10 Tips For Building A Successful Internet Business That Makes Passive Income

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all right tips on building a successful internet business this is stefan from projectlifemastery.com and right now I’m hanging out on a hammock and I’ll Salvador right on the ocean and as I sit here I can’t help but reflect on what has allowed me to create this lifestyle and have the freedom to be able to travel and do whatever I want and I credit almost all of that to the Internet and the opportunity that the Internet provides which is allowing us to build a business and make money on the internet you know the Internet’s really changed the world in so many ways and I feel so blessed with the opportunity and a privilege that is provided for us because it’s an opportunity that you know 20 years ago many people didn’t have before us it wasn’t a viable option to be able to build an online business make passive income and create a lifestyle that gives you the freedom to be able to travel in fact you know the last two days here in El Salvador I was building houses with a volunteer group with change heroes and techo and you know part of the process of building that house we had a lot of volunteers that are in university in high school that were helping us build a house and you know I remember during like the lunch break it’s tough they wanted to know a little bit about what I was doing the business that I created and I was sharing with them how I built an internet business and how I was able to fund these schools and just a little bit more about you know YouTube and podcasting and blogging and Kindle publishing and Amazon and all these opportunities that are presented to us and I could see as you know sharing this with them they’re blown away these are options and it would never even considered as an opportunity to be able to as a career as a business as an opportunity to make money and so just kind of sharing this with them my lifestyle the internet lifestyle and what it can provide they’re just blown away by that and I could see lightbulbs kind of going off in their head about all the possibilities that that are possible and its really true that anybody can start an internet business if you’re watching this video right now then you can start an internet business and create whatever kind of lifestyle that you want becoming financially free or whatever it is that you want there’s really no limits there’s no barriers as long as you have an Internet connection even if you have a phone a smartphone or a tablet and not even have a computer you can still build an online business I’ve seen people do it okay so it’s amazing what this can provide and you know it’s just fascinating to seeing you know people here in El Salvador because they’ve never heard of someone having an internet business and even you know based on where they live it’s not common for someone to buy stuff on the Internet you know people still buy stuff you know in stores and it’s not very popular in El Salvador however I’m trying to explain to them as well that you know you don’t have to live in the United States to sell in the United States or in Canada or wherever else you know as long as you live and you have internet connection you can sell anywhere in the world you can profit from the American marketplace from Canadian marketplace from all over Europe again as long as you have an internet connection okay so let’s talk a little bit about some of the principles and the tips that I have that have helped me build an internet business and some of these principles are I mentioned throughout videos and I often share with my coaching clients first thing is you have to believe that this is possible and that this opportunity is gonna work for you oftentimes what I see that holds people back it’s not the strategy or the the Houck you it’s more so their mindset a lot of people they have limiting beliefs and limiting just a limiting mindset that hold them back from creating a successful online business so you really have to believe that this is possible and one of the ways that you can believe it is get around other people that are successfully doing it and living the lifestyle that you want for me when I started my online business I remember learning about it from books you know the 4-hour workweek you know different message boards and forums like the warrior forum I remember learning it about it just by watching youtube videos and going to seminars and seeing the lifestyles that other people had and it really validated to me that this is a viable option that this is possible and it really motivated me to want to create this kind of lifestyle for myself so Lily’s shifting that belief is powerful and it’s something that you need to have have that shift in order to be able to do whatever it takes to make this a successful business for you so belief is very important another principle is modeling success you know that’s one of the core things that has allowed me to become successful i model people that are more successful than I am because people that are successful they’re not lucky it’s not by accident they have certain principles or certain strategies that have made them successful so if you can figure out what those are then that can allow you to be successful as well and get a similar result in my case of an online business I looked at other bloggers other people on YouTube other people that sell online courses I bought their courses I bought their programs I went through it and that allowed me to learn a lot about it as well so that I can model different elements of that and see how they’re running their business to how they put it together you know I subscribe to other people’s newsletters so that I can learn I go to seminars so that I can learn and see ok this is how they run a seminar this is how you know public speaking is done and I learned constantly just through observing other people that are more successful than myself and I think one of the best ways to model success ideally is instead of being an outsider and just kind of observing from the outside try to be an insider and that really involves paying for a course a product a book hiring a mentor a coach because then they’re gonna directly tell you what they’re doing and kind of reveal and kind of pull away the curtain we’ll learn a lot more that way as opposed to trying to observe as an outsider okay modeling success is very very important and by the way that’s gonna speed up the process of success you’re not gonna have to waste money you’re not gonna have to waste time it’s always about working smarter and not