s so much more efficient to “reach the reachable.”
#3 Hi Katherine,
Yep, I’ve seen all of those . . . and if I might add one. Some folks don’t consider the cost of executing their idea makes it impossible to sell. For example, I might spend two hours wrapping the most beautiful gifts in the loveliest papers and ribbons, but I could never make a business that would pay for the time and materials I would need to do that individually for many customers. 🙂
Perfectly succinct. I think number two is the most easily missed. There’s a lot of repetition online. It’s okay to say the same things, as long as they’re said differently (or more precisely). The above list does just that.
Hi Liz
(Been working on my own online product, so late to the party ;-))
Step 2, definitely, closely followed by 3. Give first, to build trust and ‘expertise’ on the very subject you have created.
Then most creators forget to tell their prospects the benefits of the product on offer, focussed on the extra, newer, shinier features the creator (still) is.
(Hope I’ll do better myself)
Karin H. (Keep It Simple Sweetheart, specially in business)
There’s a very crucial step that isn’t listed, Liz……
“Recharge yourself and don’t burn out!”
Hi Liz – That’s a brilliant way to break it down. And almost anyone should be able to follow it.
Often, I see a lot of people putting the cart before the horse – creating a product or service first then trying to find the people. And I guess most of them would probably be better off finding the people first, then trying to work out what they actually wanted after they’d built a relationship with them.
Hi Writer Dad,
I think you’re going to be making those millions you wrote about. Great observation.
Hi Karin,
I think it will be years before anyone is late to anywhere near here. And in my experience, it’s far better to be late and on the mark than earlier and not ready showing everyone what not to get wrong. 🙂
Yes, Kris,
Keeping up with yourself is important to fueling a business, no question about that.
Yeah, Cath,
I know what you mean.
It’s the school of “I’ve built a company, now how do I make money.” 🙂
Great list and my vote is #2, though not having a product anyone wants might be a close second. Ha.
Nice article and great blog, though I’ll argue that you’ll be more successful by building a community first, finding out what they really want, and then creating that first product… 🙂
Hi Todd!
Number 2 is missed so often some folks don’t even know it exists. 🙂
Hi Lindsay,
You’ll never get an argument from me — having the community that wants to buy and building the product for them is the best way. Unfortunately some folks need to sell and build community at the same time. 🙂
What a great list! I’m printing this one out and pinning it to everything in the house to remind me what I’m supposed to be doing and forgetting about the stuff that doesn’t contribute to one of those 4 things – and the real gift is figuring out how to do numbers 3 and 4 – I’m still working on those ones!
Hi Alex!
Thanks! Simple things are darn hard to do. 🙂
I think you left out the part about working non-stop, really hard and being patient as essential components of making money online.
Hi Best,
Sounds like you’re having a hard time. Maybe working for hours at a steady pace with determination is a part. Surely patience and service come into the mix, as does joy if we’re doing what we were meant to do. 🙂