What you will learn
So we’ve been having a discussion in the AH Facebook group recently. It seems like there isn’t a lot of advanced content on growing from 5 to 6 figures, why is that?
- Most people ignore advanced content and prefer making more amazon articles
- Basic stuff is usually fairly similar to the point where you can share details about it, as you advanced, things become too custom to be copy / pastable
- Most people are not ready to put the time, money and energy to make it
It’s just hard to template success like that. Sure, you can look at other people and be inspired, but at the end of the day, you have to figure out your own unique path to growth.
A lot of it comes down to what you are willing to sacrifice to make 6 figures/month.
- It will probably take more work than you do now
- It will probably take more work you don’t like than you do now
- It’s still a lot less certain than your low 5 figure/month income
Nevertheless, we decided to do an episode on what we think are some good ideas for developing not just your business, but your mindset along side it as well.
Look at What 6 Figure/mo Siteowners Do
Listen to podcasts where they are interviewed. Mixergy is probably one of the best ones. Start writing down commonalities.
You’ll notice things like
- They have a singular focus
- They invested themselves heavily
- They can execute well
- They’re always learning from others (humble)
- They have a high attention to detail
- They have a very talented team
- Average teams will reach a ceiling and the only way to break that ceiling is getting rid of a lot of people and starting over
Evolve Your Business Model
Website revenue = traffic * revenue per visitor
If you want high growth, you need BOTH factors to progress, otherwise you’re fighting against the current.
Most people pick 1 offer and then just work on traffic. We did this on HealthAmbition, to our detriment.
Amazon is awesome for starting out, but you’ll need to think beyond it eventually. There is a reason a lot of people build + flip AMZ sites. It’s hard to grow beyond a point. Sites like Thewirecutter are the exception.
Sticking to AMZ and hoping to make millions annually is like going to a sword fight with a toothpick: there is 1/1000 chance you might win.
Ways to Increase Traffic
Grow existing channels. Think: what would it take to 10x what I’m currently doing? The answer usually is some combination of people + process.
Grow new channels. With Amazon/Aff you can’t do paid traffic and usually can’t do webinars + advanced sales funnels
Make more $/visitor so you can afford more traffic sources. Ways to increase $/visitor:
- CRO: Higher CTR on affiliate offers, higher sales conversion after click
- Higher commissions (smaller companies are eager if you provide them good numbers)
- Higher paying business models: Infoproducts, Services, FBA / FBA partnerships, E-Commerce
Picking up Extra Skills
It will be hard to get to 6 figure/month just hacking WP sites together. You will need a new set of core business skills:
Hiring: Not just VAs, but people who can move your business forward themselves.
Management: Getting stuff done as a group, keeping people motivated.
Negotiation: 3-d Negotiation – David A. Lax, James K. Sebenius
Business Administration: Solid bookkeeping, streamlined accounts, reporting, analytics, know what’s going on in your business.
You Have to Start Building a Real Business
Create a mission that people can get behind – staff will want to stay if they are engaged. The mission has to be real.
Create company values that actually represent how you want people to behave.
Create a rigorous hiring process. (Who: The A Method for Hiring – Geoff Smart, Randy Street)
Learn how to manage people: Double Double – Cameron Herald, Traction – Gino Wickman, Scaling Up – Verne Harnish
Your profit margin will most likely go down as you grow a team.
You should aim for 6 figures/month if you want to last.
Also, the market is professionalizing, so it will be tougher for small players.