The very fact that you are reading this post reflects that you believe you CAN earn fast money by 2024!
And since you believe so, you will start seeing patterns that will help you get you there.
Most people ‘play it safe’ or let their excuses hold them back.
So are you committed to taking risks that can turn into high rewards- earning fast money by the end of 2024?
This post will give you a blue print for achieving this goal in the digital era.
This post is useful for all those people who dream big and want to become wealthy by creating value through business.
Let me set your expectations right! In this post, I am not going to discuss:
- how saving or living frugally will make you fast money
- how seeking a high paying job will make you wealthy
So, fasten your seat belts!
Develop a right mindset: IT is very important in the journey of wealth creation. So, before we delve into the Plan, it’s very important to understand few things.
- Is it easy to achieve this feat?
Of course not! It requires a lot of planning, determination, discipline, and patience. So, a better term than “easy” is “simple“.
- Money is Not Evil!
When you start trying to achieve your goal, several things will come up. For ex. “Money is Evil”, “Money doesn’t bring happiness” or Money is the root cause of all problems”. All these things will prevent you from reaching your goal.
Despite many people trying to sell you poverty, enjoying your money is one of the greatest virtues of wealth.
Money may not solve all the problems. But it will solve all your money problems which is a major source of stress for most of people. Try to have a positive association with money.
- You become rich because you change yourself!
People around you will say “He/She has become a different person after becoming rich”. But the reality is that You became a different person before you became rich, people just noticed it late. And You became rich because you changed yourself. So have that mindset that money is good and money can move things.
- Time is the ultimate measure of wealth!
You may not realize this, but one of the most toxic concepts/ ideas, that you have been exposed to, is that, to make money fast is a bad idea.
In our society, we are made to believe that if you build wealth quickly, it must be something shady or illegal, or a scam!
But in today’s world, you don’t have time to get rich slowly. Wealth is not just measured by how much money you have but is measured more in time.
As Anthony Pompliano beautifully puts it about what the point of financial freedom is:
“I used to be impressed by people who had a lot of money, but now I’m impressed by people who have a lot of free time. Time is the ultimate measure of wealth.”
Let’s say you make $25,000 a year and let’s say you work 40 years. So, you’ve made $1 million. Now is that a lot of money? Absolutely, you’ve made over a million dollars. But, are you rich? No. Why not? Because it took you 40 years to accumulate this wealth.
Now let’s look at a different scenario. Let’s say you still make a million $. But instead of 40 years, you make it within one year or two years. Now, are you rich? Yes! Now you are a millionaire.
So, what’s the difference? It’s the same one million $. The only difference is the time that it takes for you to make it. The cool thing about making wealth in a relatively short period of time is that you have more time to enjoy it!
When you accumulated this wealth at the age of 60 or 65 years, you may enjoy your money for say 10 years. Why not enjoy it for 20, 30, 40 years? That’s the only difference. That’s why wealth is measured in how fast you make that money. And that’s why rich people value time more than money.
Rich people are not going to fix their car, because it’s not worth their time. Their time is much more valuable. They have other activities to do that could bring in more money. Now you may say that well, it’s easy for them to say because they are rich, but that’s not true. They got rich when they started valuing their time. Most people never get rich because they never value their time.
- There are no butterfly experts among caterpillars!
Belief is a powerful wealth tool. Ruthlessly surround yourself with people who are optimistic. Leave the pessimists where they belong- in the gutter.
- And the last one: Focus on execution or fail by procrastinating
Nothing in life comes without effort. Becoming wealthy is the result of the daily actions you take. Wealthy people learn about the nuances of finance, business, and investing and then put the knowledge to work.
Enough of pep talk, let’s rip.
The Plan to earn fast money :
At the start of this post, I emphasized starting a business in the digital era. Why this emphasis on Digital?
This is because of the goal we set: To earn fast money by 2024.
Let’s quantify our target- To earn fast money: $100, 000 by 2024.
Starting a business from scratch and scaling it to this level in a short span is possible only when the process is “Digital”. More specifically, this is a plan which we want to execute through Digital Marketing!
Generating fast money ($100,000) in a couple of years could be considered a tough problem.
A problem big enough to make you sweat. Nervous sweat caused by worry and fear prevents getting into action.
So, let’s break down this $1,00,000 problem into smaller problems that aren’t so scary.
