How To Make The Most Money The Fastest Leveraging The 80-20 Rule
In today's blog, I'd like to address the question I got from a coaching client in reply to an email that I sent out several days ago.
And the question was "how do I make the most money the fastest in my business?"
Before actually replying to the question I want to talk about the question for a minute and examine it.
Now I know from speaking with this particular client that she is not necessarily generating a ton of revenue in her business already...and so the question in itself stems from a place of almost wanting to not take a ton of action... not get out of her comfort zone and do everything that she possibly can in order to get over this first hurdle that she is facing in order to start generating revenues in your business.
This is looking instead... to only focus only on a few things in an effort to create some type of shortcut that will lead her to the result in a more efficient way.
Now I'm not one to say that it's not smart to work smart and it's not smart to focus on the high dollar activity activities in your business, but what's crucial here is to realize that if you're not willing to take action on what you are learning each day... if you're not willing to get out of your comfort zone... if you're not willing to do everything that you possibly can in order to get your business out of that infancy phase, you're in trouble.
So, the question that was asked question is actually better suited to ask when you want to start focusing on when you looking to scale your business... focusing on really figuring out which activity you should be completing and focusing on a daily base basis in order to let's say scale from $5,000 to $10,000... $10,000 to $50,000 a month, etc.
But, in the beginning, phases of your business what you need to do is everything in your power to get your business out of the infancy phase.
If that means working 12 hours a day on your business... that means working 12 hours a day on business. If that means just doing everything you can... three blog posts a day... Facebook LIVES every day... YouTube videos... emailing your list twice a day, etc. It means taking massive action in order to create some type of result that you can then run with.
So firstly, I wanted to address the question... now for the answer to that question. Really making the most money the fastest in your business comes down to focusing on the 80/20 rule, which basically means spending most of your time on the 20% of activities that will generate 80% of the revenues for you in your business.
As an online marketer, there are really three huge things that you need to focus on and get good at if you want to create revenues for your business:
- Lead Generation
- Monetizing Those Leads
- Following Up With Those Leads
Also, it is important to realize that there's also a micro 20 inside that 20%. So generating leads is not going to be as high a paid activity as emailing your list that you already have because the generation of leads is not necessarily going to leave money... whereas emailing your list, following up with your list, building relationships with your list, hosting webinars for the people who are on your list... these are all the activities that are going to lead to the most revenues in your business most quickly.
So to answer my student's question. If you are in the infancy phase in your business, when you're really not making anything happen quite yet... that point where you kinda' know you're at zero and feel like you're about to break through... you need to do everything in your power to get your business from the zero... to let's say the $5000 or $10,000 per month mark.
Then from there when you want to start to scale your business and really make the most money the fastest with the least amount of work possible... what that all comes down to is focusing on the 20% of activities that will yield 80% of the results in your business, and even micro the micro 20% inside that 20% that will in-turn lead to even more of a compounding effect on your revenue.
So really, the highest paying activities that you can go ahead and complete in your business are....emailing your list... having promotional webinars for your list... building relationships with people that will allow you joint venture partnerships, etc.
All of those types of extremely high-paid activities in your business are going to yield the greatest results with really the littlest time invested.
I know people who make a ton of money in this industry working just a couple of hours a day. That's because they have everything else delegated, they have everything else outsourced.
Their traffic is taken care of... their lead generation is taken care of... all of the small admin tasks are taken care of... their email replies are taken care of for them...leaving them freed up to focus on emailing the list, they focus on creating products, they focus on building a relationship with their list... adding value to the marketplace, and they focus on hosting webinars and making sales... and then turning those smaller customers who initially purchase a $47 product, into ascending customers of $297, $2000, $10,000, etc.
So those are always going to be the highest paying activities in your business.
With that, if you want to make the most money in your business the fastest... focus all of your efforts and all of your energy on the highest paying activities on a daily basis.
I hope this answers my student's question.
Just remember that if you're trying to get out of the infancy phase you just need to do whatever it takes. Work like crazy to get through the grind...get your business out of the infancy phase, to the $5000... to the $10,000 per month mark, etc.
And then I would highly recommend focusing on the few things that will produce the most results in your business by implementing the 80/20 rule... and then also micro chunking down that 20% of activities that make up the 20% in the 80/20 rule.