So I recently turned 25 on September 17th and I wanted to write this article to help any other aspiring entrepreneurs with what I’ve learned over the past 6 years of being in business.
- Get a Mentor that’s doing exactly what you want to do, or has done it already on a Large Scale.
I’ve made so many mistakes that have cost me over a Million Dollars in revenue, plus years worth of time online because I simply just didn’t know what I was doing. When you start online, there’s so many pitfalls that you can hit that you simply don’t know about.If you can hire a mentor, you’re able to avoid these mistakes and if you make them, they’ll be able to help you rebound from them fairly quickly.
For instance, when I first started my own info product business, I had no idea about merchant accounts, chargebacks, doing support, or anything like that. So what ended up happening was I did a little over $350,000 in several months, but I was also getting chargebacks that were due to friendly fraud and not having the sufficient support systems in place.
What ended up happening is I got the merchant account shutdown, plus it made it harder for me to get new ones as well due to my high CB rate.I had over $300,000 in recurring revenue every single month built up for this business, but without no merchant account, I wasn’t able to process it and had to let it all go. Big bummer there.
What would of a mentor helped me do there? They would of had a strategy to get a few merchant accounts open, put a support system in place to keep the chargebacks down, and overall save me several years of trying to figure out the merchant account game.
Now if you’re broke or you don’t have the money to let’s say plunk down $30,000 for a years worth of mentoring, then you need to be a highly effective networker and somehow convince this person to help you with your company.
A mentor is worth years and Millions of Dollars to you if it’s the right one, so I’d do ANYTHING it took to get one.
I’ve hired a bunch of mentors so far in my business career, what I should have done though, is find someone in my EXACT niche that has dealt with the problems I have so they’d have an immediate solution for me.
If you hire someone who’s in a niche sort of like yours, they might not have had the same problems you’re having, thus their advice doesn’t do much.
So make sure the mentor you’re looking to hire or to network with, is in the exact niche you are and they’ve had to go through the growing pains you’ve had.
- Don’t Spend Your Money Like an Idiot.
When I turned 21, I had a little over $350,000 in my bank account and was absolutely killing it on CPA Marketing and my info product business. If I was smart, I would of started to build a team out, and hire a mentor who had built a $10 Million – $100 Million Dollar Company.Instead I went out and bought a brand new Dodge Viper. I spent money on bullshit items when I should of been investing in a team to scale and duplicate myself. What I didn’t realize was that I’d have a $150,000 tax bill coming to me, plus have my merchant accounts shut down as well.
When you’re young and you finally make some money, you have the urge to go spend it on that fancy new car, that new place, bottles, and all that bullshit. If you really want to get wealthy and have real money, you’ve gotta invest it for a few years. Invest in your team, get a mentor, buy an apartment building.
What happens is, you will have highs and lows in business, so you want to make sure you have money to weather the bad times. If you spent all of your money on cars, bottles, and women, you’re gonna go from hero to zero real quickly.
Now I have a great team around me, I’m scaling my current company, and I have the right mentor in place to help me get to the $10 Million Dollar level.
- Build Something Sustainable
If you’re somebody right now that is killing it with affiliate marketing you need to build something sustainable, something that can be worth something to you down the road. You might want to stay as an affiliate which is fine, but start building a team around you.You need to duplicate yourself, have people that can help you get to the next level or keep the business running while you’re relaxing by the pool.If you’re an info marketer, stop just launching products. Build something out that can convert cold traffic into sales systematically everyday. Build out your product so it’s one of the best on the market.
I see so many marketers that just simply launch a product every 2 weeks and it’s just a terrible business model. It’s so hard to launch a quality product in that short of a time and you can’t sell it for anything.
If you actually build out a sales funnel, build out your product line, build out your team, you have a business that’s worth something. You’re building equity in it and over time it gets better and better. The products get better, the earnings get better, your team gets better and that’s how you build a sustainable 7 Figure Business online.
- Get Over Your Fears
The best thing you can do when you’re actually going after a huge goal is take huge risks, and yes I get it, everybody says that, but my biggest gains have always been when I invested big.Whether it was investing $30,000 for a few months of mentoring, or completely restructuring one of my flagship info products, there was always fear of what if it didn’t work out?
Well the great thing to know about life is that you’re going to die, and if you think about it in those terms, anything else you do is paltry compared to that. So what if you go bankrupt? So what if that hire doesn’t work out? So what if you fail in front of everyone and they all laugh at you?
Fear is what’s holding everyone back, from starting that new business venture, from approaching that girl at the bar, from going out on your own and doing things your way.
Once you get rid of fear and realize you’re going to die, it’s a lot easier to just jump in and get shit done.
- Be Obsessed About Your Business
So many people fail online, in business, or whatever they’re trying to achieve because they’re not obsessed with it. They don’t love doing it. They’re not willing to put in 7 days a week, 80 hours, and have that be their whole life for a full year until the project is off the ground.I talk to so many people who say they’re starting a business and they just half ass it. They’re not ready to go to war for what they want and that’s the difference.
How are you supposed to compete with someone who’s putting in 80 hour weeks, has a whole team, large ad budget, and more? You simply can’t unless you’re ready to grind it out for a year or more.
It’s taken me 6 years to get where I’m at and I still haven’t done much yet in the grand scheme of things. 6 years of reading everyday, working everyday, networking, and more.
6 years of mistakes, failures, and wondering sometimes if it’s ever gonna come together.
So if you’re even thinking about being an “entrepreneur” you better be cut out for it. You can’t half ass this. You’ll just be another person who says it doesn’t work, or it’s a scam.
So there you have it, 5 of the top things I’ve learned after making tons of mistakes, losing tons of money, and making tons of money. Please share this article if you’ve enjoyed it. If you didn’t leave me a comment and let me know why haha.
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