In this post, you'll learn the pillars of the mindset you need to build an online business, why they are necessary and what will happen if you don't develop them.
First though, let's explore a well-known statistic:
80% of businesses fail within their first.
Why is that?
Well, you might not care about the answer,
but it's probably pertinent to you because you are here on a blog that evaluates different courses and business models, which likely means that you have a desire deep down to start your own business.
(Why else would you be here)
Anyhow, back to the failures, the many people who give up on their dreams of starting a business.
According to Forbes, one of the main reasons is that failures don't develop themselves.
On the other hand, the few who are successful know what they can and can't do, and work on themselves to get better.
What do they particularly work on?
Those who are successful in starting a profitable online business have at least one thing in common.
They know why they started and they continually remind themselves of that reason.
Frederick Nietzsche, a German philosopher at the turn of the 20th century, famously stated,
“He who has a why can endure any how.”
Looking within yourself and discovering the underlying reasons for why you are doing what you are doing and why you want to do those things is vital if you want to stay on task and actually achieve your goal.
Because while you build a business, you will have moments when you are tempted to quit, tempted to pursue a different business model because it looks easier (grass looks greener/shiny-object syndrome).
And what will you tell yourself in those moments to stir your drive to press on and continue constructing your internet business.
Ever heard of him?
What about that video about the "millennial question" that went viral a several years ago?
After this video, Simon dove into the reasons why particular individuals overcome what others don't and found that those who persevered kept going even when they were dog-tired,
feeling like Atlas with the world upon their shoulders.
Forgive me for being so blunt,
but if you're looking to start an online biz in our time where technology is moving at lightspeed with social media and world news intertwined so that life feels like a trio of tornados woven together,
threatening to pull you apart by like a hurricane rips a palm tree (roots and all) from its coastal sand,
you need to be anchored with a sense of "must,"
of why the heck you are stressing yourself out.
Biophysical Science behind the Why
While scrolling through the web one night, I stumbled upon this genius businessman-turned-inspirational speaker by the name of Simon Sinek.
He’s written extensively on the science on which the “why” exercise that I’m about to show you is founded on our brain structure.
Essentially, our brain has 3 layers:
- Neocortex, responsible for our analytical thinking and rational processing
- Outer Limbic System, responsible for our behavior
- Inner Limbic System, responsible for our deep, "gut" feelings and decision-making
And when I first discovered Sinek, what I found most helpful was his Golden Circle explanation and model of how to get to get to your why.
Risking oversimplification, what the above 3 layers translate into (working from the inside out) are your purpose (inner limbic), your process (outer limbic) and your result (Neocortex).
Discovering Your Why through Tapping Your Inner Limbic System
And in this chapter, I will walk you through an exercise to help you find your why by tapping into your inner limbic system.
and then 2 daily tactics that you can implement to keep your why in your mind at all times, therefore giving you the motivation, the sense of "I must do this business for my life to get better."
The exercise that was most helpful in helping me find my why I learned from Dean Graziosi, a real-estate-investor-turned-personal-development-speaker.
Specifically, I got the most out of an exercise I was introduced to in his book the Millionaire Success Habits, called "7 Levels Deep."
Below is a 2 minute long video where Dean introduces the 7 Levels Deep exercise and shares the impact it had on him.
Here's a worksheet that Dean gives away to help others discover their why (I don't know about you but I like to work out my thoughts on paper.)
Keeping Your Why In front of You:
Tactic 1: Write Them Down
After you've taken the 30 minutes of so to through the the 7 Levels Deep Exercise,
it's time to begin building your consistency.
As you might have guessed, the first tactic for preventing your why from fading into the background is to sew it into your mental fabric by writing it down often, building up to an optimal level of 2x a day.
Uncle G, The 10x'd sales expert, employes this practice, saying:
"I write them down in the morning, I write them down at night. Why? I want to wake up to it. I want to go to sleep to it and I want to dream to it. I want to control what I am sleeping with each night, not some stranger. Right?"
Tactic 2: Surround Yourself with Like-Minded People
Find a group of people that are actively pursuing similar goals as you are.
The coaching program that gave me the knowledge to quit my 9-5 and taught me the skills that led to my first online business success (lead generation) had a group of people that were passionately pursuing their own freedom from their jobs using the lead generation model.
Being involved in this collection of entrepreneurs gave me a place to find continual encouragement and renew my motivation.
You can try to walk this journey alone,
but you'll have a much greater chance of become successful if you link arms with a positive, encouraging community.
It's only after you find out your why that you are able to move on and get really into your process.
Whether that's building an Amazon FBA business, an Affiliate Marketing Business or a Lead gen Business.
What's my Why?
After graduating from college, I worked 9-5 at a car parts store, making maybe 35,000 dollars a year coordinating parts orders with multinational manufacturers.
After working there for a year, I really began to feel hemmed in and dreaded the daily grind of waking up to a screaming alarm clock, jumping into my 20 year-old beater and then enduring the stop-and-go to work, only to be around negative people complained ceaselessly about how the man (my boss) was short-changing them.
It was then I started to look for other ways to make money, particularly online because the internet was what was available to me in the evenings after work.
My why was freedom.
I wanted to get out of the job that was necessary but made me feel like a slave.
So I took action:
I joined an mlm for a while only to have see my upline get richer and leave me in the dust.
Then I looked in an affiliate marketing opportunity and the main thing they wanted me to was get more traffic to sell their course.
While I made a little money (couple hundred bucks month), I left because it didn't give me the money to quit my job, because my goal was freedom and travel, not just a little more to pay down my college tuition. In case you are interested, I did an extensive review of that experience here.
Persistent in my search, one night I was clicking away as usual when I unearthed a coaching program and (pretty much because I was exhausted) I signed up to talk with a rep.
He told me about his own business and how his life was changed through local lead generation so he made this course to help give others the opportunity to better theirs as well.
Making a long story short, I signed up for the program and after 7 months of diligent effort, had replaced the income from my 9-5.
Then completely free to keep building my business, over the last 5 years, I've scaled it to 52k a month with the ongoing mentorship provided by the coaching program.
After my first two years doing lead gen, I got some shiny object syndrome and decided to check out Amazon FBA, because I saw others making lots of money selling simple products like fidget spinners.
In 2017, I took a course that showed me how to set up a private label company selling on Jeff's platform.
I got started,
opening my Seller account,
a second LLC,
selecting a product and then
First product was a dud.
6k out the door.
after 3 attempts,
and 15k spent,
I got it right and scored my first sales.
In 2018, I hit 52k a month in revenue, 32ish% of which was profit.
In December 2018, I took some time off and reflected upon the past year of selling.
I did some time inventory and saw how much time I had to put into each of my businesses.
I had to be very attentive to my Amazon business,
watching the number of sales,
monitoring ppc ads and tracking inventory,
whereas I had paid very little attention to my lead gen business,
as the leads went to my clients and their money came to me.
I also looked at the average annual profit margins of each business:
My FBA Private Label Product lines averaged 35% profit margin after all expenses, which is a pretty good rate.
My lead gen properties averaged 91.7% profit margin, as I didn't have the costs of physical products, product research tool subscriptions, shipping, and ppc ad spend.
as of 2020,
I pulled out of Amazon FBA to focus more into my lead gen business.
But my overall goal is to help other people succeed in their online business efforts, hence why I share my experience from advertising on Google, to putting together a rank and rent biz, to using facebook ads to grow your small business.