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The 4 Secrets To Running A 7-Figure Online Business

RunningOnlineBusiness

Hey, and welcome to my monthly blog post on AidanBooth.com! These normally happen on the 1st of each month, but due to travel and the launch of 100k Factory, this one is late.

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Now on to today’s content…

A question that Steve and I get ALL the time, is:

“how should I run my business”

Sounds simple… in theory it should be, but in practice it’s not so straight-forward.

Firstly, your business has many “moving parts”. There’s not just ONE secret to running it.

We break it down into the following:

1. The ‘Business Management’ Spreadsheet

Passwords, Websites, Hosting etc

2. The Monthly Financial Report

Exact tracking of incoming and outgoing revenue and costs.

3. Business Structure & Employee Management

The structure, the system, the meetings.

4. Time Management

The calendar, time management, blocking aside time, prioritizing.

Let’s tackle this one by one…

The Business Management Spreadsheet

This one little spreadsheet holds ALL the vital information. All your login information, hosting details, domain names etc.

Here’s a short video explaining how it works:

Here’s a version you can download and use yourself: DownloadTheSpreadsheet Quite self explanatory, yet absolutely KEY.

The Monthly Financial Report

Here’s where we track ALL our financials… all our incoming revenue, and all our outgoing revenue. Here’s a short video explaining how this works:

Here’s a version you can download and use yourself:

DownloadTheSpreadsheet

The key here is that we track everything based on when money is spent and when it comes into our accounts. So, if we sell an Amazon product in June, but don’t receive the money until August, then that cash goes in the August revenue stream (not in June, which is when the sale took place).

If we make an affiliate sale in May, and get paid for it in June, then it’s in the June income section.

If we pay for hosting in June, then it’s a June expense section.

There are pros and cons to doing it this way.

The Pros are that you can see at a glance what your monthly incoming and outgoings are. You can see the REAL bottom line. Exactly what you spent in June, and exactly what you earned in June.

The Cons are that it doesn’t really do a great job of tying the income with when it was actually made. The easiest example here is selling on Amazon… you sell an eBook or a physical product in June, but are not compensated for that for WEEKS. With Kindle, there is a 2 month delay. The sale may happen in June, but may not show up in your account until August…

Over time it always balances out though, and it’s an incredibly simple method, so it’s what we use.

We categorize by income channel, and also by expense category. This shows us at a glance EXACTLY where the money is coming in from, and where it’s going out to. We can see how much has come in from each line of Kindle books, how much we’ve earned from each brand on Amazon, how much hosting costs us, what we spent on domains and so forth.

Business Structure & Employee Management

The structure I’m about to share is ideal for a 7-8 figure business, but the concept also lends itself to smaller “one-man-band” operations, as I’ll explain shortly.

Our business has two offices in Pakistan (approx 25 employees in total), one in China (5 people), as well as 8 key home-based employees and managers in the USA, Canada, UK and Argentina.

How on earth do we manage this?

We have highly-skilled managers in key areas of our business. Our business is divided into a simple structure consisting of:

  • CEO (oversees all operations)
  • CTO (oversees development and design)
  • CFO (oversees all finances)
  • COO (oversees support, administration, day to day operations)
  • Producers (content creators)
  • Traffic and Funnel (traffic and conversion specialists)

All our operations fall under this umbrella. So, for example, our eCommerce Manager runs the day to day operations of our Amazon business, and our Dropship stores, and she falls into the COO section of the business.

Our designers and developers in Pakistan fall under the CTO section.

Our team in China and the support staff in Pakistan are mainly part of the COO team.

The beauty of this structure is that you, as the business owner, can grow your business quickly without getting more and more bogged down in day to day operations. It also means that you can easily add in new people and remove others as is necessary.

But how does this apply to you?

When you start out, it’s most likely that you’ll be a “one man band” with potentially a few outsourcers helping you out. It’s still beneficial to think about the structure and division of tasks though.

