4 years ago this week I began my journey online. Though I'm not yet a millionaire I can tell you that I've experienced many successes online. I've also seen my share of failures but as the saying goes I have indeed learned the most from them.
This post is intended to give back to the WF as it's helped me and my development greatly over the years.
There are things that I know, things I don't know and things that I don't know I don't know. After 4 years online this list is of the things I know and are true from my experience:
5. At the end of the day it just comes down to numbers
Do you know your acquisition costs? Do you even know what an acquisition cost is? How much revenue does a lead bring in over their lifetime? What is your profit per lead? What is your acquisition payback period?
These are examples of some of the numbers you MUST know in order to become successful. Here's a simple formula for success:
Lifetime value per lead - acquisition cost = Gross profit
Simply put a lead needs to bring in more revenue then what you paid for it to turn a profit.
If you don't generate leads then that should be your first step. Start building a list and generating lead flow.
4. It ALWAYS costs you something to generate a lead
"Free" traffic is a load of garbage. I prefer to call it "0 acquisition lead flow".
Because I value my time. There's nothing wrong with using free traffic methods just remember that there's always a cost...be it time or money.
Don't fool yourself into thinking that you're getting something for nothing.
3. Get control of your thoughts
The number 1 person that stands in your way is you. Doubt, fear, disappointment and all the other garbage in your head all lies within you.
You are far more likely to talk yourself out of moving forward than anybody else. I know this all to well.
The problem is that when you live in fear/doubt etc. you block your ability to see solutions.
Read up on how to master self talk and learn the art of mental toughness. It will become your greatest asset.
2. Chill out and let the solutions come to you
Far to often I found myself trying to force solutions out. I would say to myself that I'm the leader and I need to find a solution NOW.
That's working out of fear and it doesn't work.
Instead LET the solution come to you. Ever notice that some of your best ideas come to you in the strangest places? I started my first business from an idea I had in the shower.
That's because when you let go you allow ideas to come to you. Ideas that would normally get lost because you're too busy looking.
A farmer at some point needs to let go of the seed in order for it to be planted and turn into bearing fruit.
1. For god sake, figure out what your lifetime lead value is
I know I already mention this before but it's very important.
YOU NEED TO KNOW WHAT A LEAD IS WORTH TO YOU
If you don't figure out this key metric then you'll never really know how much you can pay for a lead.
People loose their shirts everyday on Adwords campaigns because they don't know what the max they can pay for a lead is.
Figure out this number and focus on growing it. The DNA of a business is to profit and if you don't know the lifetime value of a lead you can never figure out what your profit is.
To be honest I've learned a ton more than this but these are some of the bigger ones to look out for.
I hope this helps,