Digital Business: The best comeback story on FLF?

[MakeItHappen]

This may become the biggest comeback story in FLF history or so I hope.

It has been almost 12 years since I joined this forum and I have been a wantrepreneur in all those years. I started multiple businesses but none that had any major success over longer periods.

I would say the main reasons can be boiled down to:
1. business ideas where I had no value skew
2. giving up way too easily
3. mental barriers (no fundamental belief that I can make it happen, not doing stuff that I knew I needed to do but disliked doing e.g. cold calling, hiring, taking risks with costly orders etc. )

In this progress thread, I will address all 3 of these.
1. I have a value skew for a proven business idea. I also have a unique differentiation that is pretty much not possible to be copied by the competition.
2. well after 12 years around I still haven't given up on the idea of the Fastlane, this business idea I will execute until I get 1000 no's
3. I have a system in place that shall help me stay in a winning mental state, however, if that isn't the case I will get professional help

I burned the boats. I have about 6 months left (financially speaking) to make this happen before I have to go back into slave labor.

The business idea:
I solved a big problem (it's a multi-billion dollar market) for myself in a unique way that I can teach others. I won't go into details concerning what market and problem I am talking about at the time being.

I don't expect to serve are large portion of the market as there are multiple ways to solve the problem for the market and not everybody will be interested in my approach.

The plan is to create an online course (actually more than one) and advertise it via paid traffic. I am also willing to offer 1 on 1 coaching at a decent hourly rate as an upsell to the course to increase my Lifetime Customer Value. But this would only be a short-term solution (as it doesn't scale) in case the cost per acquired customer is too high to make a profit just by selling the online course in and of itself. This is a simple and fast way to get started. Building an organic audience and other activities will be saved for later.

At the time being my goal is to:
1. build a useful online course and
2. use paid traffic (and scale the paid traffic if it works)

Week 1: Goals
1. Decide on what sub-niche to target
2. Decide on what lead magnet to use
3. Finish formulating my unique value proposition
4. Finish creating a Personal Brand Story
5. Decide whether to create a small low priced online course first to get started faster or whether to create a higher-priced comprehensive online course right away (the smaller course would solve a part of the problem, the idea is to prove to customers that I can provide value to them as they get some results and than to upsell the comprehensive course that solves the problem entirely to the happy customers of the first, smaller course.... I guess I have to research typical sales funnels for medium-priced online courses)
6. Get to know GoalSumo.com & create the vision and goals/sub-goals for this business idea

Why follow this thread? If I can enter the Fastlane after 12 years of failure you can do it too and faster!

Let's go!

 

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[MJ DeMarco]

It has been almost 12 years since I joined this forum and I have been a wantrepreneur in all those years.

Perhaps, but all your experience and failures will contribute to your future success.

With value skew and some decent marketing, anything is possible.

Look forward to seeing it unfold!

 

[EngineerThis]

This may become the biggest comeback story in FLF history or so I hope.

It has been almost 12 years since I joined this forum and I have been a wantrepreneur in all those years. I started multiple businesses but none that had any major success over longer periods.

I would say the main reasons can be boiled down to:
1. business ideas where I had no value skew
2. giving up way too easily
3. mental barriers (no fundamental belief that I can make it happen, not doing stuff that I knew I needed to do but disliked doing e.g. cold calling, hiring, taking risks with costly orders etc. )

In this progress thread, I will address all 3 of these.
1. I have a value skew for a proven business idea. I also have a unique differentiation that is pretty much not possible to be copied by the competition.
2. well after 12 years around I still haven't given up on the idea of the Fastlane, this business idea I will execute until I get 1000 no's
3. I have a system in place that shall help me stay in a winning mental state, however, if that isn't the case I will get professional help

I burned the boats. I have about 6 months left (financially speaking) to make this happen before I have to go back into slave labor.

The business idea:
I solved a big problem (it's a multi-billion dollar market) for myself in a unique way that I can teach others. I won't go into details concerning what market and problem I am talking about at the time being.

I don't expect to serve are large portion of the market as there are multiple ways to solve the problem for the market and not everybody will be interested in my approach.

The plan is to create an online course (actually more than one) and advertise it via paid traffic. I am also willing to offer 1 on 1 coaching at a decent hourly rate as an upsell to the course to increase my Lifetime Customer Value. But this would only be a short-term solution (as it doesn't scale) in case the cost per acquired customer is too high to make a profit just by selling the online course in and of itself. This is a simple and fast way to get started. Building an organic audience and other activities will be saved for later.

