Progress Thread: hustleEveryDay

[hustleEveryDay]

Making a progress thread seems to be a good way to stay on track with my Fastlane goals. First off, here’s a link to my introductory post.

I’m still reading the MFL book. While it’s an easy read, I’m taking it in chunks and reading over some sections several times to really grasp the fastlane way of thought.

I have a 'big project' that requires a patent and substantial resources (time for research, coding, etc.), which I don’t have much of at the moment. I’m saving 80% of my day job income for the patent, but that’s not nearly enough, especially if I want to also quit and work on the project full-time.

My plan is to get generate passive income streams, to eventually match or beat my monthly job income, so I’ll be able to quit my job within the next 8 months to 1 year.

I’ll make side income streams from selling digital products online. I’ve done it in the past – making about $15k off an ebook that I wrote in 2 weeks and sold with little to no marketing, and just a basic 1-page website. I was dumbfounded by the response, but rather than keep going, I quit early and just burnt the money … and shortly after the money was gone, my site got hacked and I felt too defeated to start over.

It’s been about 4 years since I sold any digital products online, and since then I’ve spent a lot of time wishing, thinking about what I should have, could have, or would have done differently. I’ve built up some products, but I haven't fully completed any of them through to the selling stage. I have a lot of great ideas, none of which mean crap if I don’t actually sell them.

I'd like to keep track of my progress as I launch each digital product (I'd like to launch a few), up to the point where I finally quit my job and begin work on my 'big' project. One problem I often have is getting distracted with multiple projects, so rather than write out several goals, I'll write one, follow through to completion, and then write another. I already have my long-term goal in mind.

Goal / Challenge #1

• Deadline: August 15, 2011 (21 Days)
• Objective: Refresh, re-create, launch, and completely re-market original digital product. Make at least 1000 sales within 90 days of launch date, with a profit margin of at least 75%.
• Action Plan: I need to outline the product, the marketing, and the website structure. Then I need to create a full schedule and dedicate some time each day/night to completing the tasks I set out. Sticking to the schedule is crucial. One of the most important things will be to not seek perfection now, and do 'enough' to get the product out by the deadline, and allow for revisions post-launch. To see it through to completion, I just need to keep reminding myself that I've done it before, and the only thing that can get in the way of me from doing it again is myself.

I'll provide more details on the actual process, the product, etc. as I go along. I think this will be a neat way to hold myself accountable and force myself to make it happen.

[hustleEveryDay]

It's been about a day, and I feel quite productive so far, and on track.

Without going too in depth, the digital product I'm working on is a learning program that includes a series of niche courses, which I've taught in the past. One of these courses was the basis of my first (and only) ebook. However, as I bring that one up-to-date, I'd like to add in more of my writings and pack it all into a larger program with a total of 5 courses and some additional videos, tutorials, and other web-based tools. Fortunately, I already have a lot of notes and thoughts written from before, but finding it and organizing it all is going to be a time-consuming challenge.

In the marketing scheme of things, I've decided to develop a squeeze domain (or 2-3 depending on the amount of content I have available) for each of the courses. I'm choosing keyword-rich domains using Google Keyword tool to determine popular searched phrases that are available as ".com" domains (this is a self-learnt strategy I've used in the past with much success for various projects). I determined my chosen domains this evening, but will need to register them shortly. Each squeeze page will include a brief copy and a form for name/email through which the visitor can sign up for a newsletter and obtain a free sample of the course. After filling out the form, they'll be directed to the main program domain, of which the course is a part of. The keyword-rich squeeze domains will also contain targeted articles for SEO purposes and backlinking (which I'll mostly do post launch via off-site SEO strategies). The primary program domain will be more of a branded product page, while the squeeze domains will be generic and more keyword-content heavy with the purpose of funneling traffic to the main page.

Over the next few days, I will be gathering all my materials for each course, going through my old stuff and outlining specific topics for each course. I will also be structuring the squeeze domain layouts and content outlines, as well as the main program domain outline and content structure.