Thinking about earning this amount can be mind-blowing if you try to swallow it in one gulp. So, let’s use some math and break it down to something our brain can accept and understand. Let’s focus on the 24 months in front of us — Two calendar years from the moment we say “Go”.
Consider the above table.
In order to earn a profit of $100,000 (considering a margin of 50%), you need to sell two times over in 2 years:
- a $1 product to 100,000 or
- a $10 product to 10,000 or
- a $100 product to 1000 or
- a $1000 product to 100 or
- a $10,000 product to 10
Suppose we make scenario 2 into a sales funnel.
Think of acquiring 10,000 customers at a price point of $10 but not making any profit. This is because you are spending $10 per customer in advertising or marketing to acquire them- a break-even scenario.
Now you have a customer base of 10,000 people who have already bought a product for $10 each from you.
Now if you get 1000 of these customers to buy a $100 product then you will be making $100,000. That too without incurring any customer acquisition cost i.e. all profit. And this conversion rate of 10% is quite doable as you have already earned their trust!
This is how the funnel works.
Now think of developing a funnel for scenario 5.
Selling a $10,000 product to 100 customers to generate a profit of $100,000. Is this possible? Of course, provided you are selling products in a narrow niche where the amount of supply and service providers are less. Hence, you can raise the price of your product/ service.
We considered the above funnel for 24 months.
If you break it down into monthly targets, it starts looking even more achievable!
So, You are all pepped up and convinced that the goal is achievable.
Now, let’s understand a few concepts of marketing to have a clear picture of the ‘what’, ‘how’, and ‘Why’ of executing the plan.
Finding A Niche
Now, one of the most important and challenging part of online entrepreneurship is finding the right Niche.
With over 1.7 billion websites and 12 million E-Commerce sites in the world, choosing an appropriate niche is super important as it is the key to business success.
This is one thing that no one can really spoon-feed to you- that is finding the right niche for you.
In the present context, a Niche may be defined as your area of expertise in which you will specialize. This will guide the type of products/ services you will focus on, content you will produce, customers you will try to attract, and partnerships you will accept.
A successful online business combines the Talent (skills, interest, experience) of the entrepreneur about which he/she is passionate with a popular and searchable topic that people are willing to spend money on to learn about or add to their lives, that is, an intersection of Talent, Passion & Market:
A lot of online businesses choose a broad niche and then focus on a micro niche – something more specialized within that niche.
For example, Finance is a Niche. Personal Finance, Retirement Planning, Tax Tips, and Investing are micro niches.
Some people believe that if you focus on one niche, it will stop your business from growing. But it’s not so. Once you have a proven marketing strategy, you can broaden your horizon by adding related products and revenue streams. You can also use your learning from other niches and start the process again.
Now that you have niched down, you need to select a product or service to start with which you want to sell to your target audience.
Globally, approximately around 250,000 products are launched every year with an average failure rate of 85-95%!
This is not to dishearten you but to emphasize on the importance of choosing best product or service to sell online.
Here, you need to understand some concepts in order to select or create a product or service to start with and sell to the right audience.
These are:
- Some basic fundamentals of Marketing
- Difference between Traditional marketing & Digital marketing.
- Some basics of Local and Global Economics.
Having clarity in the above concepts will help you choose a better product or service to market. Also, it will help you in the entire journey of wealth-making.
To learn about the above concepts, refrain from wasting months and months of time in reinventing the wheel. Rather, Master the best of what other people have already figured out.
Some Golden Nuggets
- Investing in Marketing education is going to help you in your entire journey of wealth creation. This is because marketing is a science that is rooted in human psychology and has a long shelf life. It’s not like a programming language that you learn and later becomes obsolete and whatever you learned gets wasted. Marketing is about communication and communication is about people. If you understand marketing well, Digital Marketing will perform very well. Today you have Google ads, Facebook ads, SEO, social media, etc. Tomorrow there will be a new platform where you can go out and reach people. If you get the marketing part & the people part of the entire journey right, you will be able to make any platform work for you.
- You, being, the founder of your business should be a Marketer as You shouldn’t and can’t outsource Marketing completely. If you know marketing & sales, you can monitor your business much more effectively.
- Marketing starts with understanding your target customer & customer needs which leads to creating or selecting (in the case of Affiliate Marketing) a product or service that fits.
