How to Build a Money Making Business with WordPress
How to Build a Money Making Business with WordPress
“He who chooses the beginning of the road chooses the place it leads to. It is the means that determines the end.” ~ Henry Emerson Fosdick
There have been other articles like How to Make Money With WordPress: The WPMU Guide to Getting Paid and Building Your Own Freelance Business Using WordPress here in the WPMU blog that talk about making money with WordPress. But I don’t want to give you more of the same old thing. Although these articles contain some very simple approaches to making money with WordPress, for the most part, they describe how to create yourself a job. Don’t get me wrong, there is nothing wrong with this approach if this is the path you choose.
In this article, want to challenge yourself to think bigger, change your mindset and begin to learn how to build a legendary money-making business with WordPress.
Enter the concept of NECST (pronounced “next”).
MJ DeMarco, author of “The Millionaire Fastlane” developed NECST as an acronym to test the road you choose for yourself and your business. NECST evaluates, cross examines and validates not only whether or not your business is one that will make money, but one that has what it takes to impact millions. Not all businesses are on the right road. However, the best businesses have followed the road that satisfies and passes all five elements of the NECST test.
What is NECST?
Need, Entry, Control, Scale and Time.
“What do we live for if not to make life less difficult for each other?” ~ George Elliot
Need – Build businesses that solve needs.
Make your impact by providing value. Make people feel better – let them know you are there. Help people solve a problem – provide answers and solutions. Educate people with the information you know. Make people look better. Give people security. Raise a positive emotion in people like self-confidence. Satisfy people’s appetites. Make things easier for people. Enhance people’s dreams and give them hope.
Think about how WordPress can help you to help others and base your business on that.
“Our plans miscarry because they have no aim. When a man does not know what harbor he is making for, no wind is the right wind.” ~ Seneca
Entry – Build your business with higher entry barriers. They are stronger, more powerful, with less competition and less need for exceptionality.
Ask yourself if getting into your business was an event or a process? The businesses that are the process are the the businesses that pass the entry part of the NECST test. The one exception to this entry rule is if you/your business are exceptional. Unfortunately, exceptionality is rare, unusual and not typical.
When you are starting your journey and building your business with WordPress, place yourself in a position that will make it difficult for others to duplicate and has a more difficult entry. Lead the way and create something that causes everyone to follow. Avoid confusing the entry of YOUR business with what your business will offer to your clients.
“There is no dependence that can be sure but a dependence on one’s self.” ~ John Gay
Control – Build a business where YOU are in control of your financial plan.
There is a difference between making good money and making big money. And then, there is making legendary money! Good money is $20,000/month. Big Money is $200,000/month. But legendary money? Legendary money is $1 million+/month. If you believe that this is outrageous, it is not! When you learn to leverage all 5 elements of the NECST test and control your company, even the legendary money is not impossible.
Build your WordPress business as an organization and one that you control.
“In business, to be a success you only have to be right once.” ~ Mark Cuban
Scale – Build your business to break the barrier of scale or magnitude in an entity you control.
Scale is about leverage. The larger the habitat for your business, the greater the potential for leverage and wealth. To achieve scale, your magnitude and/or reach must increase. You can increase your magnitude naturally with price or cost because higher prices and cost implicitly drive magnitude. You can increase your reach with numbers. The more people you reach, the greater the scale potential.
Make the world your habitat for your WordPress business.
“I am long on ideas, but short on time. I expect to live only about a hundred years.” ~ Thomas Edison
Time – Build a business that earns income exclusive of your time.
Owning a business does not guarantee wealth or detachment from time. To pass the time test your business will be able to operate automatically or systematically without you being present. Build margins wide enough to hire employees or introduce a content system, software system, distribution or human resource system.
Find ways to automate your WordPress business in order to grow.
To ensure yourself the best chance possible of creating a WordPress business (or any business for that matter) with the potential to impact millions, use the NECST test as a guideline. Leverage all 5 elements of the NECST test, control your money-making business and enjoy legendary money.
The Millionaire Fastlane book and learning to apply the NECST test changed my approach to the way that I am developing my business. Has NECST changed the way that you think about your business?