I hope to have this chunk of the work done by August 1. Although it's a lot of work to do by then, this stage is a really good kickstart to get myself in the groove of things. I'll update again around August 1 with more progress details and further planning, etc.

[Ferrari Girl]

Sounds like you know where you are going and have a good plan to get there.

[hustleEveryDay]

Sounds like you know where you are going and have a good plan to get there.

Thanks. I'm trying to stick with my plan as best I can.

Hating my day job just got a whole lot easier. I had to work close to 70 hours this past week with no overtime pay. If anything, it's made me more motivated than ever to get my side projects off the ground.

For the past few days I've been reading about Kelly Felix - he's the guy behind the "Rich Jerk" ebook. Regardless of his marketing tactics, ethical or not, it's very motivational knowing someone can make multi-millions off a single ebook.

I personally got a lot of value out of the 'Rich Jerk' when I first read it 5 years ago. It's actually the reason I wrote my first ebook. I've been learning a lot about Kelly Felix's strategies. He was very smart in the way he created a branded 'persona' with the Rich Jerk. His product had a complete image.

When I wrote and sold my first ebook, it was very generic. Sure it sold, but it could have been much more if I had marketed it properly. Now I realize, I could simply toss up another generic product in 2 weeks… or I could put forth more effort and create an actual solid product. It will certainly take more time and some money, but with that greater risk comes the possibility of greater reward.

Another idea I discovered is that I should definitely seek to place my product on ClickBank, which was one of Felix's biggest keys to success. My first ebook didn't have an affiliate program at all.

For these reasons I'll be pushing my deadline back to September 21. This is a bit far out, but before I even launch, I'd also like to create some 'buzz' about the product in advance of actual launch. I plan to do some pre-launch marketing by putting up the squeeze domains before the product launches and generating a list of subscribers who will be anticipating a launch.

At this point I've collected almost all of my writings. Now I need to organize all the content into different squeeze domains, and create a real product. I'm still not positive about pricing, but I'll get a better idea once I have developed a rough version of the courses/tools/products. I've also decided to hire a graphic designer to help with creating a logo/brand for marketing the product. I'll be posting an ad on Craigslist this week once I put together a better concept of the product.

[hustleEveryDay]

Even though I pushed back my 'deadline' to September 21, the simple act of giving myself a deadline has really put me into overdrive. I've taken more real action to achieve my goals in the past few weeks than I have in the past several years. That coupled with newfound knowledge from MJ's book and the support and feedback on this forum, has really put me in a new state of mind.

When I set that initial August 15 'deadline' I kicked myself into motion, but it was like a car spinning wheels without going in a distinct direction. I pushed and pulled at different ideas without much distinct focus. I wanted to relaunch an ebook product with resources, but I wasn't clear on the direction of it. The main problem is I have so many ideas, I have a tendency of jumbling them and trying to put them all into one product. Well, to back track, there are a few major ideas I have that I feel have the most potential, which I would really call visions.

One of these is in the realm of internet marketing. Essentially, without going too in-depth, my vision is to create something of a legitimate Internet marketing school. Something like Lynda.com or W3Schools but for Internet marketing, not only with video, but courses like CodingAcademy, and so on… with lots of real tools and resources. I personally am not a guru at Internet marketing, but the reason I have that vision is because I wish there was something like that, legitimate, that I could enroll in. Something like Phoenix University, but for Internet marketers, web developers, software engineers, people who want to build web apps, mobile apps, create animations, games, etc. I learned web development all on my own from random sources on the web, never took a single course. My goal is to somehow push these topics to the forefront such that they gain more credibility in the mainstream as legitimate subjects that should be taught in schools. The project consists of many parts, and I keep thinking I have to launch them all at once. The more I plan it out, the more complex and sophisticated it becomes, thereby appearing more of a monstrous task that I feel overwhelmed by…

Rather, I've learned that I should break it down into smaller portions. The whole project may take a few years, who knows, but it will be a lot easier if I launch small portions of it gradually and then later on fuse them all together as one. I would probably make more money that way, and provide more real value to people as my focus would be on perfecting each tool, resources, and product in the whole project separately.

