- Part 1 – [ULTIMATE PRODUCT SELECTION GUIDE] How To Find The Best Product To Sell Online in 2017 – The Latest Approach [PUBLISHED]
- Part 2 – 3 Crucial Product Criteria That Will Boost Your Sales [ PUBLISHED]
- Part 3 – How to Select a Product with High Demand – Part 1/2 [PUBLISHED]
- Part 4 – How to Select a Product with High Demand 2/2 [PUBLISHED]
- Part 5 – Stop Wasting Time And Start Setting Your Online Business Goals [You are here]
- Part 6 – How To Smash The Competition With Better Quality Products And Low Prices [PUBLISHED]
- Part 7 – 3 Ways To Find Products That You Can Sell Online Like Hot Cakes [PUBLISHED]
With the long turn practice with our clients, we have observed a massive problem that they don’t want to consider, and that might cost them screwing up their whole business – they don’t set up their goals. If you are one of the many that just want to make some money with your online business and don’t care about your long term goals, then that means that your business will not last very long.
If you want just to make some money with the online business, then you will be scared about losing your money, and you will rely for everything on LUCK, not on a CHOICE. Having a personal goal is the force that will push to you to hustle more and more, and it is a definite prerequisite for a successful online business.
In this article, we are going to look at your personal goal filter, and I want you to pay very very close attention to this article because this is something that you probably are not going to hear from anyone else. I want you to look at what do you want a product to do for you? Does it have to be a multi-million product or you could start with just a product that is going to give you vacation money?
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The interesting thing about money is that once you start making it is easier to keep that flow going so let’s look at some an example:
Lets say for example that you make $10 net
In that example, I mean that you make $10 a unit after everything so after you get your product you source your product, you sell your product, you pay all your fees including your advertisement fees and everything, then there is $10 left in your pocket. This is called $10 net on a product.
Let’s say that your product is $30 and it cost you $10 bucks to buy it, and you had to pay another $10 for advertisement and you sold it for $30, so you make $10 leftover after everything.
To make a million dollars, and many people want to make a million dollars, you need to sell 100000 unit per $10 each. That will be a million dollar, and if you want to do that in 1 year, you would have to sell 274 units per day at $10 net if you are doing one product.
Now if you want to break it up and you want to sell five products then you have to sell 55 units per day for each product that have $10 net profit.
The conclusion that you probably come to is that you need products that have super high demand so that you need to sell 274 units every single day.
WHAT ABOUT VACATION MONEY?
Well if you just want some vacation money, for example, if you want to have five holidays in a year and it is a holiday that costs five grand, well then you need to sell only 2500 units to make that amount which is about seven products a day.
So seven products a day is not so much. All of that means that you could find simple products with not so high demand and take that five holidays next year. Well, I am assuming that you are going to go somewhere in the middle.
Most of our clients are somewhere in the middle of vacation money and making a million dollar a year. However, making a plan like this is something you have to think about. How many people are actually sitting down and writing their goals this way, they way I just showed you. I will tell you – It is less than 100 entrepreneurs whom we have talked to that are putting this kind of level of attention to the details, and all of this planning is actually what makes you successful.
You want to know exactly what you want. So then the conclusion that you can see in this case is that nearly any product will do for vacation money. Well, not exactly any product, of course, you should at least check the bestseller list we have talked about in the previous articles, and check the competition and their products, and that should be enough. However, at least you have to start somewhere.
You have got to know exactly what are you going for and write it down the same way we did it. If you want to go to 5 extra vacations this year write this down and make sure to achieve this goal with the information we are giving you.
The typical progression that we see in our clients is:
* 1 Flly realized product = incremental lifestyle upgrade
What we mean by fully realized product is that you find your product, you source your product, you did the initial push, you did your advertisement, you get some exposure, and you just start to make some sales. And by the time this product is still making some sales and people still buy it. So after a year and so on the product is still having sales and people are just buying it consistently.
Now, by constantly selling this product, you are going to make some lifestyle upgrades in your life. This is what we call fully realized product.
And because you have one fully realized product, now you have money to buy a new car or you have bigger apartment or there was a toy that you couldn’t previously buy and now you will be able to buy it, or if you wanted to donate some money to charity and you previously didn’t feel like you could, well now with one fully realised product you have this opportunity.
* 2 fully realized products = incremental time leverage.
With 2 fully realized products, you will have increased time leverage. What I mean by that is if you want to work 2 hours less a day you can probably do that. If you want to be more independent with how to choose to spend your time, you will probably do that.
Of course, you will probably still end up with working the same amount, if not more because then you will realize that the money is so good and you are enjoying what are you doing, but you will be doing that because it will be your CHOICE. It will not be imposed upon you. So you will have a little bit more time when you have 2 fully realized products.
* 3+ fully realized products = serious financial and lifestyle change.
If you have 3+ fully realized products then you will, for sure, have a serious financial lifestyle change. Obviously, this in general and this is what we have seen across our students. We have seen that when our clients have 3 fully realized products then they get a serious financial and lifestyle change.
I’m talking about a lifestyle where you are traveling in the first class if you want to, or you are buying a house because you just want it rather than because it is a particular price range.
Most people do not want 10 million dollars Beverly Hills home; they just want to buy some average house where they can have enough space for their families and so on. However, you make the CHOICE where you want to live based on your own desire and not with a consideration of the dollar figure.
For example, you take your kids out from school and take them to homeschool or travel the world again being in the first class. So take a look at what this can do for you. This is kind of the progression that we see but you have to look at what you want and what you are looking for at this business.
So I am telling you this because while working with thousands of clients we have realized that people kind of don’t understand or appreciate something so incredible and we have seen that they are neglecting what is to have a successful online business.
So I want to show you one of our client’s daily metrics for you to see how valuable is to you to know how successful online business should be.
Total ordered items today: 274 | Total units ordered today: 293 | Total ordered product sales: $7,975.03 | Avg. Units/order item 1.34 | Avg. sales/order item $32.47
When you know those real life metrics you will know how much valuable is to spend your time figuring out exactly what you want out of your business. If you do not know what you want or what are you doing you will pretty much have an unsuccessful long turn business. You will just not have that force that will push you to hustle for your business.
If you come to our company and say “But this has to work for me and this is all I have got” then you are kind of already screwed because you cannot do business with the money that you cannot afford to lose. Because then you will play scared, so you have got to be coming at this business from a place of being willing to invest in it.
So if you are afraid, you are more likely to screw your business and take all of your money out of business. We even highly advise you to reinvest all of your profit money back in your business so you can grow it faster.
Our point is that we are recommending you to have a clear idea of what you want to make in your business. It is important because the product that your pick first is largely going to determine the rest of your business. Of course, there is no one-size-fits product solution because your goal might be different from someone else’s goal. However, you get the idea.
Just keep in mind that your goal is going to determine the approach that you use for your first product. If you want your product to be a vacation money product and you want to go from there, probably you are going to pick a less competitive market, so these are just concepts for you to consider.
So I would also want you to understand how important is actually to have a goal that you want to understand exactly and that you take the time to think what your product can actually produce for you.