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Your advice on this (full time IMrs)

by Tiratore
20 replies
Hi Warriors,
I've just found out that I'm likely to lose my main source of income (day job), which has been 80% of my income.

I've had a cushy job in marketing consulting and have also been doing it on the side for the past several years because I love it. Also have a team of web designers and developers on hand.

I have a family, mortgage, etc. So I'm wondering what those in similar situations have done to raise money quickly without getting another job. I need to replace a six figure income. So I'd like to know what you would recommend to ramp up the side business as quickly as possible.

Thanks, Tiro
#advice #full #imrs #time
  • Profile picture of the author Mitsakis
    If you want to raise money quickly go get a job. Success in IM will take a long time.
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  • Profile picture of the author Brendan Vraibel
    Probably need some more details before answering that.

    What type of marketing do you specialize in?

    Where have you been making your money online already?

    The obvious but not so helpful answer would be to take what's already working for you and scale it up. Six figures won't come overnight from scratch but if you already have a foundation in place you're already ahead of the curve.
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  • Profile picture of the author Tang
    It will be easier to help you to an answer if you mention:

    • what some of your existing ideas are.
    • if you've yet made any money online or not.
    • a ballpark figure on the initial investment you'll be prepared to make in your business.
    ...also, you haven't lost it yet. You may be able to make a strong case for being kept aboard. Is it possible that you can take this on as your most critical marketing challenge?
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    • Profile picture of the author Tiratore
      Originally Posted by Tang View Post

      It will be easier to help you to an answer if you mention:

      • what some of your existing ideas are.
      • if you've yet made any money online or not.
      • a ballpark figure on the initial investment you'll be prepared to make in your business.
      ...also, you haven't lost it yet. You may be able to make a strong case for being kept aboard. Is it possible that you can take this on as your most critical marketing challenge?

      Hi thanks to all for your thoughts.

      Here's a few details:

      I make about 2 - 5k a month helping people with their websites, marketing strategies, design and development.

      I need about 10K/month so I'm looking for some aggressive growth strategies.

      I have some affiliate sites running as well but those are low income generators at the moment.

      I really don't want to stay on board with corporate. I feel as if I've hit the ceiling there.
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  • Profile picture of the author sunnyimrs
    Hey,

    You can't completely depend on IM. sometimes you will not make the required amount of income if you choose IM as your main source.
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    • Profile picture of the author Jenny Pats
      I'm full time IM but not making 6 figures. You'd really need to specify your experience and resources a bit better but the one thing I'd say is that the income for me has never been consistent as I have a reliance on too many other factors - eBay, Amazon, Google, Facebook, Fiverr, Software developers, hosting companies etc. One tweak on their side and it means countless hours of modifications on my side.

      Choose your route very carefully if you need that 6 figure income to survive.
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  • Profile picture of the author Burton Lancaster
    Do you have any clients at your current workplace that are loyal to you?
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    • Profile picture of the author Tiratore
      Originally Posted by Burton Lancaster View Post

      Do you have any clients at your current workplace that are loyal to you?
      No the industries are completely different...
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      • Profile picture of the author Michael Ehlert
        Some tips I've used to help my clients do the same in somewhat urgent situations:

        Preface:
        Excess spending stops right now. Liquidate what you can around the house and use that as your cash buffer. Cut useless expenses such as old domain names, hosting you don't use, etc. Make your own lunch for the next 60 days as a sign of your commitment.

        1. Find out exactly how much traffic you need to generate to get more coaching clients, website clients, etc.
        Use what you do now as the example. If you are referral based, see number 2.

        2. Ask all your current clients to refer you to someone...now or in 48 hours. Reward them with something.

        3. Find a WSO or Warrior provider who provides monthly services that your clients may need, mark it up and sell it to your current clients. You can do this on Fiverr and the other job boards as well. Always go with high feedback providers at this stage. You can experiment with newbies later if you want.

        4. Get a list of your assets and liabilities. Take your monthly income and multiply it by 6 in one column and 10 in the next. This is the approximate value of your side business IF IT IS SYSTEMATIZED. If it is not, get it as close as possible so you know you can sell it if need be - see the next point

        5. Start looking for partners, investors, friends and family - you show them what you have and the potential if you scale it up. Many are surprised how well this works if you do it right. You consider it a loan or an investment. Many times someone in your network knows someone who is willing to help someone motivated.

