This is the episode where James lays out, in no uncertain terms the things you must avoid when starting a successful Internet marketing business.
PLUS, Tim’s questioning of James leads us down the path of discussing :
- What James would do differently if he was starting out today.
- What’s wrong with FREE.
- Which countries are leading the way in Internet marketing.
- The characteristics of a successful Internet marketer.
- What James sacrificed in his early days as he grew what is now a seven figure online business.
Plus we set you some homework that will take 60 seconds to complete but may just change your productivity and effectiveness forever.
Quote of the show – “Be ready for a life of poverty!” – James Schramko.
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Duration: 42.5 minutes.
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Tim: I do too. What do you love about it?
James: Well, I love the fast that it is so wide open, there is really no limit and that is exciting because it challenges you, make you feel alive.
Tim: Yeah. The ocean is one the great energy sources so I think we’re on to something. Now we have covered a lot in the first three episodes. I would love as I said in episode 2, I would still love to be able to say we have been inundated with inquires and questions and listener feedback, but it is still the same day that we started episode one at so we are just rolling at these episodes one after the other and they will slowly find their way on to why tune so reckon by about episode 5 or 6 or 7, we can actually confidentially say we have got some feedback.
James: Yes well you know this is something interesting about internet marketing which is the topic of our entire podcast series is that quiet often you will be creating content or putting out a business model where you don’t really know for certain, if it is going to be successful. You might be able to filter it down and get it close to the mark and I think we will probably cover that in one of today’s topics -‐ that is the biggest mistakes that people make.
Tim: Yeah absolutely. And one of the great things about internet marketing too though is that the risk is not as high as it would be if you are actually you know going to bricks and mortar business or carrying huge amounts of stock or you know the barriers to entry just aren’t as high are they?
James: Yeah and that means a few things, one is just about in any lunatic can get on and be your competitor.
Tim: Yeah that is right.
James: So you know low barrier to entry.
Tim: Hello to all you lunatics!
James: Also means that you know anyone can get online -‐ so there is a little bit noise, a little bit of clutter and the good thing about though if you are listening to this podcast which I am guessing you are because you are hearing me right now.
James: Then you will have a far greater advantage than the average person online.
James: And that is what is essential when you do the online thing, get the best information you can and implement it and you will be able to shine compared to the competitors.
Tim: Yeah, Yeah and look you and I just before we clicked the record button on this episode had a great discussion like if you can guide me some fantastic advice and the penny really started to drop see just how easy it can be; there is magic in the action, there is not doubt about that. The modular nature of everything we are talking about; how one can slip easily into the other. One plays off the other, one adds value to the other side. The idea of may be running webinars and turning that into some product that has some affiliate links in it which of the back that allows you build at least you can then feed the additional information too and gosh you know -‐ fantastic to be able to sort of see that as a …
James: Hey really, it is like Lego land.
Tim: Don’t cheapen at it.
James: Well, no I don’t think Lego is cheap by the way.
Tim: No I don’t. It is fantastic.
James: You got kids. You know you can snap what these things into different formations and what I would like as to achieve to have audience get comfortable with the building blocks.
James: You know once they are empowered with that it is amazing what you can create so I think we should push through.
James: Get into the next phase.
Tim: Well before we talk about things to avoid when launching internet marketing business, I am just interested to ask you what would you, if you are starting it today what would you do differently? From when you started out six years ago?
James: Okay well, the biggest mistake I made was trying to find everything for free and we sort of covered that in the last discussion that is I think it took me a full nine or ten months, I can’t remember exactly but about that long until I bought my first ebook for 30 something dollars and I was just loathed to spend money on this thing but here is the funny thing I was getting paid about 300 thousand dollars a year in my job and I was in a professional field where we paid thousands for people who get trained in how to sell and yet I wouldn’t spend even 30 dollars to, on an information product.
James: That would teach me how to learn internet marketing faster so here I was for hours and hours and hours fumbling my way through from the most basic level you know, even trying to learn how to use the computer and I mean I should have seen it so much earlier and the core lesson that I got then you know is since I switched on to getting the right information there is not a resource I that won’t buy at the drop of hat if it is the right resource, if it is going to save me time and if I can make more money back then what I spend on it I am all over it.
Tim: That is good advice because there is a lot, well I, there is a lot of stuff out there and some of it you can look at the price and go Oh that is it really going to give me the return that I will need to cover the cost but you do, you have to buy the bullet and buy some stuff because you know the funny thing is, funny or not, you know like, there is a lot bit of quality of information online then going down the local book shop.
