Thursday, March 21, 2013

How to Turn $10 Into $300,000

Huge growth is made of small gains -- so small, they may seem trivial.

Example: By adding just $10 a day, every day, to your business, it can add up to $300,000 in revenue per year. I know this for a fact, because I've done it twice.

First, some background ...

The notion of turning $10 a day into $300,000 a year is closely related to financial guru Dave Ramsey's idea of the "debt snowball."

To recap his idea: You list all your debts, pick the smallest one, and pay it off ASAP. This small gain feels good. You think, “Hey, I can do this!”

Then, use the payments you made on your first debt to pay off your second debt. With each debt you pay off, your “snowball” of money rolls and grows faster. Momentum builds -- and all your debts are paid off.

Now, here's how to turn
$10 a day into $300,000 ...

First, find one source of revenue that reliably and automatically delivers an average of $10 per day. It can be a small source ($10 a day) or a bigger source ($300 a month). Both work out to $10/day.

Example: If you add an upsell feature to your shopping and it produces 2 sales every month at $150 per sale, congratulations! You've just added an automatic source of $10 a day.

Other example sources of $10/day in average, automatic sales:

  • create 3-5 new ads in Google AdWords or Bing every day (one of them could deliver $10/day)
  • ask your assistant to call and check in on 1-5 clients every day (one of them could buy $10/day)
  • test 1-3 web sales pages to increase conversions every day (one of them could deliver $10/day)
You get the idea.

There are two requirements for a revenue source:

  1. it must be AUTOMATIC (it works whether you're working or not) and
  2. it must deliver $10 in revenue PER DAY, Monday through Friday
Now, here's where the magic happens ...

If you add one new source of $10/day every day, Monday through Friday, you add $200/day to your business in 4 weeks (do the math and see).

After 8 weeks, you've added $400 a day ...

After 12
weeks, you've added $600 a day ...

And after 17 weeks, you've added $850 a day in new revenues.

You can stop there, if you'd like. Because $850/day x 365 days = $310,250 a year. And that's where I got, not once but twice, following this same simple program for one of my businesses.

In my case, I got most of that revenue by adding 3-5 new ads in Google AdWords every day for 6 months. Individually, they brought in maybe $2-5 a day in revenue ... but together, those ads brought in more than $2.1 million in just under 5 years for me. All on auto-pilot, while I did other things.

Now, admittedly, there's a LOT more competition these days on Google AdWords than there was when I hit it big with this idea back in 2005. But the principles still work.

If you attract just one new joint-venture partner every day who's worth $10/day to you, you win.

If you delight just one client every day who refers business worth $10/day to you, you win.

Get the idea?

And here's a pro tip: If you carve out just one hour a day for this, you'll see progress. Plus, your diligent efforts will inevitably dig up revenue streams worth $20/day ... $100/day ... maybe more. So you can afford to goof off for a few days if you'd like, after you hit your daily quota.

But beware -- goofing off is how I got off track.

When Google is bringing you $2,000 or $3,000 a day in revenue automatically, as it did for me, it's easy to fall into bad habits. That's what I did. And the Google Gravy Train went off the tracks for me after about 5 years.

But never again. I learned my lesson ... and set up a system of "checks and balances" to keep me disciplined, even when I don't feel like it.

This "10-300 Plan" is simple, but it takes effort. Some days, you'll be able to find a $10/day revenue stream in about 10 seconds. Other days, you may not find any. That's okay. Just find 2 the next day.

You can add 85 new revenue streams to your business, one day at a time, Mon.-Fri., over 17 weeks. And those little income streams will add up to
$310,250 a year.

Now, before you scoff at this idea, how many revenue streams did you add last year? Three? Five? NONE?

So, why not give this "10-300 Plan" plan a try for just 30 days and see what happens?

Meanwhile, if you want to put an end to "feast-or-famine" syndrome in your business, my free Client Cloning Kit can help. Grab your Free Kit here, while they last.

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