003 - The 5 foundational building blocks to creating a million dollar online business

Take a listen here or read more below:

 

Welcome to episode 3 of the Million Dollar Online Business Podcast. Today I’m exploring the five foundational blocks I’m putting in place to build my $1 million online business. 

If you haven’t yet listened to the first episode, please do go back because it explains how this project came about, which gives this episode some context.

I’ve developed these five foundational blocks from what I’ve learned over the last five years, reading dozens of books, taking multiple online courses, listening to hundreds of hours of podcasts, and from listening to the experiences of the million dollar business-owners at this year’s Impact Summit.

You’ll need these five foundational blocks whether you want to build a $10,000 business or $1 million business -  the principles will work for you either way.

 

#1 - DECIDE AND COMMIT

Every super successful person I’ve read/heard about has a moment in their story when they decided to go for it.

Ask yourself this at the moment:

  • How committed and decisive are you about the kind of business that you want to be growing?
  • What does it look like at the end of that?
  • What does a day in the life of your successful business look like for you?

Once you start to be able to see it, to feel that belief, that is when you will have your moment of deciding and committing to building your business.

What’s helped me to make this commitment, is realizing this is so much bigger than me. I started to think about what would happen if I made the decision to go for this. Who else would this effect? Who would this affect in a positive way?

I've got a husband who's super supportive and believed in what I'm doing. We've got mortgages to pay, cars to run, holidays we want to go on. I want to prove to my children that this can be done. This decision, to go big, was for us as a family.

Then there's my clients. I teach people how to create online courses, membership sites, or an online group coaching program. When I build a $1 million online business they're going to be coming along with me. That is super motivational for me.

And there’s the work I’d like to do after I’ve hit this milestone. I want to work with schools to help children get into the online business world. And produce something for people who don’t yet have access to the Internet.

Think about the ramifications of actually committing and achieving this goal. And when you start to make it not about you, it's so much easier to decide and commit.

I have the opportunity and capacity to achieve this goal. I feel like it’s my responsibility now to go for it.

 

#2 DO THE NUMBERS

You can have 500 courses sold at $2,000. You can have 10,000 courses, sold at $100 a pop.

You could have a membership site with 3,333.33 members paying $25 every single month.

There are many, many ways to make $1 million revenue.

The Course Creation Accelerator Program is a $1,997 product, because it’s a complete comprehensive framework plus hands-on support and group coaching.

You might decide to create a membership site with new content each month, with less personal involvement from you, at a lower price point.

Or you might decide you want to help more people, with a more basic course, at a lower price point.

Whichever route you choose, you need to choose now - before you get started. Because your strategy will depend on this decision.

Will your product be evergreen? Will you have an automated sales funnel? Will you have multiple big launches each year?

There's lots of decisions that you can only make after you’ve worked out your numbers.

For many of my students, this is when they have a breakthrough moment. They realize they can’t physically hit their target income with their current offline business model, even if they work flat out and double their rates.

 

#3 FOCUS ON ONE THING

I love going after the sparkly new shiny things. I get super excited about all the different options that are out there and I want to try them all.

But my research into successful people shows over and over again that they choose one thing and stick to it.

Adam Mitchell (episode 2) deviated, but only after he’d proven his business model first, by taking his bricks and mortar Martial Arts school, and transforming it into a global online business.

Carrie Green, coming up in the next episode, stuck to her one thing  - creating a platform for female entrepreneurs.

The speakers at the Impact Summit, they all had made a success of one thing first. Many of them now have multiple products, membership sites, group coaching programs, mastermind programs and so on. And it’s easy to feel overwhelmed by thinking you need to have all that. But that’s not how they started. They started with one thing.

Caitlin Bacher made a $1million in a year with one course. She focused on that one course, served her clients well, decided, committed and followed a proven strategy.

My one thing, my vehicle for delivering maximum impact for my students is the Course Creation Accelerator program. 

Look at your business right now. Are you trying to do too many things? What do you want to be known for? What is your real passion? What can you talk about nonstop for the next three years? What is that thing for you? Because that is where your goal and your passion is.

  

#4 BUILD YOUR AUDIENCE

If we’re going big, we need to be more visible, own our message. 

You have to build your audience and your relationship with them. Help them get to know, like, and trust you. And once that happens, that's where the magic happens.

There’s so much free content out there, it can be hard to compete for your audience’s attention. But once they have a relationship with you they’re going to come straight to you because you are going to be in the forefront of their mind.

When you structure your business make sure you allow the time for your audience-building activities. 

There's lots of different ways of driving traffic to your little piece of the Internet. I’m using this podcast. You might want a YouTube channel, or you might be an excellent blogger, or you could use a social media platform.

You need to have people to sell to and you need to have people who are going to be looking for exactly what you provide.

 

#5 PRACTICE RESILIENCE

Resilience is about being able to get back up, dust yourself off and say: ”OK , so I found another way that that isn't going to get me where I want to go. So what is next? How do I take the next steps forward? What are the new things that I need to learn this time?” 

That resilience is what makes or breaks people.

Resilience is like a muscle. You've got to exercise it, get it super strong. Practice resilience sometimes on a daily, sometimes on an hourly basis. Resilience is what will carry you through. Resilience is what will get you there. 

Anybody who has ever made a success of anything, they don't give up until they have achieved their goal.

Building a business doesn't feel normal. It doesn't feel safe. There's going to be doubts and fears coming up. Your limiting beliefs are going to coming out, but you’ve got to push on through if you want to succeed in whatever it is.

If you want to build $1 million online business, things like getting over the fear of becoming visible is just something you're just going to have to manage.

And you know, nine times out of 10, we worry about the things far more than we should. And when you've done it a few times, you wonder what you were worried about. 

Technology was a fear for me. I wanted to create an online course, but worried I couldn’t cope with the technology. But once I got started I realized the technology is super simple. It's almost like drag and drop.

Resilience is when the going gets tough, do you stop and retreat or do you push on through? That’s what will make the difference to you being a success.

 

Want to go deeper with these five foundational blocks? (for free!)

 

1) Facebook - I'll be live 9am Monday and Wednesday.

2) Instagram - Stories every day and IGTV at least every Friday. 

3) LinkedIn - Posting every day.

4) Exclusive content weekly Wise Words on a Wednesday. You can join here.

5) Download my free Course Creation Roadmap - 7 steps to creating your first online course. Sign up here.

6) For a FREE 28 day Kajabi trial and to get my bonuses just sign up here.

 

In the next episode, I’m speaking with the lovely Carrie Green, founder of the Female Entrepreneur Association and author of She Means Business.

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