The Millionaire Fastlane is a book that I read about a year ago. It totally changed my mindset of thinking. The book in question is written by MJ Demarco who is also the founder of, probably the best, entrepreneurial forum online.
In his book, he presents us with a great concept that is discussed online every day. This concept is also very discussed at the forum he admins.
You could say that the concept is a formula. However, I’m not really a big fan of the word ”formula” as it states that you can put in something and expect and outcome. Well, you can. But not in the way you think.
The formula I’m talking about is, of course, his NECST.
How many times have you not written something, produced something or posted something and nobody sees or hears about it. You get zero follow up on your product.
Say you have written and filmed a video course that you want to sell online. You are REALLY into the subject of dinosaurs. With your latest course, you have made some fantastic conclusions on dinosaurs and how they died. But if there is no demand from people who want to know how they died, you won’t sell it.
The first fragment of NECST is the need. If you would ask MJ Demarco for his explanation he would say this:
Businesses that solve needs win. Businesses that provide value win. Businesses that solve problems win profits. Selfish, narcissistic motives do not make good, long-term business models.Mj Demarco
So, you must identify a need in the market that you can fill.
This means that there has to be some sort of an entry. You cannot just purchase a WSO or a license from a Herbalife Instructor and think you’re in business. Because you bought into a scheme like that, chances are many others did too. The competition is infinite and your potential clients for this scheme can more or less pick and choose whoever they want.
It all boils down to how hard it would be for your competition or potential competitors to do what you do. Say you want to write your own search engine. This is not the easiest task to do and even if you did the chances of you getting past majors like Google, Bing, Yahoo etc. is very slim. If not zero.
However, do not be scared by this, because competition is a good thing. It is much easier to create a solution to an existing market than creating a new market itself. It is possible, but takes way more time, money and effort.
If you sell on Amazon using their FBA service you can make lots of money. You also face a fierce competition as the entry to the market is very low.
In addition, you will have limited control over your business. If Amazon one day decides it’s time to up the fees, you will have to happily oblige those rules. Why?
Because they control the market. They control the platform on which you sell and earn your income. There is no way you can argue with them except sending an angry letter perhaps.
Take another example. Udemy. This is a great and easy-to-use platform for finding some really great courses and learn new stuff at a bargain. It is also a decent platform if you want to make money from it.
Anyway, Udemy is great for starters and for an extra passive income on the side. However, it also denies the factor of Control. In this specific situation, it translates into Udemy being quite relentless with their promotions and ways they operate. They discount $299 dollar courses down to $15.
The only option you are left with as an instructor is to opt out of their promotions, but then you will have little to no organic traffic from Udemy itself. You will have to rely solely on your own marketing efforts.
Again, breaking the rule of control.
The best example of control would be to create your course as intended. Then create a free giveaway. Add to that a tripwire product and have your course as an upsell. Now you can link them all together into a sales funnel and sell your product with full control.
If you want to learn how to create your own sales funnel you can check it out here.
Scale. This is like the buzzword among internet marketers or online entrepreneurs. Scale has been around since the dawn of time. Egyptians enslaved people and built massive structures. They did this by scaling up their efforts with enslaved manpower.
The definition of scale is:
When more units of a good or a service can be produced on a larger scale, yet with (on average) lesser input costs, economies of scale (ES) are said to be achieved. Alternatively, this means that as a company grows and production units increase, a company will have a better chance to decrease its costs.Investopedia.com
Scale can certainly have a different definition for different people. For some, scale means to increase their business from making $1,000 per month to $10,000 per month. It basically means you want to expand your business and efforts into a larger machinery.
Think about it. It is initially easier to scale an internet business than an offline business. Both are equally powerful once they are scaled up, but the IM business goes a little faster.
This that cannot be scaled or are very hard to scale
- A plumber running his own business as a one-man operation.
- A cobbler
- A creative firm
- A consulting business
- 1-on-1 service based businesses
This can be scaled or are easier to scale
- Software business
- Membership sites
- Your own search engine
- A service based website
This refers to yourself. There must be a way for you to remove yourself from the NECST equation. Meaning that you cannot consider plumbing or freelancing a NECST-business unless you can hire other people who do the work for you. And even then your time factor can be limited.
If you are selling your own infoproducts online, then you can always have someone else write them for you, set up a strong sales funnel and network with affiliates who then drive the traffic to your site.
This is called leverage and it takes you out of the equation.
Conclusion is that you want to be able to step out of the actual work that produce revenue and growth. Say you run your own website. It has a blog to draw in readers and you have a few infoproducts that you sell. If you stop writing on the blog, you see a decline in visitors and sales. So how would you exclude yourself from the equation?
Well, the easiest way would be to outsource the content writing to someone who has a similar writing style to that of yourself.
The Millionaire Fastlane Sequel
Accordingly to MJ Demarco, he is writing on a sequel to his book … it will be very interesting to see what it holds. If it is as good as his first book, I bet he is looking at a million dollar addition to his wealth.
Have you read this book or any other book that really changed your mindset? Leave a comment and share on it!