At the time being my goal is to:
1. build a useful online course and
2. use paid traffic (and scale the paid traffic if it works)

Week 1: Goals
1. Decide on what sub-niche to target
2. Decide on what lead magnet to use
3. Finish formulating my unique value proposition
4. Finish creating a Personal Brand Story
5. Decide whether to create a small low priced online course first to get started faster or whether to create a higher-priced comprehensive online course right away (the smaller course would solve a part of the problem, the idea is to prove to customers that I can provide value to them as they get some results and than to upsell the comprehensive course that solves the problem entirely to the happy customers of the first, smaller course.... I guess I have to research typical sales funnels for medium-priced online courses)

Why follow this thread? If I can enter the Fastlane after 12 years of failure you can do it too and faster!

Let's go!

I would start with the premier course, you can always make a trimmed down one later. But it’s hard to do the opposite.
To get people in the door (Magnet) I’d offer a free sneak peak of the premium version or/and newsletter with tips, and maybe a module from it for a lower intro price… but make sure it’s from the premium course.. this way everything pulls people to the premium course. And you can concentrate on providing premium value instead of worrying about tiers, at least for now.

 

[EngineerThis]

I would start with the premier course, you can always make a trimmed down one later. But it’s hard to do the opposite.
To get people in the door (Magnet) I’d offer a free sneak peak of the premium version or/and newsletter with tips, and maybe a module from it for a lower intro price… but make sure it’s from the premium course.. this way everything pulls people to the premium course. And you can concentrate on providing premium value instead of worrying about tiers, at least for now.

This will be a bit down the road but you should think of a subscription that people will want beyond just the course.. That way you buy the course once for X.. but then pay X monthly after that to subscribe to something, that will create exponential growth.
This could be access to a private group chat, premium newsletter, a lead finding service, or a monthly assortment of chocolate lol.
Again, I WOULD NOT worry about that now, just wanted to plant the seed.
Your job now is to not make a perfect course, but to get some material in front of “who” you think your customer is for evaluation asap.
Reason being is your customer base might not be who you think, and the content they want may not be what you initially create. Get them involved in the process EARLY. So you can pivot before you invest tons of time and money. Make it fun, they get early access to a new thing, people love that stuff… test, adjust, test, launch.

 

[MakeItHappen]

Perhaps, but all your experience and failures will contribute to your future success.

With value skew and some decent marketing, anything is possible.

Look forward to seeing it unfold!

Thank you, MJ. I hope this business idea will finally bring unique value to the marketplace and as a result get me closer to financial freedom.

I would start with the premier course, you can always make a trimmed down one later. But it’s hard to do the opposite.
To get people in the door (Magnet) I’d offer a free sneak peak of the premium version or/and newsletter with tips, and maybe a module from it for a lower intro price… but make sure it’s from the premium course.. this way everything pulls people to the premium course. And you can concentrate on providing premium value instead of worrying about tiers, at least for now.

Thank you for your two posts! I like the idea of selling a module of a course instead of a separate smaller course. It makes sense that upselling the main course will be easier this way.

This will be a bit down the road but you should think of a subscription that people will want beyond just the course.. That way you buy the course once for X.. but then pay X monthly after that to subscribe to something, that will create exponential growth.
This could be access to a private group chat, premium newsletter, a lead finding service, or a monthly assortment of chocolate lol.
Again, I WOULD NOT worry about that now, just wanted to plant the seed.
Your job now is to not make a perfect course, but to get some material in front of “who” you think your customer is for evaluation asap.
Reason being is your customer base might not be who you think, and the content they want may not be what you initially create. Get them involved in the process EARLY. So you can pivot before you invest tons of time and money. Make it fun, they get early access to a new thing, people love that stuff… test, adjust, test, launch.

Yes, if I can figure out how to provide ongoing value to customers then a subscription would be a nice way to maximize the lifetime value per customer which is very important if paid traffic is the main source of traffic. But like you said this will come later. I have to make sure that I don't try too much too early.

 

[MakeItHappen]

1. Decide on what sub-niche to target

I have decided on a sub-niche for my first online course.

It was hard as this niche is quite a bit smaller than the entire addressable market.
However, it's important to not let my long-term ambition let me make suboptimal short-term decisions (based on greed).

Yes, the chosen niche is smaller than the whole market but this allows me to create a better product for this niche compared to many of the competitors who try to appeal to everybody. Of all the sub-niches I researched I think I can provide the most value to the one I choose.
Also, having a clearly defined sub-niche should make acquisition cost per customer cheaper.
There is no reason why I can't serve other niches in the market later on but one step after the other.