My focus now is to launch one new innovative part of my larger project one at a time. I need also continue reminding myself of my own dream and vision, as that helps me to know which step to take next. Because at first I was thinking of just writing another quick ebook and launching it on August 15 for some side income. Yet, if my real dream is to create a legit Internet marketing university (I've had this in mind for sooo long), then doing something like a quick ebook would be contradictory to wanting the subject of IM to gain more mainstream acceptance.

One more thing I wanted to mention that has been a huge step for me lately is realizing my enormous fear of failure. Never did I realize I had such a huge fear of failure until I questioned myself as to why I lose focus so much. I had been going from project to project for so long and never quite finishing or launching any of them over the past few years….why?? I realized it's because the last biggest project that I committed 100 percent to failed, and I lost about $6k and 1.5 years of time put in. I had no idea how much of an impact that failure had on me, but essentially it made me afraid of putting my full energy into any project. Since realizing that, I've become more aware of my dedication to projects. I have to accept the fact that, yes, it is a risk putting all the time and energy into a project, but that's the risk of being an innovator, a creator, and entrepreneur. I shouldn't be fazed by my past failures. I can try and minimize risk by better planning, but there will always be some risk with entrepreneurial projects. And often times, the greater the potential gain, the greater the risk. Mainly, I've had more fear of putting forth energy in projects that are relatively new ideas that don't exist. And why, because again of my fear of failing at something that hasn't already been proven…

And that fear of failure from putting 100 percent effort and energy into a project through to launch is why I had become more 'event-oriented' lately... thinking I could just toss up an ebook in 2 weeks and make bank, lol. Yes, being process-oriented won't pay off immediately, and yes, it's a risk putting in all that effort, but I've come to realize it's the only way. I've been listening to a lot of motivational videos, music, etc. and not one of them says a damn thing about getting rich without pain, blood, sweat, tears, and lots of time and effort. Rather than focus on the risk, I'm trying to focus more on the fact that regardless of the outcome of each project, the process of trying over and over will eventually lead a better version of myself, and success is just inevitable.

My thought process is now - what can I create or offer that can actually help people in a way that they would be literally addicted to my product or service? What can I offer that is unique or at least better than current offerings, at a price point or deal they cannot resist? And how do I keep delivering and increasing my customer loyalty? If I keep putting out quality products, at the very least I'll be helping people, and while it may be a trickle at first... with time the money will eventually come pouring in.

[hustleEveryDay]

Quick update on my progress. I've become a lot more productive lately, due to following a new schedule:

3am-7am > sleep
8am-5pm > job (incl. 1hr break)
6pm-9pm > sleep
9pm-3am > work on entrepreneurial projects

It may not be "normal" but it sure as hell works for me, and it works excellent. I feel so much more energized, and when I get up at 7am, I don't need to hit the snooze button any more! But the most amazing part is that I've finally figured out a way that I can spend 5-6hrs on my projects after work without being tired. Between 9pm-3am is just perfect. I've been getting so much more accomplished. Overall I feel like I'm getting healthier too, so I hope to stick to this schedule for as long as I can.

On a separate note, tonight I'll be done with the interface design for my username checking web app, which I'd explored in this thread: How much would you pay for this? Or at all?

I started planning out all the specific features and then implemented them all into a PSD design, which I'll begin slicing and developing Monday. I was considering handing off the whole development (since this is just one part of a bigger project).

The advantage of handing it off will be that I can work on my next web apps, and I will be able to have it done faster by someone who is more of an expert at backend development. However, the disadvantage is that I will become reliant and won't learn the ins/outs of the backend, which will be helpful for maintenance and for other projects later on. For now, I've decided to at least code the front-end interface myself, and then when that's complete I'll decide whether to handoff the backend development to a freelancer, or if I will do it myself.

