Note: This was originally written by George Brown. I found it very useful so I am republishing it here.
Not sure if you know, or if I’ve ever told you, but I’m a bit of a deep thinker. I like to reflect, plan and well… plan some more.
The other day I was sitting on the beach (one of my favorite places for that particular activity). And I found myself reflecting on some of the biggest “principles” that have made me my million(s) online…
And how I could share them with YOU.
So here are some key principles I came up with (ones I’ve learned along the way). Please read these closely and really think about what they might mean to your business. And don’t just brush them off as “heard it all before”. Also note, these are my principles and may not make “business sense”, it’s just some stuff I came up with.
George Brown’s first principle:
“It is 10,000 times easier to make $10,000 from a single individual than it is to make $1 from 10,000 different ones.”
Think about it. It’s easier to make $10k from one person than it is to make $1 from a ten THOUSAND different people right?
George Brown’s second principle:
“Until you are a monopoly within that marketplace focus on multiplying revenue and NOT cutting back on costs”.
This is one so many medium sized companies are guilty of… Focusing too much on decreasing costs by 20%, instead of increasing the revenue by 200%. Because until you are truly “dominating the market” i.e. a monopoly. It is ALWAYS easier to grow via a new traffic source, JV deal or otherwise than it is to think small and start minimizing costs. (Particularly with our business where costs are minimal. Focus on making more money and don’t worry about how much you’re spending.. Think big.)
George Brown’s third principle:
“The only asset that matters is the customer. Firstly, make sure they’re happy. And secondly, the sales process to that customer should never end, do not make the mistake of selling them just one product”
This basically means only sell good products and make sure you GET A LIST. Especially online, because that email list is pretty much the only asset you have. Do not lose contact with your customers, this is very important.
So there ya go 🙂
Read these again if you need to, but please, make sure you’ve *got* them. Really think about what they might mean for your business.