As the business will be built on my personal brand and my products will be promoted via paid traffic I will be seen by quite a lot of strangers. As an introvert who doesn't seek the spotlight, this is quite a new and uncomfortable situation for me. However, I think businesswise it's the right decision.

The following Gold Thread by MJ is something I want to keep in mind along the way of this progress thread:
Crawling Thru A Sewer Pipe Filled With Sh*T: Why It Matters.

Also, I will look into GoalSumo: Supercharge Goal Achievement and Turn Your Big Dreams into Reality and use GoalSumo.com to clarify my vision for this business idea and the steps toward this vision. I haven't used GoalSumo.com yet but it looks like it doesn't take a long time to get started with it.

So I will add it to my weekly goals:

Week 1: Goals
1. Decide on what sub-niche to target
2. Decide on what lead magnet to use
3. Finish formulating my unique value proposition
4. Finish creating a Personal Brand Story
5. Decide whether to create a small low priced online course first to get started faster or whether to create a higher-priced comprehensive online course right away (the smaller course would solve a part of the problem, the idea is to prove to customers that I can provide value to them as they get some results and than to upsell the comprehensive course that solves the problem entirely to the happy customers of the first, smaller course.... I guess I have to research typical sales funnels for medium-priced online courses)
6. Get to know GoalSumo & create the vision and goals/sub-goals for this business idea

 

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[MakeItHappen]

Week 1: Results
1. Decide on what sub-niche to target
2. Decide on what lead magnet to use
-> The plan atm is to have a lead magnet that is a video that is part of a module of the core offer (likely offered as a low-ticket offer).
3. Finish formulating my unique value proposition
4. Finish creating a Personal Brand Story
5. Decide whether to create a small low priced online course first to get started faster or whether to create a higher-priced comprehensive online course right away (the smaller course would solve a part of the problem, the idea is to prove to customers that I can provide value to them as they get some results and than to upsell the comprehensive course that solves the problem entirely to the happy customers of the first, smaller course.... I guess I have to research typical sales funnels for medium-priced online courses)
-> Among other things, thanks to the feedback from @EngineerThis , I have decided that the low-ticket offer will be a part of the core offer so I can easily test whether selling the low-ticket offer converts better or whether it makes more economical sense to sell the core offer straight away
6. Get to know GoalSumo.com & create the vision and goals/sub-goals for this business idea
-> my goals and tasks are now in GoalSumo.com

So early into the business idea I have to make a lot of decisions that are based on guessing and looking at the best practices from successful businesses in the same vertical.
I am aware that I have to make sure that these guesses are right / the best decisions once I get plenty of feedback from the market and plenty of traffic for split testing.

As I have looked into GoalSumo.com.com I have created a first goal chain which forced me to create a long-term goal.

The long-term goal for this business idea is:
Earn €1,000,000 per year in net profits after taxes

Some competitors in my industry have built profitable businesses. Thus, with flawless execution and a good value skew, the potential to scale exists.

Week 2: Goals
1. Decide on the final outline of the online course
2. Create content for 1st module
3. Create the content for a basic website for the business
4. Decide on the platform for website creation
5. Finish a course (which I started before the progress thread) about online course creation

Ideas to keep in mind while executing:
"You're in prison and your MEANING/PURPOSE is to escape to FREEDOM."
- MJ DeMarco

Motto for the coming week:
Action Over Perfection

I am happy for any feedback. Especially if you think that the weekly goals are too low / action fakes.

 

[MakeItHappen]

The long-term goal for this business idea is:
Earn €1,000,000 per year in net profits after taxes

Week 2: Results
1. Decide on the final outline of the online course
2. Create content for 1st module
3. Create the content for a basic website for the business
4. Decide on the platform for website creation
5. Finish a course (which I started before the progress thread) about online course creation

It took me way too long to create my website. I think perfectionism is a real problem right now. I shall look at this business idea as a Minimum Viable Product that I want to release as quickly as possible to get feedback from the market. But it isn't that easy when your product has your "face" (personal brand) on it I guess.

Instead of building the entire course, I think I will first only create a module that will be used as a low-ticket offer. Once I created this low-ticket offer I will start advertising it. I am happy to break even with the initial small product... I just want to start being out there in the marketplace.

So to launch faster I will build this simple sales funnel:
Lead Magnet -> low-ticket offer -> optional: offer coaching to increase CLTV

Once I have done this I will build the main course as well obviously.

Week 3: Goals
1. Decide what lead magnet to choose
2. Create the content for the lead magnet
3. Create the content for the low-ticket offer
4. Create accounts for running ads (Youtube & Meta to begin with)

I am not sure if I will be able to get all the tasks done. If I can that this would mean that I could have a first small product to launch within a week. That's exciting.