James: There is heaps of stuff, you know people have already done just about everything you could think of and take it to a higher level.
Tim: Yeah and very niche information online like I was in a book shop it was really good book shop the other and there was this really quite good looking book on Twitter, I said that I pretty cool and I went to buy it and you know what anything in that book A is outdated and B I am going to find that and better online as an information product. They are cheaper too.
James: Yeah that is right. Well you probably stumble over some high quality free podcasts for example. Now I want to just caution people about FREE because I see this as some type of obsession online. People looking for free, free, free and I want to challenge that because I don’t know many businesses where everything is free -‐ you know a real business has got costs -‐ even a restaurant you know they have to buy food, they have to pay staff and they have got to get furniture and you know kitchen appliances and stuff now if they got everything for free would you be worried about where they got that from?
Tim: Yeah exactly.
James: You know they are like cruising this straight night looking for spare tables and chairs?
Tim: You get what you pay for.
James: I think if you are careful and you do your research, yes you can make wise purchasing decisions that are going to fast track your success -‐ so don’t be obsessed with free this free that. In almost every case the paid version of a solution will give you more features and a better result than the free version you know with the exception of some of the most established items out there such as Google for example. I mean that is a free thing that has fantastic level of deliverability for things like Gmail for managing email, it is probably better than outlook which is the Microsoft paid you know solution so …
Tim: As an Internet marketer can you give away too much for free?
James: I think you can train your customers to never buy anything from you! So there is that element. I think it is something you have to be careful of.
Tim: We see a lot of it, you know people would argue that oh you know you can’t give away too much because if they love what you are giving away they are going to kind of want to come and buy from you and use your services anyway but there is a lot being given away and it just cheapens the other stuff.
James: Yeah well there are a few arguments all the way but in any case you will as an Internet marketer or within your Internet marketing division or campaigns you will have some free content at some point more than likely as an entry point for people because there is really no resistance to free. People don’t guard their time as much as they should therefore they will go out of their way to get something for free even if it takes some ten hours -‐ you know versus the ten minute paid solution in some cases.
James: So you know it is fascinating. Some will drive across town to save three dollars on an item and spend four dollars in petrol -‐ you know so people do go a bit crazy with free stuff.
Tim: What else would you do differently?
James: The other thing is I wouldn’t fuss so much about design elements in the beginning I spent a lot of hours mucking around with my web templates you know, I actually learned too many things that is probably the third one. You don’t need to know a lot of the stuff that you might think you need to know, you know, if you were to say to me Tim I am not a tech person, I’d say that is fine, you don’t have to be because there is plenty of tech people as we covered in the other episodes you know for five or twenty dollars will do things that might take you a month to learn.
James: And why would you do that? You just wouldn’t so I actually learnt how to do everything. I learned how to make e-covers, you know like graphic called representations of magazine covers, I learnt how to build my own websites and in hindsight I mean I actually don’t build my websites anymore which is funny because I know how to build a website, I am really good at it and I don’t build it.
Tim: Do you think it is value in knowing the process that the people you are employing go through to do it though?
James: Well, I am not sure that completely holds true you know if I was to setup a feminine hygiene website, would I have to go through the process to truly be able to sell that or do you think I could buy past that step?
Tim: Well I am not sure it will be possible for you to go through the process!
James: Exactly so I am in some markets where that would be impossible for me.
James: And so I think you know take it with a grain of salt that having to know the whole steps, you don’t really, you know, do you drive a car Tim?
Tim: I do.
James: Do you every single possible detail exactly how every component of that car works.
James: Or you just get in and
James: Push the throttle and that is it.
James: Steer the steering wheel.
Tim: Put pedal on the road.
James: Yes, so I would argue, you don’t really need to know every minute, you do need to know some macro elements sure, if you know, if you do know, you know if you know how to write an article and then you hire an article writer, yes you will know how much, you know what to expect, what standard you expect but I could put my hand up and say I don’t really know all of the processes that my team do but I buy them information courses to study so that I don’t have to and they implement with a far greater result than I could, they are amazing, they are super super talented and I just can’t possibly learn all the things that I would need to do if I was going to do everything myself.
Tim: Okay so leave it to the experts.
James: Yeah I mean I don’t think that the top CEO of you know the biggest companies in the world know every single job within their company.