        6. If you can help people with their marketing start looking for large ads in the yellow pages that are written poorly. Cut it out and send it to them, telling them how they can improve them and your number. It works. The same with websites. If you know how to improve them take the time contact these people. This works the best when there's very little cash and you can truly help people.

        There's tons more but this is good start
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        • Profile picture of the author Tiratore
          Originally Posted by Michael Ehlert View Post

          Some tips I've used to help my clients do the same in somewhat urgent situations:

          Preface:
          Excess spending stops right now. Liquidate what you can around the house and use that as your cash buffer. Cut useless expenses such as old domain names, hosting you don't use, etc. Make your own lunch for the next 60 days as a sign of your commitment.

          1. Find out exactly how much traffic you need to generate to get more coaching clients, website clients, etc.
          Use what you do now as the example. If you are referral based, see number 2.

          2. Ask all your current clients to refer you to someone...now or in 48 hours. Reward them with something.

          3. Find a WSO or Warrior provider who provides monthly services that your clients may need, mark it up and sell it to your current clients. You can do this on Fiverr and the other job boards as well. Always go with high feedback providers at this stage. You can experiment with newbies later if you want.

          4. Get a list of your assets and liabilities. Take your monthly income and multiply it by 6 in one column and 10 in the next. This is the approximate value of your side business IF IT IS SYSTEMATIZED. If it is not, get it as close as possible so you know you can sell it if need be - see the next point

          5. Start looking for partners, investors, friends and family - you show them what you have and the potential if you scale it up. Many are surprised how well this works if you do it right. You consider it a loan or an investment. Many times someone in your network knows someone who is willing to help someone motivated.

          6. If you can help people with their marketing start looking for large ads in the yellow pages that are written poorly. Cut it out and send it to them, telling them how they can improve them and your number. It works. The same with websites. If you know how to improve them take the time contact these people. This works the best when there's very little cash and you can truly help people.

          There's tons more but this is good start
          Great tips, thanks very much
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  • Profile picture of the author John Romaine
    Online business is just that - a business.

    Its no different to that of a traditional business. It takes time.

    Would you ask how to start a coffee shop, hairdressers, or butchers in the same manner as what you have here?

    I doubt it.
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    • Profile picture of the author Tiratore
      Originally Posted by ramone_johnny View Post

      Online business is just that - a business.

      Its no different to that of a traditional business. It takes time.

      Would you ask how to start a coffee shop, hairdressers, or butchers in the same manner as what you have here?

      I doubt it.
      Thanks for your reply but please reread my post. I'm not asking how to "start" a business. I have one but I need to scale it up fast.
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  • Profile picture of the author Brad Gosse
    You just need to understand there is no difference.

    If you more than paid for yourself at work, you can do the same on your own.

    The idea of security at the old job was just an illusion. The minute you were not profitable they got rid of you.

    Now you have to either go make profits for another false security blanket or do it yourself.

    Knowing it's possible makes all the difference

    I for one salute you for choosing to focus on being an entrepreneur and not running out to kinkos with your resume!
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    • Profile picture of the author tumill
      Originally Posted by Brad Gosse View Post

      You just need to understand there is no difference.

      If you more than paid for yourself at work, you can do the same on your own.

      The idea of security at the old job was just an illusion. The minute you were not profitable they got rid of you.

      Now you have to either go make profits for another false security blanket or do it yourself.

      Knowing it's possible makes all the difference

      I for one salute you for choosing to focus on being an entrepreneur and not running out to kinkos with your resume!
      I could not agree more with this post!
      This is what I've learned over the years as well.
      Leave the corporate thing and never look back!
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  • Profile picture of the author TopKat22
    Originally Posted by Tiratore View Post


    So I'm wondering what those in similar situations have done to raise money quickly without getting another job. I need to replace a six figure income. So I'd like to know what you would recommend to ramp up the side business as quickly as possible.

    Thanks, Tiro
    I have not been in a similar situation because I left work years ago to start my own offline business.

    You don't want to get another job and want to ramp up your business so here is what I suggest:

    Detail out the systems, techniques and methods that are making you money now and crank them up. If you write one article a week or month, 10 times it.

    If you post in social networks 3 times a day, 10 times it.

    The point is so make 20% of your income into 100% of your income is going to take MASSIVE ACTION!

