My 5 basic, never-fail steps to start a consistent income flow

26 replies
I'm no billionaire, but I do have a consistent income flow from a few streams. I thought I'd contribute something since I'm relatively new to the community. Here's my basic thought process when I'm undertaking any new venture:

1. I search for an identifiable group of people (demographics) that has been shown to spend money. People speak and act differently, so it's always nice to have an identifier of some sort. Supply often follows demand, so if you see advertisers, sellers and competition, it's often a huge sign of high demand.

2. I look for a platform that has already grouped these people by default. Of course you need to find these people, but some websites do this for a living already - sites like Amazon, Google, existing email lists, blogs - all of these already have pre-existing methods of contact for these people.

3. Monetization as fast as possible. No matter what you do, once you've decided on research, always get a form of product out and selling. It could be an affiliated product where you earn revenue or even your own product. It doesn't have to be a perfect product. Work by alpha -> beta -> release candidate methods where you build prototypes and improve by editions. Sales = Money. Nothing else you do will be effective if you don't have something to sell.

Originally Posted by JohnMcCabe

One thing I would add to your #3 - When you make that update, make sure all of your previous buyers have access to it without having to buy again - unless the upgrade is so wide that it makes for a brand new product. (Thank him!)
4. Constant R&D. Research is highly crucial. When you monetize, utilize it as a way to acquire information from your customers - dreams, aspirations, wants, needs, pains, etc. From there, you can develop more products and hopefully upsell them.

5. Acquire connections as fast as possible. This is similar to my 2nd step, except I'm using this to expand my current marketable range. Let's face it, one person is not able to grasp the world in her hand... interdependence and win/win situations are the best ways to grow as fast as possible. Try guestblogging, exchanging email lists, etc.

Bonus Step!
Originally Posted by JohnMcCabe

I get to sit on the beach with an umbrella drink and a laptop watching both the waves and the money roll in...(Thank him!)
Small list but I tried. Warriors are welcome to add their own if you deem fit.

Imogen


PS. Here's how you can make it actionable. Go through every step, and write down something that identifies with the step. If you need help with a step, just post in the thread and I'm sure awesome warriors will help you out (or I will! ).

PPS. Give the thread contributors some love too!
#basic #flow #income #start #steps
  • Profile picture of the author Sarevok
    Awesome list.

    I love the first number the best.

    It all starts with your end user demographic, and having easy access to them.
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  • Profile picture of the author beasty513
    These are some concrete advice to follow, #1 is my strong suit.

    I just pay attention to what people
    are adapting to and take action.
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  • Profile picture of the author seeqer
    Thank you. Awesome tips!
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  • Profile picture of the author sujit1717
    Thanks Man. I love this style of presenting a tutorial. Rather than.mixing everything.
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  • Profile picture of the author gokulmaba
    Yes its awesome to read. Thank you.
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  • Profile picture of the author vishwa
    Great tips, Thanks for sharing it with us.
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  • Profile picture of the author craighakwins
    Brilliant! This is what most people really need these days.
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  • Profile picture of the author mdrosenkrans
    Couldn't have said it better myself! And I actually didn't say it better myself....saw your post above mine in another thread here lol.

    But seriously, this is fantastic advice for any newbie (and even good reminders for anyone to keep them grounded on the basics).

    Thanks for the share!!
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  • Profile picture of the author Viper305
    can anyone tell me more about this post? how can i make money?
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    • Profile picture of the author imogenhobbs
      Originally Posted by Viper305 View Post

      can anyone tell me more about this post? how can i make money?
      Hi Viper305,

      Please read the steps and understand why they are written that way, write down possibilities, then ask so we can help you more specifically...

      Imogen


      *

      Thank you for the thread love people, glad you guys liked the post
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  • Profile picture of the author JensSteyaert
    Great post!

    Nice to see some quality info being added in the forum.
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  • Profile picture of the author kaanman
    Yeah cheers mate, Im just starting out so that was very helpful.
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    • Profile picture of the author JohnMcCabe
      Sorry, but you left out the part where I get to sit on the beach with an umbrella drink and a laptop watching both the waves and the money roll in...

      Seriously, very nice post. I get a little nervous when someone brand new starts off with "I want to contribute." Often, it's just an effort at getting people to click a sig link or send a PM.

      The posts like yours are the ones that keep me opening and reading threads like this. Good job telling it like it should be...

      [One thing I would add to your #3 - When you make that update, make sure all of your previous buyers have access to it without having to buy again - unless the upgrade is so wide that it makes for a brand new product.]
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      • Profile picture of the author imogenhobbs
        More love for the thread!! You guys are awesome people

        Originally Posted by fatchap View Post

        In other words - find what people are buying already and sell more of it to them The basis of many a business . e.g. knitting is big in the UK. Look in WH Smiths full of knitting and other craft magazines - demand there. Start a blog - write about knitting, sell affiliate stuff siiiimples - in theory!
        Well, that's just the first step you know. I did say that finding a platform where these customers are already there would be far easier than trying to build up traffic from scratch! This is literally the structure I use to evaluate ventures. Literally! Nothing too simple about that

        Originally Posted by JohnMcCabe View Post

        The posts like yours are the ones that keep me opening and reading threads like this. Good job telling it like it should be...
        Thanks John! I've added your contribution with a post link in the first post, if you don't mind!