Tim: Yeah okay, anything else you do differently?
James: Well I, you know, its take more of my advice in things that I always knew to be true.
Tim: Would you take action quicker, I mean you are pretty quick action taker anyway but would you take an action quicker know what should I know.
James: I have always taken action quickly, I am not a full subscriber to take action, to take action mantra, I would argue that you need to take the right action, I took a lot of wrong actions before I got this and I would say I would pay more attention to the things that worked and tune into them faster rather than you know I accidently discovered half of the business models that I do now, five years ago but didn’t do them correctly and I had to go back and revisit them later -‐ you know I could have, could have done really well with few different business models but I just didn’t quite get it right.
Tim: So were you looking to other people for solutions back then or did you rely on yourself to …
James: Back then I was subscribing to a lot of the American information because they were the pioneers and
Tim: Are they still?
James: No, not absolutely not. Sorry, Americans! But you know the whole country is in turmoil because they thought they were in charge and they thought they were fantastic but they are not and what has happened is the rest of the world is far more switched on now, I believe Australia has extraordinary good talent, I think there are some good marketers in the UK, there is extremely good marketers in some of the, in some countries that you wouldn’t pick -‐ especially in the Arabic nations, they have extremely good scientific brains -‐ they come up with great solutions and in fact I know of a group of affiliate marketers you know sales people, online commission earning sales people, who can just take out any product you know within a week they can dominate it and they are coming from those regions.
Tim: Yeah okay.
James: I think the pioneer American gurus have had their best days and now the rest of the market is taking over.
Tim: You still say that the majority of the stuff that you see online, at least I see online is American based.
James: Well, you might think so but I think a lot of it is actually internationally based with American accents designed for the American audience. I know of several Chinese people who hire American voice over artists and have American style pages for the American market.
Tim: Wow really?!
James: Yes they are really digging up the secret box.
Tim: Oh yeah!
James: Than are we and there are some very hot marketers from New Zealand who are some of the best selling language products on Clickbank market place and the best animal training products are coming out of New Zealand now.
Tim: Why is that?
James: Because America got sloppy!
Tim: So animal training products so just give us an example like which product in animal training product.
James: Well like Rocket Training or St. Stay. Fetch… you know they are coming from New Zealand.
Tim: Okay and there is a website, information products, videos, books.
James: Time Networks, Yeah.
James: Multi – million dollar businesses
Tim: Okay. Well tell us about before you get stuck into the mind question for this episode which is the things to avoid when launching internet marketing business, what are the characteristics of successful internet marketer that you have observed over the years, the ones that are really naive, what characteristics do they got?
James: Almost all of them are very good at selling, that might sound extremely basic.
Tim: Everyone is like just gone Oh geez that’s not me!
James: No, well you know I think you have to be, you have to understand marketing and selling and in that communicate in a persuasive way to motivate people to take action -‐ and if someone is rolling their eyes and saying that is not me, well I will just say you are not going to be successful online. I am going to be that bold and so you got go buy yourself a selling or marketing book and educate yourself. There is no shortcut to that you know the marketers make up all the money and that is worth noting that down. The technicians, the professors sitting around in the universities they might be super smart but they are to being extremely well educated but they are not rich.
Tim: Well just put an asterix next to that aside except for the boys at Google!
James: Well you know somewhere down the line …
Tim: Pure engineers
James: They must have figured out some marketing, they have got some pretty funky branding going on, they have figured it out. They didn’t have a big launch they were just like you know, I think Seth Godin recently posted that Google was mentioned as an aside when they started -‐ but I think you know occasionally someone comes out with something that is such a game changer that it gets attraction. Now in Google case they are still managed to get out a website and you know get people engaged and use their product so I think they like it or not I still think that they have marketed.
Tim: Well Yeah they did marketing a lot on just the product.
James: Amazing product you see.
James: It has got to do a lot for you but it is definitely not a complete solution. It is more about the marketing of the thing than the thing.
Tim: Yeah okay so okay, for the characteristics, sales, marketing, tenacity, the ability to see an idea …?
James: No I don’t think that, that is, I don’t think that is super important. Sam Walton championed the fact that copying pays better than innovating. You don’t have to be an ideas guy to make it online, you just have, if anything, if you are a little less creative then it will be easier for you because you can see what other people are already doing and step into the market from that position -‐ so one of the big mistakes people make is coming up with a great idea you know, in quotes -‐ and taking this great idea to the market and nobody cares they don’t want this thing, it is not interesting to them. So a lot of passion projects end up by flopping so it is a big mistake. In one of my filters is if somebody is already doing it or not, if no one is doing it I won’t even start the project -‐ that kills it for me.
