Why I Believe I Can Create An Income Of $50,000 a Year

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Hi All,

After reading many posts and taking advice from people on the forum, here is my reasoning into why I believe I can create an income of $50,000 per year within 12 months.

The first thing I did was to break the income down so that I reached the following figures - I need to make $4,166 pm or $137 per day.

I then looked at various ways I could create the daily income I needed to reach my goal. I have decided that over the next 12 months I will create 3 niche membership sites with a minimum entry level of $7 per month for members. (There wil be an upgrade option)

Now to reach my goal I need to attract 596 (198 members into each of these sites) at a rate of 1.6 members per day. Having broken it down like this the figures don't seem to frightening.

I have also set a goal of creating at least 3 products of my own and launching 3 WSO's during this 12 month period which will give my income a boost.

Ok I understand it is not as easy as putting it down on paper and I have a lot to learn during this period. I also realise I need to give value for money to my customers to retain their loyalty. There are many things I need to learn (or outsource) such as SEO, product creation, launching products etc. but I am willing to do so and I fully expect to surpass my goal within 12 months.

Ok I am now going to start taking action I have chosen the subject for each site and will get them up and running one at a time. I have set myself a target of reaching the membership level required for each site to 3 months.

If anyone can throw any advice my way (such as a good membership script to use etc) it would be much appreciated.

Thanks in Advance

#main internet marketing discussion forum #$50 #create #income #year
  • Hi Jay,
    what a great way of looking at things. Thanks for sharing this. Good luck
    • [1] reply
    • It's definitely "not as easy as putting it down on paper", but as bugfarm says - that's a really cool way of looking at things. A lot easier when you break things down into smaller chunks - rather than looking at the grand total and thinking "how on earth with I hit that?".
      Best of luck - and of course, keep us posted! :-)

      B
  • You're definitely on the the right track. Having that type of motivation, a game plan, will get you were you want to be. Just remember SUCCESS IS A DOING! You must do it in order to see these results. Through trial and error you MUST NOT QUITE. If you continue to write things down and stay consistent on building your 50k income, your dream will soon be reality.
  • Hey Jay, I've done it and I can tell you that the secret is to create a sales funnel that has awesome conversion rates. The second secret is to get off your site and attract potential customers with your expertise.

    I just sold my site for $50,000 and I'm getting ready to do it all over again for a lot more. Good luck to you!
    • [1] reply
    • What is exactly creating a sales funnel that has awesome conversion rates?
  • The important thing whenever you start any endeavor is to have a goal. Man, the way you've broken down your goals and set your plan....you're more than a step closer to success. Good luck!
  • Make sure that you are getting a list from your WSO. That way you can sell the new WSO's to old customers.
    • [1] reply
    • Jay,

      I like your way of thinking.

      I haven't done membership sites yet, just niche sites - but if I can tell you one thing, it's to give value to your members (readers, for me). Research the (hungry, hopefully) market and see what information they're looking for, then give it to them.

      Now, get to work and don't give up at the first bump in the road!
  • You have an exact plan laid out, and better yet, your goals are very reasonable. Honestly, that puts you ahead of 99% of other newbies.

    Make sure you keep your small goals in mind before the big goals. Breaking it down like you did, and striving for 1.6 members per day is better in many ways than striving for "$50,000 a year." It's much easier to envision building a wall brick-by-brick than building the entire thing at once.
  • Excellent but I think you can think much bigger than that.

    1) Add a(t least one) zero to all those numbers,
    2) Lose the dates! Replace all dates on goals with ASAP!

    Goals (with dates) are lame, just do it now, why wait? You'll get all that done way sooner than 12 months if you do just these things.

    @Matt; goals should never be reasonable. They should be outrageous and exciting and make you smile the moment you think of them. Aim really, really high - you'll overshoot and end up with 10 times the progress than with any reasonable goal.

    That's what I reckon anyway...
    • [ 1 ] Thanks
    • [3] replies
    • Love your thinking, and also agree with Bill.

      Too many people treat goals as some kind of millstone round their neck.

      On the contrary, they should make you feel positive and alive.

      I wish you every success.
    • That's bad advice.

      Goals should be specific and measurable.

      ASAP is a totally meaningless concept and can just as easily be used
      to allow goals to slip as it can to move a goal forward.

      Working towards specific dates and sales targets give you something
      concrete to work towards each day.

      John
      • [ 3 ] Thanks
      • [1] reply
    • I totally agree and reading this left me with a big smile from ear to ear thinking of my goals, thanks
  • Banned
    [DELETED]
  • I don't see any reason why it shouldn't work. I wish you the best of luck with this. I hope it works out for you.
  • I also wanted to add you should put this in the chalenges section as well just so you can keep people updated on your progress.
  • I like your plan and it's doable.

    Please let me give you my thought. It's more faster and easier to achieve your goal if you have different level of price point products instead of targeting 3 Sub Niches.

    For Instance, have one entry product, one continuity product and online coaching.

    The purpose of the Entry product is to have a customer list.

    Next continuity product. Some of your customers might want more personally attention from you.
    Content of Membership - Other than your valuable content add on fortnightly member Webinar or few hours delay telecast. (For dating, Yoga..)

    Lastly will be personally online coaching.

    You can always add on more different price point products in your Sales Funnel.

    If you use the above method and propose to your Local Expert (Yoga Instructor, Muay Thai Instructor, Car driving Instructor.......) you should be able to reach your goal faster. Unless you have decide to jump into IM field first.

    Most of the methods work we just need to keep on going.

    Just a humble suggestion.

    Hope it help.

    Randy Seet

    Hi John,

    I totally agreed on "Concrete to work towards each day." Without concrete task we either run in circle or burn out.

    Randy Seet
  • Nice plan.
    You have grasped the key to making money with membership sites, "quality content" and "loyalty"
    Do whatever you can for the loyalty. Once it reaches a critical mass, the other members will provide the quality content for you, just look at this forum :-)
  • It can be done good luck!
  • Jay - you sure are going to success in a matter of months. I can tell.

    It's not as easy, but as long as you have a plan, everything is in your hand.
    Good luck, I love your way of thinking there.

    Louis
  • Thanks everyone for all the great advice and encouragement. Someone mentioned posting this also in the challenges thread but isn't it against the rules to post the same message twice.

  • Banned
    Very good to see that you have a goal and a plan to reach that goal. Not many new people here do.
  • Hey J, that's a nice plan. You've also got to lay out what you're to spend to get to your gold. Do you mean $50000 in profits or in turn over?
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  • Print your post and place it somewhere you can see it every morning and evening ...read it daily as you reach and surpass your goals.

    All the best

    T.R.
    • [1] reply
    • Hi TR

      Good advice, I have it next to my laptop. I am also going to be starting a blog and will enter my goals on the blog and do daily entries to show what tasks I do and how much I spend etc.

      Hopefully if people see me progress they will be to follow me and make their own daily blog to reach thier own goals

  • Hi Jay, great plan you have there, if you work at it i can see it could work for you, dont forget to outsource, elance is a good site to get people to work for you for a very good price, people specialize in all things on there, from video editing to article submission, dont waste your time if you have a bit of cash spare reinvest and move quicker.

    PS.. and dont forget to turn your prospects into customers and then into AFFILIATES !!,
    then you will really get it rolling.

    All the best to you my friend
  • after you get the sites up and running don't forget to promote them as much as possible! This will be the biggest factor of making your goal or not even getting off the ground. Market your business to get customers! Customers = $$$
  • Go for it! You can do it! =D
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