What is the difference between a money maker and a profit empire? In this article I will explaning the difference by using real life examples from myself and others.
Armand Morin, who is famous for his company Generator Software is a great example to start with. Under the Generator Softward banner Armand has launched a variety of products.
E-book Generator was Armand Morin’s money maker. If he didn’t create anymore Generator products, and stopped after E-book Generator, that would have been his money maker.
Each day E-book Generator brings people to the website to purchase and increases sales for Armand, creating a constant cash flow. Now that, is a money maker.
Armand did not stop there however. He started to come up with a bunch of different ideas, with the same generator-type concept, to begin to build an empire.
He has now built up the Generator empire with tons of different products. There is E-book Generator, E-cover Generator, Sales Letter Generator, Opt-In Generator, Audio Generator, Instant Video Generator, Directory Generator.
Compared with other people, Armand did not stop with the money maker. He allowed his ideas to flow and began thinking about other products that could be incorporated into the Generator concept.
In fact, I had a great conversation with him awhile ago, and we were talking about this. He said when he comes up with a new product idea, he does not launch it until he has developed three or four complimentary products that go along with the initial idea.
Instead of using that one initial idea, by combing it with similar products they can get a higher price point. This is building a profit empire, rather than a money maker.
They look for three or four ideas that they can put altogether, instead of just launching one.
When you are generating new products, services or ideas, I recommend generating more than one idea. Most information marketers will stop once they have a good idea, instead of turning it into a profit empire.
My time I spent working with John Childers is another good example of this. During John’s training he teachers speakers how to sell their products from the front of the room. By doing so, he also teaches how to create all kinds of products to be able to sell.
Normally, students will create one package, and then they’ll focus on only selling that one package. But the true, high-level marketer knows that every single effort you should be asking yourself, “How could I turn this into another product?”
A good example of that, I’ve learned this principle from John Childers, and a good example of that is recently when I was the best man in a wedding.
When my friend asked me to be his best man, I really didn’t know what I was supposed to do, say or what it was really involved. All my friends are starting to get married and this concept was completely new to me.
I didn’t know a thing about what it meant to be a best man - so I looked it up online!
I had to piece together information from all kinds of various websites. It took me forever. I probably spent - I’m not kidding - five to six hours researching how to be a best man. I didn’t want to fail my good friend. I wanted to be the best, best man that I could be.
There were a lot of tips and strategies I found online during my research on being the best, best man.
Guess what I did along the way? I documented every single thing that I did, and I will be launching a new product called Ideas for the Best Man. The premise of that product stemmed from the fact that every single effort you do, if you embed the question in yourself How could I turn this into another product?
You inevitably are going to start building that profit empire because whatever your product or service is right now, ask yourself the question What else am I doing for my customers? How could I turn that into another product? Then you start building a profit empire versus a money maker.
If you don’t have a money maker yet, that’s OK, you will know a concept that will put you ahead of 95% of your competition. If you have a money maker, get out there and start figuring out how to turn it into a profit empire!
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