The other night I watched “Sam Walton: Bargain Billionaire” on A&E. If you’re not familiar with Sam Walton, he was the founder and creator of Walmart. I’m sure you’ve heard of Walmart, it’s the biggest private employer in the world, with over 2 million employees. Sam Walton passed away in 1992 and his fortune was divided up among his surviving wife and children. However, if he was still alive today estimates are his fortune would be greater than that of Bill Gates and Warren Buffet combined!
ClickBank marketers have much to gain from learning about this extraordinary entrepreneur. As I watched the documentary I couldn’t help but to find several parallels in his business philosophy and my own successful ClickBank business.
Here are 7 insights I gained that you can use to grow and sustain your own ClickBank business.
- Be Aggressive – When Sam was just starting out with his very first store he would go to outlets at midnight to buy items to sell at a lower cost, just to get a jump on his competition. He was aggressive and it paid off. This cannot be truer for your ClickBank business. You have to be different, set yourself apart, and be willing to do what others are not willing to do. There are a lot of people out there competing for business, if you’re not willing to be more aggressive than your competitors, eventually someone will.
- A Small Percentage of a Large Percentage is Still a Lot of Money – This was Sam’s thinking in that if he could make a small profit on a large volume of items, he could make a large profit overall. The same can be said for selling digital goods on ClickBank. You don’t always have to make a large commission per sale if you’re selling high volume. This is exactly how many ClickBank vendors can afford to pay 75% commissions. The vendors know if they can make a small amount per sale and make hundreds or thousands of sales they’ll make a lot of money.
- Keep Costs Low – Sam Walton was a very frugal man, even after becoming a multi-millionaire he still drove an old pickup truck and wore clothes from his own Walmart stores. In running Walmart, Sam would look everywhere to cut costs. In your own business you should be looking to cut non-strategic costs to the bone. Non-strategic costs are any expenses that don’t directly make you more money, such as web-hosting, cell phones, Internet service, etc. Look to see if you’re over paying for any services you’re using and find a better deal. Remember, the goal of your ClickBank business is to make money, not spend it.
- Don’t Be Afraid of Risk – When Sam was already a millionaire he knew he wanted to keep growing his empire. In order to grow his business he took on a tremendous amount of debt, even requiring him to mortgage his own house. This was an incredible risky move for some, but for Sam it was a risk he was willing to take, and as a result he was able to grow Walmart to what it is today. I see many people unwilling to even risk their own time in starting a ClickBank business. Perhaps it’s because they’re afraid of what will happen if they fail, however taking the risk allows you to find out what will happen if you succeed. If you want to be successful in business or in life you have to be willing to take some risks.
- Know Your Outcome – When Sam was a multi-millionaire and he already owned 100 Walmart stores he didn’t quit. Could you imagine owning 100 Walmart stores? How many people do you know would retire at that point? Would you? Do you know why Sam didn’t? It’s because he knew his outcome. Sam had a goal. Sam’s goal was to become the biggest retailer in the United States. Without knowing your outcome not only do you not know where you’re headed, but you’ll quit far before reaching your potential. You must have a vision and a goal. Only in knowing your outcome will you be able to reach it.
- Get the Right People and Pay Them Well – Despite being a very frugal person, Sam paid his top people extremely well. He knew they were critical in helping him reach higher levels of success. The right people are paramount in building a successful business and the only way for them to do that is if they’re happy and they stick around. Sam knew it was rare to find reliable, consistent, hard working people who provide outstanding results. The same holds true for working online. When outsourcing you’ll find some of the worst people, but when you find the best make sure they’ll want to work for you again and again by paying them what they’re worth and more. I always pay well and make it a pleasure for people to work for me. I’m generous with bonuses and fair in pay. In return I get motivated people who are happy to work with me and do terrific work.
- Early to Bed, Early to Rise – There’s really no escaping the fact that success offline leads to success online. Sam was successful because he had a strong work ethic, took care of himself, had a stable home life, and strong values. Sure, there are exceptions to the rule, but chances are if your personal or financial life is in chaos, you’re not going to be able to have a successful online business. They really do go hand in hand. So make sure that you’re not just focusing on making lots of money, but seek to find success and balance in all areas of your life. Hard work, persistence, health, and balance are all key ingredients for not only a successful ClickBank business, but a successful life.