7th Venture. 1st hopeful success.

[Guest92dX]

Hi everyone!

I'm currently building a web based product. It's not entirely SaaS. It has a hybrid business model based on what I think the niche needs.

This is not a super large market, but it's not small either.

If you're wondering what my other failed ventures are they were good ideas, but I ideas I can't execute on for lack of money or know how. My first idea was bad though.

I would suggest to everyone that you pass on trying to sell a PP (Provisional Patent) if you don't have a ton of capital and money for leads and travel. I would even suggest passing on licensing real patents because you need tons of capital and tons of leads plus industry knowledge. All of these are great barriers to entry, but your life will be terrible trying to sell a product you can't execute on well. You'll just feel defeated.

So, I found a niche where the number one problem people have hasn't been adequately answered.

I started marketing the product before I built it.

I placed bids on competition keywords as I couldn't find natural search traffic. However, the competition has millions of users and revenue with different products so I feel confident there may be a space for a product focusing on one key area of innovation: Quality.

I received an 11% CTR and then 26% when I optimized. (On page CTR)

I also emailed industry news outlets. They were interested in running a story on the product, but I blew the pitches, which made them want to wait to see more.

The third thing I did was focus on getting feedback on the concept. Multiple times I heard about the #1 issue. I talked to multiple people who confirmed this problem.

I even had a couple active leads.

What I'm doing now is focusing on building the product. It should be doable with the resources I have.

I've given myself 6 months to build the basic product.

Time will tell if the reception is as good as when I tested.


I made this thread to keep me accountable. I'll update it as I'm going along. There won't be daily updates, just updates at inflection points.

 

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[Guest92dX]

Update:

I abandoned the venture I worked on. I'm sure my competitors fed me bad information through clicks and email opt-ins.

One of my competitors also released a new iOS and Android application shortly after I tore down the website.

The features and things they put in the app were copies of what I was going to offer.

It's disheartening that people would do that.

Maybe they didn't notice me. Maybe they weren't thinking about me. I don't have analytics from my form. It wasn't possible to track that deeply.

I'll track deeper next time.

What I do know is that I successfully burned cash to learn one thing: I have to track better and take a different avenue that doesn't rely on competitor traffic.

If they did do something like that then it's because I started it by bidding on their keywords and their name.

Lesson learned.

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For my next venture, I'm stepping back and not coming up with ideas. This has been a consistent theme with every venture. I'm going to let other people come up with the ideas for me and focus on pre-selling which is something I'm learning about now.

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I've also started learning copywriting as well, advertising platforms, and selling techniques. These are the most critical components to building a successful business.

My time has previously been spent with 95% action and 5% research and study.

I'm switching the distribution of my time to 80% learning and 20% action. There are many things I don't know.

 

[Guest92dX]

Update:

Until recently, I always thought you needed money to start a business. Unless it's B&M I think this is incorrect.

Some people might disagree and think things like "The Secret" are wrong because it leaves out necessary action. Yes, books like "The Secret" are wrong. However, people thinking tons of action is necessary are wrong too.

By the time I was on my 5th venture, I had only gotten to product and market once, the very first time I tried. The first time I tried it didn't require anything to make the product. It was a PP (provisional patent). Who couldn't create one of those? lol.

On my 5th venture, I actually "manifested" the ENTIRE infrastructure for a business. I had to walk away from it though because my partner didn't communicate well. My partner saw me helping him. He had the resources. He decided to help me. For various reasons, I believe that I messed up the partnership. It's my fault. The universe gave me exactly what I wanted, and I messed it up.

I barely took any action for my 5th venture. It was literally offered to me and fell out of the sky. I learned some important lessons though.

Following that, I got to product and market multiple times on #6 and #7. There was no serious bites on the offers though and no sales. The market was also terrible.

What I'm doing now:

I am researching industry niches and trying to find granular data on growth in them. I will use this data to select a niche and learn more about it to solve a problem in it.

I'm not just going to build something. I think that's backwards. I'm going to find a problem and then get people to pay me first.

The way I plan to do "idea extraction" is much different than the way I think other people are doing it. I didn't even realize that the strength I have talking with men and women is one of my key assets.

I only discovered this asset about it from reading the Dane Maxwell interview where he suggests pre-selling.