You want to build your WordPress business. There are a lot of published articles that talk about some very simple approaches to making money with WordPress. Unfortunately, they also typically describe only how to create yourself a job. Granted, if being self employed and creating yourself a job is your business model and goal then you are likely to find the majority of the “making money with WordPress” articles quite useful. More importantly, there is nothing wrong with this approach – if this is the path you choose.
While reading this article consider changing your mindset. Challenge yourself to think bigger, and really begin to learn how to build your WordPress business to become a legendary money-making business.
I learned some advanced business concepts from MJ DeMarco, author of “The Millionaire Fastlane” that can help you to build your WordPress business. (Using that link may result in me receiving compensation – but probably not even enough for a Starbucks coffee. 😉 ) These concepts can take your business from being self employed to being a successful business owner. The difference between being self employed and that of a business owner, is that one who is self employed is working IN their business, and the business owner is working ON their business. Business owners know how to transition from working endless hours, to earning money even while away from their businesses.
What’s Next – Or is it NECST?
MJ developed the concept of NECST (Need, Entry, Control, Scale and Time and pronounced “next”). NECST is an easy to remember acronym you can use to pre-qualify business ideas and plans. NECST evaluates, cross examines and validates your business model to ensure it will make money and has what it takes to impact millions. Not all businesses have to follow this road, however, the most successful businesses adopt these concepts and satisfy all five elements of the NECST evaluation.
Build your WordPress Business NECST
Let’s discuss the specifics of MJ’s acronym and how we can use it to build your WordPress business to have the best chance of being successful.
The first letter of the acronym stands for Need. Build your WordPress business to solve a specific need. Make your impact by providing a measurable value. What do your clients need? Here are some ideas to get you thinking.
- Make your clients feel better – let them know you have their back, remove their stress.
- Help your clients solve a problem – provide them options, answers and solutions.
- Educate your clients with the information you know – Inform or teach them.
- Make your clients look better – improve their online reputation or increase their online visibilty.
- Give your clients security – protect their assets and their identity.
- Raise a positive emotion in your clients – help them increase their self-confidence.
- Satisfy your client’s appetite – provide them tools to continue moving toward their goals.
- Make things easier for your clients – create and design in ways for them to use their websites without having to think.
- Enhance your client’s dreams – give them hope.
PROTIP: Let WordPress help you to help others.
The second letter of the acronym is for Entry. Build your WordPress business with high entry barriers. A business with a higher entry barrier will be stronger, more powerful, and have less competition. In addition, when you build your WordPress business with a higher entry barrier, it will have less need for exceptionalism.
The most successful businesses are a process, not just an event. Here is an example. Although I did make a conscience decision one day to “start a business”, the development of my business was, and still is a specific planned process. Businesses that are a process will follow a specific plan to build, to work in, to work on, and to exit from, rather than being a simple event like getting a business license or setting up a business entity. A business that is a process, and not an event, passes the entry part of the NECST test.
There is one exception to the entry rule needing to be a process. The one exception is if you, or your business, are exceptional. Although we all would like to think that we, or our businesses are exceptional, we are talking prodigy type exceptionalism here – unfortunately not a common occurrence.
So, how do you build your WordPress business as a process and not a simple event? Start by placing yourself in a position that will make it difficult for others to duplicate – that is a more difficult entry. Lead the way and create something that causes everyone else to follow.
PROTIP: Avoid confusing the entry of YOUR business with what your business will offer your clients.
The third letter of the acronym signifies Control. Build your WordPress business so YOU are in control of your financial plan. This can sometimes be tricky (I guess if it were easy, everyone would be doing it, right?) and can be one of the most difficult requirement to satisfy in the NECST test.
Here’s the thing MJ taught me… 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.
- Legendary money is $1 million+/month.
If you believe that this is an outrageous and crazy thought, please think again! This is where I ask you to PLEASE open your mind and start to shift how you think about business. When you learn to leverage all 5 elements of the NECST test, control your company, and your financial future, the legendary money is possible.
PROTIP: Build your WordPress business as an organization so you control your own financial future.
The fourth letter of the acronym represents Scale. Build your WordPress business in a controlled environment that you can scale up.
Scale is all about leverage. The larger your build your WordPress business environment, the greater potential you have for leverage (and wealth). To achieve scale, you need to be able to build your WordPress business in proportional dimensions without limitation.
You can increase your business size naturally with price or cost, because higher prices and cost implicitly drive the extent of your business. You can also increase your reach. For example, the more people you reach, the greater the scale potential.
PROTIP: Make the world (millions, right?) the environment when you build your WordPress business.
The last letter of the acronym is an abbreviation of Time. Build your WordPress business to earn income exclusive of your time.
Owning a business does not guarantee wealth or detachment from time. To satisfy the “T” of the NECST test, your business must operate automatically or systematically without you being present. Learn to build your WordPress business with margins wide enough to hire employees. Build in and use systems like WordPress (as a content management system, CMS), software system, distribution or human resource systems.
PROTIP: Automate and use systems when you build your WordPress business.
The Millionaire Fastlane book and learning to apply the NECST test changed my approach to the way that I am developing my own business. I know the best way to build a WordPress business (or any business for that matter) is using the NECST test as a guideline. I wrote this article to share what I know and teach others how to leverage all 5 elements of the NECST test, control their money-making businesses and have them enjoy legendary money.
Have the NECST concepts changed the way that you want to build your WordPress business?