I'd not planned to start one of these threads, but @Andy Black encouraged me. I have some spare time today so thought writing a few things down may help. After taking a step back it seems that there is too much going on day to day for focus.
Big Picture Goals
The entertainment client will pay per lead. I have projected the potential to be $50,000pa, but in theory this could be $150,000.
Everything else is hourly or marginal retainers. Good money but lots of "noise" - too many emails, Skype meetings when I'm trying to get things done, one client enquiring when I am deep into another client's work.
Time and Direction
I work a minimum of 40 billable hours each week. On top of that are company administration hours, writing on my blog, answering Amazon enquiries, then mainly reading/planning.
When I have a truly busy week (start the day around 8:30am, work through until 10pm for ~6 days), I become reactive, not planned.
My partner came on board with the marketing company and that helped for a few months, but now we're both flat chat. More money, but still slowlane.
My goal is to start a business that sells high quality, intelligent outdoor recreation products. With the product in hand, I can set up eCommerce, manage inventory, build social accounts, market using SEO and paid advertising, outsource inventory. I just don't know how to get the products prototyped and created (without losing my shirt).
It seems my focus should be on the clients that allow me to earn a semi-passive income. This will allow me to take time away from hourly consulting (slowlane) and spend it developing products that I can scale (fastlane).
Actions
Time Saving
Thanks for reading, I welcome any feedback. I'm not here to make lists, I'm here to be accountable.
MJ DeMarco said:
Big Picture Goals
- Financial independence: live from yield
- Freedom from 9-5: not from hard work
- Financial security: for me and my future family
- To socialise with interesting/open minded people
- Exercise or be active every day
- Have fun, be happy
- Freedom to travel: I do not expect to outsource my businesses and work a 4 hour work week, but I want to work towards being strategic, rather than essential to every day operations.
- End the budget: I don't need to live a billionaire lifestyle, but I want to buy things and never consider "can I afford this?"
- Highly analytic
- Problem solver
- Resilient
- Driven
- Providing consulting/digital marketing services
- 1 agency client, with 9 sub-clients
- 1 entertainment client, with diverse products
- 1 outdoor goods client, eCommerce
- A marginally profitable affiliate blog ($100mo)
- A private label product using FBA ($500mo profit)
The entertainment client will pay per lead. I have projected the potential to be $50,000pa, but in theory this could be $150,000.
Everything else is hourly or marginal retainers. Good money but lots of "noise" - too many emails, Skype meetings when I'm trying to get things done, one client enquiring when I am deep into another client's work.
Time and Direction
I work a minimum of 40 billable hours each week. On top of that are company administration hours, writing on my blog, answering Amazon enquiries, then mainly reading/planning.
When I have a truly busy week (start the day around 8:30am, work through until 10pm for ~6 days), I become reactive, not planned.
My partner came on board with the marketing company and that helped for a few months, but now we're both flat chat. More money, but still slowlane.
My goal is to start a business that sells high quality, intelligent outdoor recreation products. With the product in hand, I can set up eCommerce, manage inventory, build social accounts, market using SEO and paid advertising, outsource inventory. I just don't know how to get the products prototyped and created (without losing my shirt).
It seems my focus should be on the clients that allow me to earn a semi-passive income. This will allow me to take time away from hourly consulting (slowlane) and spend it developing products that I can scale (fastlane).
Actions
Time Saving
- Automate monthly reports: time saving, ~10 hours/month
Set up hosts file to block myself from checking affiliate sites. This is already automated, checking achieves nothing: time saving, ~1 hour/month- Check Amazon Seller Central once per month. Urgent emails will come to my mailbox, the rest is noise: time saving, ~1 hour/month
- Find a reliable, English speaking developer that knows PHP/CSS/HTML and how to optimize sites using SEO best practices: time saving, ~25 hours/month
- Find a reliable, English speaking AdWords and social media marketer that can help be to continue to build traffic for my clients: time saving, ~15 hours/month
- Forget about blog?
- Abandon Private Label FBA Product (let stocks sell out)?
- Find VA to manage my emails?
- Generate $2083mo commission from outdoor goods client
- Generate $4166mo commission from outdoor goods client
- Generate $3125mo in leads from entertainment client
- Generate $6250mo in leads from entertainment client
- Write down products
- Assess total addressable market for products
- Of the viable products, pick 3 to start
- Draw and describe them as best I can
- Visit contacts in China/Taiwan, get the low down from them
- Find designer to design them (pending cost) OR
- Learn Sketch Up and design them
- Have the drawings assessed/evaluated by those in the industry
- Get prototypes made
- Evaluate myself, get feedback from others
- Build website/social accounts/branding
- Get production run ordered
- Develop 3 further products
- Generate $86,000mo
Thanks for reading, I welcome any feedback. I'm not here to make lists, I'm here to be accountable.
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