Steve calls it “wearing different hats”, and turning yourself into the CFO, the COO, the CEO, etc, at different times in your day, week, month and year. If you establish the idea of this structure now, it’ll make it MUCH easier when you do begin to hire staff to do these things for you (the challenge will then be letting go of the reigns).

Plan time into your week when you can step into the different roles, you’ll find it helps you keep control of your business and help you stay focused on the big picture (it’s too easy to fall in to the day to day operations and forget where you’re heading).

Time Management

Having the right business structure, and a very organized ‘Business Management’ spreadsheet help a lot with time management.

There is one other thing we do that has made a gigantic difference in our business

BLOCKING ASIDE TIME.

TimeBlocking

At any one time, Steve and I have one main focus each, and that main focus gets extra time allocated to it.

Every Sunday evening (you can also do it on Friday if you don’t want to work on a Sunday), I sit down for 30 minutes and plan the week ahead. In this 30 minutes I ONLY focus on my goals for the week and blocking aside time.

Since I already know what my main focus is, I block aside time for that each day. Not every hour is equal, so I make sure that my “best hours” are spent on the most important tasks.

For me, my best hours, when I’m the most “switched on”, are first thing in the morning. The earlier the better. These hours are vital and need to be protected from distractions at all costs.

So on a Sunday evening, I look at my calendar (I use Google Calendar) and I block out hours which will be dedicated to specific tasks.

The other thing we’ve started using are SOP’s. SOP stands for “Standard Operating Procedure”, and it’s a document that shows someone how to do something.

If someone else can do the job as well as you can, for LESS than your ‘hourly value’, then you should seriously consider paying someone else to do it for you.

How do you work out the value of your time?

Here’s an example:

  • Your Annual Earnings: $100,000
  • Your Hours Worked In A Year: 1,960 (assumes 49 weeks, at 40 hours/week)
  • Your Hourly Value: $51 ($100,000 divided by 1,960)

And… did you know, you can have an English speaking virtual assistant for about $3.75/hour…?!

That’s right, $600/month get’s you a decent FULL TIME worker in Pakistan or the Philippines (or other developing nations). 160 hours of work done for $600.

Admittedly, you need to train these people, but it’s worth thinking about.

When I started outsourcing about 8-9 years ago, that’s when my business started to take off. I would HIGHLY recommend considering finding a VA, and handing off some of the jobs you hate, or simply a few hours of basic work so that you can focus more on building your business.

Once you’ve found a job you want to outsource, create a simple SOP.

Here’s an example of one of our simple time saving SOP’s:

https://docs.google.com/document/d/1zC8yQbJOocGmAggQ9-5yiWAYUGEMeg7-fr_rKZtZxQA/edit?usp=sharing

Nothing too flash, just simple but very useable instructions.

Not having to set up webinars saves me about 1 hour each month. One hour may not seem like a lot on it’s own, but multiply this by 10-20 jobs, and it really starts adding up!

What do you think?

Leave a comment below, and feel free to ask any questions. I read ALL comments and questions and all will be published (the good, the bad, and the ugly).

Up next…

On July 1st, the next post will go live!

I’d like you to help me choose what to discuss, so please select an option below:


Until next time!

Aidan Booth

P.S. More travel on the radar over the next month! I’m returning to New Zealand for a few weeks and will also escape for some downtime with my wife in the Mamanuca Islands in Fiji. I can’t wait!!!

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40 Comments so far:

  1. Jared Megs says:

    Aidan, you always have a way of turning the complicated into something simple. THANK YOU.

  2. Marc says:

    Thanks for these Aidan! You again provided great support for us newbies!

  3. Ned Kelly says:

    Good stuff Aidan, I liked the post and the spreadsheets saved me some time, so that’s cool too!

  4. Marcus says:

    Great information and your service is greatly appreciated. I believe implementing some of this ideas will help my business be for effective and profitable.

  5. Roger A Coleman says:

    Hi Aidan,

    How do I get in touch privately?

