Build a 7-figure business in a year by starting with selling your time and progressing to selling a product.

Build a 7-figure business in a year by starting with selling your time and progressing to selling a product.

How to Build a Successful Online Business in a Year: A Rough Blueprint

If you’ve ever dreamed of building a successful online business, personal-finance writer Tim Denning believes it’s possible to achieve in just one year. While the idea of making seven figures may sound like a pipe dream, Denning insists that with the right approach, it can become a reality. Drawing inspiration from his peers who have already achieved this level of success, he has outlined a rough blueprint for aspiring entrepreneurs. So, let’s dive in and discover the key steps to race your way to six figures and beyond.

Selling Time as a Springboard to Success

The fastest way to make money online, according to Denning, is to sell your time as a freelancer, contractor, or coach. This may seem counterintuitive to traditional finance wisdom, but Denning argues that it’s more about the mindset shift than the money you’ll earn. By offering your expertise and services, you can quickly start generating income and build a community of loyal customers.

To attract clients, Denning suggests creating beginner-level content related to a topic you know well. For those who struggle to find a topic, writing about the skills or industry attached to your current job can be a great starting point. With just three to five clients paying you a monthly fee of $3,000, you can achieve six figures within a year.

The Power of Starting Small

Starting small is key to understanding your target market and their needs. Denning shares his own experience as a social-media coach, a job he knew wasn’t his long-term goal. However, through working with early coaching clients, he gained valuable insights into the psychology of his target market and their pain points. This understanding served as the foundation for his next steps.

Embrace the Education Business Model

Modern online businesses are essentially education companies in disguise. Websites were the first medium for businesses to educate potential customers about their products and services. As social media became prevalent, businesses had to adapt and publish daily content to attract and educate their target markets. Now, even AI is pushing businesses to adopt human-like chatbots for educational purposes.

• I tested the $70,000 Genesis GV60, a futuristic Tesla competitor wi...
• US requests Supreme Court to postpone Purdue Pharma bankruptcy sett...
• Prosecutors accuse Sam Bankman-Fried of witness intimidation and ca...

For aspiring online entrepreneurs, Denning emphasizes the importance of establishing a presence on social media. Whether you use your real name or a nickname, the goal is to share informative content and position yourself as an authority in your field.

Start with Free

When starting out, many people make the mistake of immediately focusing on their product and how to sell it. However, Denning suggests taking a different approach. Instead of jumping straight into selling, offer a free product or service. Free products have the advantage of scaling faster and gaining wider distribution, which is often hindered by paywalls.

Denning acknowledges that he neglected this strategy in his own business but has since realized its potential. One example he cites is email courses. These series of free emails provide in-depth content to help people with specific problems. By offering a valuable free product, you can lay the foundation for a successful paid product in the future.

Let Data Guide Your Journey

One of the biggest mistakes people make when trying to make money online is relying on guesswork. To avoid getting stuck and wasting precious time and effort, Denning advises following the data. By leveraging an email course or other forms of data collection, you can gain insights into what your target audience truly wants.

If you do find yourself stuck or in need of guidance, don’t hesitate to seek coaching from someone who has achieved success in your desired field. Joining communities of like-minded individuals can also provide valuable strategies and support.

The Path to Seven Figures

With data and a supportive community on your side, it’s time to build and launch your product. Remember that products are what ultimately lead to seven-figure success. Denning suggests looking back at your past online content and identifying the piece that resonated most with your audience. This successful piece of content, coupled with comments and feedback, can offer invaluable insights and potential solutions to common problems.

Don’t limit your thinking to traditional courses or books; products can take various forms, including physical goods, live events, membership platforms, or software. The key is to create something and launch it.

The Scrappy Way to Launch

Launching a product doesn’t require having a fully developed product ready to go. Denning reveals his unconventional approach of starting with a landing page that summarizes the product. By driving traffic to the page and gauging interest, you can test the waters before committing time and resources to create the product. If sales come through, you move forward; if not, you issue refunds and learn from the experience.

Denning admits to his own failures and the important lessons he gained from them. Launching and learning is more effective than sitting idly, feeling overwhelmed by the unknown.

Building Communities for Success

One surprising insight Denning shares is that seven-figure businesses are tied to communities. Leading and nurturing a community is more powerful than having advanced marketing or selling skills. This knowledge opens up opportunities for individuals who dislike sales but excel in community building.

Finding out what your community wants and needs is as easy as engaging with them through emails, surveys, or one-on-one conversations. The platform you choose to host your community is far less important than your ability to connect and engage with like-minded individuals.

The Value of an Existing Audience

Contrary to popular belief, you don’t need millions of followers or an extensive email list to achieve online success. Denning highlights the possibility of leveraging existing communities and email lists to boost your reach. Platforms like ConvertKit, Beehiiv, and Substack offer options to purchase email subscribers from other creators or partner with them to recommend each other’s newsletters. Collaborating with others allows you to tap into their audiences and expand your own reach.

Don’t Underestimate Pricing

One major oversight Denning made in his journey was limiting himself to low- and mid-priced products. However, he later realized the importance of catering to customers at various price points, including higher-end options. Wealthy individuals sometimes associate low prices with low value, underscoring the need for premium products and services. By experimenting with different price points, you increase your chances of appealing to a wider range of customers.

A Rough Guide, Not Exact Steps

Denning emphasizes that the blueprint he provides is not a step-by-step guide but rather a collection of powerful ideas and lessons he has learned throughout his own journey. It’s up to each individual to experiment with and adapt these ideas to their unique circumstances. Starting with a service to generate income and then progressing to creating products can provide a solid foundation for success. Nevertheless, remember that running a service-based business may limit your freedom compared to product-based ventures.

In conclusion, building a successful online business in a year is an ambitious but attainable goal. By following the insights and strategies shared by Tim Denning, aspiring entrepreneurs have a rough blueprint to guide their journey. Selling your time, starting small, embracing the education business model, offering free products, relying on data, launching scrappily, building communities, leveraging existing audiences, pricing strategically, and being open-minded are all essential steps on the path to achieving seven-figure success in just 365 days.

About the Author: Tim Denning, an Australian blogger and writer for CNBC and Insider, aims to inspire the world through personal development and entrepreneurship. With years of experience and a successful online business, Denning shares his insights to help others achieve their goals.

• Contributor
• contributor 2023
• Medium