To become a work-from-home millionaire, start an internet business that allows you to answer YES to the five questions that follow.
(MJ DeMarco’s book, The Millionaire Fastlane, taught me these principles early in my journey to become a millionaire. Props to him.)
1) Does anyone need what I’m selling?
Here’s the thing:
Internet marketers are so selfish. Whaddya do? You get online and build businesses that are best for you. Problem is, nobody cares what you want.
Nobody cares that you wanna work in your pajamas from the couch.
Or that you’ve only got $100 to get started with.
Or that you’d rather not create your own products.
Or make your own sales.
Or that you wanna “do what you love.”
Or anything else, for that matter.
The truth is: selfishness sabotages success. (Might wanna write that one down.)
And the minute you stop chasing “convenient money”… and start catering to the needs of others? You win.
So, sorry to say, but network marketing, affiliate marketing, drop-shipping, blogging, social media, etc.? These are not the home-based businesses that are likely to make ya millions.
(Despite what the gurus say. Remember, they make money selling you the how-to; not from doing it.)
Think about it:
No one needs to join your downline. No one needs to click your affiliate link and buy. No one needs your shitty sourced products. No one needs another blog with rehashed tips. No one needs another Instagram account with inspirational quotes.
But guess what?
Businesses, for example, need leads. They always have and always will.
So what I did, to make my first seven figures without leaving the house, was create an advertising agency.
Whatever you end up selling, just make sure it’s based on a significant need of someone else; not your own narcissistic desires.
2) Are there some barriers to entry?
The easier it is to be in business, the harder it is to succeed.
Again, this is why affiliate marketing, network marketing, blogging, social media, podcasting, YouTube-ing, etc. are all pretty much impossible these days.
In five minutes, for little or no money, boom. You’re in business.
If it’s that easy for you, it’s that easy for the other seven billion people on the planet.
No wonder competition is out of control and getting worse by the day, as millions more pile online to fight for their piece of the digital pie.
Now. It’s not that you can’t make money doing these things (after all, this is a blog, isn’t it?), but you hafta be exceptional to stand a chance.
So my advice is this:
If “everyone’s doing it?” Run. How come? Well, because everyone is not rich. If you wanna be? Do the opposite of the masses; don’t join them.
Funny thing is:
My ad agency was simple to get started with, too. Fast. Bootstrap-friendly. Not too technical. Didn’t need any prior experience. Or a ton of time. But!
One, there were mental barriers that scared off a lot of would-be competition.
Building a “real” business – where you step up, become the owner and stop being a measly middleman – is just way too uncomfortable for a lot of folks.
You might hafta talk to a human being on the phone. And make sales. And collect money. And take responsibility.
And two, when the ratio of supply and demand is so much more favorable, barriers become less important. In running ads for small businesses:
There’s room for millions of marketers because there are still millions of businesses in need of high-ROI advertising.
See what I’m sayin’?
Those two reasons made advertising a no-brainer for me.
So do whatever’s clever, but be sure there are some “hoops to jump through” and enough unserved buyers to where you can actually win.
3) Do I have complete control over the business?
Internet businesses are in desperate need of more drivers and less passengers.
Because, it’s like this:
If you don’t man up and “take the wheel,” you’ll always be at risk. If corporate or the product owner or Twitter or Amazon or whoever’s driving decides to swerve into a ditch? You’re going with ’em.
And this happens all the time.
MLMs get shut down. Sponsors leave. Downlines follow. Product owners decide to cut commissions by a third. Corporate says, “Sorry, you can’t do that.” Google slaps websites. Amazon smacks stores.
You get the picture.
When you don’t have full control over your business, the rug can get yanked out from under ya at any time. And even if it doesn’t?
Look, the fact is: drivers get paid; passengers get by, at best.
We’ve talked about this before. The numbers don’t lie.
Not to pick on network marketing, but eeny, meeny, miny, moe a company. Any one. Doesn’t matter. Then peep their income disclosure.
You’ll see, what, like 99% aren’t making squat. And if you happen to make it into that top 1%?
Even then, what’s $25k per month when the owner of the MLM (“the driver”) is pocketing $2.5 million per month?
Please, just stop.
Stop playing Russian Roulette with your financial future. Stop grinding for little money, when you could work less and make massive money.
The solution is simple:
Instead of riding along, drive. Instead of following, lead. Instead of copying, invent. Instead of consuming, create. Instead of building their brand, build yours.
4) Can this business scale?
In business, small numbers suck. You wanna work with big numbers.
So ask yourself:
Can I sell this to a lot of people? Can I charge a lot of money? Even better, how ’bout both?
If you’re selling hot dogs on the street corner, for example, you’ve got zero ability to scale.
You can only charge so much for a hot dog; and there’s only so many people walking past said street corner each day.
Getting online is a step in the right direction, in theory, because you can reach more people.
However, the crazy competition and teeny-tiny payouts of most internet businesses still cock-block you from scaling. (The Dude was right: that is a bummer, man.)
Leaving you no better off than the hot dog guy.
Hell, at least he’s gonna make some sales; whereas, millions of marketers never ever make a sale online.
One of the many reasons I launched an ad agency was because one client could be worth tens of thousands of dollars (in pure profit) over time.
And with tens of millions of businesses, I didn’t need to be exceptional to get a handful of clients. The odds of making big bucks were favorable.
If you wanna earn millions, at home, with a laptop, math has to be on your side.
5) Can this business be passive at some point?
Why work so hard to leave your day job if all you’re gonna do is create a new one?
The first goal of any home business should be to become profitable as soon as possible.
A close second? Should be to divorce time from money.
It doesn’t hafta happen right away.
There’s nothing wrong with working like a dog in the beginning. In fact, I’d plan on it. But, over time, the business should be able to run in your absence. And not lose steam.
So what’s it take to pull this off? One word: margins.
Sure, there are other things like systems and processes and hiring other talented people. But you can’t do any of that without juicy profits pouring in.
And with what I did?
It wasn’t uncommon to net $1k per month or more, ongoing, for years to come.
Plump profits meant I could easily hire help if I wanted to. But if your margins are razor-thin, how’ll you ever afford to replace yourself?
It sounds sketchy. But you can make millions of dollars without stepping foot outside the house. I know because I’ve done it.
And it was only possible because the business I built was “fastlane friendly,” as the man who wrote the book on it says.
To follow suit, obey the commandments of need, entry, control, scale and passivity. Or don’t. But you’ll be fighting a steep uphill battle.