This guest post is by the Web Marketing Ninja.
In my work, I get to speak with a lot of people who’ve done really well from the web. Some have done seven- and eight-digits “well,” others who have more modest, but still impressive, five- and six-digit success stories.
And one of the common challenges I encounter with the five- and six-digit bloggers is that they really struggle to take that next step. How do they go from $100,000 a month to $1 million?
This issue seems to be coming up more and more often, so I thought I’d share the feedback I typically give in this situation in case you’re in similar circumstances.
The web and its low barriers to entry for certain business models can be both a blessing and curse.
The blessing is that you can start a business—a good one—with the notes you already have in your wallet. There are not many industries that can lay claim to that.
Millions of these online businesses start every year and quite a few of them succeed, delivering senior-management or executive-level incomes to people working from home on something they love.
Although it might be hard to see that there’s a downside to earning $100,000, $200,000, or $300,000 a year, when you grow to that level, you’ll generate a thirst for more. Trust me! And that’s usually when people come to me.
These conversations often start with the comment, “I’ve done really well, but growth is flattening off. I’ve got lots of ideas, but don’t know how to take them forward.”
Then I’ll see a model that looks something like this:
- monthly revenue = $50k
- admin costs = $1k
- website costs = $2k
- business costs = $2k
In general business terms, this is an operation running on mind-blowing profit margins. Spending $5k to deliver $50k?! Wow.
I’ll then hear statements like this from the blog owner:
- “I want to create an app.”
- “I want to build a private community just like…”
- “My website’s slow and I want to fix it and update the design.”
- “I think there’s an opportunity for me to offer XYZ service.”
- “My traffic’s high, but flat, and I’m getting the same responses to my launches and campaigns.”
- “I know I’m leaving money on the table by not doing ABC.”
Being a straight-down-the-line sort of person, my response to these comments isn’t always what the business owner wants to hear. For example, I used this analogy just today…
If this is you…
You need to get off the