While I was at an event in Phoenix last month, we had some great conversations around the fire pit at night. One of the topics I thought you'd enjoy was when I shared why ZERO is my favorite number.
As in $0 (yes, zero dollars).
It's all about scalability, or "scaling it up."
I've often said, do more of what works and less of what doesn't. That's exactly what I'm referring to here...
If you can make $1 online, you can make $10. If you can make $10, you can make $100. If you can make $100, you can easily make $1,000. And so on, and so on. All you have do is add zeroes!
This is the reason that $0 is my favorite number when it comes to revenue. I look at a revenue source and ask myself: How can I add a zero to that number?
It's easier than you might think...
It's really common to make a little money at something, and then move right on to the next thing, and then the next thing. But when you do that, you are leaving far too many zeroes on the table! Instead, consider how you can "scale it up" on every single source of revenue you have in your business.
It takes a lot less work to increase a revenue source that's already in place, than it does to create something totally new.
The same can be said for traffic sources. Simply do more of what's already working for you on a small scale. Look at your current traffic and revenue and consider how you can "scale it up". I like to think in terms of adding zeroes, but you can start by simply doubling your numbers - then once you do that, double them again.
Or let's say you're currently making around $500/month online, but you really need to make $5,000/month in order to quit your day job and sustain a comfortable lifestyle. Start with a goal of doubling your income to $1,000/month, then double it again to $2,000/month, etc.
Scaling is easy online. There are no real limits.
Even the limit of time, the fact that we only have 24 hours in a day, isn't a TRUE limit because you can use leverage. You can leverage the power of affiliates or other content marketers, increasing your traffic and/or sales exponentially for example. You can outsource tasks, or slowly build out a team, that increases the time invested in your business at a cost way below your increased revenue.
Start by analyzing what's working...
It's easy to say "I need more traffic" or "I need to make more money" but what you really want to do is get specific. Otherwise you'll find yourself chasing an intangible "wish" that's not even measurable, instead of working on a tangible goal.
This is what I love about adding zeroes or doubling numbers.
As one example, take a look at your site stats. Analyze your traffic sources over the last three months. What stands out to you? If certain types of posts (recipes, for example) or certain topics get more views, serve up more of that type of content.
One thing I noticed in the stats for my low carb blog is that Pinterest is consistently in the Top 3 sources for traffic. I barely even scratch the surface with Pinterest! A little actual effort (lol) would increase that traffic source dramatically.
Or let's say you're promoting a certain product as an affiliate. Looking at my affiliate stats for Netrition last month for example, my top sellers are the low carb breads & bagels I recommend on my site. I haven't been actively promoting them lately but they're still selling consistently - just not as well. Adding a zero is easy! I would start by going back and doing what I did before when I was selling A LOT more of those products. That worked, so it's as simple as "do more of what works."
But to "add a zero", meaning to make ten times more in commission, I would need to scale it out. How could I reach more people? What creative new ways could I put this product in front of people that would LOVE to know about it? Those are the questions I ask myself... and the questions you should be asking too!
Start thinking in tangible, measurable goals and results - meaning: real numbers.
Analyze what you have, look at your current assets and your current traffic & revenue numbers. Start with a very specific goal, product or promotion and create a plan to double that number.
Are you getting 1,000 unique visitors a month right now? Decide to get 2,000 unique visitors by the end of next month. Are you earning $100/month consistently with a certain revenue source? Sit down and brainstorm how you can double that - or get ambitious and add a zero! How can you turn that $100/month into $1,000?
That's where things REALLY start getting fun.
Thoughts/Questions? Leave a comment!
p.s. If you enjoyed these thoughts & tips, you'll love this free download where I share the inner workings of my day to day business as a niche blogger. *cheers*
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