Step 3: 7 Shifts To Build A Successful Online Business
1. Information Overload
In online surveys conducted with thousands of people who are trying to make money online this is the #1 reason for them to fail and not making enough or no money at all. There is so much information on the internet about ways to make money online if you keep on reading about it you will soon be frustrated and give up. As there is so much contradictory information. Beware of all the scams out there, when you are getting some information find out about the author before applying it. This is why you need to identify a real mentor who is really successful and who is in a place where you wanted to be in one, two or five years from now and listen to him and follow him closely.
Do – Filter the information and Keep a LID (Low Information Diet) Daily.
Don’t – Take too much information
2. Shiny Object Syndrome – STOP
This is the one I struggled with most because each and every day there are new products getting released and there are new ways to achieve your dreams and goals. The way these products are promoted is like you don’t need any skill or technical experience to make money online and people are naturally attracted to the dollar signs and buy a product a week or every other day like in my case. The problem with this approach is you are always in training mode, you always behind on your income producing activity. STOP buying and START selling. All business in the world makes money by selling and providing value to their customers.
Do – (Yes, it is must to) Buy new tools or software that is required for your business
Don’t – Buy a new course before you checked old
3. 100K Investment Business
This is one of the reasons people don’t succeed in online business. They don’t see this as a real business with real potential and take massive actions to see the amazing results. Take an example of a franchise business how much the initial investment, the training, the physical store setup. Basically, in order to see your first dollar in that business you need to invest a lot of money, training and time. When it comes to online business people’s mentality is I bought this course or that course and let that course prove it to me that it can make money online and then I will invest in training and time. It is a boon and a curse of this business that there are so many success stories which feels like an overnight success.
Do – Work Smart, Not Hard
Don’t – Think this as $100 business think as $100K
4. Get Rich Quick Mentality
This is totally fine you just need to be totally smart about it. The online business opportunity is one of the quickest ways to make money compare to any other business (like we discussed in previous step). There is a law of value and there is a law of compensation. You get paid based on how much value you provide to the marketplace, whereas your worth is determined by how many people you serve. So the online business is the one you can add value to lot of people fast. Again, nothing wrong in getting rich quick mentality, but learn the skills and take massive actions to really become rich quickly. “The only way to become rich is by doing it quick” – Jordan Belfort
Do – The work necessary and think this is the quickest way to make money
Don’t – Skip steps in the process and keep thinking of a shortcut of this already shortcut to your success
5. Activity vs. Results
“If things don’t add up, then it’s time to start subtracting” – Anonymous
Everyone has only 24hrs in a day and there are so many things you need to do as a person. You need to focus on a few things and the right things that can get you the maximum results. Pareto principle 80/20 rule do the 20% of the work that can produce 80% of results. When you are starting, out there are only two things you need to focus, you need to know exactly what steps to do on a daily basis to get to your goal or you need to be looking for that mentor who can teach you about those steps.
Do – Have a 30 day’s goal, break it down to weekly goal and daily tasks list. Focus on Income Producing Activity.
Don’t – Wait for the later part of the day to get the most important task and don’t check emails until 3 pm.
6. Get vs Give
“Always give more in value than what you get paid” – Jim Rohn.
If you are doing everything right and you are still not making money online, then you need to stop for a moment and think about this Get vs. Give. I highly recommend you read the book “The Go-Giver” by Bob Burg and John David Mann. It is a must read to alter your life and your business. If you are in a job you are getting paid for the value, you add to the company. But when it comes to online business your thinking is like show me the money first and then I will do all the work.
Do – Add one piece of content a day that has to be of value to others. Either add it to your website or in FB or send an email newsletter
Don’t – Think of the $ sign on everything you give.
7. Follow the Leader (Mentor)
“Model someone who is already successful…because success leaves clues” – Tony Robbins
Take a look at your life 99% of people where they are today because of their following the crowd mentality. Go to school, get good grades, get a job. Look at all the leaders they did something different they didn’t just follow the crowd. They are so successful because they do certain things in a certain way. Crowd mentality is “why” whereas Leader mentality is “why not”. Finding a mentor is very, very important for your online business. This can change everything for you and this one step can change all the other steps outlined above.
Do – Find a mentor as soon as possible and just listen to him. Period.
Don’t – Follow multiple mentors at the same time.