You Have to Spend Big to Grow Big
You’ve heard the saying that if you want to make money, you have to spend money. It is true. But the real key is not actually that you have to spend money, but that you have to acquire the skills, time, and technology to please your customers and sometimes that means spending money. But in reality, you only need to spend smart to grow big.
It’s easy to quantify this when you have physical inventory. If you sell widgets for 20 dollars profit each, you can easily do the math to determine out how many widgets you need to sell to make the kind of money you need and want to make. This math can also help you determine if you need more products, higher priced products, to build a bigger audience, or something more to build the type of business you want to build based on the monetary goal you just set.
Sometimes when someone has a digital product, they forget that the math is still the same. Profit = Revenue – Expenses. Once you know how to generate sales then you should be willing to do what it takes to generate more sales. That’s not an expense, it’s an investment. For example, if you want to earn a million a year, do you have a million dollars’ worth of product or services to sell? If you don’t, it won’t happen. You have to spend whatever is necessary to be able to offer a million dollars’ worth of products and services.
You must have enough product for someone to buy to make the money you want to make. If you know how to make that happen, then you know where to put the resources and money.
- Create More Offers – Whether it’s a product you discovered and became an affiliate for or a product you created, the more offers you make to your audience, the better. That doesn’t mean you have to make 50 offers for 50 different products. Instead, focus on just a few products per season but ensure that you make the offers every day – if not multiple times per day per channel.
- Publish More Content – One of the best ways to build traffic is to publish more content on your site. More blog posts. More content upgrades. More guest blogs. More webinars. More live events on Facebook and YouTube. More content – as long as it’s useful and valuable to the audience – will always work.
- Buy Better Technology – Don’t be cheap when it comes to the autoresponder software that you choose. Read the rules. Get the right software that will grow with your business. Even if you don’t know how to use all the bells and whistles now, you’ll either learn or you’ll hire an expert eventually to help with that. Pay for the best server space too. Don’t think it’s so easy to move it all later. Do this right now.
- Pay for Advertisements – There is no reason not to pay for advertising now online. It’s not very expensive and if you learn how to truly target your audience and get professional help with ads, ads are an investment and have an excellent return. Some types of funnels you can perfect and then let run on autopilot.
- Outsource More – When you start earning money in your business, the moment you passed the point of breaking even in your business, that money needs to be reinvested in your business. Outsourcing is a way to invest in your business in a way that can generate more money. Again, like ads, outsourcing – when done right – is an investment that has a measurable return.
- Duplicate – Once you figure something out such as an advertisement that works great, or how to outsource in a money generating way, find ways to duplicate it. Remember, in almost all aspects of life, repetition is the key to success. Find a winning formula; do it again. Do it until it stops working.
Finally, if you don’t understand how any of this works, a fast track to success is to find a coach that has gone through the path that you want to travel and who helps you implement it all. A good coach can be a shortcut to really doing the right type of spending to grow your business and get an amazing return on investment.
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