Rather than put any more concrete deadlines, I figure if I can continue working 5-6hrs/day, consistently, and focus on putting out a quality product, then I can't go wrong. I still want to launch by around October 1, but I don't want to sacrifice quality to get there sooner. Because who knows, maybe if I put out an excellent product, this may be more valuable to more people than I initially expected.

[Pete799p]

I noticed earlier in your thread you mentioned you were saving money to get a patent. You should check out temp. patents. They last for a year and cost about $110. They provide much of the same protection but allow more flexibility. For example: if you patent your idea and then while producing it you change something you will usually have to file another patent. With a temp you can design the product to the best of your ability in one year and then if it is going to be profitable invest the 5K-10K it takes to protect it. Good luck with in the fast lane.

[hustleEveryDay]

I noticed earlier in your thread you mentioned you were saving money to get a patent. You should check out temp. patents. They last for a year and cost about $110. They provide much of the same protection but allow more flexibility. For example: if you patent your idea and then while producing it you change something you will usually have to file another patent. With a temp you can design the product to the best of your ability in one year and then if it is going to be profitable invest the 5K-10K it takes to protect it. Good luck with in the fast lane.

Thanks a lot, I did not know about these and do appreciate the suggestion. Very interesting, I've done some reading since I first read your suggestion, and definitely seems like a viable option. Speed+

[hustleEveryDay]

Update:

Recently I've put all my energy into the username-checking web app that I started in early September. I have roughly 70% of the frontend developed. I also have most all of the UX flow and other backend aspects outlined out. This is probably the most time and effort I've put into any business project since 2008.

I've bought a very brandable, 2-syllable .com at a premium price ($350), which I think will be one of the keys to the success of the app, especially since so much relies on effectively marketing it. While the front end layout is pretty much set, visual 'look' and 'feel' is a bit lacking, as I'm not a graphic designer, and I really need to work on that aspect. So far I've been really focused on usability and core functionality and ensuring cross-browser compatibility, including on the iPad.

I've decided on a one-time fee, although the actual price point is still up in the air. It really depends on the merchant processor and some other fees involved. I'm shooting for somewhere between $17 and $29, both of which are way cheaper than the only true competitor for this service (they charge $99). Sales-wise my goal is to hit 1000 sales within 6 months of launch, with at least 70% of that being profit. I may try and get an affiliate program going or try ClickBank or a similar service, though I haven't decided yet. All I know is, if I can hit 1000 sales with a 70% profit margin at a price point of say $29, that would slightly beat my job income, and that would make me very happy. Depending on its success as a desktop web app, I may consider creating a full-fledged iPad or iPhone app as well later. There's still a lot more work left to do, but I have a lot of faith in this.

Still, I do have other things I'm doing. I opened up a Scottrade account on Friday with $3k, and total I have about $8k saved towards my "job-quitting allowance" and business project funding. I'm going to put $2k in GLD, which is basically a gold etf, $500 into some high-growth nasdaq stocks, and the remaining $500 I'm going to straight up gamble on small-caps. I figure whatever happens, it's better than letting it sit in the bank getting .005% interest or whatever miniscule amount the banks pay these days. Of course I will do my research, and actually I'll be doing a ton of research... I'm primarily going to focus on companies that deal with commodities such as oil, gold, natural gas, etc. I've been watching a lot of stocks and reading for quite some time now...

So that's what I've been up to lately. I'll update again as soon as I'm done with the app, which I hope to be before Dec. 1st, and this is finally a deadline I feel confident with since a lot of the more challenging foundation and structural framework is already set, and I'm "in the zone" so-to-speak with getting the ball rolling.

[KhayShenz]

Hey - goob job on the getting the ball rolling on your projects. You're definitely focused on that app - and I hope it'll reap some MAJOR rewards for you.

I do recommend that you make that 8K work harder than stocks, small caps, and GLD later on - on other business ventures. Though it's definitely better than sitting at a bank accumulating .005%(whoopee!) interest. I'm sure you'll do your research as soon as your app is launched.

All the best!