7 Figure Income - Become a 7 Figure Income Earner
6 KEY ingredients to achieving a 7 figure income.
Ingredient 1 - 7 figure income earners DEFY THE NORM.
Specifically they defy industry norms and cultural norms.
There is pressure on all of us to conform, whether we chose to accept this or not. Society is built around conforming. Huge cultural pressure to do things the same as everybody else. The problem with looking around and doing what everybody else is doing, especially when you are a start-up business is that no matter what business you are in, 90% of businesses are struggling.
So why do the same as them? The best you can hope for is the same result!
7 figure earners 'obsess' about breaking industry norms.
Thought: - What are the norms in your business/industry that you can start defying?
When you start to defy the norms you will ruffle many peoples feathers. The reason being that everybody else wants you to conform and to stay at their level.
Lets use Sales & Marketing as a prime example. 90% of the businesses within your industry are marketing in the same way. In order to defy the norm, entrepreneurs look for radical ways in which to do things differently - not conforming. Pricing is another prime example - 60% of entrepreneurs and 7 figure income earners increase the price of their products by at least 10% during an economic down turn in order to defy the norm (doing the complete opposite of everyone else) as everyone else decreased their prices. Did it and does it work...YES. The reason being that entrepreneurs look at ways of how to add extra value to their products to warrant the increase instead of looking for ways to decrease the value of their product by lowering the price.
*BREAK THE RULES - look around and do things radically different.*
***PRINCIPLE, you need to be okay with the fact that when you start defying the norms and doing whatever it takes to earn a 7 figure income, you are becoming part of the elite. You are by your very nature going to be doing things differently, thinking differently, acting differently than virtually everybody else around you - you have to be comfortable knowing that this will inevitably cause a reaction from your competitors.
Ingredient 2 - Understanding how and why money moves & how people get paid.
One of the most important things to understand about 7 figure income entrepreneurs and business owners is that they are earning truly exceptional amounts of money because they understand the fundamental differences in the reasons why money is moving towards them and the way in which they get paid.
Fundamental premise = Money moves from one person to another, from one place to another, for it's own reasons. If you want a lot of money you have to figure out what these reasons are and get in sync with the reasons.
Principles are principles because they never change, they are a law - the principle/law of money will not change for you, me or Gandhi, so we must understand that we have to change in order to accommodate for this law.
Example 1 - 7 figure income earners are exceptional at getting paid in advance of their work and deliverable. People who earn normal incomes get paid AFTER the work or deliverable. The shop keeper gets paid after a week or months work. Donald Trump for example gets paid BEFORE the 1st shovel is even lifted in his real estate empire.
Example 2 - is being paid for who you are, not what you do or not just what you do. Again Donal Trump gets paid for who he is, not necessarily due to his capabilities. Think about celebrity endorsements.
Ingredient 3 - 7 figure income earners obsess about Sales & Marketing.
If you want to generate a 7 figure income then you must spend 50% of your time on sales & marketing.
Thought: How many marketing methods do you use at the moment to attract new customers? The figure should be around 8-10. 7 figure earners have multiple marketing strategies in place.
Thought: What systems do you have in place in order to 'follow-up' on interest shown towards your business? 7 figure income earners mainly have a 1-15step program in place to maximize the chance of a sale after interest has been shown.
The key word here is OBSESSION.
7 figure income earners aren't just good at selling, they obsess about it.
We must all have the mindset, approach and psychology that selling is an absolute priority for us.
One of the most distinct characteristics between all 7 figure earners is that they want to be outstanding at sales and marketing.
Ingredient 4 - Converting waste into cash.
Perspective = on average most CEO's, business owners seek Marketing gurus for advice on top end objectives like how to increase revenue, increase sales and the fact that they want new customer. They want answers or new ways to do things, but the answer they usually that what they are doing is correct but they are doing in incorrectly.
For example - a business owner wants a better advert. They are told that it is not just about the advert but what happens to the customer once they have seen the ad or purchased the product. Lots of sales are usually undone due to returns etc but also that they are not capitalizing on Referrals. Most of the 'norm' business owners are not able to identify opportunities to improve 'back-end' business. By understanding why they are not converting and trying to plug the leeks in which they have, the 'front-end' of the business will take care of itself.
