The goal of your online business should be to generate enough of both active
and passive income to support your desired lifestyle... while you provide
continual value to your target audience to help them achieve their desired
results in certain areas of their lives.
This business should improve your life progressively, and help transform
the lives of others -- something that you can pass on to your next
generation, and them the next... no matter how the internet marketing
world will evolve in the future.
Note that I mentioned about earning BOTH active and passive income, and
NOT just passive income alone. Because the idea of ‘passive income’
(especially in the internet marketing world) is just too hyped up nowadays.
Too many IM newbies are brainwashed into thinking that earning enough
passive income that allows them to bask in the sun on some island in Mauritius
is going to make them happy for the rest of their lives... (figuratively speaking)
The truth is, passive income should be one of your goals, but not your main
goal. I'm sure people like Bill Gates, Mark Zuckerberg, or even Gary
Vaynerchuk have more than enough passive income to last them a lifetime...
but do they stop creating value to generate more active income and scale
their impact, or do they go for even more?
My hope is, you will reach a point in life when making a difference and
leaving a legacy mean more to you.
How many times have you watched or read in the news of some filthy rich
public figures who destroyed their own lives with drugs? These people ended
in misery because they didn't see the real purpose of possessing their great
wealth...
Think about it this way -- at the end of your life... would you want to be
remembered as merely someone who's made tons of money online and
lived the high life... OR someone who's equally successful, but used his/her
wealth to touch thousands, or even millions of lives?
Now that I've cleared this misconception about the passive income goal, let's
get down to business...
Let's start by deciding how much you want to make every year, then break it
down into the month and day...
Setting this basic financial goal goes a long way, and it should be the first thing
you do before you get into the nitty-gritty of internet marketing...
Because once you have this ‘end in mind’ (your financial goal for your online
business), then it’s easy for you to work backwards... to know how much you
must make monthly, and even daily to achieve your goal – this will directly
determine your marketing strategy.
So, let’s do a quick one now:
If you’re working for someone right now, your first goal should be to earn
enough from your online business to replace your current income. And you
should be able to make that amount consistently for at least 3-6 months
before you decide to quit your day job.
If you’re currently unemployed, or a stay-at-home mom/dad, set a figure
you’re comfortable to start with... or if you have little or no savings left, set a
do-or-die figure right now.
For example, if you set $3000/month, you know that your online business
must generate at least an average of $100/day – which means you only have
to close an average of 1 sale of $100, 2 sales of
$50, or 10 sales of $10 per day, depending on the value that you’re offering to
your target market.
The great news is, it is very possible, especially when your online business is
open 24/7, which
means you can earn even when you’re asleep.
Having said that, let’s not get ahead of ourselves. Now let’s go into the
mechanics of building your
evergreen online business in the next chapter.
and passive income to support your desired lifestyle... while you provide
continual value to your target audience to help them achieve their desired
results in certain areas of their lives.
This business should improve your life progressively, and help transform
the lives of others -- something that you can pass on to your next
generation, and them the next... no matter how the internet marketing
world will evolve in the future.
Note that I mentioned about earning BOTH active and passive income, and
NOT just passive income alone. Because the idea of ‘passive income’
(especially in the internet marketing world) is just too hyped up nowadays.
Too many IM newbies are brainwashed into thinking that earning enough
passive income that allows them to bask in the sun on some island in Mauritius
is going to make them happy for the rest of their lives... (figuratively speaking)
The truth is, passive income should be one of your goals, but not your main
goal. I'm sure people like Bill Gates, Mark Zuckerberg, or even Gary
Vaynerchuk have more than enough passive income to last them a lifetime...
but do they stop creating value to generate more active income and scale
their impact, or do they go for even more?
My hope is, you will reach a point in life when making a difference and
leaving a legacy mean more to you.
How many times have you watched or read in the news of some filthy rich
public figures who destroyed their own lives with drugs? These people ended
in misery because they didn't see the real purpose of possessing their great
wealth...
Think about it this way -- at the end of your life... would you want to be
remembered as merely someone who's made tons of money online and
lived the high life... OR someone who's equally successful, but used his/her
wealth to touch thousands, or even millions of lives?
Now that I've cleared this misconception about the passive income goal, let's
get down to business...
 |
| Goal Setting |
Let's start by deciding how much you want to make every year, then break it
down into the month and day...
Setting this basic financial goal goes a long way, and it should be the first thing
you do before you get into the nitty-gritty of internet marketing...
Because once you have this ‘end in mind’ (your financial goal for your online
business), then it’s easy for you to work backwards... to know how much you
must make monthly, and even daily to achieve your goal – this will directly
determine your marketing strategy.
So, let’s do a quick one now:
If you’re working for someone right now, your first goal should be to earn
enough from your online business to replace your current income. And you
should be able to make that amount consistently for at least 3-6 months
before you decide to quit your day job.
If you’re currently unemployed, or a stay-at-home mom/dad, set a figure
you’re comfortable to start with... or if you have little or no savings left, set a
do-or-die figure right now.
For example, if you set $3000/month, you know that your online business
must generate at least an average of $100/day – which means you only have
to close an average of 1 sale of $100, 2 sales of
$50, or 10 sales of $10 per day, depending on the value that you’re offering to
your target market.
The great news is, it is very possible, especially when your online business is
open 24/7, which
means you can earn even when you’re asleep.
Having said that, let’s not get ahead of ourselves. Now let’s go into the
mechanics of building your
evergreen online business in the next chapter.
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