Friday Podcast: Internet Empire Building Principles June 1, 2007
Posted by Andrew Wee in : podcasts , trackbackIn this edition of the Friday Podcast, we look at two key principles involved in building your Internet Empire.
Do “Quick Cash” methods have a place in your Internet Business?
For the notes, click “more”
Internet Empire Building: 2 Key Principles
The Internet Money Making Master Plan
- Have a plan in mind.
- Types of business building: planned and unplanned.
- Doing expected vs doing what was unexpected.
The “It doesn’t make any difference” school of planning
6 months down the road? No progress?
The Effective Plan
Making a plan is just 10% of the effort, 90% of your success will come from carrying it out.
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Long Tail Cash Generation
2 types of business:
- Long term
- Short term (AKA “Quick Cash”)
Quick cash:
1) short tail
2) one time burst of income, little recurring income
3) proportional or less than proportional return
Long term business:
1) a trickle, then a flood
2) takes time to develop
3) disproportionate level of return
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Andrew,
Thank you so much for this post. I think it was just the kick in the butt that I needed to stop jumping around from idea to idea and stop and think for a bit. I do have 1 “in your opinion” question for you. You mentioned that short term gains were necessary to sustain paying bills and such but, at what point would you advise someone to stop putting effort on the short term gains to start focusing more on long term gains?
Thanks again for the words of advice,
Josh
Hi Josh,
quick cash/short term businesses are useful to do because they help you cover your daily bills AND provide an opportunity to gain experience and build up your Internet Marketing skills.
Doing short term projects, like developing and marketing $7 reports will not make you big money, but if you do it well, you could drive the traffic from these small projects to your long term projects and convert them into sales.
So a $7 report buyer might end up buying a $97 product from you.
—
A quality long term project tends to take about 4-6 weeks to develop (at least for me) because I am quite fantatical about making sure it’s comparable, if not better than the best products in that specific niche.
Let’s face it, if you are putting your name to a product, you really don’t want to be putting junk out onto the market!
I agree on that.
Our name is like our brand. If people just simply put up junk into the market, they are in the danger of destroying themselves totally.
Although long term projects are a must, short term projects with products ranging from $7-$9.97 is a good way to earn some quick cash in order to kick-start everything and some part of the money could be use to reinvest on future projects.
But end of the day, it’s still important to build up a trust-worthy relationship with everyone while waiting for the first few sales to come in.
Thanks Andrew for the plan layout.
Erwin
I have to agree that if you want to have any long term stablity in this business that you need to formulate a interenet business model for the long haul. Plain and simple.
I also study and plan to make sure that my efforts, however long they may last, eventually pay off in the long term.
Most my focus is on content sites that I believe will act much like a mutual fund or 401k would act. Money and time placed in the fund ie: website will be multiplied by semi-passive income once these sites rank and become authority sites as planned in their respected niches.
Multiply this model by tens or a hundres content sites and you have this internet empire you speak of and an exit strategy to cash out or retire. Even pass these websites to our children like we would a CD or money inheritance.
I agree there is fast money, but not long lasting.
Hi Andrew,
Thanks for the great info on the guidelines of getting our starting right. However there is something that i want to clarify or at least want to find out more. It may sound stupid but heck it..
You know, planning is important. But is there anyway that we know that we are planning it right. E.g like are we like writing down points to be considered as planning,what is sufficient,.., timeline?
What do you think are the important things that we need to look out for in planning.Hope to hear your views on it.