How Much Will My Small Business Make? Use This Simple Formula! @TenTonOnline

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Transcription:

how much does a small business owner make a year

One thing's for sure, the internet has certainly flattened out markets in the past 20 years. What I mean by this is, as consumers we used to have far fewer choices. Not too long ago, it was much more one-size-fits-all, or..."a limited number of options-fits all."

But now? Now there are near limitless choices for consumers in every possible sub-market, special interest group, and highly focused audience.

So what does all this mean for online business? It means that we don't need to be big. In fact, small is the new big. We don't need to be mainstream, to build some massive company, or compromise our work for the sake of the mass market.

Instead what we can do is build for ourselves and for the narrow audience we serve an online business you could call a "Small Giant."

See, pre-internet everything had become homogenized. We didn't have a whole lot of choice. Even with 500 TV channels, the options were pretty limited. But now? Now we can build an online business around work we care about, that's fulfilling, that serves the exact sorts of people we want to work with.

The internet came along and started fragmenting everything. There are rabid fans for things you and I have never even heard of. And do you know what I see happening in the future? More and more fragmenting. More crumbling.

And this is great news for both consumers and producers -- those who create things, market them, and build an online business around them.

Here's an exercise to illustrate what I mean: Take your current annual cost of living, including your mortgage if you own a house, or your rent, plus utilities, your car...everything.

Then, divide it by the average price of your products -- whatever it is that you sell online. This'll tell you how many units you'd need to sell -- how many customers you'd need -- each year.

Now here's where it gets fun. First of all, the number of new customers you need each year is likely much lower than you think. For example, if your cost of living is $50,000 and the average price of your products is $100...that means you only need 500 new customers each year...

...so out of the 4.9 billion people who are connected to the internet worldwide...do you think you could find 500 of them to buy your product?

But it gets better than this. Let me ask you, who's easier to sell to: Someone who doesn't know you, your online business, or anything about you? Or an existing customer who's already bought from from you, loves your stuff, and can't get enough of you?

The answer's obvious. So the question is, can you develop additional products and services for them? Maybe they have additional pains, problems, or challenges you can help them solve.

So the great news is, it's not like you have to go and find 500 new people every year if you can get really good at continuing to help the people who already know, like, and trust you.

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