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$5K vs $500K Per Month … what’s the difference?
By JP Maroney | June 18, 2008
A guy by the name of “Nick” asked a really good question on a popular business/marketing forum.
I answered him on the forum, but thought you might want to read both his question and my answer — be sure to take the suggested “ACTION STEP” noted after my answer.
Here’s his question…
SUBJECT: Difference Between Making 5k and 500k / Month
Hey guys
This morning I asked myself a really smart question:
2 guys each sell products from their websites … one guy makes 5k / month … the other makes 500k / month. Why is the first guy not making more? What does he have to do to make 500k / month like the second guy?
I’m not talking about selling high-end products like cars or real estate … I’m talking about what most of us do: Selling INFORMATION!
If you can make 1 buck out of nothing … you can make $2.00!
If you can make $5,000 … why can’t you make $500,000?
I’m trying to find out WHAT IT IS these guys do different. The only answer I could come up with myself was:
MORE OF THE SAME! … MORE, MORE and even MORE!
Now, am I missing something here or is the answer (again) really that simple?
You should have more products (specially at the back-end), more and bigger newsletters, more PPC spending, more affiliates promoting you.
Just MORE!?!
I’m just looking for answers right now as I’m experiencing good growth but I haven’t just reached 5 figures / month … but my goal is 6 figures.
Why can’t I or anybody else out there reach it if we just do more of the same?
Let’s hear your input.
Nick
My answer…
Excellent question, Nick!
Many of the answers have been “good” — but not complete. Why? Because they’re tactical … more JV’s, pricing, etc, etc.
A couple (Mike Filsaime’s for example) are spot-on because they require you to “uncover” the answer.
That’ll be your key!
Let me add something to that:
Begin with the end in mind…
What do you want to create (what’s your end game?)
What size income do you want to create?
How many sales / customers will it take to get there?
Do you need the money off the front end … or can you build something of value that you can flip and cash out on?
The question you’ve asked (though really, really good) is impossible to answer definitively … because it’s different for each person.
And, in fact — the answer — is really just, “Asking the right questions.”
The BIG difference between the $5K, $500K, $5M guy/gal is that they’ve asked a different and better set of questions.
Every entrepreneur eventually hits a wall… taps out what THEY are capable of building (without growing more personally). The ones who get past that, start asking the right questions.
I often say in my live presentations … “3%’ers (the elite) ask EVERY question to which they are afraid of the answer. They ask all the tough questions.”
That’s how they’re able to predict the future, preempt problems, and grow empires.
JP Maroney
ACTION STEP…
Want to know the questions YOU should be asking to grow your business … and FULLY monetize your opportunity?
Let me help you ask them… CLICK HERE to arrange a FREE “Mr. Monetizer Strategy Setting Session” with me. We’ll ask all the tough questions, and figure out what you need to do NEXT to build your business and create the profit breakthrough you desire. CLICK HERE to go to the application!
Topics: Business Growth, Internet Marketing, Leadership, Management, Marketing |
June 19th, 2008 at 12:56 am
Hey JP,
Great post and also great to be on your radio show the other day. Let’s touch base again.
Any chance you can get to jvAlert Live Las Vegas, October 17th, 18th and 19th?
Hope to see you again in person soon!
All the best,
Ken
June 19th, 2008 at 1:14 am
@ Ken…
1) Thanks! Interesting topic.
2) JV Alert… I hope so — glad to know the firm dates/location now.
3) Need to get you on the Mr Monetizer Show soon to talk further about your book.
June 19th, 2008 at 1:27 am
JP,
It’s interesting that you end with “Ask Tough Questions”.
In an engagement at the end of last year, a more seasoned consultant and I had a difference of style - the best way I can sum it up is that I asked questions to find out information, the other consultant often asked questions to make a point.
I didn’t quite buy the logic of “Don’t ask a question you don’t know the answer to”, but couldn’t put my finger on why - your post solidifies in my mind that it’s a scarier prospect - but better - to ask more, and ask the difficult questions. (Though questions that may embarrass someone probably should be avoided;-)
steve
–
Steven Tylock
The LinkedIn Personal Trainer
stylock@gmail.com
http://www.linkedinpersonaltrainer.com/book.htm
http://www.linkedin.com/in/stevetylock
June 19th, 2008 at 2:07 am
JP,
I took you up on your offer. We’re scheduled for next Monday.
I mailed off a Printer Proof copy of my book in process yesterday. You’ll get it in time, and that will speed up our conversation.
What I get out of today’s post is that I must write down the questions I should be asking myself, not just questions to ask you.
Clifford
June 19th, 2008 at 2:17 am
@ Steve … Yup — the tough questions get the best answers. Scary, but way more productive than “soft gloving” it.
@ Clifford … Looking forward to our meeting Clifford. We’ll get a lot done on that call. I’m a BIG believer in “give first.”
June 19th, 2008 at 2:48 am
Hey JP
It’s not just more of the same that can work. Here is how I see it. Things are always changing and it’s like throwing mud against the wall. You must adapt when the wall disappears and your now throwing mud into thin air.
There is a lot out there about my system will work, his system will work. I have come to learn it’s not the system itself. It’s is whether you are aligned to the mechanism in use and if you aren’t, can you be? Do want to be? Are your ethics on the same page as the creators of these systems? If not, you may to be to a pioneer in your own breakthrough technology. Look deeper and see what’s really standing in the way. If I can figure out how to send you
my SOS recording it may be just what you need to unleash yourself. I have it uploaded on itunes. Let me know if your interested. Anyone else also
Have a splendious day!
Rene
June 19th, 2008 at 6:12 am
JP,
Good question once again!
I think there are three elements that catapule someone from a small Internet marketing business to a large one. The first is they know how to repurpose content so it can be packaged in a multitude of ways. That’s the funnel that marketers talk about. And the second is they know how to find people with whom to align and whom they can ask for help. And the third is determination. As Nike says they “just do it” whatever the “it” is.
June 20th, 2008 at 11:40 pm
Hey JP,
This was a pretty stimulating post for me. I often ask myself all the time exactly what I must do to take my income/business to the next level. Oftentimes, taking the Ready, Fire, Aim approach to business really helps you to create the growth you desire. Michael Masterson undestands this, and you need to buy his book “Ready Fire Aim” to learn how to take your business from zero to $100 million.
Also, we can forget about strategic alliances and partnerships being in the picture!
Have a wonderful day!
Melvin Perry