Tim: There is a reason …
James: There is a reason they are not doing it.
Tim: Yeah, Yeah okay. Any other characteristics?
James: Characteristics of …
Tim: Of a successful internet marketer
James: Of a successful internet marketer, well I think they have a business focus. They understand the main elements of a business and you know there is a few ways to put this. One is the you know, they have a good understanding of the process of the marketing where you have a prospect turning into a customer and that customer you know spends more things more often for high profit margins so that is how they actually end up with the money and the other elements are that they have got the corner stone sorted and it is really well covered in Verne Harnishes book, The Rockefeller Habits but it is about systems and people and cash flow and one other can’t remember, execution you know that sort of stuff.
Tim: Yeah Yeah
James: So if you, you know if you really have strong grasp of those then an internet marketing channel, remember it is a channel not a business -‐ is going to work okay for you -‐ but you know let’s face it, internet marketing has the word marketing in the name of it, it is all about marketing. This is what the field is, it is …
Tim: So if there are people listening, guys who are not, who are going you know what not sure this is for me, I am not into sales or marketing, probably go and buy a few of Seth Godin’s books. They are going to be a good start to understand marketing.
James: Yeah I know, I would say J. Abraham’s book .
James: Getting, I think it is Getting Everything You Can Out Of All You Got.
James: That is a classic book and when I met with J. Abraham he told me that was his favorite book that he has ever written.
Tim: Okay, he has written a few.
James: Well he wasn’t the most popular selling but it was his favorite and the one he rated the best and I truly believe it is worth learning and if I reflect back on the difference between my business and other people’s business it is that I had a much better foundation in business and selling and marketing. And I just don’t think you can substitute that. Another good resource would be Brian Tracey’s Psychology Of Selling. Just a, it is a classic CD set, get it, listen to it, learn to sell. I mean everything in life is sales. As you sell your wife for marrying you, you sell your friends on going to a particular movie; you sell the cars salesmen on letting you have the car for less money.
Tim: You know about that.
James: That is right, I mean I just don’t think that anyone is going to be worth off for learning that craft.
Tim: Yeah too good point, too good point and I think Yeah there are a lot of people who think oh I am not a sales man, I hate selling but maybe it is just a
James: That is okay just be ready for a life of poverty!
Tim: That’s right!
James: You know we promise to be direct in this program and I am not going to pretend something isn’t the case, you know in this case I think that you have to have grasp on marketing and selling. Selling is not bad or evil, a sale is just a change in situation from one situation to a better alternative situation. That is what a sale is so people only buy thing if they are going to be better off. If it solves a problem, so you should not feel bad about that, people wont to buy from you, it is going to be better off so you are creating value, you are helping people.
Tim: Yeah fair enough. So that leads in to what are the things to avoid when launching internet marketing career because there is a lot of things to look at for or a lot of things to do but all sort of things to avoid and things to avoid they are going to cost you money and it cost you time and it cost you all sort of things.
James: Okay, well step one is I think let’s all agree that we are going to treat this like a real business.
James: And that means you may need to see somebody to get either the right structure set up and I am talking specifically about your accountant and perhaps a lawyer to get you that structure. I think one of the biggest mistakes I see people doing when they start is they start trading in their own entity and I am not a lawyer or a solicitor so I am certainly not get biased but you could be leading yourself to position of exposure you know I don’t want to get you all frightening however if you are going to trade online, it is just like trading in normal life you know you may someone might want to sue you or something if you, you know, for bad transaction or they sell grapes or something. It gets worth having a structure behind you that gives you a little more protection and also when you go step up things like merchant facilities with the bank or you want to win a contract with somebody they are going to look at your company or your business and perhaps look for references or history so one of the fortunate things that I did earlier on is I setup an appropriate business structure to do business you know in most countries there is a government body that could go and see or look up their website that will give you heaps of documentation on that so I really like to get the foundations in place so rather than build on the sand, we are going to build on solid ground.
James: Yes that is step one.
