🌳 How To Build An Online Business From Scratch pt.2

QUOTE OF THE DAY

BUILDING AN ONLINE BUSINESS FROM SCRATCH PT.2

386 Words | 1 Min 24 Sec Read

Yesterday we covered part 1 and if you missed that head back to your inbox and search the following ‘How To Build An Online Business From Scratch pt.1’ and give that a read to be caught up.

Just as a recap here are the first 3 steps:

Step 1: Understand one problem that one specific group of people has.

Step 2: Create a clear and concise roadmap to solving that specific problem.

Step 3: Figure out your product format

Here is step 4:

Step 4: Finding customers

Now this is essentially the process of marketing however, there is a way to be extremely smart about how you market your product. The typical method would be to go to Ads, SEO and other traditional methods but the goal here is to use the hub and spoke method.

Your dream customers are already out there, they already exist and it's your job to find them rather than make them come to you. The hub and spoke method is simple, picture a bike wheel with the centre of it being your hub and each spoke being a customer. It’s your job to find the hub, the thing that already exists that has access to your ideal customers. This may be Facebook groups, It may be communities, It may be a certain type of influencer that has an audience of your ideal customers.

Doing it this way you are trying to gain one thing, the hub and then the spokes will come with it (your new customers).

Step 7: Create a system for repeatable selling & reverse engineer your goal

Every good online business has a repeatable system

You should know what exactly you need to do every day to push the needle forward, where you need to be posting or what action you need to be taking and once you’ve figured out your system, you can reverse engineer your goal.

What will it take for you to get to that sweet $100,000 a year?

Find 4 people who will buy your $75 course each day.

4*$75*365 = $109,500

That's how you create a 6-figure online product.

Back out of that number. If you know 3.5% of people buy when they get to your website, then you need to drive 114 people to your site each day.

Maths, Maths, Maths.

ACTIONABLE NEXT STEPS:

Make a start, the hardest point will be figuring out the problem you want to solve but once you’ve uncovered this everything else will tend to fall into place, and the dots start to connect.

TAKEAWAYS:

Step 1: Understand one problem that one specific group of people has.

Step 2: Create a clear and concise roadmap to solving that specific problem.

Step 3: Figure out your product format

Step 4: Finding customers

Step 7: Create a system for repeatable selling & reverse engineer your goal

BOOK OF THE WEEK ⤵️

The book of the week is ‘The 4-Hour Work Week’ By Tim Ferris. It’s the step-by-step blueprint to free yourself from the shackles of a corporate job, create a business to fund the lifestyle of your dreams, and live life like a millionaire, without actually having to be one. Read it HERE 

CREATOR OF THE WEEK ⤵️

The creator of the week is @BetterIdeas, a self-improvement-based content creator focused on helping you improve every aspect of your life from your sleep to how you spend your free time to allow you to look at life from a different perspective and improve relentlessly.

LESSON OF THE DAY ⤵️

Make yourself less accessible and you increase the value of your presence.