Knowing And Understanding Your Output
You got to know that being in the info-product business is the BEST business model--ever. This means, you're marketing information which can be in any form-- ebooks, audio courses, DVDs, etc.
Robert Kiyosaki, author of Rich Dad Poor Dad once said that the education business is the best business to be in.
I don't want to waste your time explaining why this is true but there are two main points I need to address so that you can see what I see. It can be automated (if you're selling digital products) and you can sell it at a perceived value. That means, it could be 10 times mark-up profit or 100 % profit margin (if it's a digital download product).
2 days ago, I got another sale for an ebook of mine related to 'dogs' that I've created and sold back in 2004.
I do a lot of niche marketing not because I like it very much but because it's EASIER to make money online. Minimal competition. This is a $13.95 ebook in the niche market of "Boxer Dog". If you want to verify the existence of it so that you know I walk the talk, go to www.boxerdogtips.com. I mean, it's hard to take advice because everyone seems to be teaching how to make money online regardless of whether they're doing it or not.
Back to this sale. I didn't do anything to get it. Zero marketing effort. To be frank, I have NO CLUE how the visitor found this webpage. All I did was used Google Adwords to promote years ago.
Don't get me wrong-- I'm not putting down this sale. I'm GRATEFUL and THANKFUL to earn this autopilot income and the fact that I'm making money online doing niche marketing in various of niches on the internet. But I just can't be bothered with it AT ALL and I don't have the intention to improve or grow it.
Simply because I'm working smart. Not that I'm smart, I'm just working smart. (I wrote about this in the earlier post.)
Let's say the site makes $500 for me each month like clockwork. And if I can double the sales revenue, I'll make a thousand next month onwards.
That would be a good deal IF I don't have anything else to do.
Most people get caught up working harder, not smarter. Are you sure the time that you're investing in what you're doing right now IS the best way to create income?
I would spend my time to improve and grow my $50,000 business to $100,000 a month instead. Although I might need to throw in more effort and commitment, but it's definitely worth more than spending the time to grow from $500 to $1,000.
You see, each of us have 24 hours a day. As a business person, if you're not spending the bulk of your time on marketing, that's ALREADY wrong in the first place. And if you are, make sure that you're investing your time that will generate the best return of investment possible.
Is figuring how to set up a site technically more important or coming up with the money-making idea how to promote your site?
Both are important but one is always more important and it's easy to determine the answer for such question. Just ask yourself which one will pay your bill at the end of the month. Bingo.
Today's post is relatively short but I've included a lot of lessons here. If you have found any, please share at the Comment below because I would be happy to see them.
And of course, if you have gained any value of today's message or like to add more content to it, I would definitely appreciate your Comment below as I read every single one personally. (smile)
You "Chan" Do It!
-Patric Chan
Founder of The Chan Do
Internet Success System
www.YouChanDoIt.com
---
Robert Kiyosaki, author of Rich Dad Poor Dad once said that the education business is the best business to be in.
I don't want to waste your time explaining why this is true but there are two main points I need to address so that you can see what I see. It can be automated (if you're selling digital products) and you can sell it at a perceived value. That means, it could be 10 times mark-up profit or 100 % profit margin (if it's a digital download product).
2 days ago, I got another sale for an ebook of mine related to 'dogs' that I've created and sold back in 2004.
I do a lot of niche marketing not because I like it very much but because it's EASIER to make money online. Minimal competition. This is a $13.95 ebook in the niche market of "Boxer Dog". If you want to verify the existence of it so that you know I walk the talk, go to www.boxerdogtips.com. I mean, it's hard to take advice because everyone seems to be teaching how to make money online regardless of whether they're doing it or not.
Back to this sale. I didn't do anything to get it. Zero marketing effort. To be frank, I have NO CLUE how the visitor found this webpage. All I did was used Google Adwords to promote years ago.
Don't get me wrong-- I'm not putting down this sale. I'm GRATEFUL and THANKFUL to earn this autopilot income and the fact that I'm making money online doing niche marketing in various of niches on the internet. But I just can't be bothered with it AT ALL and I don't have the intention to improve or grow it.
Simply because I'm working smart. Not that I'm smart, I'm just working smart. (I wrote about this in the earlier post.)
Let's say the site makes $500 for me each month like clockwork. And if I can double the sales revenue, I'll make a thousand next month onwards.
That would be a good deal IF I don't have anything else to do.
Most people get caught up working harder, not smarter. Are you sure the time that you're investing in what you're doing right now IS the best way to create income?
