But first I need to drive home a few key points. I am a voracious reader and learner. I am a great believer that applied knowledge is power. One of the books I read that had a dramatic impact on my life was 'Cash flow Quadrant' by Robert Kioyosaki.
In it he reveals how the rich make their money. It is an incredible insight into the mind of a millionaire and reveals why such a small number of people become millionaires in their life times.
The cash flow quadrant consists of 4 quadrants;
The left side of the quadrant consists of the quadrants;
- Employed
- Self Employed
The right side of the quadrant consists of the quadrants;
- Business Owner
- Investor
Robert advocates that the Rich make their money from the right side of the quadrant .i.e. either in the 'business owner' or 'investor' quadrant or both.
For the 'business' quadrant the business owner creates a system that is self sustaining i.e. it will continue to generate passive income whether the person is present or not. An Internet business is a good example of this quadrant.
Similarly an example related to the 'Investor' quadrant would be a piece of real estate or a stock. In both cases they will generate income without the presence of the owner.
So what we are trying to create with an Internet business is a business that will generate income without your direct presence. Yes you will still have to do the admin, marketing etc but the business will sell your product / earn your commission while you sleep.
The truth of the matter is that when you acquire the knowledge necessary to set up a lucrative online business, you will be able to set up a money machine or a system that will make you perpetual income. All you need to do is duplicate the system 5, 10, 100, 1000 times, to multiply your income. It's that simple.
The Internet is the most powerful method for an average individual to become a millionaire today. I know people operating from their bedrooms who are making millions of dollars in online sales every year.
There is no reason why you cannot emulate their success if you just follow proven tried and tested methods.
There is a golden universal rule referred to as the 'law of cause and effect.' It stipulates for every effect there is a cause i.e. for every result there is a process. If you want to get rich online, then by following what other online millionaires have done, then you too will get rich.
So without further delay lets reveal the 4 success factors that are critical pillars for creating this system.
There are 4 factors that are common to every successful online business;
Success Factor #1: A product or service that people are willing to pay for.
Obviously if you are going to start making money online then you need to sell something of value.
Success Factor #2: The technology necessary to sell or deliver the product / service
It's a simple fact that you can't do everything yourself manually. You need technology to present the product / offer, deliver the product, handle affiliate commissions, deal with customer service, manage mailing list etc.
Success Factor #3: Effective marketing that sends quality traffic to the site.
The golden rule of Internet marketing is 'without quality traffic, you have nothing'. Even if you have the greatest websites in cyberspace, it's worth nothing without quality traffic
Success Factor #4: Converting those prospects into customers and money.
Conversion is where the gurus really differentiate themselves from lesser competitors. They have php split testing scripts, analytics, conversion tracking software and more so that they can scientifically evaluate their businesses progress and make informed strategic decisions.
Learning to make serious money online requires mastering each of these 4 elements.
However, it is the order in which you learn these four elements that ultimately decides your success or failure.
We will talk more about this in our next lesson, where I will reveal the order you need to commence with to ensure your success.
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