Time + Attention = Level Of Compensation
The beauty of online business is that you can create something once and make money forever from it.
To me, this should make it obvious that as an online businessman you have two possible approaches:
- you create as many assets as you can that generate ongoing income from one-time activity
- you create some form of offer that requires your time and attention but charge handsomely for it
A lot of people don’t follow the above approach in either of the two forks.
These people are probably not maximizing their online income.
Of course the correct approach is to do both and scale upwards. Let’s quickly look into doing that.
Multiple Streams Of Income
When a lot of people first learn about multiple streams of income, they tend to think that that means that they have to have all different kinds of projects that are unrelated. I’ve talked about this before, but that isn’t the case.
Multiple streams of income can come from different projects but they can also come from the same project.
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Now Back To The Regular Programming Schedule…)
For instance, you might offer consulting. You might also offer a full done for you system that you offer on a monthly basis. You might also offer off-the-shelf solutions and books and more.
These all hit a different income level and they involve income being taken in different ways. As a result you will create multiple streams of income and you will also create different customer lists.
For instance, the guy who wants to buy a $10 copywriting book is probably not the same guy who emails you in the dead of the night because he has a sales letter for a multimillion dollar funnel that is going live in a week’s time.
In order to maximize your income, you need to first recognize those different customers and secondly offer those different customers different offers.
Different Folks, Different Approach
The big issue people have with this method is that they don’t have time. They don’t have time to write a book, write blog posts, approach clients, retain clients, do the email marketing thing and then still do the actual work that they’re hired for.
This brings me back to the introduction and the point I am trying to make in this article.
If you only make $10 per customer, then realistically you cannot afford to devote a lot of time to them in perpetuity.
If you do that and you work a 40 hour week and each customer is an hour’s worth of work, then you are capping your income at $400 a week.
If you have anything remotely approaching a professional skill set, this obviously isn’t enough.
However, 1600 a month is 1600 a month. Nobody wants to give that up.
Here’s where the approach comes in. For those customers that can only afford $10, you need to create something that is a one-time effort on your part.
This might be a book that you can direct those people to. It might be a special report or it might simply be some template that you can apply within a few seconds as opposed to one hour.
For example, back when I was writing on Fiverr I gradually got article structures down that meant I could write 1000 word articles in less than five minutes.
This didn’t produce the best articles in the world, but people were paying pennies and they were still getting a much better result than if they hired the majority of people writing professionally on Fiverr.
This then frees up your time so that you can work on the higher ticket items.
You Can Only Spend Time Once
You can only spend time once. Then it’s gone forever. Whatever you do, your customers are paying for that privilege.
If you are going to make five dollars from them, then you have to remember that they have not paid very much for that hour of your life. As such they should get a product that reflects that.
On the other hand, if somebody is willing to pay hundreds of dollars, then that might be worth giving them your time and attention.
When you craft offers and services with this in mind, you’ll find that you get better clients, you get more clients and everyone is happy.
Generally, people who pay more should get a better service. A more tailored, customized service. People who pay less are valued customers, but the service they get is equal to the compensation.
If you bear this rule in mind, then you will do better than if you don’t, generally speaking.