- Marketing is about sending the right message, to the right person, at the right time. Marketing is not only about selling. It is also about keeping existing customers happy by communicating with them. With proper communication, they can remain customers for life.
- Marketing is a means to an end. The purpose of marketing is to build a brand & capture a position in the mind of the customer. With a strong brand- a requirement of marketing starts going down as trust has been established and customers come to you themselves.
- Marketing is a game of establishing Mass Trust i.e. trust with a lot of people. Trust is a scarce resource. More on it, later.
- Marketing is meant to entice consumers to buy products that make them feel like someone or acquire something desirable. Never let marketing become more important than the product itself. A great product sells itself. Marketing of a bad product or service goes to waste in the long term. Never market a cheap product. If you don’t have a good product or service, marketing, and good marketing will just accelerate the death of your business/ company.
- People remember only the leader or the numero uno. So invest in becoming a leader in your chosen category. If you can not be a leader in a category, be a leader in the subcategory. For example, my mentor Digital Deepak identified a positioning and marketed himself as The no. 1 Digital Marketer in India.
- Digital Marketing is good old marketing with the simple difference that it uses digital channels such as social media, SEO, email, and mobile apps to reach your target audience. Traditional Marketing used traditional channels, like billboards and printed media, TV commercials, etc. to communicate with the consumers.
- Digital marketing is the medium of choice for New Age Marketing. Also, it is less expensive than traditional marketing. It allows you to interact with your target audience and is more aligned with today’s customers. The way people are consuming content has changed and more & more people are using their phones for everything, so advertising has also changed by miles.
- Digital marketing is the norm nowadays, but not always digital marketing is the medium of choice. For example, consider marketing a generic product with a very wide target such as Apple’s iPhone in a country like India. In India, Television has a reach of 800 million to 1 billion people (Source: Wikipedia). Digital Marketing reach is nowhere close to television based on numbers alone. However, in our present plan of earning money fast, Digital Marketing is of utmost importance.
- It’s very important to understand the economics of your target market to achieve desired results in your business. For example, you are an Affiliate Marketer and using a product from Clickbank (an affiliate marketplace) to sell. In such cases targeting Tier 1 countries (US, UK, Canada, Australia, etc.) would be much more profitable. Also, understanding the seasonal/ cyclical requirements in the targeted market is very important. For example, marketing a weight loss product such as a Keto diet during summers in Tier 1 countries would give a higher ROI!
- Ensure that your marketing campaigns focus on buyer personas and address their specific needs. Microsoft Excel is used by 99.99% of the world’s businesses, and most people still don’t know how to use it. How can you build upon it? Just to give you an idea, this guy called Kyle Pew created a course on Microsoft Excel on Udemy platform. He sells them for $45 each. And as per Udemy, he has had over 900,000 students and over 270,000 ratings. Even if we consider the no. of ratings as sales (factoring in the discounts, initial free offer, etc.), he would have earned millions of $$$. Isn’t that incredible?
- Lastly, master the art of leverage. Being a banker, I understand the importance of leveraging. When you buy a property by putting down 20% as a deposit, you’re unwillingly getting leverage. Suppose the property costs $200,000. A 20% deposit is $40,000. When the property goes up in value over time (because the land is scarce), not only does your $40,000 go up by, say, 15%, but so does the other $180,000 you borrowed from the bank. The Internet is a leverage-creating machine and you can use leverage to amplify the results of your marketing efforts. Over a period, comparatively lesser efforts will be required to generate greater financial output.
The above nuggets of marketing wisdom can be a guiding light for you. However, it is the practice that makes you perfect!
Now, it’s time to introduce to you to a couple of frameworks that will help you achieve this marketing and sales process in a very structured way.
Recall the Plan we discussed in the beginning for making $100,000 and then making scenario 2 into a funnel.
A marketing funnel (or a sales funnel) is a visual representation of the customer journey or the steps that customers go through in order to buy from you.
The Funnel to make fast money- $100,000 by 2024:
Wealth = n^CATT where,
n : Niche
C : Content
A : Attention
T : Trust
T : Transaction
Your success and wealth depend on the Niche you choose.
You choose a good Niche and multiply the entire effectiveness using the CATT funnel which determines how much wealth you will create.
Content is at the center. Using blogs, videos, lead magnets, live webinars, etc. Create useful content that attracts the target audience from your niche. People never buy a half-inch drill, they always want a half-inch hole and that’s why they buy a half-inch drill!
