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Working From Home – 6 Keys to Replacing a 6 Figure Income
By admin | May 26, 2008
Is it possible to have your own business working from home that can truly replace your existing 6 figure income? Is it possible to replace a 6 figure income and do it in a reasonable period of time? The answer is unequivocally yes. In a perfect world, it should be possible to do it in any reasonable home business with an honest and ethical system and that’s what we’ll explore here.
Key 1 – Knowing Your Why
I’m going to assume here that the reason you’re looking for a business working from home is you’ve got some burning desire to stop trading time for dollars and strike out on your own. Ask yourself this - WHY do you have that burning desire? You don’t have to know with laser focus this very second, but if you truly want to pursue this avenue of replacing your current 6 figure income, then this will become incredibly important. Let’s face it – you didn’t learn the skills you have today overnight, and when building your empire working from home, its going to take some effort if you’re serious about mastering your new craft. Let’s face it. There are going to be some days when you’re running on fumes and you don’t feel you’ve got enough left in the tank at the end of the day. We’ll, it’s your WHY that’s going to fuel you. How strong should your WHY be? A good friend of ours, author Bobby Minor says “If your WHY doesn’t make you cry, it’s not strong enough.”
Key 2 – Finding a Business with an Automated Marketing System
This will be incredibly important to your success in your new business working from home. While you’re working during the day, you need something that’s in place doing all the selling and telling for you. See, this starts to provide you with time leverage and allows you to focus your efforts on a few key areas, such as marketing (primarily on the internet).
The main components to look for in an automated marketing system are (pre-configured) high conversion lead capture pages, sales pages, a funded proposal (a process where a person must pay to “apply” for your business which will drive away the tire-kickers), a business overview page to do the selling and telling and, most importantly, a call center than can follow-up with your qualified prospects. This later is probably the most important piece as you must have some type of “human” touch with your prospects. That doesn’t mean that you should never call them; by all means you should, but without this, your prospects won’t believe that a human will ever be there to assist them.
Key 3 – High Ticket Item Product/Business
This one really doesn’t need a whole lot of explanation. Remember, we’re assuming you’re attempting to replace a six figure income and you want to put yourself in that six figure arena as quickly as possible so you don’t have to do both (this and your job) at the same time for a long time. With both those being true, then the only answer is a high ticket item. Why? Quite simply, it takes the same amount of effort to close a $500 sale as it does to close a $5000 sale. It’s the same exact process and expenditure of energy. The difference is, it only takes 2 sales of a $5000 item to hit five figures a month vs. 10 sales of a $500 item, so it drastically shortens your time window to hit your goal of at least six figures per year.
Key 4 – Exceptional Training
You can have the best product and company in the world, but if you can’t get exceptional training, then you’re learning curve will be much longer, and hence the time to replace your six figure income will be much longer. How do you identify exceptional training? Simple. Just verify that the people doing the training have actually trained other top earners. If that’s the case, now you know that this person(s) has the potential to train you to the same level. It doesn’t mean that you’ll be successful, but it does mean you have the best possible chance for success.
Key 5 – Leverage
You must be able to build leverage in your business through the work of your team. This means you have some type of residual component built into the plan. When looking at this, make sure you compare apples-to-apples as best you can. A key feature of all multi-level marketing businesses is the residual income component. Traditionally though, most MLMs are low ticket items that require very large numbers to get anything reasonably close to a respectable monthly income number. Most Direct Selling opportunities with a high ticket item may only pay a few levels deep (typically two), but usually those levels will pay substantially higher than an MLM, hence shortening your curve to replacing your six figure income.
Key 6 – Belief
This is where it all comes together in your business working from home. It doesn’t matter what business you join, what system you use and what top income earner you follow. If you don’t have belief in your own abilities to create a passive six figure income stream that can replace your job, then you won’t be successful – it doesn’t matter what you do. A key way to get keep a high belief level is to surround yourself with other successful people who are making it happen and to read empowering material – a great book to start with is the all time classic, Napoleon Hills “Think and Grow Rich”.
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Topics: Business Tips |