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The Ultimate Guide to Online Business — Part 2

Proof you can have a successful online business

Proof you can have a successful online business
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In the past, people’s lives followed a traditional path: Graduate college, get an entry-level job, work for the same company for 45 years, then retire to a beach in Florida.

Those days are gone (thankfully).

You can create a website in minutes, start blogging, and share videos on YouTube that get seen by hundreds of thousands of people. With less than $100, you can start a successful online business and have access to more customers than you could ever need. (This is exactly how my business started.)

You can start almost any kind of online business. You can help people stop biting their nails, have a better vacation at Disneyland, play tennis, dress better, get press coverage for their business…or whatever you want to do.

This online business helps people improve their tennis game
This online business helps people improve their tennis game

And you can set up your business so that it's completely automated. Your online business can keep working even when you're not. You can earn money while you sleep — a game-changer.

But when you’re at square one and don’t even have an idea, it can look impossible. So let’s break it down so you can see how simple it really is.

Online sales report
These are actual sales that came in while I was sleeping.

A successful online business isn’t magic, it’s maths

Let’s say you have a goal of making $100,000/year with your online business. Sound daunting?

You can do it. It’s not magic, it’s math.

The key is to stop thinking in terms of trading your time for money and start thinking of systems. That's what an online business is — a sales machine that does the work for you. You front-load the work and keep profiting from it year after year.

If you have a $500 product and make just 1 sale a day, you'll hit $100,000 in less than 7 months.

Even if you choose to do 1/2 of that, that’s $100,000 in 14 months — life-changing.

And that’s just the beginning. The real magic comes when you add a second product. And then a third. Check out this chart on how you can start with a simple $50 product and scale your business up to $100,000/year.

The magic of scaling: How to go from $0 to $100,000 year with your online business
Building a successful online business isn’t magic, it’s math. Tweet This

The best part of all this? YOU decide how big you want your online business to be. You can stay at $1,000/month or scale it to $10,000 or $100,000/month. It’s up to you.

See for yourself. Use the calculator below to see precisely how much your online business can generate.

How much money could your online business make?

Product 1

product × sales per month = $3,000

Grand total = $3,000 / year

Personally, I chose to scale. So let me walk you through exactly how I went from making next-to-nothing with a $4.95 ebook to a successful online business that generated $600,000 within a week.

The begininng: Ugly blog, no comments, no money

I started my blog in 2004, but it was just an ugly blog that no one read.

The begininng: Ugly blog, no comments, no money.
I didn’t know how to make my design look better, so I used a free pre-made template.

At first, it was brutal. Nobody left a single comment. But over time, things started to change. I started to get traffic. People left comments. And I even got a little media coverage.

On the other hand, I still generated $0 in sales. I had no idea what I could even sell. (If this is you, make sure to read Part 5 of this guide.) And I didn’t want to be “salesy.”

Key takeaways at this stage:

  • I started to see a little traction — a few comments, a little traffic — but I didn’t really understand how to go from “here” to “there”
  • I didn’t understand what I could do besides more of what I was already doing. And remember, I was making $0

I decided “I don’t know” was not an excuse. I started to learn about different online business models and started learning lots of different ways to go from “passion” to “business”

The first, terrifying sale

My first ever online product: A $4.95 ebook

The first thing I ever sold online was a $4.95 ebook. As you can see, I had a flair for names even back then.

I had such low self-confidence that I didn’t think anybody would buy it. And I was petrified they would call me a “sellout” for selling anything.

But you know what? This was a huge turning point. That first sale was one of the most exciting moments of my life. You begin to think “If I can get one person to buy, I can get 10, 20, or 100.”

And if you can sell a $4.95 product, then you can sell one at $50, $500, $2,000, even $10,000.

The $600,000 launch: IWT gets more sophisticated

Once you’ve realized you can sell, the sky’s the limit. For me the big change came when I launched Earn1K — this was my first crack at a really sophisticated course.

Like an awkward kid going on a date for the first time, we were kinda ready, but kinda not.

A big success isn’t the ceiling, it’s the foundation for the next leap. Tweet This

My business had grown up and we had new capabilities, like our research knowledge, but we didn’t have things like a real video studio. We actually had to BORROW a "studio" to record in! It was hilarious. The company’s employees would literally come in while we were recording and say, “Uh, we have a meeting right now. Can you go outside?” and we had to just stop recording and leave. Another time, we shot on 9th Street in San Francisco and a homeless dude started screaming right outside. Not great for video, I can tell you that.

But things were starting to take shape: People bought the course at $497, or 100 times what I had charged for my $4.95 ebook. We made $600,000 with that launch — our biggest to that point.

Interestingly, the day I closed the course, I immediately doubled the price, and I’ve never lowered it since.

People were getting great results with Earn1K, so I knew I was onto something.

Here’s what you learn by moving 100x up the value chain:

  • The more you demand of your clients, the more they achieve. Turns out, people don’t just want the easy way out. Interesting...
  • Some of the things you think are critical — like the visual look of your backgrounds — don’t matter as much as you think. But you’d better be BULLETPROOF on the things that do matter, like the quality of your material.
  • You start to see glimmers of light that this could grow and scale.

If you simply look at my $600,000 launch, it could feel overwhelming. But now you know the background of what it took to get there. Baby steps, lots of mistakes, and a homeless dude on 9th Street.

Remember, having your own online business is fun!

Once you crack the code of online business, you can take what you love, bottle it up, and share it with the world — automatically — for years to come.

This isn't drudgery. Imagine a life built around doing what you love.

LOOK AT MY FACE!!!

Ramit with dozens of IWT and GrowthLab students
Me with dozens of IWT and GrowthLab students

There's no substitute for the joy of sharing your passions with the world.

Or for the praise you hear on a daily basis:

Your work so tangibly and obviously provided me so much more value than what I paid. To anyone who is hesitating before clicking buy on one of your products I feel like shouting "DO IT, DO IT NOW, C'MON, BUY IT NOW!"

- Lawrence Lee

I just wanted to say a big THANK YOU to you for the amazing material you've provided… The new perspective on life I've gained has been invaluable, and I'm definitely going to continue being a life-long student of yours.

- Mihir

Just wanted you to know that since I bought my first course through your site I went from a $78K job to a truly amazing $110K… Your material really has helped me more than any other thing. I can't thank you enough! I will definitely be purchasing another product in the near future

- Danny

My goal in life is not to take a vacation.
It’s to make an impact. Tweet This

Success Story

Bushra Azhar

The working mom in Saudi Arabia who went from “no idea” to $130,000 in a single month.

Read the story

Bushra Azhar:
The working mom in Saudi Arabia who went from “no idea” to $130,000 in a single month.

If they can do it, so can you

I want to prove to you that you can have your own wildly successful online business. So I created something special: 15 Successful Online Businesses You Can Model.

This report features 15 successful students from all around the world, all different industries, and completely different backgrounds. Including:

  • The busy, full-time mom who started an online business in a field she knew nothing about (and made $130,000 in one month)
  • The 20-something who turned her “vague passions” into a 6-figure online business
  • The engineer who quit his full-time job thanks to his online business (and can now spend more time with his daughter)

It doesn’t matter who you are, where you live, or what industry you decide to work in. You can have your own successful online business. Enter your email below and see the proof for yourself.

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Proof you can have a successful online business