    Roger

  6. Will says:

    Hello Aidan,

    I have known about you for a while but I never really followed you…100k factory changed all of that for me…not in a way you might think…it made me focus..2015 is the year I stopped chasing “shiny things”…and then I see this product “100k factory”…that was the first time I think I ever watched every video every Internet Marketers I subscribe to sent me….I watched 100k every time it showed up in my email…I’m telling you I knew it (the video) from memory I watched it so much…Phase 1 of the program may have changed my life forever…that’s another story for another time….I didn’t purchase 100k because I could not afford it at the moment…but the fire it lit in me is worth more than the asking price of 100k…I just wanted to share that with you…I actually sent Steve an email thanking him as well…I don’t know if he read it….but anyway I’m looking forward to reading your blog…

    • Aidan says:

      Hey Will, thanks so much for your comment! So great to hear this kind of thing… we teach people about building online businesses because we love it, and hearing your drive and motivation is actually very motivating for me, so again, thank you for commenting here!!

      • Johnathan Marquez says:

        Hey Aidan, I just wanted to add on to what Will said. I don’t think you realize how many lives you and Steve have changed over the years. I personally made my first dollar online with Niche Blueprint back in 2008, and then finally became a full time online marketer with 60days to 1K and Blueprint Pro+. I think i speak for all of us that ever struggled online when I say THANK YOU. If it weren’t for your guidance as well as Steve’s many of us would not know what its like to have freedom. I truly hope that you guys continue to be blessed and continue leading the way for the years to come. :)

        • Aidan says:

          Hey Johnathan, thank YOU for your continued support and for continually putting trust in us! Makes us so happy to hear stories like yours :)

  7. Michael Shore says:

    Thanks for the clear guidance on setting up a foundation for success.

  8. Temi says:

    Hi Aidan, you guys are super cool, solid and knowledgeable about eCommerce. Its been around 1 year now I have been following you guys, but I have been unable to buy any of your products because I cannot afford the price. I thought 100k factory would be my way out of the rat race, alas I couldn’t afford it either. I am still hoping and have my $1 a day savings plan going steady, with the sole aim that by end of 2015 another product of yours will come out and I will be able to purchase it. Keep the good work of helping people like us get out of the rat race.

  9. Kay says:

    Hey Aidan,

    thanks for the information very valuable to help build the 100k business that I have joined up with – the financial side of things is my downfall and something I want to take control of. If you make it to Christchurch on your trip home would love to buy you a coffee and pick your brains…LOL

    Have a great trip
    K

    • Aidan says:

      Hi Kay, I don’t think we’ll get to Christchurch this time unfortunately (we went on our last trip). Let’s keep in touch inside 100k Factory though, and I’ll let you know if plans change :)

  10. Mike Storm says:

    Hi Aidan,

    I just want to say thanks again for waaaay over-delivering once again!

    You are definitely one of my favourite online mentors as you’re always sharing such awesome information time after time.

    Enjoy your travels! I’m thinking potentially Argentina in November and December. Fiji is going to be amazing!

    I also wanted to show you my Enfold theme that I purchased through you – just have to upload the improved slider images tomorrow and then it’s finally done. Nice and clean theme :)

    Cheers Aidan,

    Mike

    • Aidan says:

      Hey Mike! I’m glad you got Enfold working, would LOVE to see your site!!! Let me know if you get to Argentina!!

  11. Steve Roberts says:

    Hey Aiden,

    This is apart from being an incredibly valuable post quite humorous to me. I have invested in 100K factory, have past my first Go No Go stage (what a great concept) and can not wait for next week. Just ask you support team I have been begging them for an insight into what I can do next…

    The funny part about this post is that I sent a support question asking if this exact information was available.

    Aiden this is awesome, I encourage you to make this available in the 100k members area. With respect this should have been the first thing you uploaded.

    Staying organised is such a critical component to staying focused and is almost never addressed in product launches.

