My 5 basic, never-fail steps to start a consistent income flow
I'm no billionaire, but I do have a consistent income flow from a few streams. I thought I'd contribute something since I'm relatively new to the community. Here's my basic thought process when I'm undertaking any new venture:
1. I search for an identifiable group of people (demographics) that has been shown to spend money. People speak and act differently, so it's always nice to have an identifier of some sort. Supply often follows demand, so if you see advertisers, sellers and competition, it's often a huge sign of high demand.
2. I look for a platform that has already grouped these people by default. Of course you need to find these people, but some websites do this for a living already - sites like Amazon, Google, existing email lists, blogs - all of these already have pre-existing methods of contact for these people.
3. Monetization as fast as possible. No matter what you do, once you've decided on research, always get a form of product out and selling. It could be an affiliated product where you earn revenue or even your own product. It doesn't have to be a perfect product. Work by alpha -> beta -> release candidate methods where you build prototypes and improve by editions. Sales = Money. Nothing else you do will be effective if you don't have something to sell.
4. Constant R&D. Research is highly crucial. When you monetize, utilize it as a way to acquire information from your customers - dreams, aspirations, wants, needs, pains, etc. From there, you can develop more products and hopefully upsell them.
5. Acquire connections as fast as possible. This is similar to my 2nd step, except I'm using this to expand my current marketable range. Let's face it, one person is not able to grasp the world in her hand... interdependence and win/win situations are the best ways to grow as fast as possible. Try guestblogging, exchanging email lists, etc.
Bonus Step!
Small list but I tried. Warriors are welcome to add their own if you deem fit. 
Imogen
PS. Here's how you can make it actionable. Go through every step, and write down something that identifies with the step. If you need help with a step, just post in the thread and I'm sure awesome warriors will help you out (or I will!
).
PPS. Give the thread contributors some love too!
1. I search for an identifiable group of people (demographics) that has been shown to spend money. People speak and act differently, so it's always nice to have an identifier of some sort. Supply often follows demand, so if you see advertisers, sellers and competition, it's often a huge sign of high demand.
2. I look for a platform that has already grouped these people by default. Of course you need to find these people, but some websites do this for a living already - sites like Amazon, Google, existing email lists, blogs - all of these already have pre-existing methods of contact for these people.
3. Monetization as fast as possible. No matter what you do, once you've decided on research, always get a form of product out and selling. It could be an affiliated product where you earn revenue or even your own product. It doesn't have to be a perfect product. Work by alpha -> beta -> release candidate methods where you build prototypes and improve by editions. Sales = Money. Nothing else you do will be effective if you don't have something to sell.
| Originally Posted by JohnMcCabe One thing I would add to your #3 - When you make that update, make sure all of your previous buyers have access to it without having to buy again - unless the upgrade is so wide that it makes for a brand new product. (Thank him!) |
5. Acquire connections as fast as possible. This is similar to my 2nd step, except I'm using this to expand my current marketable range. Let's face it, one person is not able to grasp the world in her hand... interdependence and win/win situations are the best ways to grow as fast as possible. Try guestblogging, exchanging email lists, etc.
Bonus Step!
| Originally Posted by JohnMcCabe I get to sit on the beach with an umbrella drink and a laptop watching both the waves and the money roll in...(Thank him!) |
Imogen
PS. Here's how you can make it actionable. Go through every step, and write down something that identifies with the step. If you need help with a step, just post in the thread and I'm sure awesome warriors will help you out (or I will!
).PPS. Give the thread contributors some love too!
FREE PDF GUIDE CLICK HERE!
⊲ Click here to go behind the scenes of a highly profitable sales funnel in action
Join ADZbuzz Here:
ADZbuzz Social Network And Content Discovery Platform