Customer wants a solution and your content should become a bridge to that solution. Good content should be able to answer the target customers’ queries and address their pain points. Keep your content focused on the customers’ pains and their problems. Keep them focused on their fears, their frustrations as well as their wants, goals and their dreams, their desires. Drive Attention (Traffic) to your content using different marketing tools and technology like SEO, social media, Paid Ads, and Referrals.
While trying to drive traffic to your content, along with established platforms such as Facebook, Google, etc., look out to master new platforms.
The coolest thing about these is that you can’t really predict how will turn out.
Initially, YouTube was meant to be a dating site. Twitter was positioned as a podcast platform. PayPal was designed as a payment processor for eBay only.
Today, see how these platforms are completely different. Why? Because People changed. world changed. So, it’s the early adopters who benefit a lot.
Also, Keep track of the platforms your target audience is hanging around. Do you know that about 40% of Gen Z prefer TikTok and Instagram over Google Search and Maps while searching for a place for lunch!
Gen Z’s search behavior is so different than previous generations. They prefer visually rich media over Google SERP text links. They have a short attention span. This explains the fact that they like a short 10-second video instead of reading millions of words.
TikTok has exploded in popularity over the past few years. To such an extent that it forced social media giants like Instagram and Snapchat to roll out copycat video features- Reels and Spotlight. Develop Trust with the audience using tripwires, email marketing, marketing automation, and retargeting.
Why developing trust is important?
Because Trust follows transactions! your ultimate goal is to transact with the customers and more importantly make them customers for life. End result of marketing should not be a one-time sale because it takes a lot to establish trust.
Your goal of amassing wealth (here $100,000) in a limited period of time will become much easier if you can develop mass trust (i.e. trust with lots of people). Further, you are able to keep your customers happy by constantly communicating with them and providing some sort of value to them.
Social media is a perfect platform to build relationships and develop trust in your customers. Hook your target audience by subscribing to email lists, following your official social media platforms & so on. On your website or your chosen platform, use social proof such as social media followers, customers’ reviews, news, blog post, product reviews, etc. which builds trust with your audience.
Why Email marketing is one of the most important parts of your digital game plan to earn fast money?
Remember that massive global server crash that happened back in October 2021 that took down Facebook Instagram and WhatsApp almost for an entire day?
For a whole day, businesses, brands, and marketers everywhere were completely disconnected from their online audiences and social followings.
That server crash was a major eye-opener that many digital marketers needed– you don’t own your social audiences.
This implies that when a server crashes or worst-case scenario the platform shuts down altogether, you lose all of those leads, followers & customers.
So, email marketing is and will always be the single best way to market your brand or business, increase revenue, and cash in on more conversions. It’s better than a paid advertisement, social media, and organic traffic we get from SEO.
Some other facts about email marketing may help you to understand its importance:
- there are 4 billion active email users and counting.
- email marketing delivers consistently the highest return on investment of all marketing channels earning an average of 42 dollars for every dollar spent – an ROI of 4200 %
- Email marketing is the most preferred marketing channel for consumer brand communication, which consumers want businesses to communicate with them through ( source: MarketingSherpa) and
- even millennials and Gen Zers, prefer email to social media for brands to customer communication.
Moreover, your list is yours, it belongs to you and it’s an asset that you have in your business.
A Tripwire is a low-priced offer that is irresistible and has the sole purpose of converting a potential lead into an actual customer.
Such low-priced offer lets potential customers, who are not ready to commit yet, dip their toes in without having to make a big purchase. Thus, it provides a low barrier to entry and accelerates the buyer’s journey. A great example of a tripwire is offering a book or a cosmetic product to customers free and charging just the shipping and handling charges. Once you get these customers in your funnel, they are more likely to transact or purchase with your company.
Transaction: Once you have built trust, the next step in the funnel is to convert your leads into natural sales methods.
Do you know that Costco- an American multinational corporation- actually loses 40 million dollars a year on rotisserie chicken!
Here’s why it is genius. It’s a loss leader for them. But providing rotisserie chicken at such a cheap price they are able to get people into the store, and you know what happens when you are in Costco?
You see tons of different things and you buy other products. That’s why they are multimillion-dollar company.
In your business, it’s ok to offer something that loses you money as long as you can sell other things that make you more money.
