How The GMAT Coach Makes Money
I’m 99% sure this is Lee Burrel’s site, which created after being inspired by the Four Hour Work Week AND I’m 99% sure he’s making a million plus a year from this based on a video testimonial / case study he submitted to the Four Hour Work Week Blog 1 or 2 years ago. So with that unreserved success established, let’s take a look at what he did and what we can learn from it.
So my understanding is that Lee was no GMAT genius when he decided to launch this site. What he did was team up with a GMAT tutor. Already that should be setting of massive alarm bells for you…what ideas do you think would be awesome to launch, but you’ve always held back because you don’t think you’re an expert enough? Can you find an expert to team up with?
For example, I might be doing something in the sewing niche soon – an ecommerce site drop shipping a particular item every good sewer needs (think 14,000 searches a month and almost no competition) – but I have no freaking idea about sewing. Well, I’ll find a knowledgeable sewing blogger who knows the subject, but maybe is not so good at monetizing their blog and so would love to earn money from creating content for the niche. Boom! Anyways, so that is what Lee did here.
Initially they did in-person seminars and in the first few months earned $15,000 or so (based on his comments in a 4HWW forum back in 2008-9). Not very passive though. Soon enough he turned it all into a video course and pumped it out on DVD. I looooove it.
If you’re a presenter and do seminars, you should be turning that into a DVD course ASAP. Even today Lee still sells the course as a DVD course, which gets mailed to you. Old school you might think, but the perception of value that comes from DVDs is delicious and allows Lee to charge $199 for the entry level course pack. Prices rise to $399 and $599 with more goodies; book, questions library and also with some 1-1 services (not passive, but given he’s not doing them himself, they’re pretty freaking passive from the online entrepreneur’s point of view).
Once again, I want to hammer home the point; Lee is a systems builder, not a GMAT teacher. If you take this approach you can turn almost any business on earth into a passive income empire. This approach allowed me to turn a web design & digital strategy company into a passive income business for example.
So get inspired into thinking outside the small box of info product or affiliate marketing. Think big! A lot of you will be thinking this is impossible, I don’t know what I need to do. And for that I have an awesome awesome awesome link for you. Click on this link and read Lee’s post back in 2008 when he was just getting started…he didn’t know how to tie his digital shoelaces at the time and look how far this man has come. Lee is nothing short of an inspirational cases study!