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3 simple secrets to my success: food stamps to "rich" in 6 months

Discussion in 'Making Money' started by brent360, Mar 19, 2011.

  1. brent360

    brent360 Junior Member

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    Like I've said in my other threads, I don't know much, but I know what has worked for me. I'm not a motivational guru and I don't know how to make you successful overnight, but I've "made it" by my own standards. I was a lazy goofball who never went anywhere for about two years before I actually started making money online. Here's how I made the leap from food stamps to money maker:

    1. Time management
    This one revolves around scheduling and organization. Set a specific time schedule for everything you plan on doing in order to increase your productivity and efficiency. Give yourself specific work hours even if you're self-employed. Set hours for everything, including browsing BHW.

    One of the problems I used to run into was spending too much time on one thing even though the extra time spent would not benefit me at all. I've since learned to plant my "money tree" seeds, water them, fertilize them, and then move on to the next thing. If you sit there and watch your site stats or spend too long editing your page elements, you probably won't make a significant impact on your bottom line. Efficiency is the key!

    2. Prioritizing
    Before I "made it big" by my own standards, I thought, "I'm never going to hire a maid. Only rich jerks have maids." But through trial and error I learned that prioritizing your daily activities will make or break your business. Think about it this way: Your time may be worth more than the expenses you save by not outsourcing labor. For example: Every hour I put into my business, I make a few hundred or a few thousand dollars down the road. If I choose not to have a maid come in once a month or so, I save about $50 per month. I clean my own house regardless, because I'm not lazy, but having someone to fill in the gaps for me saves me a few hours of house work every month. In the time I would have spent doing extra cleaning, I can essentially make a few hundred dollars. In practice, the bottom-lines for my two choices are these:
    1. The house is very clean and I've saved $50 in expenses
    2. The house is very clean and I've spent $50, but I've also made $300, resulting in a $250 profit.
    Simplified:
    • Choice 1: Very clean house
    • Choice 2: Very clean house, +$250 in my company's bank account
    In my opinion, you can apply the concept of http://en.wikipedia.org/wiki/Opportunity_cost loosely to this sort of time management. By outsourcing some minor labor, I can streamline my time investments, reap the benefits of cost-effectiveness, and make money in the process, all while someone else has essentially "lost" potential profit by not following this approach.

    This mindset of prioritizing can be applied to every area of life. Do anything you can to increase your bottom-line benefits. People get too hung up on the short-term aspects of what they're doing, and they forget to compare the bottom-line results of their choices.

    3. Consistency
    Most people I encounter give up. Not just with IM, but with anything that doesn't have an immediate payoff. Fitness goals, making money online, relationships, everything. If you're not consistent, even during "buyer famine" or a general lack of success, you're going to lose. Keep in mind that I don't mean consistently following a losing formula--too many people fall into this trap at the other end of the spectrum, and eventually give up just like the lazy folks. Work hard consistently and improve your strategies consistently.

    And a final note: Don't expect to get rich quickly. If you have the "I want to make money now" attitude, you might not get very far. Treat this like a true business, just like a brick-and-mortar startup, and you'll be on your way to having the right mindset. The people who come here expecting to get rich overnight end up selling SEO services and eBooks about how to get rich online, even though they've never successfully ranked a site or gotten "rich" online.

    Here's one of my favorite quotes which really helped me to put things into perspective:
     
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  2. eloquenceeee

    eloquenceeee Regular Member

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    Great post, inspirational for all members on here.
     
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  3. rockyonfire

    rockyonfire Regular Member

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    Awesome share man!
     
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  4. tygrus

    tygrus Supreme Member

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    Thats something I can read out of a management 101 course. Why not tell us something about what you actually did to make it.
     
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  5. karibo

    karibo Regular Member

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    Great post :) thanks for share!

    greetings karibo
     
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  6. satyawrat

    satyawrat Jr. VIP Jr. VIP

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    This is one of those posts that I print and store in my "golden words" briefcase...
     
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  7. brent360

    brent360 Junior Member

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    Sure. I'm not going to hold anyone's hand, but I can appreciate you wanting some details.

    I...
    1. Registered a legitimate business entity. This is extremely important.
    2. Learned to streamline outsourcing to freelancers (see "2. Prioritizing")
    3. Created several online retail operations
    4. Took a few of them offline for the sake of clever marketing
    5. Built mailing lists for each operation (this is extremely key to my success)

    Want some specific examples?
    1. I have a fitness website which promotes external fitness products. Last year, I paid a few muscle-bound college guys to run a booth for me at the local Gay Pride festival. They go shirtless, attract a bunch of relevant, interested buyers, and I make a footprint in my local area.
    2. There's a public market in my area (essentially a large flea market) where I do the same sort of thing for other niches.
    3. Ever seen one of those booths which has little pieces of paper requesting personal information? They have them in malls, at fairs/festivals, etc. Those are essentially offline opt-in forms. Offer people an incentive and make sure that they're willing to spend money within your market. Use filtering mechanisms.

    IM involves, but isn't limited to, three important things:
    1. The value you can provide others
    2. The relationship you build with potential customers
    3. Ingenuity

    The underlying principle for all of my operations:

    Making money with a modern, online business is about adding genuine value to the lives of as many people as you possibly can. I believe that so sincerely that I'm almost superstitious about it.
     
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  8. Selassie_i

    Selassie_i Newbie

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    I would just like to say thanks for the tips hope this inspires others like myself.
     
  9. rebateprocessorjob

    rebateprocessorjob Newbie

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    Nice info. I am glad I have found your site this would be great inspiration for all us here.
     
  10. skyjust

    skyjust Registered Member

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    Many people know ,few do
     
  11. sk8tavou

    sk8tavou Senior Member

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    1. Time management

    My biggest leak :( i'll try hard till i beat it :)
    Thanks for the nice post! :)

     
  12. MeisMJ²

    MeisMJ² Regular Member

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    Opportunity Costs :)
    You have studied at least the basics of Economics then, as I got that waaay back :)
     
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  13. photoman

    photoman Junior Member

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    Your underlying attitude has a lot to do with your success. Great advice. IM is a tough business that takes discipline, market awareness and a strong will to succeed.
     
  14. TshirtNutdotCom

    TshirtNutdotCom Newbie

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    Great Post Brent, you hit the nail on the head. Thank you for taking the time to lay it out in a manner that is very to read.
     
  15. Gammbyt

    Gammbyt Newbie

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    These are some great tips. The examples that you gave for methods of getting offline marketing done for your business were very helpful, and while some people might think that the tips in the first post were basic it never hurts to be reminded of the basics periodically.
     
  16. Tatsuya

    Tatsuya Junior Member

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    This is so true, I usually spend too much time on a site and sometimes it doesn't pays the investment of time. I believe that trying to do things "perfectly" is counterproductive at the end.
     
  17. RolliePolio

    RolliePolio Newbie

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    Great post bruh
     
  18. OutsideGroove

    OutsideGroove Junior Member

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    That time management thing is a big key but soooo hard to seem to do, I know I often struggle with it for every aspect of my life. The years go by seemingly faster as you get older too.
     
  19. sLine

    sLine Newbie

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    Inspiring post. Tks.
     
  20. MrE

    MrE Executive VIP Jr. VIP Premium Member

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    Great post +REP

    Time is the most scarce resource you have, use it effectively and you will be very wealthy, squander it and you will be poor. Put a high value on your time.