In a word... YES, it is absolutely possible to build an online business that generates a six figure income or more in less than two years. Here, I explain how it is feasible and provide my advice on setting up a business that has the potential to generate the revenue you are looking for.
It's important to bear in mind however, a six figure income could be $200,000 to $300,000 or $800,000 to $900,000. I achieved a business that generated close to $500,000 in revenue for myself, in a year, and I have witnessed a few of my own students achieve it. That being said those that generate this amount in less than two years are in the minority – but it does and can happen.
However, income should not be the priority at first. The priority is to focus on your education and the foundations of your business for the first six months when you start your online business. This will give you the best chance of building a business that is sustainable as well as profitable.
The first six months should be about learning how to set the correct foundations. It should be about investing in yourself, reading books, attending webinars and conferences, and getting clarity on the business, product or service you want to provide.
Like building a house, you want to lay solid foundations so that you can build a dream home that will stand the test of time. If you proceed like a bull in a china shop, charging about aggressively trying to make money, you will end up laying shoddy foundations that will not last. You could end up with a business you don’t want or being stuck in a role that you don’t enjoy because you put money first at this crucial time.
Concentrate on the market you are in, the infrastructure you need, who you are selling to, what problem you are solving for your consumer, what they will buy and how much they will pay.
Big Financial Goals
To achieve high figures, you need big profit margins. If the products you sell have a profit margin of $50 or less, it’s less likely you are going to make big bucks in two years or less. So, if this is your priority, identify what products have big margins and what people are prepared to pay.
I am a great fan of high ticket affiliate sales whereby the product and fulfilment are done for you and your focus is on customer acquisition. You can make multiple thousands for the sale of just one product and a couple of sales can result in a six figure business.
Find out what products you can promote with big margins that are a good alignment for the sector of the market you are going into.
Increasing Average Customer Value
It’s hard enough in any business, online or off, to get customers. Ask yourself how you can increase the value of each and every customer you do get. If you are selling consumable products, could you gain monthly subscriptions? How can you offer your customer multiple products? What other products might they be interested in or what other needs might they have? Remember that global businesses penetrate a larger market.
Set Yourself Up for Success
For the first six months of starting your business, concentrate on your education and business foundations. That's not to say don’t make money in your first year, but don’t make it your priority or primary focus.
At this time, it is critical that you advertise and market your product or service. Learn online marketing and all you can about sales funnels. Above all, create a business which you are enthusiastic about and that you believe in, and lay good-strong foundations that will last.