subject: Business Model To Earn A Six Figure Income [print this page] Business Model To Earn A Six Figure Income
As a founding member of the Six Figure Mentors (SFM), I'm constantly asked what is the SFM formula, and what is this ultimate business model that allows people to build a six figure business as quickly as possible. One of the first lessons that newcomers to SFM learn is that it is advisable to build a business based on different income streams.Residual Income Residual income is income that recurs on a monthly basis, and is sometimes referred to as passive income, as once the sale has been made, oftentimes there is very little effort involved on the part of the seller to ensure the revenue continues monthly. It usually takes the form of membership sites, or a digital or physical product delivered monthly. It can be your own product, or you can refer your subscribers to other people's products. In the SFM business model, the aim is to attract 200 people to buy a recurring income product that yields at least $20 profit per sale per month. This would yield a profit of $4000 (200 X 20) per month.High Ticket Sales Income A product is usually referred to as 'high ticket' if it yields a profit of at least $1000. These are high value products, and may consist of products like a coaching programme, resale rights on sought after products or entry to live training events. In the SFM business model, the aim is to attract 4 people to buy a high ticket product that yields at least $1000 profit per sale per month. This would yield another $4000 (4 X 1000) per month.Joint Venture Income The third income stream is referred to as Joint Venture income, and as the name suggests, this happens when you form an alliance with another marketer or company that's selling online. The Joint Venture income comes last in this model, as typically the marketer needs to have a list of their own subscribers that they can market to. If another marketer or company is selling an item, they will typically agree to pay commissions to any affiliate marketer who promotes that product to their own list of subscribers, or drives traffic to a unique web-site where the product is sold. In the SFM business model, the aim is to attract 20 people to buy a product that yields at least $200 profit per sale per month. This would yield another $4000 (20 X 200) per month.For those of you who are adding up as we go along, you would have gathered that this would bring an income of $12,000 per month, and therefore $144,000 per year, which would indeed be a Six Figure Income. The Six Figure Mentors (SFM) marketing system, training and community provide all the necessary support and step-by-step guidelines on how to actually start to succeed in achieving this business model.