Tim: Well those are the things to avoid to avoid to remember so that is one thing well the avoidance would be enough seeing a structure, don’t avoid it, I mean sometimes they can be like really. I hoping for a life of you know, painless life and free and easy and now you are telling me to go to an accountant, go to a lawyer and get a concrete foundation and but avoid that at your own risk.
James: Exactly the thing to avoid there is just you know setting up too quickly in the long entity and one thing I always teach is start with the end in mind and if you want to sell something at some point, it could be easier if it is you know entity name then in your own name. So that is something to avoid. Another thing to avoid is and this is very common is taking in too much information.
Tim: Yeah oh Yeah.
James: I can’t think of a single student that I ever had that isn’t overwhelmed with email and the first exercise we do is we make them do an email page that is to open up a new folder or label and send every single email to the inbox and this is usually thousands and just dump them in to that and it could be you know for later. Optional step, just send people an email, so I am just doing an email cleanse, I have decided not to read all the emails in my inbox so if you did send me something that is important I might be reading it -‐ that is optional but in any case start from scratch. Just get your inbox to zero.
Tim: and I think probably people who are looking to enter the internet marketing world have probably solved that for everything.
James: Oh they have …
Tim: Everything that is going so
James: You know why because they are chasing everything for free, free this free that, free is not free, free costs you time.
Tim: Yeah and why it is heavily you know that I know personally like I am looking at it and I have purged a lot of email subscriptions in the last few months and still a lot coming through but you I am no worse off for them not coming through -‐ you know there is and you realize that you know is there really a couple that I open regularly and after that you know you think you are going to get to them that is why there thousands of them in there because …
James: Well you are actually obligated to read it in your mind if it is that, that is what is causing you this grief, it is over whelm. Every time you subscribe to a free something, other than all our free reports of course.
Tim: Of course.
James: Because they are valuable and we don’t send many.
Tim: You go to Freedom Ocean I would suggest James and …
James: That is right those reports, you notice we don’t send them every day because we are not trying to overwhelm you.
James: But the thing is you need to free us so remember every time you signup for a report or at some one’s list they are going to market to you and they are going to use every persuasion and selling device available to them to make you take action that means you are going to be compelled to click on things and buy things and it is going to cost you in the long run so what I do is I set up a special filter for other marketers email and I actually make it go to a separate folder away from my inbox and I look at it when I am ready, when I want to look at it I will look it at. I will not look at it when they want me to look at it because if I do that, they are in control of me and not the other way around. The second thing is as soon as you get more than one or two emails from someone that you don’t like or doesn’t resonate with you or you feel with just having a bit of a lend of you as we would say in this fair land -‐ unsubscribe. As soon as you unsubscribe you are freeing yourself you know in the future and you are getting one step closer to true freedom.
Tim: Yeah you are absolutely right and we don’t need it all -‐ you know I think at some point too you have got to figure out what source of information you want to rely on and stick with it and just Yeah let go the rest.
James: So you don’t need many and I will declare this probably only three or four people who are actually read -‐ who make it into my in box and I am receiving somewhere between 20 and 40 emails per day now that I have managed to trim it and so I would actually go so far as to suggest that that is the number one thing that stops people moving forward in internet marketing.
Tim: So avoid signing up for everything.
James: Avoid signing up to every mail and their dog’s free whatever you don’t really need all that stuff and have the good sense as soon as you realize it is not for you, or it is not helping you achieve your goal to unsubscribe and don’t apply there again.
Tim: Yeah, good advice, I would also suggest avoid trying to do things that you are really not excluding, we touched on that earlier but the idea of actually just leave it to the experts and don’t …
James: Yeah leave it to the experts so Yeah super tips you are really helping people get sorted out so that they are avoiding just setting up with a potentially dangerous structure. We have stopped them from getting the billion emails and sucking their time even I know people who literally five hours a day reading through their emails and there is something I teach students and I think it is really cool that is you are the one that are reading the emails or sending the emails.
James: And I know which one makes more money!
Tim: Oh yeah, you don’t get much money from reading emails, do you?!
Tim: You spend money!
James: You spend money and just suck time it takes energy.
James: You know what it’s like -‐ you get to the end of a section on the computer and you close the window browser and then there is another one under it so you close that and there is another one and you close that and then you close that and you close that and then there’s that receipt and you’re still half downloading the product you have bought and you close the other window and then you get to the last one, that is what I was going to do when I logged on today!