THIS IS ANOTHER DIFFERENCE BETWEEN ORDINARY INCOME EARNERS AND 7 FIGURE INCOME EARNERS. THE INCOME DIFFERENCE CAN BE FOUND IN CONVERTING WASTE TO SALES.
Ingredient 5 - How we get paid and how we get paid differently.
Income Vs equity - the present bank Vs the future bank.
Most business owners mainly think about 'present bank' (what they earn now and how they can earn now), entrepreneurs consider this too, but the main focus is about 'future bank', (what can I do now to increase future earnings)
Difference between business owners Vs entrepreneurs, 7 figure income earners = the difference being focus on growth and expansion.
Business owners are focused on growth - 'how do I increase my sales by X amount, how can i increase profits, how can i get more customers for this business as it is now'.
7 figure income earners are focused on expansion NOT multiplication. Again, Income Vs Equity. We must change the nature of the business to get from a modest income to a 7 figure income.
Ingredient 6 - Ability to handle resistance.
One
of the main reasons why so few people achieve the 7 figure income is
because they start getting to a certain point and start hitting
resistance. The ability to handle that resistance is going to be one of
the most difficult challenges we face.
Resistance comes in a number of forms;
External pressure - pressure from people around us. Are the key people in your life, friends, family, staff, suppliers etc 100% supportive of you becoming a millionaire? Are they as passionate about this as you are? Unfortunately, subconsciously most of them will secretly want you to fail.
Internal pressure - pressure from inside you. The progression to a 7 figure earner is a mind game...make no mistake about this. We all have a sub-conscious ceiling as to the amount we feel is possible for us to earn per year. Most people want to be a millionaire but 98% of those people don't take any action in order to get there! Why? Mainly because of their sub-conscious ceiling. They actually don't genuinely believe that they can.
Question: Is it okay to be rich?
Question: Is money good or bad?
Let me leave you with a final very intriguing question - 'What is the largest amount of money you imagine you feel comfortable earning per year throughout your working life' - what is the maximum you feel you can earn per year?
Ingredient 1 - 7 figure income earners DEFY THE NORM.
Specifically they defy industry norms and cultural norms.
There is pressure on all of us to conform, whether we chose to accept this or not. Society is built around conforming. Huge cultural pressure to do things the same as everybody else. The problem with looking around and doing what everybody else is doing, especially when you are a start-up business is that no matter what business you are in, 90% of businesses are struggling.
So why do the same as them? The best you can hope for is the same result!
7 figure earners 'obsess' about breaking industry norms.
Thought: - What are the norms in your business/industry that you can start defying?
When you start to defy the norms you will ruffle many peoples feathers. The reason being that everybody else wants you to conform and to stay at their level.
Lets use Sales & Marketing as a prime example. 90% of the businesses within your industry are marketing in the same way. In order to defy the norm, entrepreneurs look for radical ways in which to do things differently - not conforming. Pricing is another prime example - 60% of entrepreneurs and 7 figure income earners increase the price of their products by at least 10% during an economic down turn in order to defy the norm (doing the complete opposite of everyone else) as everyone else decreased their prices. Did it and does it work...YES. The reason being that entrepreneurs look at ways of how to add extra value to their products to warrant the increase instead of looking for ways to decrease the value of their product by lowering the price.
*BREAK THE RULES - look around and do things radically different.*
***PRINCIPLE, you need to be okay with the fact that when you start defying the norms and doing whatever it takes to earn a 7 figure income, you are becoming part of the elite. You are by your very nature going to be doing things differently, thinking differently, acting differently than virtually everybody else around you - you have to be comfortable knowing that this will inevitably cause a reaction from your competitors.
Ingredient 2 - Understanding how and why money moves & how people get paid.
One of the most important things to understand about 7 figure income entrepreneurs and business owners is that they are earning truly exceptional amounts of money because they understand the fundamental differences in the reasons why money is moving towards them and the way in which they get paid.
