The Best Online Business To Make $1 Million In 3-5 Years

The Problem with Quick Fixes

In this section, the speaker discusses how people are wired to want quick fixes and how this mentality can lead to a cycle of failures in online business.

Quick Fixes Don't Work

• People are wired to want quick fixes, but success doesn't come instantly.

• Beginners get trapped in a loop of trying one thing after another, looking for the latest and greatest strategies or tactics.

• The quickest fix is actually the longest path. Accepting the longest path rather than jumping from one thing to another will ultimately lead to success.

Latest Strategies May Not Work

• The latest and greatest strategies or tactics may not work, and even if they do, they probably won't be around in 3 to 6 months.

• Many people lack purpose behind their work and are in a state of survival. They have not mastered themselves or gone through self-improvement or mental work.

Beware of Bottom Feeders

• Bottom feeders lack purpose behind their work and only care about making money quickly.

• Short-form content agencies that create reels, TikToks, shorts for certain creators or ghostwriting agencies are examples of lucrative businesses that lack purpose.

Seed of Awareness

• Treat this video as a seed of awareness that you will register as you go through your mistakes and failures on your business journey. If you're chasing quick bucks with the latest strategies, you have about 3 to 6 months before you need to pivot.

The Best Business Model of 2023

In this section, the speaker talks about the importance of having a business model that generates revenue and has the ability to scale and pivot in the market.

Characteristics of a Successful Business Model

• A successful business model generates revenue and has cash flow.

• It has the ability to scale and pivot in the market regardless of algorithm changes and trends.

• Short form content marketing is not enough to sustain a business long-term.

Understanding Short Form Content Marketing

In this section, the speaker discusses short form content marketing and its limitations.

Limitations of Short Form Content Marketing

• Short form content is usually very shallow and does not nurture leads into becoming high paying or loyal customers.

• Most short form content agencies do well when they target creators or brands that already have a funnel that is converting leads.

• Without a unique system or strategy for converting short form content into leads or cash, it's difficult to quantify its end result.

The Importance of Having a Purposeful Business

In this section, the speaker emphasizes how money is essential for contributing to society and having a sense of purpose.

Money as Lifeblood of Society

• Money is essential for contributing to society and having a sense of purpose.

• A business that does not fuel the market or provide value will die off.

• Online surveys, prescriptive business models found online, and most jobs are soulless.

The Universal Principle Beyond Business: Offer Equals Value & Traffic Equals People

In this section, the speaker explains how offer equals value and traffic equals people are universal principles beyond just business.

Offer Equals Value & Traffic Equals People

• An offer provides value, and traffic brings people to that offer.

• Without an offer, you cannot sell anything, even if you have a lot of traffic.

• The same principle applies to relationships: being a valuable offer in a group of desirable people increases your chances of forming meaningful connections.

The Future of the Creator Economy

In this section, the speaker talks about the future of the creator economy and how it is becoming the new economy.

The Creator Economy

• The creator economy is becoming the new economy.

• Putting yourself in a box limits your potential as a creator.

• The future of business lies in one-person businesses and creators who can provide value through their content.

The Importance of Personal Branding

In this section, the speaker discusses the importance of personal branding and how it can be used as a foundational traffic source for business.

Why Personal Branding is Important

• Resumes are becoming outdated and personal brands are becoming more important.

• A personal brand is the closest thing to a one-size-fits-all traffic source for business.

• Personal branding can be useful in areas beyond just business.

• Even if you don't start for business reasons, building a personal brand can lead to job opportunities and other benefits.

Benefits of Building a Personal Brand

• A personal brand cannot be replicated, making it unique and valuable.

• With a personal brand, you don't have to rely on cold outreach or ads to gain an audience.

• Building an audience through your personal brand allows you to talk about whatever you want while still promoting your offer.

• Building a personal brand allows you to meet like-minded people that resonate with your content.

Using Your Personal Brand as a Foundational Traffic Source

• Your personal brand should be considered the foundational traffic source for your offers.

• Having a strong personal brand can help fuel another business and make it successful faster than without one.

• Previous customers and followers from your personal brand can help promote new businesses without paying for influencer marketing.

• Paid ads are another traffic source but having more people know your name through your personal brand will increase conversion rates.

Creating a Minimum Viable Offer

In this section, the speaker discusses how to create a minimum viable offer and why it is important to start small.

Importance of Authenticity and Value

• Having authenticity and value in your content can make people more open to buying your products or services.

• Your content should not be limited to a specific topic or niche but rather focused on providing value.

• People care about how anything and everything will benefit their life, so focus on the experience model of helping people get from point A to point B.

Business Development Stages

• Everything in this world goes through developmental stages, including business development stages of beginner, intermediate, and advanced.

• It's important to break down goals into manageable chunks and focus on the levers that you have to move as a beginner.

Creating a Minimum Viable Offer

• Start by creating a minimum viable offer which is like a minimum viable product or service revolving around a single skill or interest.

Freelancing, Coaching, Consulting and Tutoring Offers

In this section, the speaker discusses how to turn skills or interests into freelancing, coaching, consulting or tutoring offers. They explain how to package up your offer fast with a skill and how courses can be spun into a service.