So, you understand the funnel or say a customer’s journey which ends in conversions/ sales. Now, how do you execute this funnel?
Most of the marketer approach do Content Marketing, SEO, Email Marketing, Social Media Marketing, Paid Ads. etc. and each of these serve the purpose in its own way with their unique advantages. However, in order to successfully execute the CATT Funnel, you require an integrated approach to Digital Marketing. This framework is ‘Integrated Digital Marketing’.
Integrated Digital Marketing:
Source: DigitalDeepak.com
Most people approach digital marketing in a standalone way i.e. they try to get results by pursuing individual segments. For example,
they do email marketing campaigns and expect results or they do social media marketing and expect results. But, results do not come and people start believing that these approaches do not work.
Integrated Digital Marketing integrates all the important segments like Content Marketing, Social Media, SEO, Email Marketing, Paid Ads, etc. in an integrated manner which yields excellent outcomes.
To understand Integrated Digital Marketing refer to this blog post by India’s no. 1 Digital Marketer – DigitalDeepak. It gives a holistic view of how to implement this framework to achieve the best results from the CATT funnel.
Once you have started getting results in your endeavor, the next step is to evolve into a personal brand.
If you are good at something, it’s not enough. The world should know that you are good at something so that they reach out to you. Today’s marketing is P2P i.e. people to people. People want to hear from people and not from brands.
If a company communicates with you, it does not feel natural. How can a logo talk to you? That is why personal branding is very important. Also, when a company screws up, people are angry, but when a person screws up people are a bit more forgiving.
Personal Branding is the new way to sell your products or services.
The Evolution of Personal Brand and Mass Trust Blueprint:
In order to earn fast money you need to build a successful Personal Brand. To do so, you need to follow the model called Mass Trust Blueprint. This is again conceptualized by Digital Deepak.
Initially, you learn a skill through concepts, facts & procedures. Understand the concepts, remember the facts, and practice the procedures.
Then You have to put your new skills to work. If required, find a mentor, offer to work for peanuts, and learn everything. Implementing your learning in the real world will give you a stronger understanding. The work can be a job, freelancing, or your own projects. Once you have established a little bit of authority through work, the next stage is writing about what you have learned through your work. For example, if you learn about SEO, work with a company, and then help a client get traffic, it becomes a case study and if you can write about it on a blog and your content becomes unique. This is the beginning of building a personal brand.
Now that you have a personal brand and a blog and people are reaching out to you as an expert, you can start consulting other people instead of working for them. You will get this authority only when you write as a blogger and have a clear understanding of the subject. People will pay for your advice and a little bit of execution. Next, you can go ahead and mentor/ teach a group of people who want to become like you. Consulting is one-on-one but in mentoring you are consulting a lot of people together. Blogging is one level of clarity, Consulting is another level of clarity. Mentoring involves a lot of effort and will take your skills, and your understanding to a whole new level.
The final step may be building your start-up. You can start your own product or business with the understanding you have developed about the market, the problems you have solved, and your own skills.
Go through this evolution step by step. Some people learn something. Then they create a course and try to sell it directly. They mostly fail as they have not gone through the evolution properly.
Final Words:
Develop the right mindset. The Internet is a leverage-creating machine, use it to amplify the results of your effort. Apply some math and break down your target of earning fast money by 2024 to something your brain can accept and understand and then funnel it down.
Use Wealth = n^CATT, where you choose the right niche for you and multiply the entire effectiveness using the CATT funnel. Create useful content, drive Attention (traffic) to your content, and develop Trust with the audience. And once you have built trust, convert your leads into customers with natural sales methods.
In order to successfully execute the CATT Funnel, you require an ‘Integrated Digital Marketing’ (IDM) framework. IDM integrates all the important segments such as Content Marketing, SEO, social media, Paid Ads, etc. in an integrated manner to yield desired results.
Once you have started getting some results in your endeavor, the next step is to evolve into a personal brand using MassTrust Blueprint. Personal branding is the new way to sell your products or services.
Remember, it’s not “easy” to achieve your goal but it is “simple”.
What You Should Do Now?
If you are serious about your plan of earning $100,000 in the next 24 months, you should go ahead and read this guide which will give you an extensive overview of some of the best available options of product/services:
Best Passive Income Ideas that works- A Definitive Guide [2022]