I would spend my time to improve and grow my $50,000 business to $100,000 a month instead. Although I might need to throw in more effort and commitment, but it's definitely worth more than spending the time to grow from $500 to $1,000.
You see, each of us have 24 hours a day. As a business person, if you're not spending the bulk of your time on marketing, that's ALREADY wrong in the first place. And if you are, make sure that you're investing your time that will generate the best return of investment possible.
Is figuring how to set up a site technically more important or coming up with the money-making idea how to promote your site?
Both are important but one is always more important and it's easy to determine the answer for such question. Just ask yourself which one will pay your bill at the end of the month. Bingo.
Today's post is relatively short but I've included a lot of lessons here. If you have found any, please share at the Comment below because I would be happy to see them.
And of course, if you have gained any value of today's message or like to add more content to it, I would definitely appreciate your Comment below as I read every single one personally. (smile)
You "Chan" Do It!
-Patric Chan
Founder of The Chan Do
Internet Success System
www.YouChanDoIt.com
---
posted by Patric Chan at 6:30 AM
13 Comments:
Hi Patric,
This is a good post complementary with the earlier post.
Looks like you habe a ton of niche products.
:-)
Cheers,
Bryan Kinnear your pen name ?
Very thought provoking!
My first thought was "I'd be happy to have that $500 site and then build 10 more or 20 more...but that would be just trading time for money just like a regular job.
Going up to the bigger picture it makes much more sense for you to work on higher income producing activities.
As usual, a great post!
Alex
Good post, thanks for sharing. I love not only IM too.
Thanks.
Marian
Hi Seree,
Yeah, I got several started last time. But right now, I've changed my business model to dominate niche markets instead of creating many.
As a student of marketing, we should always adapt to the latest techniques we've learned and review our previous knowledge because education is always ongoing.
Next question:
Bryan Kinnear your pen name ?
It's a pen name that was created by the person I've assigned him to run the business previously but I was the person who created the business and make it profitable.
Hi Alex,
By having 10 or 20 more, if they're in different niches, it means that you need to split your attention. And in my humble opinion, that might not consider as working smart unless you're working on a different business model.
Marian,
You're welcome. :-)
You "Chan" Do It!
-Patric Chan
www.youchandoit.com
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Hi Patric,
I really like your post. You convince me that I really can make money online. Thanks and keep up the good work. :)
Yoko
Patric,
I submitted a first comment but it didn't get publish to your blog page.
You have really attracted Wealth & Abundance as from what I read from the Law of Attraction, 'Like attracts Like', 'Wealth attracts Wealth'.
Will look into your ideas..
Always nice to hear you making more & more money..
Wealth & Prosperity to you.
Frankie Teo
Hi Patric,
I understand how to multiply the income by 10 by replicate the business in 10 niches but ...
I do not understand how to multiple the income by 10 using the niche domination technique.
Mind to share?
P.S. I want to thank you for answering my question patiently in the first consultation call of this year. It was a great call. :)
Hi Raymond,
I do not multiply my income by 10 by replicating 10 businesses. In theory, that's how it works but in reality, it might not work that way. I work smarter to earn 10 times the income.
Working smarter can be in various of methods as per explain in this blog or thinking on your own :-)
About the answer from www.sundayemail.com/chartered.html, you're most welcome. If you can send an 'official' testimonial over instead of this short one, that would be most appreciated. You can do so by sending to helpdesk@patricchan.name and I'll be in touch with you.
You "Chan" Do It,
-Patric Chan
www.youchandoit.com
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Great post.
You mention you haven't touched the site in years, not even checking email.
With your niche sites, do you hire someone to do the customer service? That's something I'd like to do with my own niche sites, but not sure how to find someone who can answer people's questions well.
I feel like since I am an expert in the niche, it's hard for me to find someone who can tell a subscriber or customer what to do when they have questions.
Hi Liz,
Thank you for your post.
The way how I run an internet business in a niche market last time and now is no longer the same.
For the previous cases, surprisingly, there are very minimal questions ask. If I do not know the answer, I'll just suggest them the source where they can get it.
At present, I'm moving into niche that I'm familiar with and focus on market domination rather than 'widing' the niche markets. It's more rewarding to focus 'deep', not 'wide'.
You "Chan" Do It!
-Patric Chan
www.youchandoit.com
----
Hi Patric,
As always, your short posts are
very readable, and thought provoking.
Very nice, thank you!!
Brad.
Thanks Brad!
You "Chan" Do It!
-Patric Chan
www.youchandoit.com
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