        Imogen!
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  • Profile picture of the author fatchap
    In other words - find what people are buying already and sell more of it to them The basis of many a business . e.g. knitting is big in the UK. Look in WH Smiths full of knitting and other craft magazines - demand there. Start a blog - write about knitting, sell affiliate stuff siiiimples - in theory!
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  • Profile picture of the author fatchap
    Imogen I wasn't being critical. You are right. Building traffic from scratch is very, very difficult. The point I was trying to make was that this has been the basis of business for hundreds of years. The theory is actually quite simple it's the application that isn't.
    Online seems to think a bit of flash software and playing google is a business. You are clearly saying it's not and I agree.
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    • Profile picture of the author imogenhobbs
      Originally Posted by fatchap View Post

      Imogen I wasn't being critical. You are right. Building traffic from scratch is very, very difficult. The point I was trying to make was that this has been the basis of business for hundreds of years. The theory is actually quite simple it's the application that isn't.
      Online seems to think a bit of flash software and playing google is a business. You are clearly saying it's not and I agree.
      Was agreeing with you

      Very true. Application does come from the basics though. If people want to learn marketing, they shouldn't be stuck reading methods by other people when they can't get their fundementals down to pat... yet.
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  • Profile picture of the author Zaflow
    Can you give an example of a platform that grouped people ?
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    • Profile picture of the author Rob Whisonant
      Originally Posted by Zaflow View Post

      Can you give an example of a platform that grouped people ?
      Think forum, group, ezine, etc... That specializes in the niche you select.

      Re's
      Rob Whisonant
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      • Profile picture of the author imogenhobbs
        Originally Posted by Rob Whisonant View Post

        Think forum, group, ezine, etc... That specializes in the niche you select.

        Re's
        Rob Whisonant
        Originally Posted by Zaflow View Post

        Can you give an example of a platform that grouped people ?
        Rob gave pretty good examples, but here's what I'll be thinking.

        I've finished step 1, so I'll have identified this demographic - for example, stay-at-home mums with newborn kids. I would guess their age, etc. You can figure this out from existing sites using websites such as Quantcast.com or Alexa.com.

        Once you've done that, start thinking... What platform will these people be lurking around on?

        Communities is a big one - Forums, Facebook groups, Yahoo answers, Twitter feeds, etc. These are grouped by "topics", so it's pretty easy to identify.

        How about marketplaces? eBay, Amazon, eCommerce sites or even forums that engage in buy-and-sell (like the Warriorforum). Look for similar products, etc.

        How about famous people/experts? They might already have a blog where this demographic lurks around. Look for ezines, blogs, social media pages, email lists.

        One thing I'd advice is to actually become the customer. Once you get into the mindset of the customer, it will be far easier to find out about all of these platforms. At times, I chance upon obscure places that you'd never think about existing. It's all in the way you do the detective work.

        Imogen
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        • Profile picture of the author Zaflow
          Thank you for the detailed reply i understand what you mean now.

          It would be hard for me to become the customer in the case im targeting new mums but ill try anyways
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          • Profile picture of the author imogenhobbs
            Originally Posted by Zaflow View Post

            Thank you for the detailed reply i understand what you mean now.

            It would be hard for me to become the customer in the case im targeting new mums but ill try anyways
            That's when research comes in Zaflow! There are many ways to get into the mind of your customer. One big way would be to directly ask somebody you know is /was a new mum (You can even ask a relative!). Ask them what their concerns and questions would be.

            Another? Look up the marketplaces for reviews and questions - Search amazon for books for new mums and look up the reviews. Exactly that. Q&A sites or forums often have questions that seek advice from other people.

            It takes some getting used to, and I understand that you might not be able to put yourself directly in their shoes. You should ask people who are though, and you'll be able to get the right amount of research to get a good grasp on the market.

            Imogen
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            • Profile picture of the author ThomasTe
              One of the best threads I've seen in a while. Great work, thanks.
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  • Profile picture of the author Rob Whisonant
    You guys and gals are crazy I tell ya! You do NOT bring a laptop to the beach! Everyone knows you bring a tablet!

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    Rob Whisonant
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  • Profile picture of the author Sciguy280
    Thanks,It cleared some stuff up for me as a beginner;coming into all of this was pretty much foreign to me and still is.
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  • Profile picture of the author zetetician
    Very helpful tips, thanks.
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    Zetetic: seeker, one who proceeds by inquiry.
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