After making a few Million Dollars Online in the past few years, and a year before I turn 25, I figured I’d put together a post of what I’d do differently if I had to do it over again.
1. I’d look into better ways to defer taxes. After paying Hundred’s of Thousands of Dollars in Taxes, I could have leveraged that money to buy Real Estate, Another Business, or invest more into my Hiring to build a Better team earlier.
I should have read more books on Tax Deferred Assets or Consulted with someone on Clarity.fm to get a better grasp of what I should do.
Hiring A Better Team
One or Two ‘A‘ Players would’ve completely changed my business for the better, I would have been able to move faster, sell better, and have a better grasp of my metrics earlier.
Here’s who I’d hire if I had to do it again:
Three Superstar Sales People: I would have generated applications at the end of my Sales Funnel and would have my 3 top Sales People Compete for whose the best every week.
It doesn’t take too many sales of $8,000 – $25,000 to make a Million Dollars, so having Superstar Sales People would have really helped me get to the next level faster.
Metrics Analyst: Having someone who could really drill down into my numbers and see what’s going on every week, every month, would really have helped me.
2. Spend more time on looking at what’s already working online, doing more research on the top competitors so I could model them faster.
Most pioneers run out of money before they make a profit. Model what’s already working and then go from there.
If a company is spending Millions of Dollars on Advertising and testing, they’re going to be able to find out things that work to their advantage way faster than you ever could.
Now you get to leverage that Million Dollars worth of traffic and testing to see what has worked.
Their Angle: What Angle are they coming at with their copy? Fear Based? Social Approval? Comfort-ability? They could have tested 5 or 6 different angles to finally have found the right one to work with in moving forward.
Their Unique Mechanism in their Copy: Depending on the level of sophistication in your market, you will have to have a Unique Mechanism to stand out in a crowded field. Tesla uses batteries to power their cars and runs on electricity, this is their unique mechanism to stand out in a crowded market of cars.
The Story their Using to Sell The Product: Is is the Hometown Boy Does Good Story? Maybe it’s a story of a “Secret” loophole they found? Whatever story it is, take note of it, so you can use something similar in your copy when you start testing.
The Upsells and Downsells: What price points are they using in their upsells and downsells? Is it recurring? How many upsells and downsells are there?
Do their upsells have a “Done For You” Angle? Maybe a Software Pitch? Take note of how they structured their full initial sales funnel.
The High Ticket Backend: What are they selling on the backend? Is it coaching? Maybe a Seminar? Recurring Subscription of a Software?
This is where the biggest companies make their money, right on the backend of their funnel, pay attention to it!
I’d actually buy their product and go through their whole process, see what they’re buyer follow up emails are, if they do any Direct Mail, if they have anyone call to thank me, etc..
Gotta use that to your advantage.
3. Drill Down on My Numbers More, by Hiring a Quant Analyst
When you really understand the numbers that are going on in your business, the actual take home numbers, you can consistently improve them 10% – 15% a month and the Law of Accelerating Returns will improve your business by 150 – 300% every year.
If you don’t know your actual Take Home Earnings Per Click, Average Cart Value, and Cost Per Acquisition, you’re not ever going to ever be able to scale fast without worrying a ton.
You should also be tracking what’s your Conversion Rate for your Front End Offer, Your Dollar Per Application (If you’re doing High Ticket Application Selling), Earnings Per Lead, and Cost Per Lead.
With everything I have to do already as the CEO of the company, it’s very hard to take care of the exact metrics of your business as well. Highly recommend hiring someone here.
Let your data make the decisions for you.
Hope this helps some of you
If you’d like help in any of the above, we should talk, as the things I’ve implemented above, have helped triple my business, give me more time, and serve more people online.