harder another core thing another core tip and principle is focus whenever you decide as your online business whatever that is you have to focus on that you can’t get distracted by all the other shiny objects out there that’s another thing I see happen time and time again people they start something but then they don’t finish it they get distracted very easily as another opportunity comes up and really yeah to remind herself you know remember there’s always gonna be another opportunity and that other opportunity is always gonna look more attractive more appealing but you can’t get sidetracked you have to focus on what it is that you’re doing over the long term focus on your product focus on your business your service and build it out over a long term focus on it for years because we have to understand that success takes years it doesn’t happen overnight even if you see people that you know suddenly become successful trust me was not overnight there’s a lot of foundational stuff that was happening before that there’s a lot of failures that happen before that and there’s a process that they went through that allowed them to become successful and reach their goals and that with that being said another core principle is focusing on the long-term and not on the short-term I see time and time again people focus on the short-term they want the quick fix they want to immediately have success I can’t tell you how many people that join my K money mastery program or have signed up for coaching and their goals are just super unrealistic you know they want to make $10,000 a month within the first month that never happens okay that that’s just totally unrealistic you can’t expect results that fast really your first goal is to make $1 okay $1 her first goal you want to make $1 first and then you want to slowly scale up but again always focusing on the long term keeping your eyes on the horizon and not getting sidetracked or frustrated or you know you know don’t get caught up in all the road bumps the speed bumps along the way so always keep your eyes on the long term everything that I do is focus on the long term you know if I invest money in something on a book on a product on a web designer on graphics on programming on whatever that might be I’m never focused on the short term return that it’s gonna get me I focus on the long term return that that’s gonna get me okay because every business that you start is going to require an upfront startup of money or time or a combination of the two so you’re gonna have to be willing to give something up to start your business you’re gonna have to what do you want to invest something and not see return on that investment for a period of time and again focus on the long term always okay and again slowly scale up you know a lot of people they’re trying to you know become success so fast and I always ask well why do you have to become successful so fast why do you have to make money so fast take your time be patient this is a long-term process okay you know in many ways you don’t want to achieve success too fast you don’t want to rush things I say people that try to you know rush things and it makes so many mistakes make so many errors they waste money to waste time instead of just being patient along the way and just kind of going through the process at a regional reasonable pace okay that’s very very important so again I want to just emphasize again focus on the long term that’s the most important thing focus on a year two years three years five years ten years and understand that throughout the process you’re learning a lot of valuable skills that will benefit you down the road which leads me to the next principle which is focus on the process and not the results a lot of people that get so caught up in the result that when they don’t get the result or achieve their goal they get frustrated and they give up you know if they’re not making $1,000 a month within their first few months they get frustrated they give up again being attached to the results you know the it’s great saying a great phrase that I like is that the person that’s at least attached to the outcome as a person that ends up at sieving the outcome so you have to give up your attachment towards that outcome and towards that result instead of focus on the process the process is going through the learning curve understanding the business understanding the industry understanding how everything works going through all the steps yourself and just you know going through that process which is going to require failure it’s going to require you know frustration and challenges and things not working out you kind of wasting time and banging your head against the wall trying to figure things out that’s all part of the process but guess what if you can get that process down and master that then that process all the skills that you learn from that are gonna allow you to be successful for many many years to come you know when I first started an online business I was dabbling with a lot of different things and the process that I went through was very challenging I didn’t make any money for the first three years attempting to make money online and start online businesses I remember trying to figure out WordPress you know and you know you spend hours and hours and hours you know playing around and fiddling with different things and you know you just get so frustrated with that but guess what during that process of frustration I learned a lot of valuable features of WordPress things I didn’t know before they have now benefited me today I remember learning about graphics design and hiring people and having it not work out and having to fire people and having people be flaky on my team and you know just just so many things that you go through all the ups and downs of the process but again all of those things have benefited me today in my business and created a core foundation that have allowed me to be very successful another core principle a tip that I have is delegate as much as possible and outsource as much as possible as soon as you start making money or even before you start making money you want to invest in building a team the great thing with the internet is it gives you the privilege and the opportunity to hire offshore you can hire people in the Philippines you go hire people very inexpensively they can do a lot of stuff for you whether that’s graphics design web design so many different things you get them to do as a virtual assistant that can help you scale up your business and allows you to free up your time so that you can focus on the things that are most important whenever