Packaging Up Your Offer Fast with a Skill

• Learn a skill or interest

• Package it up as a freelancing service

• Skills include email marketing, web design, copywriting, Facebook ads and brand design

• Interests include health and fitness, performance and productivity, personal development and spirituality, relationships or dating

Courses Can Be Spun Into A Service

• Courses are higher ticket services that can be spun into ghostwriting services

• Example: Twitter course from Modern Mastery can be applied to someone else's business

• Specific YouTube videos can help you build something for someone else's business

Attracting Clients by Teaching What You Know

• Pick up a skill fast and start teaching what you learn

• Start teaching to attract clients

• Understand how to write content fairly well in order to pitch your offer

Coaching and Consulting Offers

In this section, the speaker explains the universal principle goal of coaching and consulting offers. They discuss how marketing is about selling transformation that either you have achieved yourself or helped others achieve.

Universal Principle Goal of Coaching and Consulting Offers

• Start with a goal where your customer wants to be or where you have achieved

• Sell a transformation that either you have achieved yourself, helped others achieve, or want to start helping others achieve

Freelancers Gain Experience by Working with Clients First

• Freelancers gain experience by working with clients first

• You don't need results to start selling

• Coaching and consulting offers help customers with something like health

Tutoring vs Freelancing

In this section, the speaker discusses why tutoring is a better option than freelancing and how it can help you scale your business faster.

Teaching Skills through Self-Education

• Tutoring offers are similar to coaching or consulting offers.

• It's more fulfilling than freelancing because you don't have to do the work for them.

• You can take on more clients and scale faster.

• The focus is on teaching skills through self-education and then going on to teach it to others.

Targeting Beginner Level

• Tutoring offers target beginner level, which opens up more room for people who can use your service.

• Most content agencies target these people, but they could just go and teach a creator because their creator economy is booming.

Results Transfer Over into Course or Digital Product

• The results from tutoring transfer over into a course or digital product much easier.

• You're able to flesh out an offer stack much quicker because you teach someone, get them results, and have something to show for it.

Coaching, Consulting or Tutoring Offers

In this section, the speaker talks about what coaching, consulting or tutoring offers consist of and how to structure them.

Structure of Coaching/Consulting/Tutoring Offers

• Coaching/consulting/tutoring offers consist of a few things:

• Point A endpoint B (the problem and the goal)

• How you fill that (what are the steps in order to reach that goal)

Writing Down Promise

• Write down what is the promise. For example:

• Are you going to help them create one fully edited YouTube video as the tutoring offer?

• The problem is that they don't have a skill. They aren't able to break into the online space, even though that's where the world is moving, right? Marketing.

Teaching Them

• From there, you need to teach them what they need to know and what you learned.

• Is that the overview of an editing software?

The Structure of Most Offers

This section discusses the structure of most offers and how to create a general outline for weekly calls.

Four Calls Once a Week

• Four calls once a week is recommended to walk clients through the structure or curriculum.

• Starting with four calls instead of one allows you to charge more and take on less work.

• On these calls, you teach them exactly what they need to know and answer any questions they have.

• Think of it as a live tutorial.

Weekly Action Items and Text Access

• At the end of every call or week, give clients action steps towards their desired end result.

• For example, if teaching graphic design, the desired outcome could be creating one polished social media post or an Instagram carousel.

• Provide text access with Telegram, WhatsApp, Discord channel private to them or something similar so that they can ask questions whenever they want.

Pricing Your Offer

• Start at a lower rate like $500-$1000 for a pack of four calls and increase as you get results and become more confident.

• Test out different prices by saying them when talking to people. Refine your process according to the value you provide.

Helping People for Free in Creator Economy

This section discusses why helping people for free in creator economy is beneficial.

Building Online Network

• Helping people for free in creator economy helps build your online network with other people who are distributing value online.

• Networking with others can lead to testimonials from creators which are appreciating assets.

Stepping Stones Towards Success

• It's important not only to try landing big fish but also progress step by step towards success.

Scaling Your Client Business or Productizing

This section discusses the difference between scaling your client business and productizing.

Employee Business vs. Productized Business

• An employee business is where you trade time for money, while a productized business is where you create a product that can be sold repeatedly.

• Scaling your client business involves hiring more people to take on more clients, while productizing involves creating a system that can be replicated and sold multiple times.

Scaling Information Products

In this section, the speaker discusses different methods of scaling information products.

Productizing Information

• The speaker's preferred method of scaling in the information space is to productize.

• This involves growing large by talking about broad beginner level topics and then selling tutoring, coaching, consulting offers packaged into courses.

• Low ticket products are a great way to scale and reach 1 million dollars.

Timeline for Success

• Building leverage over time in form of an audience or personal brand traffic source that compounds with time is key.

• Eventually one day you run a promotion, make your first 100 or 200 K a month and you're like okay I could probably hit this number and then you hit it.

• It took the speaker three years to get where he is now. Give yourself five years to make $1,000,000 in this space.

Conclusion

• Making $1,000,000 is possible if you commit to it.

• Join the newsletter or check out the products offered by Modern Mastery for more information.