Look around your niche. Ever notice how many marketers are floundering with their infoproduct businesses…or in some cases outright failing? There’s a reason why so many are failing (and why you might be in danger too).
The reason? Those who are failing are missing some of the eight business essentials (AKA businessentials). Every successful information-based business thrives by incorporating and improving these necessary pieces…
What is the meaning behind these eight businessentials? And is your business missing these eight essentials too?
That’s what you’re about to find out. Read on…
One of the big keys to creating a profitable business is to make sure you’re starting with an I.D.E.A.L. market. This market has the following five characteristics:
- Interest: Your market needs to interested in the topics of your products, and you need to be interested in these topics too.
- Dilemma: In order to create a profitable business, your market needs to have a dilemma that you can solve. And more specifically, they need to have problems that you can solve over multiple products (i.e., via your sales funnel).
- Evergreen: Fads don’t create money over the long term. You need to make sure your topics have lasting interest if you want to create lasting profits.
- Accessible: This key is all about checking whether your market is easily reachable via traditional advertising methods. If not, you’re in for a long, hard climb.
- Lucrative: Finally, you need to make sure this market is enthusiastic about purchasing solutions to their problems, and they have the cash-in-hand to do it.
That’s the first businessential. Here’s the next one…
Once you’ve uncovered and defined your I.D.E.A.L. market, then the next step is to determine what sort of impact your business will have on your prospects, customers, community and the word. That is, you’re going to develop a mission statement.
Example: Saving people money so they can live better. (Wal-Mart)
Why bother? Simple – because if you think of your business as a big ship, then your mission is the rudder. It steers the ship and ensures your business is on the path to profitability.
Your mission statement tells people why your business exists and how it does what it does. It gives you a clear purpose that will guide your decision-making and help you stay true to what makes you … you. It helps you stand out in the market and stick to what you do best in the market.
Here is the formula…
What Your Company Does +
How Your Company Does It +
Why Your Company Does It
= Your Company Mission Statement
Now let’s take a look at the next businessential you need to succeed…
When it comes to your infoproduct business, there are multiple ways to generate C.A.S.H. online. Here’s what I consider the “big four”:
- Courses, where you sell information to solve people’s problems.
- Affiliate, where you earn commissions promoting other vendors’ products to solve your prospects’ problems.
- Service, where you sell a service (such as ghostwriting) to solve problems.
- Helping, where you make money as a high-priced coach or consultant.
I suggest you start with selling courses. That way, you’re not trading time for money, and you’re not selling other people’s products (which means they’re getting the big asset, which is the customer list). Naturally, you can mix and match these methods a bit over time, but it’s a good idea to focus on selling courses, especially at the start.
Now the next businessential…
A lot of aspiring business owners do well during the planning stages, but then they fall flat on their faces when it’s time to take action. This often happens because these folks are making the process entirely more complicated than it needs to be.
So what’s the solution?
This: minimize your steps to the bare essentials to get you making money.
To get started, you don’t need to put 101 pieces of your business machine into place. Instead, you only need to start with these three steps.
- CREATE a mailing list of targeted, eager prospects. (Who you sell to.)
- CHOOSE a traffic source to get these prospects to your lead page. (How you build the list.)
- CRAFT an enticing offer. (What your list buys.)
You drive traffic to your lead page, your prospects sign up for your list, and then you sell your offer on the backend. That’s all you need to do to get started making money online, so don’t make it more complicated than it is.
To START you need one list, one source of traffic, and one offer.
To SCALE add more lists, more sources of traffic, and more offers one at a time.
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Once you start making money using the previous step, THEN it’s time to start adding cogs to your business machine so that you can make even more money. And what you need to do in this step is start fleshing out your business model by building a sales funnel.
Because here’s the thing…
While you can certainly start making money with one product, you’re not going to get rich doing it. That’s why you need to create a suite of related products so that you can sell these offers to your existing customer base.
Your customers’ path to profitability is composed of four pieces:
- FREE offers, which you use to attract targeted prospects and entice them to join your mailing list.
- FRONTEND offers, which are the low-price, high-value offers that quickly turn prospects into cash-paying customers.
- FOUNDATIONAL offers, which is a core offer that turns your first-time buyers into repeat customers.
- FINISHING offers, which are the products you sell on the backend. (Hint: this is where the REAL profit in your business lies hidden.)
Put these pieces in place, and you’ll see your business grow!
The next businessential is about making more money with minimal effort.
You see, there are three basic ways to make more money with your business. Here’s what these three methods are:
- Get more customers. One way to do this is by getting more traffic in front of your offers. Another way to get more customers is by improving your conversion rates so that more of your visitors turn into cash-paying buyers.
- Get more customers who spend more per order. You can raise your prices to create higher-spending customers. But another really good way to do this is by offering related items during the ordering process (e.g., cross-selling and upselling). The classic example here is, “Do you want fries with that to complete your meal?”
- Get more customers who spend more per order more often. In other words, this method is all about getting your customers to buy more expensive products from you on the backend, and to order frequently.
The best part is that you can install “set it and forget it” systems into your business to automatically get more customers, who spend more money per order, and who make repeat purchases from you.
If you put everything to work for you that we’ve talked about so far, you’d have a pretty good business going. But if you want to increase profits and stay profitable, then you need to snap into place some proven methods and systems.
Here are the three parts of a good system:
- SIMPLIFY: A good system strips out all the extra distractions so that you can focus on those steps that are most important.
- STRUCTURE: A good system provides structure, in that it gives you a streamlined process for each step so that you do it right the first time and make progress.
- SCALE: A good system scales, meaning you can give these systems to virtual staff to complete the processes for you.
Question is, where is the best place to install these system in your business?
The answer is simple: you put them in the three areas we talked about above:
- Creating an offer.
- Building a mailing list.
- Getting traffic in front of your offers.
And now let’s look at the last of the eight businessentials…
Do you ever feel like there aren’t enough hours in the day to accomplish all you want to do, especially in regard to your business?
Here’s the thing: whether you have 80 hours or 8 hours per week to start and grow your business, it can be done. And one big key to maximizing your time is to create a set of work schedules and stick with them.
Here’s an overview of the process:
- Step 1: DECIDE the minimum amount of time you’ll work each week. In some cases, this may involve honestly assessing your time to determine if there are places in your current life where you can free up more time (such as by dropping or delegating a task in your personal life).
- Step 2: DETERMINE and prioritize your weekly, monthly and quarterly tasks. Here you’ll need to look at your business goals and determine which tasks take the highest priority. Remember to “Minimize” by focusing on the bare essentials needed to get your business making money, and then add other facets to your business as time allows.
- Step 3: DEVELOP a schedule that focuses on the next prioritized tasks. Now that you know what you need to do and how much time you have to do it, you can develop a schedule that both fits your life and grows your business.
Now let’s wrap things up…
If your existing business seems to be faltering, or if you want to be sure that your new business is on the right track, then you’re going to want to make sure that you have the eight businessentials already in place.
As you read about these eight businessentials, you probably noticed places where you could improve. But the question is, how do you put these eight elements into place and/or improve them in your business?
You can find the answer to that by checking out the complete Businessentials course, which guides you through the process of putting these pieces into place so that you can start enjoying a more profitable business.
The entire Businessentials courses is on sale now for just $9.97!
If you feel like this is your year – this is the year you’re going to get serious and start a new business or take your existing business to the next level – then you’re going to want to CLICK HERE TO DOWNLOAD the complete and profitable Businessentials course right now!