System Creation
Establish An Internet Based Income Source
When it comes to the ‘business’ of making money, every decision you make will inevitably be influenced by the amount of time, effort and money you’re willing to invest in the pursuit of profit. So, before you commit yourself to the pursuit of profit, first ask yourself the following three questions…
- How much money (profit) do you want to make?
- How soon do you want to make it?
- How much time, effort and money will you need to commit to the pursuit?
Without knowing the answer to the first two questions, you cannot truthfully answer the third. The last thing you want to do is establish a business that makes you one hundred dollars a day yet costs you one hundred and fifty dollars a day to run, right?
Unfortunately, the sad truth is, there are thousands of businesses around the world currently operating in this manner, repeating the same expensive and ineffective processes each and every day and wondering why they’re bleeding their budgets dry for no ROI.
In the next section you’ll learn the reasoning behind why you need to ‘failure-proof’ your income system from the outset, why thousands of newbie online businesses will fail every day and what you need to know to avoid duplicating their mistakes.
Structuring Your System
When it comes to structuring your online income system, here’s something you need to remember…
…An online income system designed to generate an extra couple of hundred dollars a month is no more difficult to set up than a system designed to generate a couple of hundred dollars per day. However, if you’re looking to generate a couple of thousand dollars per day, your system (though not necessarily more complicated) will certainly need to be a bit more dynamic.
Whatever your income goals, your system should be based around you making your potential customer an offer of something of value in exchange for money. Your ‘offer’ MUST solve THEIR problem!
Now there are six attributes to an offer, each dynamically associated with at least one of the other five attributes. Understanding this process from the outset will determine the type of offer you make to your prospective clients/customers and will have a huge impact on the overall time, effort and costs involved in structuring your sytem.
Attributes of an Offer
1. Service or Product: What is the nature of the offer? Does it solve a problem? Can you deliver and leave your offer with the client? Do you need to be present throughout the consumption of your product/service?
2. Physical or Non-Physical: (Tangibles or Intangibles)
Tangibles: eg. A vinyl music disc by a band called The Beatles or a photobook containing 123 images of Marilyn Monroe, actress.
Intangibles: eg. A digital data file with every musical recording performed by a band called The Beatles + images/video/interviews or a digital data file with over 19,000 images of Marilyn Monroe in HD plus 2,100 videos + audio and video talk show interviews.
Always consider the deliverabilty aspect of your product/service when deciding on a physical (tangible) or non-physical (intangible) offer.
3. In-House or Third-Party: Have you created the solution yourself or are you introducing your customers to someone else’s product or service? Have you ensured your offer has nothing to do with…
- law advice – Avoid offering legal advice and promoting anything that can result in you having to defend yourself in court based upon a technicality of verbage. (Unless you’re a lawyer, that is.)
- medicene – Avoid offering or promoting anything that chemically alters the physiology or psyche of your customer. (Unless you’re a certified medical professional, that is.)
4. Delivered or Collected: How will your customers receive their solution? Physical products require physical transportation and someone’s got to pay. If you decide to sell a physical item, you’ll need to factor the cost of delivery into the overall price of the item.
5. Euros or Dollars: Where is your market? Is your primary customer base in Europe, USA or another part of the world? Who and where are your suppliers? How do they deliver? How do you pay them? Do they dropship?
6. Recurring Billing or Single Transaction: Will you charge a one-off payment? Will your customers be required to subscribe repeatedly on a weekly, monthly or yearly basis?
There are hundreds of people currently running their own online membership sites, each with over 1,000 members paying a monthly subscription of $49 – that’s $49,000 per month – each website. There are even some ‘Mastermind Group’ membership subscription fees that easily exceed $10,000 per month. *10 members = a $100,000 per month…
…and not one parcel to be seen.
Here is the membership site system broken down into its primary attributes… Service + Non-Physical + In-House + Delivered + Dollars + Recurring Billing = The Offer.
- Service – Members receive access to specialized information.
- Non-Physical – All information contained is stored digitally.
- In-House – All information is designed, created and presented by website owner.
- Delivered – Password-controlled access is ‘rented’ by the subscriber.
- Dollars – Content is created for USA, UK, Australian and New Zealand audiences.
- Recurring Billing – Member pays a monthly fee to retain access.
How To Make An Offer
Internet Newbies who aspire to becoming Internet entrpereneurs are not told what I’m about to reveal regarding how to make an offer. They don’t know how to promote because they haven’t done it before. So here’s my three guidelines to making an irresistible offer…
- Identify a set of attributes you’d prefer to manage.
No need to make things any harder than you need to. If you prefer a more hands off approach, choose all the attributes of your offer which require the least amount of human intervention.
If however you prefer a more hands-on approach with your customers, make your offer attributes a service which requires your presence to deliver the service on site in real time and get paid cash. Eg. training instructor, masseuer, hair & beauty specialist or plant & landscape technician (gardener).
- Identify a group of people who are actively seeking a solution to a problem.
One of the most avid groups of solution-seekers and problem solvers in the UK is model railway contructors. These guys pose roblems like how to create a proportionally and visually accurate representation of a European viaduct in your loft space…. …then someone provides a solution.
You know, if someone hasn’t done it already, an ebook could be created which catalogued a collection of gravity-defying solutions to space-crossing problems faced by specialist model railway constructors. To members of this and other specialized groups, this type of document explaining solutions to problems the group have faced in the past would prove invaluable, especially to the newer group members.
Strangely, most people don’t usually think of solutions as potential products but seriously, the best-selling products in the world are solutions.
One person’s problem right this minute could be they’re finding it difficult to source the correct type of electrical cable in sufficient quantities to secure a major contract. Another person’s problem right this minute could be they’re finding it difficult to choose between buying the 10,000 dollar dress or the 15,000 dollar dress. Problems are a matter of perception.
- identify or create products or services which solve the problem
The skill of a WebCrafter is knowing how to identify problems then knowing how to locate or create useful practical solutions to those problems.
It’s called WebCraft because nothing that happens on the web happens by accident, everything you experience on the web has been crafted for a purpose. Once you know how to identify the problems faced by any group on the web, you can ‘craft’ a place which provides solutions.
When crafting your solution, it makes sense to have fewer instances of human intervention throughout, the more efficient your system. Aim to provide solutions in a format which can be delivered to the customer immediately and you will be miles ahead of your nearest competition. Yes, there will be competition but I’ll reveal later how to legally ‘spy’ on your competition and add a few tweaks to your website to ensure they never catch up with you.
I hope you found this chapter useful. Please write a comment below to let me know what you thought of this chapter. Is the information understandable? Did it make sense? Do I need to elaborate on any part of the text? Do I need to trim it down a bit? If so, where? Please don’t hesitate to let me know your views on this and other chapters.
The next chapter talks about the many different methods being used to promote awareness on the Internet, (some are free, some are paid).