    I have seen many people because necessity level end up being great successes in offline businesses because they HAD to.

    I have also seen many more people not be able to do it and they ended up going and getting another lower paying job when they were almost ready to lose everything because they highly underestimated what it takes to run a full time profitable business.

    I think the difference is mind set. I believe that entrepreneurs will do whatever it takes, work 7 days a week every waking hour to make their dreams a reality.

    I know some people "think" that is their mind set when it is not.

    There have even been people on this forum who posted they needed to make a large sum of money in short time and I gave them connections, instructions and told them they HAD to begin to take massive action.

    One guy, the first weekend said he had to take 3 days off. What? I thought.

    When you have to make a lot of money quickly or as in your case, replace a large income, you can't take any time off at all until you have it operating at that range and not for one week or one month, but consistently for 6-8 months.

    Then maybe you can take a Sunday morning off.

    Get the picture.

    If you cannot do that, then you are best to go get another job.
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    • Profile picture of the author WD Mino
      You have a web development and design team. Fact: 141 million purchases this year happened from a mobile device. Fact 2 most websites source-various venues report this. mashable.com Google itself etc.are not setupfor mobile browsing. Leverage your team this allows you to focus on your marketing of the business and allows for coin to come in while you do it white hot market and every person needs it business or not.

      Cheers
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  • Profile picture of the author Andyhenry
    Hi Tiro,

    I have a small piece of advice for your consideration.

    Don't try to spread your net wide.

    Many people trying to make money with offering services to offline businesses think that it's all just a numbers game and you need to blast out as much marketing and sales stuff as possible to the widest audience.

    What that results in is having to jump through a lot of hoops to try and convince a lot of small customers to pay you enough to make it worth your while. And even if you're successful at attracting them it makes for an admin nightmare and they tend to pay more initially and gradually less when they're in 'maintenance' mode.

    A better strategy for higher revenue for someone in your situation is to focus in on higher value customers.

    You can make 6 figures from just a few customers. My average customer spends around $30k a year with me.

    Andy
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    • Profile picture of the author Tiratore
      Originally Posted by Andyhenry View Post

      Hi Tiro,

      I have a small piece of advice for your consideration.

      Don't try to spread your net wide.

      Many people trying to make money with offering services to offline businesses think that it's all just a numbers game and you need to blast out as much marketing and sales stuff as possible to the widest audience.

      What that results in is having to jump through a lot of hoops to try and convince a lot of small customers to pay you enough to make it worth your while. And even if you're successful at attracting them it makes for an admin nightmare and they tend to pay more initially and gradually less when they're in 'maintenance' mode.

      A better strategy for higher revenue for someone in your situation is to focus in on higher value customers.

      You can make 6 figures from just a few customers. My average customer spends around $30k a year with me.

      Andy
      Andy quick question for you but I can't PM you, could you PM me?
      Thanks,
      Tiro
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  • Profile picture of the author Superior Content Creation
    Originally Posted by Tiratore View Post

    Hi Warriors,
    I've just found out that I'm likely to lose my main source of income (day job), which has been 80% of my income.

    I've had a cushy job in marketing consulting and have also been doing it on the side for the past several years because I love it. Also have a team of web designers and developers on hand.

    I have a family, mortgage, etc. So I'm wondering what those in similar situations have done to raise money quickly without getting another job. I need to replace a six figure income. So I'd like to know what you would recommend to ramp up the side business as quickly as possible.

    Thanks, Tiro
    If you just want to scale up what you're already doing, maybe it's time to do some research on other people who have done the same but taken it further. I'd recommend going to Amazon and either buying the top 5-10 consulting books or the top 5-10 books on whatever area you'd like to specialize in and read them front to back, studying them closely and taking notes.

    I guarantee that will give you a ton of ideas on how you can perfect what you're already doing and find the leverage to make a higher, more consistent income.

    One great consulting book you might want to check out is "Million Dollar Consulting."
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  • Profile picture of the author celente
    I could never imagine going back to a stinky boss, and the thought of a 9 to 5'er again. No way.

    I advise you to the same taht we did, when I quit my job.

    1) Find a good market

    2) Make sure this market is passionate

    3) Build a website and a squeeze page

    4) Send traffic to this squeeze page

    5) Give them good content

    6) Sell then stuff!

    7) Go back and repeat steps 4 to 6

    Keep things simple and you will make money.
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