In today's blog, I'd like to address a question I got from a coaching client in reply to an email that I sent out several days ago. And the question was,
"How do I make the most money the fastest in my business?"
Before I reply to the question, I want to discuss it for a minute and examine it.
Now I know from speaking with this particular client that she is not necessarily generating a lot of revenue in her business, and so the question stems from a place of almost wanting not to take a lot of action. To not get out of her comfort zone and do everything that she possibly can to get over this first hurdle that she is facing to generate revenue in her business. Instead, she is looking to focus only on a few things to create a shortcut to produce the results more efficiently.
Now I'm not one to say that it's not 'smart to work smart' and it's not wise to focus on the high dollar activities in your business, but what's crucial here is to realize that:
- If you're not willing to take action on what you are learning each day;
- If you're not ready to get out of your comfort zone;
- If you're not willing to do everything you possibly can to get your business out of that infancy phase;
You're in trouble!
So, the question asked is better suited to when you want to start scaling your business. Focusing on figuring out which activity you should be completing daily, to scale from $5,000 to $10,000, or $10,000 to $50,000 a month.
But, when beginning your business, you need to do everything in your power to get out of the infancy phase.If that means working 12 hours a day - that means working 12 hours a day on business.
If that means doing everything you can; Three blog posts a day, Facebook LIVES every day, YouTube videos, Emailing your list twice a day, etc.
It means taking massive action to create a result that you can grow from.
So firstly, I wanted to address the question.
Now for the answer to that question.
Making the most money quickly in your business comes down to focusing on the 80/20 rule, which means spending most of your time on the 20% of activities that will generate 80% of the revenue.
As an online marketer, there are three huge things that you need to focus on and master if you want to create revenue:
- Lead Generation
- Monetizing Those Leads
- Following Up With Those Leads
Also, it is essential to realize that there's a 'Micro 20%' inside that 20%.
So generating New Leads will not be as lucrative as emailing the list that you already have
- As Lead Generation is not guaranteed to create results.
- Emailing your list;
- Following up with your list;
- Building relationship with your list;
- Hosting webinars for your list;
Are the activities that are going to generate the most revenue, most quickly.
So to answer my student's question:
If you are in the infancy phase of your business when you're not making anything happen quite yet, (That point where you know you're at zero and feel like you're about to break through.) It would be best if you did everything in your power to get from Zero to the $5000 or $10,000 per month mark.
From there, when you want to start to Scale your Business to make the most money with the least amount of work possible - It comes down to focusing on the 20% of activities that will yield 80% of the results. (And even the 'Micro 20%' inside that 20% that will lead to even more of a compounding effect on your revenue.)
So the highest paying activities that you can complete in your business are:
- Emailing your list;
- Having promotional webinars for your list;
- Building relationships with people to form joint venture partnerships;
These types of highly paid activities are going to yield the greatest results with the least time.
I know people who make a ton of money in this industry, working just a couple of hours per day. That's because they have delegated or outsourced anything not directly related to generating revenue.
- Their traffic is taken care of
- Their lead generation is taken care of
- All of the small admin tasks are taken care of.
- Their email replies are done for them
Leaving them free to focus on emailing the 20% list, creating products, building relationships with their list, adding value to the marketplace, hosting webinars and making sales.
They nurture the smaller customers who initially purchase a $47 product into ascending customers of $297, $2000, $10,000. So those are always going to be the highest earning activities in your business.
So, if you want to make the most money in your business in the fastest way - Focus all of your efforts and all of your energy on the highest-earning activities daily.
So, I hope this answers my student's question.
Just remember, if you're trying to get out of the infancy phase, you need to do whatever it takes!
- Work like crazy to get through the grind
- Get your business from Zero to $5000 Monthly.
- Then to the $10,000 per month.
Only then would I recommend focusing on the things that will produce the most results in your business by implementing the 80/20 rule.
And also, micro chunking down that 20% of activities within the 20% in the 80/20 rule.