What if Your Online Business Cost $170,000?

The joys of an online business are abundant. You are your own boss. You set your own hours. And, you can be “in business” after spending very little money on start-up costs. These same facts that make online business ownership great, are also responsible for a lot of online business failures. Because they make your online business feel a lot like a hobby. After all, you are doing something you love. And in the beginning anyway, you are getting paid little to nothing for it. Isn’t that the definition of “hobby?” During the last week, we’ve been talking about ways that your online business should mirror a more traditional offline business. You can read about how to schedule your business, and how to connect with others to build your business if you missed those articles. Today we shift from physical steps you need to take to build a profitable online business, and look at the mindset that’s required to have a successful business. Mindset ~ love it, or hate it . . . I know people either love mindset talk, or hate it. You should love it, because your mindset determines what actions you take and how you take them. And your actions determine your success. The mindset problem stems from the fact that your online business does resemble a hobby more than a business in its early stages. And this fact makes it hard for most people to ever get out of the early stages of their business. Shifting your mindset to that of an offline business owner is, for most people, more important than any of the factors...

How to Step Out of Your Comfort Zone and Into the Profit Zone

In my Bodyflow class (yoga/tai chi combo), we’ve been doing the “star” pose. It involves balancing on one leg and raising the other leg to the side as high as you can. As we’re holding the pose, the instructor will say “how big will you go,” to encourage us to raise our leg even higher. It’s very tempting to go just to your level of comfort. Where you feel good because you are perfectly balanced. And you look good to the rest of the class. What happens when you raise your leg too high? It’s a struggle. You eventually lose your balance. It appears to you, and everyone else, that you can’t do the pose. You’ve attempted to go “too big.” Because I’m almost always thinking about growing my business, when the instructor said “how big will you go,” it occurred to me that stepping out of your comfort zone during your workout is no different than going beyond your comfort zone in your business. When it comes to work, the “comfort zone” for most people is a steady paycheck working for someone else. Those unsettled souls who decide to start a business inevitably lose our balance, i.e. fail. And most of our friends and family are standing nearby to take note of our failure, and our ill-advised decision to try to go too big. But here’s the problem. If you never lift your leg any higher, then you’ll never be able to lift your leg any higher. On the other hand, if you keep lifting to the point of imbalance, that point will become increasingly higher. Same thing...

Can Motivation Make Your Online Business Profitable?

I love network marketing (aka direct sales) companies. The good ones that is. I have had the pleasure of being an independent representative for four different companies over the years. And, without a doubt, the thing such companies do best is to motivate their associates. Testimonials, weekly calls, and – best of all – live events, are designed to motivate you to promote the company. The payoff to you of course, is money. Lots and lots of money. And the appealing lifestyle that comes with it. Marketers who sell products and/or services that teach people how to make money online use the same kind of motivation. They use sales letters, videos, and live seminars to motivate you to buy their stuff. So that you too can work from the beach – when you work at all that is. Such motivation is fun and inspiring, at least temporarily. But the reality is that most people don’t make millions, or even thousands, in their online business. Which has always left the question in my mind of whether such motivation tactics are good marketing or misleading propaganda. In my video today, I give you the motivational message that you can “have it all.” I’m not about hype and champagne promises. I prefer talking about best practices and a consistent work ethic. But, the truth is, having an online business can allow you to “have it all.” Just because most people don’t achieve such results, doesn’t make it any less possible. Why don’t most online business owners have seven figure bank accounts? Because they watch a motivational video, feel good and inspired for a few...

Can Your Business Success be Guaranteed?

The bad news, I suppose, is that even the best product or the biggest guru can’t guarantee your business success. The good news, fortunately, is that you can guarantee your business success. That’s right, it’s all up to you. Which is cool, because it means you can’t fail unless you make the choice to. One of the biggest keys to building a profitable business is taking responsibility. Not just usually, or when it’s deserved, or when things go right. But always.  This isn’t something that people think about a lot. But taking 100% responsibility, 100% of the time, is perhaps the best way to guarantee your business success. Here’s a Bad Example of Taking Responsibility The leader of a group I’m part of had organized a business happy hour for the group. It was scheduled for a restaurant that has two locations in the city. Yesterday I got an email from him that said, “My secretary messed up. The happy hour is really scheduled for location B, not location A.” Classic failure to take responsibility. As the leader, it’s his responsibility to get us the right information. Several scenarios may be going through your head right now that are making you say, “but what if it really was her fault?” What if he did everything right and she was distracted by the phone, or forgot, or wrote it down wrong, or a thousand other things? It doesn’t matter. It’s still his responsibility. And it would have been so easy for him to take the appropriate responsibility. There was zero need to say “my secretary messed up.”  Zero. Wouldn’t “sorry for the...

5 Tools to Focus Your Business and Double Your Profits

The number one difference-maker in your online business is focus.  Your ability to focus on the money-making activities in your business will determine the level of your profits. Yet every day, technology seems to add one more tool specifically designed for distraction. As an online business owner, focus can be your best friend.  More likely, it is your biggest enemy. If you were an artist, striving to complete a canvas, it would be relatively easy.  Lock yourself in a room with the canvas and your paints.  Turn off your computer and cell phone.  Leave them in the other room. Nothing is going to pop up on your canvas and pull you away from your focus on covering it with paint. As an online business owner, your computer is your canvas.  The things that make your computer so awesome are the same things that provide you non-stop distraction from the focus that could otherwise be doubling your profits. Email, instant messaging and Skype allow you to instantly communicate with anyone, anywhere at any time.  They even come with convenient little noises that alert you when you’ve received a new message.  In about 2 seconds, you can be drawn away from completing your canvas, and into a completely different direction. Twitter, Facebook, Google+, LinkedIn, Pinterest, and the list goes on . . . are great tools for building relationships.  And relationships translate into business deals, partnerships, new clients.  But the attractive little icons that sit on your desktop are often too much to resist.  And again, in 2 seconds your focus is headed in a completely different direction than where it should be. As...

The ABC’s of Online Business Profits: Part 2

Have you ever bought a “how to make money online” product?  Remember the excitement you felt as you were downloading the product?  Before you even read the introduction, were you thinking: “This is finally it!  No more day job, no more worries about the bills, I’m finally going to get rich doing what I love!” Within a week – tops – most of us are already looking for the “next” product that’s going to work the magic for us.  And put us on a path to the life of our dreams. What you have, or will, learn from experience is that there is no Ebook, homestudy course, or video training that will give you a profitable online business.  Not even an expensive live event or one-on-one coaching can do it. As I told you last week, having a blueprint for how to build a profitable online business is just one of six factors that all successful entrepreneurs have implemented. Growing a profitable business takes so much more than just getting the mechanics down.  It requires that you get your mind right.  It requires that you get your daily habits right too. In fact, 99% of those who I see give up in failure are missing pieces that have nothing to do with setting up their website right.  Or developing the right product.  Or creating the right sales copy. It’s the other things – the things we often dismiss as easy or unimportant – that most people don’t get right.  In fact, most people don’t even “get it” that these are the difference makers. Lucky for you, I’ve been there.  And...