you are building a business you always want to remember to work on your business and not in your business and work smarter and not harder okay another core tip and principle that I’ll share with you guys is always remember to work harder on yourself than you do on your business this is one core thing that I learned from Jim Rohn he always said that you want to work harder on yourself than you do on your job and the truth is that your business is an extension of yourself the more that you develop yourself the more that you improve your discipline your willpower your mindset your belief systems your motivation getting yourself to be productive manage your time all of those things are gonna allow you to become successful one thing that Tony Robbins says is that 80% of success is their psychology and only 20% are the mechanics and that is so true because I can’t tell you how many I’ve worked with now or people that have signed up for my K money mastery course go through exact same training the exact same steps yet a certain percentage become successful and in a certain percentage struggle and then they give up and they move on to something else and again it’s not the training it’s not the method it’s not the strategy it’s the mindset being able to commit to something fully be able to focus on it be able to focus on the long term at the short term being able to deal with failure being able to handle with the ups and downs being able to get yourself motivated to be disciplined to have willpower to take action to delegate to work smart these are all core psychological mindsets that you have to develop within yourself in order to become successful another tip another principle is expect failure you know I can always see someone psychology their mindset and where it’s limiting them when they experience failure and they get frustrated by that failure is part of the process you don’t want to be surprised by it you know a lot of people they start their business with the very first time and I work with a lot of those people and as soon as they hit failure I can see their mindset I can see you know what’s holding them back and you know what’s holding them back from that success and usually they get they kind of crumble when it comes to failure they just can’t handle it you know and being able to handle failure and deal with it not be affected by it there’s a really core thing I’ve always learned that there’s no such thing as failure there’s only feedback and you want to embrace failure and failure is a good thing everybody goes through it and oftentimes you learn the most when you’re failing when you’re failing rather than when you’re succeeding you know it’s a great saying is that when we fail we ponder and when we party we sort of when we succeed we party and really do desert life change at a party but when you’re pondering and then going through the failure you have to reflect and learn and look at that feedback that’s where you’re gonna have the biggest breakthroughs in your life and in your business so you never want to view it as failure look at that speed as feedback and always expect it you know don’t act surprised when it happens I feel all the time to this day and I believe that if you’re not failing then you’re not pushing yourself hard enough you’re not stepping outside your comfort zone enough so failures good it means that you’re on the right track it means that you’re learning and you’re close to achieving the goals that you want another great thing is is goal-setting making sure that you’re setting goals making sure that your goals are realistic and attainable they motivate you and always checking in on those goals and measuring yourself has been a very core important thing you know that’s been really powerful for me and again just investing in yourself that’s one of the most important investments that you can ever make I learned that from Warren Buffett even you know you talks about the best investment you can make it’s not in a business it’s not in real estate it’s not in a stock but it’s in yourself and the best way that I’ve learned to invest myself is investing in products courses books resources seminars coaches and mentors I’ve done all of those things and they’ve all played a very important role and me becoming successful today you know even when you have any money whatsoever are still hiring coaches and mentors buying books going through programs and even to this day you know if I want to learn Facebook marketing if I want to learn about creating digital products gonna learn about Pinterest Instagram if I want to learn about anything related to you know that I want to integrate into my business I’ll usually find an online course that can basically walk me through the steps and you know myself or someone on my team can go through that will allow us to execute and implement that into our business so online courses is amazing and of course mentors and coaches is something that I’ve always had for many many years you know over the long-term and played a huge role in creating the success that I’ve created today so hopefully some of those tips and principals are able to benefit you just a bunch of things off the top of my head that I think about often that have allowed me to become very successful but understand that success or creating an online business that is successful requires a lot of hard work and as long as you have the desire and the motivation it’s possible for anyone I don’t care how old you are where you live you know whatever your limiting belief might be about language maybe don’t understand or speak English that well trust me there’s been people that have been able to do it becomes despite whatever circumstances might have been holding them back so don’t let anything stop you guys take advantage of this amazing opportunity we have called the Internet and find a way to make a living for yourself find a way to make passive income and it will try and change your life for the better so I want to thank you guys for watching this video hopefully you enjoyed it leave a comment below let me know what you thought make sure to like this video subscribe for more videos like this and by the way if you guys want to learn more about how to build a successful online business then click the link below or the link that will appear somewhere on this video but look below in the description as well and that will take you to a page that I have where you can enter your email address and you’ll be able to get access to more free training on how to build an online business and create the life that you want so thank you again see you in the next video you