Tim: Absolutely and just remember the reason the show is called Freedom Ocean is we, because it is about being free and being free of emails is a massive one. I really do believe that even when they are sitting there and you say I’m not going to open them -‐ the fact that they are sitting there and the fact that you are subscribed to everything does weigh heavily. There is just something there in your mind that is saying I know they’re there!
James: You got to keep them all so really what we are teaching is you know inbox relief this sort of technique of just, just
James: Getting just distressing.
Tim: What else should you avoid in launching internet marketing career?
James: Well I think, I think you know let’s put some scenarios about our potential listeners here you know. If they are working for someone else they are obviously going to be have to careful about how they go about their business. You know if this is a moon lighting thing or starting on the side, you have to draw some lines as to what you, what you want people to find or not you know, what if your employer finds your website and he says listen it is your job is on the line. You are going to have to commit to me or commit to your business so there is that. There is you know if they are in business I think they really need to work out, how valuable the internet potential payoff is versus there real business. Whilst the internet is very leveraged and can help your normal business you know you got to still tend to the normal business until your internet profit centre is able to carry the business so …
Tim: Yeah and if they are moonlighting, then avoid TV and avoid all those other distractions.
James: That is optional stuff.
James: People say to me I had you have time you know well gosh I had four kids, I was working full time job.
Tim: Two dogs.
James: I had more than four I think.
James: And I still most to grow my business to six figures in my spare time that is how I don’t have the time to watch TV, yes -‐ don’t do it.
Tim: Yeah, that’s an interesting one -‐ and that is personal choice but the reality is I think what you find is when you do launching to this area of internet marketing and start developing products that are of real interest too, you have a personal interest too. When you are just going to sit on fire you know on the idea of
James: You know you couldn’t stop me from getting home and on to that computer. I will tell you the indicators, the indicators are when you wake up, you are suddenly at your computer before you brush your teeth or out of shower you get straight to see what you made of over night.
James: And then you have, when you get home from your day job, you fly off the computer you know as you are still taking the tie off and …
Tim: Yes, there are a few marketers I know that have got a little buzz on their phone which indicates a sigh every time it goes to Cha-‐Ching!
James: I use to do that but
Tim: Got a bit nosy
James: It was just to attain what would happen this my friends would come over and they start to build up resentment because you know you just go Cha-‐Ching! -‐ because there is quite periods where I make a sigh every few minutes and it actually, I don’t think it can happen with gmail which is good.
Tim: Yeah okay, probably a good thing. Yeah but I am not saying people stop watching TV or the gossipy magazines and having fun but the reality is there is some stuff in our lives where you know we could be being more productive as opposed to just and if you are going to watch TV then have the laptop on and do some stuff.
James: Well the way I look at it is I decide to sacrifice some TV time for a couple of years. So I never have to go to work ever again for the rest of my life.
Tim: Yeah fair sacrifice.
James: Yeah and I went from one extend to the other. In my last few months of my job until I quit I was doing my full day work and a full day’s work at home.
James: I was working from 9:30 at night till 4 in the morning and getting up again at 7 for the last month or two and you know I was surviving on a minimum possible sleep but I could see the finish line I was just about to grab it you know then when I quit my job then suddenly it was like I could still spend six or seven hours on my internet business …
Tim: But you had that other
James: I but I had the other 8 hours off
James: I can literally sleep in a muck around, have a swim in the pool, go for a bike ride, have coffee with my wife, pick the kids up from school, have dinner and then start work at nine thirty at night 3 or 4 hours to twelve, one o clock – I’m a bit of a night owl. I have done my half-‐day’s work.
Tim: Yeah do our listeners have to go through I am going to say the pain you went through clearly, it wasn’t -‐ you were racing home to get into it but you know once again I don’t want people turning off this idea of becoming an internet marketer because all of a sudden they are doing their 8 hours their day job and then they have to come home and do another 8 hours. I mean clearly …
James: What we are talking about there is me building up a three hundred thousand dollar year income
Tim: Yeah replacing that
James: For my internet business, if I was earning 50 thousand dollars a year, I could have quit work a long time before that.
James: It was actually fairly easy to go from a hundred thousand dollars to two hundred thousand dollars a year and in the last hundred and fifty thousand happened almost within a week, it was super easy.
Tim: Why is that?
