You’re Only 4 Questions Away From A 6 (or even 7) Figure Online Business

by Paul Elliott on January 20, 2010

Back when I launched my first business I had no clue of what I was supposed to
do. I’d never heard of mentors, I’d grown up in a town where getting a job was
the right thing to do. And the concept of owning your own business wasn’t in
anyones realm of reality.

In fact millionaires were a different race of people who somehow got lucky

My first business ending up being a disaster but it also got me to a threshold
where I had to find a better solution, a better answer to success than just pure
luck

“Shallow Men Believe In Luck. Strong Men (& women)
Believe In Cause & Effect” Ralph Waldo Emerson

What I needed at the time and didn’t know it was something to give me a focus, a
direction. If someone had broken business success down into a set of steps or
questions, then I would have known at least what I should be doing even if I
didn’t know how to do it.

My second business attempt was a success because I approached it very
differently. I looked at it far more logically and strategically And in doing so
I answered the four BIG questions.

Then I got online and I brough the same 4 questions with me. Any project I get
involved with, any client I mentor I always start here. Because when you can
answer these questions you have a business. You have success. You have the
income to pay for the lifestyle you want.

BUT there is one huge problem you need to be aware of first. It’s something I’ve
noticed from teaching 10,000’s of people and it is a VIRUS. It infects
people and then they give up all rational thought and waste years pursuing
something that doesn’t exist. It’s called the magic pill. Sometimes called push
button success.

It’s seductive. It’s hypnotic. It may even be human nature to believe it exists.
Ultimately though you realise the only genuine shortcut is to give up the belief
in magic, fairies and silver bullets. Strap on the skills you need and get busy
doing the work instead of getting busy trying to avoid the work.

Look at the success of Tim Ferris “4-Hour Work Week”. Now I like the book. And I
even know that a 4-hour work week is possible. Yet in the same way no one
creates a passive income, passively.

You don’t build a 4 hour work week in just 4 hours a week. It takes a lot more
than that to dig the foundations. To design and implement the necessary systems.
To find a product with a big enough marketplace to make it work profitably.

There are no shortcuts to success. And once you accept this, then you can get on
with focusing on developing the skills you’ll need to answer the 4 questions.

And here’s the real kicker. If you develop the skills and answer the 4
questions, then you will have a business that pays for your lifestyle. It’s a
given. It’s cause and effect. It has no other choice.

So if you’re willing to give up wasting your life on a quest for a magic pill
then I have a solution for you which will instantly put you on the right path.
Give you the direction and focus you need and from there it’s just down to your
commitment.

So are you ready? Ok lets break this down. You want the income to pay for
your envious lifestyle. You know exchanging time for money won’t get you there.
It’s too limited because there are a finite number of hours in a day. Just 24 of
them.

So you need to exchange value for money because them time stops being an issue.
How much value can you exchange in a day? Technically unlimited.

But to make an exchange we need someone to exchange with. And that’s where
customers come in. They have the money , we have the value. (of course its value
according to the customer not you or I.)

So where are these customers?. Hmm…Which leads us straight to the first of the
4 questions.

1. Where will you find your customers?

If you can’t find them you can’t exchange value with them. If you can’t find
them you don’t have a business.

It’s a bit like monopoly. You can’t pass “go” until you know where “go” is.

So if your customers are online. Where are they online? What sites do they
visit? Where do they go before they visit those sites? Where do they go
afterwards?

A great starting point is www.quancast.com. You need to start with a website
that talks to the same niche you’re interested in.

So if the niche is “knitting”, head over to google and see which web site is
number one for the term “knitting”.

Enter that website into www.quancast.com. They’ll give you a breakdown of who
visits the site. They’ll show you who they are and what web sites they regularly
visit.

Google trends http://www.google.com/trends is also another great tool for
answering this kind of question.

Once you know where they are then you’ve now got to package your value into some
form of product or service. So the second question is

2. What product will you offer them first?

To build a sustainable business which pays for your lifestlyle and freedom, then
you want your customers to continue buying from you. So the first product better
make a good impression. And it better add some real value to them.

What’s awesome about the internet is your customers will tell you what they
want and they’ll tell you how they want it.
And maybe in a future blog, I’ll
talk more about that. But for now let’s stay focused on building your grass
roots awareness.

Tied in closely with this is question number three

3. How much will you charge for it?

Price matters. And it isn’t common sense. It’s not about how cheap it is, or
even if its reassuringly expensive. You have to test the optimum price based on
your goals. Do you want a lot of customers. Do you want very few. How much
income do you want?

Are you going down the route of an inexpensive first product with the idea of
building a relationship and then offering higher priced products? Or are you
going straight to a product, priced in the $1000’s? Both will work depending on
how you answer question four

4. How will you convince them to buy it?

Great products don’t sell themselves. The idea of building a better mouse trap
and having the world beat a path to your door is more fairy tale than real world.

In a world bombarded with advertising messages and expecially online with so
much hype about making thousands of dollars a second at the touch of a button,
it’s easy for potential customers to be a little jaded.

You need to focus on knowing you add real value. From there you have to have a
process, a formula, which guides your customers to understanding how your
product enhances their lifes. And that’s true if you’re offering coaching or
a bed matress.

As common sense as I tried to make these questions, answering them is anyting
but common which is why over 90% of businesses fail.

Answering these questions is what an extraordinary entrepreneur has mastered.
And I would suggest you consider making the commitment to becoming an
extraordinary entrepreneur.

Ok, I’m done for now, but I’d love to know…, if you successfully answered
these 4 questions, how would it impact your online business or even your life?

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