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A Profitable Year 2009?

Focus on Building your INCOME not Business Fundamentals.

MRMI Success

January 08, 2009

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The Importance of Income
If you had money to invest in a stock, would you invest in a stock that had no income? Even if it had a great management team, stellar marketing team, solid sales team and incredible systems in place, you wouldn’t invest in it if it didn’t have income.

Some people may not know how to build a great business. Perhaps they can’t structure solid business models. These same people may know how to build online income well. We shouldn’t minimize the value of that.

The late Mary Kay started by buying wholesale cosmetics. She then turned around and sold those cosmetics to women. She turned it into a business. Mary Kay was worth over one billion dollars at the time of her death.

Colonel Sanders had to close his original restaurant because the state was building an interstate that ran through it. The government gave him a small check as a result. Colonel Sanders didn’t just sit still. He took his chicken recipe to restaurants all over the country. After over 1,000 rejections, he finally found a partner and Kentucky Fried Chicken was formed. He wanted to generate income from that chicken recipe and it became a massively successful business.

Think about eBay. There are thousands of people that started selling things on eBay just to make some extra money. Many individuals started selling there as a part-time gig and did so well that they were able to turn it into a solid business. And today, many people support themselves that way.


Business and Income Go Hand-in-Hand
I’m not saying that you shouldn’t build a business, it’s just we can get distracted by the smaller tasks involved in the process. You need to also focus on generating income; if you have income, your business is viable.

Think about the dot-com boom and bust. Just about all those companies had business plans. Essentially all of them had management teams, marketing teams, sales teams and systems in place. There were billions of dollars in venture capital money invested in the companies. Even so, just about all those businesses went under.

Webvan couldn’t make any money delivering groceries to people’s doorsteps. Likewise, the original pets.com and furniture.com couldn’t generate income. Many of these companies received venture capital money. They had great business structures but they didn’t have income. Without income streams, these companies completely disappeared.

Don’t get me wrong; you need to build a business. Income generation is just so critical; if you are skilled in that area, you’ll have a much easier path to success. If you know how to make money and get that income stream in place, you can then hire someone to turn that income into an actual business.

Don’t get buried under the idea that you must have certain things in place before you can start making money.

In most cases, if you can generate the income, you have a great opportunity to turn that into a business. It’s not true 100% of the time. There may be instances where that income stream doesn’t have what it takes to make a solid business; however, most of the time, you can make a business if you have income generation.


Get to Making Money
When you’re building a business, it’s easy to get swamped and not have results. You can do all these monotonous tasks but not generate any money. You’re constantly in motion and you are exhausted but you don’t have monetary results.

Just get to it. Simply, get to the making money part. Think about Apple. The iPod wasn’t a business when it started. It was supposed to be a new income stream for Apple. Instead, it turned into an entire business of its own, simply because it became so huge.

Give it a try. Pursue some kind of income generation. Don’t get bogged down with building your business. Hire someone to help you build the business once you have the income in place.

We all have different talents. Some people just aren't that skilled in the business-building area. Others aren’t terribly skilled in the income-building area. Perhaps you can structure your business but you need to bring in some people to generate income. Conversely, you may be excellent at generating income but need help in the business-building arena.


Multiple Paths to Business Success
There is no one specific path to business success. We get so caught up in the right and wrong way of doing things. Instead, we need to realize that there are multiple paths to success.

Again, it’s important to build a business but not to throw that by the wayside altogether. Your business’s growth is important. It’s fine to create cash flow first. Don’t postpone income generation.

Essentially, you need to both build a business and generate income. The best-performing companies and stocks are those that have great income and first-rate management. This means they have superior people running and growing the business.


Use Income to Get Building Help
If you feel as if you’re stuck when it comes to building your business, don’t feel guilty about pursuing income. It’s absolutely fine to chase the dollar initially. You may try many things that do not work. Then suddenly you may strike something that works, and you’ll begin to generate cash flow.

At this point, you see that it can turn into something bigger and better. You can then either build it up yourself to turn it into a business, or use the income you generated to hire people to build the business. Once you have income streams in place, seek out business builders to help you create the structure and long-term plan for your company. You don’t have to do it all on your own.


Determine Your Website’s Earning Ability
Every website has earning ability. Various types of people from all over the world want to generate income from their websites. You’ll see that every website has three different things that basically determine its capacity and capability to generate income.

The three things are:
1. Core offering
2. Asset build
3. Equity build

The core offering is what the website has to offer the public. Think about this in terms of your business website. What problems are you solving? What solutions are you providing? Who is your particular market? What is your offering’s price point? What other offers have you packed into your sales process? This is essential; you must have a strong core offering.

Asset build and equity build are all about the ability to grow both the website’s assets and equity position. As you work through the document, have fun with it.

For many of you, it will be a bit of a rude awakening. You’ll see all the different ways you can generate income from your website. These are tangible things that you can begin doing immediately to make money.

For some of you, it may be a refresher or a reminder. It can give you a little nudge of encouragement. You’ll see that there are a lot of things that you are already doing, and maybe some extra things that you can begin doing now.

While this isn’t designed to be the definitive document on how to generate income, it serves as a great jumpstart to your process. Add your own ideas to the sheet. By all means, expand on it. You’ll find great value as you actually use it.

Remember, you need both a solid business and income. It doesn’t matter if you build the business first or start generating income first. There isn’t necessarily a right or wrong way to do it.

Make your own path; just get started down the road to success!

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