James: Because you learn more and you can find leverage points that you can tap into. I actually had an apiphany. I had already built websites for people and I had this ahh moment I actually went back to them and said look would you, you know I built the website, would you like me to help you get traffic and they both said yes and they went on a monthly maintenance program and it took me a couple of hours to put together this deal which was over six figures a year so you know it was literally a few hours for me to make it happen and that was the difference between me working and me not working and it was always there it was like Dorothy in the Wizard Of Oz, if I’d thought of it a bit sooner, I could have done it six months before.
Tim: Yeah, well that is interesting you know in itself to sort of identify things that are run in front of your nose. Sometimes you do or you need some else to tap on the shoulder or you just need a moment to sit back and have a look at what a bit you have created. That book by the guy’s from 37 signals REWORK -‐ they talk about bi-‐products and sometimes we miss these. In all our work whether we are selling products or services or whatever we are doing, we actually are creating bi-‐products sometime and I think these are the examples of saw mill. Where the saw mill chops the wood, sends it off to a the builders but the bi-‐products of doing that is saw dust, wood chip and you know some smart guy in the wood yard at some point a hundred years ago, thought you know we can actually use that in concrete and we can use that for fire blocks and you know it is no different to our businesses where we are creating these, these bi-‐products and it’s just a matter of recognizing them and then turning them into revenue streams.
James: Yes well I sort of like the BDA method.
Tim: That is, that is
James: You know as soon as you push record you are creating a bi-‐product.
James: And you know
Tim: Go back to the tree, episode 2, before during and after is what James is referring to where he says BDA method
Tim: It is, we will talk about it more or show often but it is the notion of value and time and time and do you want to be paid by the hour or …
James: One of the best bi-‐product stories that I can think of is the byproduct of beer
James: They take this, the yeast extract and they turn it into delightful spread called Vegimite
Tim: They do too
James: Yeah so if you are not from Australia, make sure you check out veggie mayo, put it on nice and thick
Tim: They will never talk to us again. I saw someone eating Vegimite with avocado the other day …
James: They have no idea what we are talking about
Tim: They won’t, they won’t but interesting it is a really interesting topic. It is a real eye on the concept of bi-‐products
James: Okay so let’s step it back. I am scared depends off everyone so
Tim: Yeah if anyone still listening
James: Yeah if you are still listening just hear this, I have community of hundreds of members who are able to take up this new art and turn it into income and I count a dozens of students who have quit their jobs and in many cases it has happened way faster than it did for me and that is because they are already using the same information that we are talking about now so it never has to be as I had it to answer your question directly, you don’t need to perhaps to make three hundred thousand dollars before you quit your job. For most people I think the average wage in our country, somewhere around 50 or 60 thousand dollars -‐ that is more than achievable for most people you know probably within twelve months of starting from scratch with the right information and for some people I have seen them do within weeks you know and that is unusual but certainly possible
Tim: Okay absolutely we don’t want to scare too many people off, we just want to make it real, because as we touched on episode one as a lot of people offering this server bullet
James: Yeah the special push that button
James: it will happen for you
Tim: big red pill and
James: but that is how they make their
Tim: that is how they make their money
James: that is how they make their money right but we very clear on that
Tim: Yeah absolutely
James: now if you want to sell the magic button you will get rich but it is not a sustainable business model
Tim: James, coming at the end of episode 4 we have been saying over the course of a number of episodes, we will give people the opportunity to start to access some of our resources and they can sign up to our website and get infrequent updates from us and lists and to dos and all sorts of goodies anywhere else you suggest they go right this minute or shall we keep the powder dry until another episode, while they absorb some of the sort of mind set stuff that we are still talking about
James: well I think in keeping with this episode I would rather set a homework task
Tim: oh nice
James: you know I am going to challenge our listeners to go to their inbox and purge it, be ruthless
Tim: ready for a really good email
James: because you know I am going to say less in more out okay the only way they are going to be producing and implementing these tips is by having less stuff, less noise in the inbox -‐ so even though it sounds you know I am not trying to sell anything here I am selling you the only idea that you can be in charge of you activity and I would like you to come back to the next episode with a clear inbox and ready to get stuck into the next chunk of information
Tim: Yeah that is great homework, not too hard
James: well this is homework that could really change the rest of your year and it is a habit if well developed will compound your income. There is no doubt about it. I have never met anyone who I have helped with this who hasn’t had a tremendous increase in productivity because they are simply not reading emails, they are actually doing stuff.
Tim: alright well that’s great homework. Thanks James anothercontent rich episode of Freedom Ocean I will have to say. So until next time we will see you later
James: see you later.