    Cheers
    Steve

    • Aidan says:

      Hey Steve, GREAT IDEA! I’ll get this put in the 100k Factory members area ASAP! I will turn it into a PDF for you :)

  12. Michelle says:

    Thanks for sharing the spreadsheets!

    For the website passwords, I recommend using a password manager such as LastPass or RoboForm. Click the site to visit from your list, and it takes you there and automatically logs you in – no remembering or copying and pasting of passwords is needed. THEN… do an export of the info (URLs and passwords) and paste them in the spreadsheet. That way you have the login/password list, it also serves as a backup copy, but you enjoy the convenience of automated logins.

  13. Marisa Zappatore says:

    Amazing Aidan! thank you so much!! it is so great to see what a master like you is doing so we can all benchmark against that. I am really grateful of all your help and will always be, thanks!

    • Aidan says:

      Hola Marisa! Thanks for the feedback! Sometimes the simple things, like what we’ve discussed here, can make a BIG difference!

  14. Dante says:

    I have to say this is the best training yet.

  15. Paul says:

    Hello Aiden brilliant very informative article and a great set of guidelines for growing your freedom business.

    Do you have any outsourcing resources you can share as best places to find VA’s

    Paul

    • Aidan says:

      Hi Paul,

      I don’t have any outsourcing resources specific to finding VA’s… we normally include some kind of training in our programs though, and I could do a future blog post about this if people are interested.

      My recommendations are to start with 1-time projects at Elance etc, and then scale up from there.

  16. Nayna says:

    Very systematic and informative, excellent!

    Right on time for 100K, I agree with Steve.

    Aidan, you could charge for this undoubtedly.

    Can I offer you Afgan Kabab, Chinese Food with Indian Spicy?

    Thanks very much.

  17. Toby says:

    My brother Aidan…it has been one heck of a journey for me! Both you and Steve have undoubtedly set me in the correct laser-targeted path towards financial freedom after coming across eFormula last year. It was a course I was barely able to afford and ended up selling my car to come on board (which was a No Brainer!). So ever since then, I have been working like a beast on my first PL product while crushing through obstacles and learning the ropes! It will FINALLY be hitting the market first week next month!! Took me a while but better late than never!!

    Also, as a 100k Factory member, I’m really excited and looking forward to the additional income stream to start rolling in so that I can outsource my life and perhaps one day be able to contribute to the masses just like you guys are doing!

    Deep down inside just really looking forward to the day that all the hard work finally pays off.. On another note, thank you for all that you do and definitely look forward to meeting you guys next time you do a live event!

    • Aidan says:

      Hey Toby, great to hear from you man! Let me know how your product launch goes! I’m excited for you! The hard work is about to pay off!!! :)

  18. Gary Wittmuss says:

    Hey Aidan,

    Great job on your recent Post and access to the Business Management Spreadsheet.
    This does show your expertise and business knowledge. I will make use of the
    spreadsheet to help keep on track.

    Thanks for all the information.

    Gary

  19. Sergio says:

    Hi Aidan!
    Thank you for the great deal of information you have given us. I will be using everything you have sent to all of us. I have to re-read it everything again to make sure I get it all and I mean all. I am following the webinars and I am doing everything to take action but finding lots of troubles along the way. I was expecting them so I am not quitting. The 100K factory is all new to me but nothing I cannot do. Thank you for helping the team who is following your steps and those of Steve week after week. Take care, SERGIO

    • Aidan says:

      Hey Sergio! Thanks for commenting, and congrats on taking part in the 100k Factory program :) Like anything new, there is a learning curve… you just need to stay persistent and make sure you use the support we have available to you! I’m excited to hear how you go!

  20. JOSE says:

    I am a newbie trying to find what the heck to do…your blog is very interesting and refreshing you can share so much free stuff with us…can you tell me if 100K factory or similiar product will be available. I am interested in ecommerce and feel your Facebook program in 100K factory is what I need ,thanks.

    • Aidan says:

      We are working on something… expect details from us soon. Sign up to my email list on this site, and you’ll get the details :)

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