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how to become an internet millionaire

6 Reasons Why You Need A Membership Site

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Did you know that there are many advantages to having a membership site? Most people create products and only make money when the transaction takes place. However, membership sites are different. These are the 6 reasons why you should have a membership site.

  1. Consistent revenue with a gradual rise. This is the big one. Instead of hoping your products keep on making sales and you keep on seeing a profit, a membership site will bring in consistent revenue with a gradual rise. Imagine charging $49 a month and having 200 members. That’s $9800 every month! Products that don’t have a membership do not bring in this consistent revenue as often.
  2. There is less work on your part after the first year. During the first year of a membership site, you would have created the videos and content that went into the membership site. In future years, you will already have the product in place which will allow you to spend more time creating other membership sites and promoting the ones that you already have.
  3. Having a membership site is one of the seven traits of internet millionaires. The membership site also does a good job at laying out 5 of the other traits as well. Imagine how your life would change if you were making over $1 million every year.
  4. Membership sites give you the option to promote your other products. There are many people who give away free products just for joining the membership site. These people commonly give away their own books to all of their members. These people still get to make a profit, and being a bestselling author becomes a lot easier.
  5. You can build a community in the membership site’s forum. The first year is a challenging process because responding to other people in the forum may take up a lot of your time. However, the forum puts you as the #1 go-to expert, and the forum will eventually become a strong community. Then, members will be answering other member’s questions. Everyone ends up winning!
  6. You gain credibility. Imagine you met with two entrepreneurs. One entrepreneur says he has a lot of potential while the other says he has multiple membership sites and books. If you could only choose one, which entrepreneur would you choose to work with? Chances are you would choose the entrepreneur with multiple membership sites and books. These are also the kinds of decisions that big media outlets make before interviewing people.

Those are the 6 reasons why you should get a membership site. I am going to have my own membership site up before the end of the summer (about social media, of course). What will your membership site be about?

The 7 Traits All Internet Millionaires Have In Common And How To Optimize Them

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Wouldn’t it be a lot easier if there was a rulebook to becoming a millionaire? Following those rules would guarantee that you make millions of dollars. Although these are not rules, they are traits, and all internet millionaires have them.

  1. Have membership sites. Membership sites result in monthly, consistent revenues, not the ones where you have to guess and hope you have your best month. Membership sites offer a gradually growing income while other methods result in an income roller coaster.
  2. Write your own physical book. Having your own book gives you a lot of credibility, and writing books is also a great way to make more money online. If someone buys 2 of your books, and you have written 5 books, chances are that person will eventually buy all 5 of your books.
  3. Have the right mindset. This is the most important one of them all. Having the right mindset means wanting to accomplish your goals. The right mindset will give you the willpower to accomplish the other 6 things on the list.
  4. Work with others. One person does not make a team. It is possible to become successful alone, but you need to work with others in order to build a powerful, multimillion dollar presence on the web.
  5. Have your own seminar. There are a wide variety of ways to have your own seminar. You can coach others, speak at public events, have teleseminars, webinars, and more! Choose to implement two of these methods at most.
  6. Have a list. You need to know who is subscribing to your blog, following you on your social networks, and likely to buy your products. By creating these lists, you will be able to find the people who will buy the products that turn you into an internet millionaire.
  7. Have virtual assistants to save time. These virtual assistants can save you a lot of time by performing various functions. By paying virtual assistants to do what you could do, you will have more time to create books and membership sites.

Those are the 7 traits, but getting all of those traits is challenging without a plan. Here is the plan I came up with in order to take control of all 7 of those traits.

  1. You need to acquire the right mindset before doing anything else.
  2. Start a blog and use social networks so you can create lists.
  3. Write the book. Make sure this takes 4 months so you have a physical book out there. As always, quality is key.
  4. Create the membership site. You should work with someone for the first membership site. This will allow you to produce a quality membership site while only putting in half of the work.
  5. Continue working with others after you create the membership site.
  6. Give copies of your book away for free to your members. You should still make a profit. This will boost your book sales and has the potential to turn your book into a bestseller. This part of the strategy will boost your income in the long run.
  7. When you are getting enough money, hire virtual assistants. While you can use some assistants every day, other assistants may only be needed once a week or once a month.
  8. Have some of your virtual assistants manage your teleseminar. You can do 25% of the teleseminars and have your virtual assistants do 75% of the teleseminars. All you have to do is tell your virtual assistant key points that they have to cover and get a guest on your teleseminar. This will allow your teleseminars to go on autopilot, and all you will have to do is public speaking every once in a while.

Those are the traits, and that’s how you optimize them. For those of you who are curious (almost everyone), this is the infographic.