Archive | August, 2023

I can’t stress the importance of what I’m about to tell you enough. If you look at entrepreneurs who have made fortunes – I mean SERIOUS wealth – in almost every case the money came not from inside the business, but from SELLING the business.

You’ve heard numerous news stories of internet companies selling just 1-3 years after their initial start-up. And the businesses you hear about sell for 7, 8 and even 9 figures.

If this sounds out of reach right now, picture this scenario: You start a business today, and in 6 months to 2 years you sell it for 6 figures. Would that make a great payday for you?

Now you might be thinking that selling your business is something you don’t need to worry about until long after you start it. Not so.

If you are starting a business right now, you should also be considering your exit strategy. After all, you could get bored with what you’re doing and want out. Or maybe you need quick cash. Or you decide to go in an entirely different direction. So you decide to sell your business.

If you’ve laid the groundwork, you should be able to sell quite quickly and for a very good price.

Here’s what you need to know:

– Don’t think of it as flipping a website. Think of it as selling a BUSINESS. That’s because buyers don’t want a website. They can build their own website cheap enough.

What they do want is a ready to go, money-generating cash-cow business, so make your plans accordingly.

– Make your business transferable from Day 1. Every product should be its own entity – after all, a single product can actually be an entire business.

Give it a website of its own, its own list, its own customer base, its own affiliate program and affiliate list, etc.

– Don’t brand it exclusively with your name. It’s fine to attach your name to your XYZ product, but don’t call it “yournameproduct.”

In other words, “Bob Smith’s Traffic Gorilla Mania Course” is fine. “Bob Smith’s traffic course” is not. In the first case, the product is Traffic Gorilla Mania, a name that anyone can sell. In the second case, the product is Bob Smith’s Traffic, a product forever branded as belonging to Bob Smith.

Imagine you’re Bob Smith, and you sell your traffic course business to someone else. That person then sells the course. Who do people ask for help? You. After all, your name is on the course.

Then let’s say the buyer alters the course and now it stinks. Who will people blame? You. Now you see why your name needs to be completely separate from the product name.

Yes, it’s a bit strange to think about your exit strategy when you’re just starting a business. But when it comes time to sell, you’ll be glad you did.

One more thing – what if you have a partner?

Write into your agreement what will happen if you sell. Just look at the possibilities and agree on how it will play out if one of you wants to sell to the other, or if you both want to sell to a third party.

You can make a good amount of money by making each of your businesses as stand-alone as possible, and then selling them when the time is right. In fact, selling your business can potentially earn you more than you made running the business.

So plan ahead, and make sure you are building your business-selling exit strategy directly into your business itself!

When I got started in online marketing, I was lucky. Someone told me exactly what to do, and I didn’t know any better than to follow his instructions to the letter. I looked at it this way – the guy was a self-made millionaire. I was broke. So what was I going to do – take what he told me and ‘fix’ it?

Somehow make it better? Improve upon it? There’s an old expression: If it isn’t broken, don’t fix it. I took his instructions as gospel and did what he said. Soon I was making so much money, I was frankly astounded.

The biggest mistake I see new marketers making is they try to innovate. They have a better idea. A better system. A better method. And they almost always fail.

Look, there is a place for innovation once you know what you’re doing…

… But not when you’re first getting started.

Imagine you’re teaching someone to drive, and they get a great idea: ‘Why not just beep the horn when they’re about to hit someone? This way that person can get out of the way, and they never need to step on the brakes.’

See how crazy that is?

But it’s exactly how new marketers tend to think: “Forget the old ways, I’ve thought of a better way no one has ever thought of before.”

Uh-huh.

Instead, if you want to meet success quickly in this business, take a system that is already working and copy it.

Yes, that’s right – I’m advocating that you flat out copy what’s already working.

Are you in the diet niche? Then do this: Purchase the top 5 or 10 diet information products. Pay close attention to every step of the funnel. Take screenshots and notes. Pour through the products and see what’s good about them and what’s missing.

Then create your own product based on what you’ve learned, and set up a sales funnel based on the funnels you went through. Do this and I almost guarantee you’ll have a good selling product.

Online marketing isn’t hard if you’ll simply do what’s already working. But being human, we tend to think we can do better. Or we think we should do better and that it’s not right to copy systems that others are using.

But all industries are built upon the knowledge of those who went before – even those that innovate like crazy.

I’ll give you an example: It’s July 2003 and you’ve just co-founded Tesla Motors with the intention of building cars.

Are you going to start from scratch, with zero knowledge of cars and engines and how they run?…

… or are you going to take all of the knowledge accumulated over the last century and a half of car making, and then BUILD UPON this knowledge to create your own cars?

See?

Even companies like Tesla don’t reinvent the wheel – they make it better AFTER they’ve learned everything they can about what’s working now.

When you’re just starting out, find a system you like that you know is working, and then copy it. Once you’ve got it working, then and only then do you start innovating.

There are lots of great ideas here so please pay close attention… Let’s say you write an email to promote a product. Your email is basically a review of the product, and with it you make lots of sales. Now you’re done, right? Not even close.

Take that very same email and repurpose it into a review. Post the review on your blog under “reviews” and optimize it for SEO. Don’t panic – you’re basically optimizing for just a couple of key phrases like “XYZ Product Review.” Done right, you’ll get steady free traffic to your reviews, and sales, too.

Capture the email addresses of these additional visitors when possible and of course capture your buyer’s emails addresses so you can sell them more stuff.

Now think about what you just did – you wrote one email, made some sales, put the email on your site, made more sales and got more people on your list. Not bad.

But we’re just getting started.

Let’s say you write a 35 page report on traffic strategies. You sell the report for $10, and you make lots of sales. It’s a good start. But you are leaving SO MUCH money on the table.

Here’s what you can do…

At the end of your report (which is a really great report, btw) offer the reader personal one-on-one coaching tailored to them, based on the report, and charge a whole lot more than $10. A LOT more.

And don’t panic. You already have the information you need – it’s in the report you wrote. All you’ll be doing is working with this client on-on-one to tailor a solution for their business. “Let’s do A, then B, then C.” You’re simply acting as a coach or consultant. They’re getting the result they want and you’re getting a nice 3 or 4 figure fee.

But we’re not done yet.

Take the content from your report and make a video course. Put the course on ClickBank and pull in more sales. Setup an affiliate program while you’re at it (super easy to do with ClickBank), and the sales will continue to flow without any additional effort on your part.

Now take the content from your report and create a webinar with it. At the end, offer your personal coaching service. Or an upsell. Or whatever you want that fits.

Are you getting the point?

These are just a few examples of how you can repurpose your best content to earn yourself 10 times more money. You don’t necessarily need more content. You just need to use the content you do create wisely, and repurpose whenever possible to reach more people and create more customers for your business.