Forget everything you’ve learned about making passive income online. Forget about guest posting, link building, and social media. Let’s go back to the basics. To the core of what being an entrepreneur means: becoming a successful business owner.
Click play now:
In today’s episode you will learn:
- How to stop delaying the “money getting” process
- Why building your first online business around “a personal brand” might not be the best option for you
- How to streamline your marketing & sales by tapping into existing channels where money is already being made
- How to do effective market research and uncover trending markets with little competition
- How to learn your competition, and outdo them
- How our guest built in 18 months a business generating over $250,000/month (including the exact steps he took!)
“Personal branding” is the biggest hype right now. Many are obsessed with turning themselves into “the product” that people buy. This is no little due to many gurus giving advice like:
“There is no one like you in the world. That’s why your unique selling proposition should be YOU! Then, no one can copy it!”
This advice is hard to follow and extremely time-consuming. But more than that, by definition – it’s not scalable!
Think about it. Say you go ahead, and build a successful personal brand. Well done! Your coaching, your books, your courses, your DVDs, and your membership sites are selling well. That’s amazing!
But… hold on one second…
The entire sales and marking process is based on people buying “you”! Congratulations, you’ve just cemented yourself into your own business. Is that a bad thing? Only if you ever want to enjoy the money you’re making – without the business crashing while you’re away!
This is why in today’s episode, my guest and I go back to “business 101”:
- Choose a rising market
- Find an existing channel where money is already being made
- Learn what products are doing well in the market and what problems they solve (or what desires they meet)
- Find the shortcomings of those products, and to make something that solves it better
- Put your product in the market
- Promote it using the existing channel where the customers already are and are accustomed to spending money
This is exactly, to the dot, how Chad Mureta built his app empire. And it’s also how today’s guest, Ryan Moran, built in 18 months a business that’s making over $250,000 a month.
I also seen Ryan mentor a good friend of mine recently. That friend went on to building his business from zero to 5-figure monthly income – in just a couple of months!
No matter where you are in your entrepreneurial journey, you’ll want to scroll to the top of this post, and click play right now! Don’t miss the information on today’s episode!
BTW, if you enjoyed this episode, please leave Ryan a comment below, or Tweet him (@RyanMoran) to let him know 🙂
Mentioned Resources
- Tell Ryan he was awesome on his Twitter account, @RyanMoran
- Ryan’s website, Freedom Fast Lane
- Ryan’s website, Freedom Fast Lane Podcast
- The official Fulfilled By Amazon (FBA) page
- Ryan’s yoga business, Zen Active Sports
- The Facebook page Ryan and his partner built to promote the yoga mats and get initial sales
- Podcast episodes Ryan recommended:
I Need Your Help!
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Excellent advice, Ryan! People forget that business basics remain basic, no matter the type of business or if it is physical or virtual. Thanks for this important and immediately useful lesson!
I’m dying to know… What did you think of the, “and while that’s respectable…” comment, Trevor? LOL!!!
Since you asked….”while that’s respectable”. Hmmm. I laughed!
Personally, I think I can’t wait until I reach unrespectable! (But I get what he was saying. In terms of what is possible, $100K+ is nice, but not the full potential.)
Also, I wouldn’t have ever used the term “douche”. I like his direct and upfront approach. That is a lot like me. I don’t like to tip-toe and hint. I say what I think and believe, and it will take a lot of evidence to make me change my mind.
I liked later when Ryan mentioned the product that was only selling 20-30 units a day, resulting in $7000 profit. But after working the system, he started making more than $20K in monthly profit (“…and that is money you can live on!”) I wonder what I’m doing wrong. Between my wife and I, our take home pay (after taxes, both working 50-60 hours a week teaching) is just under $7000, and we have two boys and a dog to care for.
The show was very interesting, but in my opinion, there was one major weakness. The monthly numbers that Ryan mentioned are impressive, but I simply can’t conceive of that type of income. That made it very difficult to put myself into his position and believe that his work can be replicated.
On the other hand, I am thinking about looking at the Amazon Best Seller list and see what I can find. (What’s the best that could happen?)
Unbelievable!
When I am listening to podcasts I am usually prepared to get some tiny bits of information and then I to be offered the “full package” for money – be it, personal training, books or whatever.
But THIS was actually a real deal ! Ryan actually shared a lot of useful and in-depth information.
Meron, thanks for the great episode.
Thanks, Lev! I agree with you – I also feel that Ryan really went well and beyond and truly DELIVERED an immense value 🙂 Do you think I should call him and apologize for calling him a douche? 😛
Joking aside… Did this episode get you thinking about selling “stuff” on Amazon?
This episode definitely shows that manufacturing and selling physical products is available even to mere mortals nowadays.
Really loved it!
Also liked the episode with the teespring.com – even tried a couple of campaigns 🙂
We have been designing successful products for mass retail (big box & online) for over 20 years and sourcing in China for over 10 years. In our experience, Alibaba has so many pitfalls for those who want to sell their own products. Designing and developing a product is NOT the easy part of this process. 1) There are many false fronts to companies, agents and layers on Alibab – you need to be sure you are dealing directly with the factory in order to develop a new products and get the best cost. 2) You should make a trip to see the factory and meet with them to speed the development and establish a good relationship. 3) You need something special to make sure you don’t get immediately knocked off, especially if you are going to quote at multiple places. You might need copyrights, patents or other proprietary features. We sometimes break an item up into parts and hold back visibility of the product in its entirety when we are only in the quote stage. This way until you have a factory you want to partner with, you keep the special feature or element hidden.