Fundamental premise = Money moves from one person to another, from one place to another, for it's own reasons. If you want a lot of money you have to figure out what these reasons are and get in sync with the reasons.
Principles are principles because they never change, they are a law - the principle/law of money will not change for you, me or Gandhi, so we must understand that we have to change in order to accommodate for this law.
Example 1 - 7 figure income earners are exceptional at getting paid in advance of their work and deliverable. People who earn normal incomes get paid AFTER the work or deliverable. The shop keeper gets paid after a week or months work. Donald Trump for example gets paid BEFORE the 1st shovel is even lifted in his real estate empire.
Example 2 - is being paid for who you are, not what you do or not just what you do. Again Donal Trump gets paid for who he is, not necessarily due to his capabilities. Think about celebrity endorsements.
Ingredient 3 - 7 figure income earners obsess about Sales & Marketing.
If you want to generate a 7 figure income then you must spend 50% of your time on sales & marketing.
Thought: How many marketing methods do you use at the moment to attract new customers? The figure should be around 8-10. 7 figure earners have multiple marketing strategies in place.
Thought: What systems do you have in place in order to 'follow-up' on interest shown towards your business? 7 figure income earners mainly have a 1-15step program in place to maximize the chance of a sale after interest has been shown.
The key word here is OBSESSION.
7 figure income earners aren't just good at selling, they obsess about it.
We must all have the mindset, approach and psychology that selling is an absolute priority for us.
One of the most distinct characteristics between all 7 figure earners is that they want to be outstanding at sales and marketing.
Ingredient 4 - Converting waste into cash.
Perspective = on average most CEO's, business owners seek Marketing gurus for advice on top end objectives like how to increase revenue, increase sales and the fact that they want new customer. They want answers or new ways to do things, but the answer they usually that what they are doing is correct but they are doing in incorrectly.
For example - a business owner wants a better advert. They are told that it is not just about the advert but what happens to the customer once they have seen the ad or purchased the product. Lots of sales are usually undone due to returns etc but also that they are not capitalizing on Referrals. Most of the 'norm' business owners are not able to identify opportunities to improve 'back-end' business. By understanding why they are not converting and trying to plug the leeks in which they have, the 'front-end' of the business will take care of itself.
THIS IS ANOTHER DIFFERENCE BETWEEN ORDINARY INCOME EARNERS AND 7 FIGURE INCOME EARNERS. THE INCOME DIFFERENCE CAN BE FOUND IN CONVERTING WASTE TO SALES.
Ingredient 5 - How we get paid and how we get paid differently.
Income Vs equity - the present bank Vs the future bank.
Most business owners mainly think about 'present bank' (what they earn now and how they can earn now), entrepreneurs consider this too, but the main focus is about 'future bank', (what can I do now to increase future earnings)
Difference between business owners Vs entrepreneurs, 7 figure income earners = the difference being focus on growth and expansion.
Business owners are focused on growth - 'how do I increase my sales by X amount, how can i increase profits, how can i get more customers for this business as it is now'.
7 figure income earners are focused on expansion NOT multiplication. Again, Income Vs Equity. We must change the nature of the business to get from a modest income to a 7 figure income.
Ingredient 6 - Ability to handle resistance.
Resistance comes in a number of forms;
External pressure - pressure from people around us. Are the key people in your life, friends, family, staff, suppliers etc 100% supportive of you becoming a millionaire? Are they as passionate about this as you are? Unfortunately, subconsciously most of them will secretly want you to fail.
Internal pressure - pressure from inside you. The progression to a 7 figure earner is a mind game...make no mistake about this. We all have a sub-conscious ceiling as to the amount we feel is possible for us to earn per year. Most people want to be a millionaire but 98% of those people don't take any action in order to get there! Why? Mainly because of their sub-conscious ceiling. They actually don't genuinely believe that they can.
Question: Is it okay to be rich?
Question: Is money good or bad?
Let me leave you with a final very intriguing question - 'What is the largest amount of money you imagine you feel comfortable earning per year throughout your working life' - what is the maximum you feel you can earn per year?
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