How to Make Millions: Messages, Models, and Markets
Why Don’t Most People Make Millions?
- Common Excuses:
- “It’s too hard.”
- “I was born on the wrong side of the tracks.”
- “I was born to a poor family.”
- True Reasons:
- Wrong Message
- Wrong Model
- Wrong Market
Financial Momentum and Inertia
- Principle of Inertia: An object at rest will stay at rest until acted upon by an external force.
- Without financial momentum, making money feels difficult.
- With financial momentum, not making money feels impossible.
- Example of Momentum: Last 30 days brought in $3.1 million without running a challenge.
Creating Business Momentum
- Best time to make an offer is right after closing a sale.
- Avoid celebrating sales for too long and stay focused on making continuous offers.
- Don’t get bored with processes that are profitable.
Messages that Make Millions
- Issue: Most business owners don’t do the math to make millions.
- Math Examples:
- $20 book x 50,000 copies = $1,000,000
- $200 audio/video program x 5,000 copies = $1,000,000
- $2,000 home study course x 500 = $1,000,000
- $20,000 mastermind x 50 people = $1,000,000
- $200,000 VIP day x 5 people = $1,000,000
- Simplifying the math makes the goal seem more achievable.
- Focus on Client Transformation:
- Clients don’t buy your product; they buy the transformation you offer.
- Avoid “commission breath”; customers can sense desperation.
Business Models
- Entrepreneur Business Model:
- Wantrepreneur (Low Profit x Low Volume): Hobby, not a business.
- Wrentrepreneur (Low Profit x High Volume): Amazon, Shopify, e-commerce.
- Entrepreneur (High Profit x Low Volume): $1,000 offer selling 20,000/month.
- Wealth Entrepreneur (High Profit x High Volume): High-ticket offers sold in high volume, e.g. $10,000 - $100,000 programs.
Business Markets
-
Commodity Market:
- Low margins (3-15%)
- Utilitarian value (e.g., nails, hammers)
- Race to the bottom on pricing
-
Mass Market:
- Items bought by everyone (e.g., houses, cars)
- Margins (15-30%)
- Price often determined by competition/comparisons
-
Premium Value Market:
- High-priced items sold to people with lots of money
- Customers buy because items are expensive
- Most communication happens before the sale
Conclusion
- Apply the math, message, model, and market strategies to create financial success.
- Focus on premium value markets for better profit margins.
- Aim for continuous improvement and offers to maintain financial momentum.
Take these strategies to make 2024 significantly better than 2023.