Ideas to keep in mind while executing:
It’s The Start That Stops Most People

Motto for the coming week:
Find a way or make one

 

[EngineerThis]

The long-term goal for this business idea is:
Earn €1,000,000 per year in net profits after taxes

Week 2: Results
1. Decide on the final outline of the online course
2. Create content for 1st module
3. Create the content for a basic website for the business
4. Decide on the platform for website creation
5. Finish a course (which I started before the progress thread) about online course creation

It took me way too long to create my website. I think perfectionism is a real problem right now. I shall look at this business idea as a Minimum Viable Product that I want to release as quickly as possible to get feedback from the market. But it isn't that easy when your product has your "face" (personal brand) on it I guess.

Instead of building the entire course, I think I will first only create a module that will be used as a low-ticket offer. Once I created this low-ticket offer I will start advertising it. I am happy to break even with the initial small product... I just want to start being out there in the marketplace.

So to launch faster I will build this simple sales funnel:
Lead Magnet -> low-ticket offer -> optional: offer coaching to increase CLTV

Once I have done this I will build the main course as well obviously.

Week 3: Goals
1. Create the lead magnet
2. Create the content for the lead magnet
3. Create the content for the low-ticket offer
4. Create accounts for running ads (Youtube & Meta to begin with)

I am not sure if I will be able to get all the tasks done. If I can that this would mean that I could have a first small product to launch within a week. That's exciting.

Ideas to keep in mind while executing:
It’s The Start That Stops Most People

Motto for the coming week:
Find a way or make one

Crushing! I do see lots of Private goals, I would encourage you to make more goals related to connecting to your future customers, defining your ideal customer, finding potential customers etc.. I'm guilty of putting this stuff on the back burner myself but in business.. This is more important than anything else, you can have the best course in the world but if you don't spend much time on ^^^ it will fail. Just something to keep in the back of your mind and maybe I'm projecting a bit.. haha.

 

[Panos Daras]

Why not start with something people already want to buy from you? Get paying customers first and then build? For example: a waiting list, where people pay for a spot or an early access product. I made the mistake of product first and then customer second. It cost me a whole year of masturbation. Don't be a morron like me.

 

[EngineerThis]

Why not start with something people already want to buy from you? Get paying customers first and then build? For example: a waiting list, where people pay for a spot or an early access product. I made the mistake of product first and the customer second. It cost me a whole year of masturbation. Don't be a morron like me.

Exactly, very very easy trap to fall into. The "Build it and they will come" mentality.
To the OP.. Fail Fast, and Fail Often.. Never to early to reach out to people.

 

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[MakeItHappen]

Crushing! I do see lots of Private goals, I would encourage you to make more goals related to connecting to your future customers, defining your ideal customer, finding potential customers etc.. I'm guilty of putting this stuff on the back burner myself but in business.. This is more important than anything else, you can have the best course in the world but if you don't spend much time on ^^^ it will fail. Just something to keep in the back of your mind and maybe I'm projecting a bit.. haha.

You are right about the "private goals". I guess it could be a form of procrastination.
I believe that I can provide some great value with this business idea but at the same time, I am afraid about not getting any traction once I launch.
In part, I have also noticed this pattern in my weekly goal-setting. That's why I made it my goal to launch the low-ticket offer as soon as it's finished instead of first building the entire course/sales funnel. This way I should be able to start running ads next week and get real feedback from the marketplace.

Why not start with something people already want to buy from you? Get paying customers first and then build? For example: a waiting list, where people pay for a spot or an early access product. I made the mistake of product first and then customer second. It cost me a whole year of masturbation. Don't be a morron like me.

I agree with the anger of losing a lot of time by first making your product (perfectly).
Have you built a waiting list for your product or is this the way you would do it differently in the future? I think if you have an audience the waiting list concept can work great (and is free). If you use paid traffic and potential customers have no prior history (and there are at least similar products in the marketplace) I don't know how well it will work (and how much it will cost). But this might simply be an excuse by me. If I don't manage to be live with my first, fast-to-create product by next week then I will start to interact directly with potential customers. Maybe in the form of a waiting list or maybe via discovery calls.

Exactly, very very easy trap to fall into. The "Build it and they will come" mentality.
To the OP.. Fail Fast, and Fail Often.. Never to early to reach out to people.

I agree. I guess I reasoned that there is already a big marketplace for the kind of product that I have so I know that there is a market. Comparable to a fitness trainer who knows that there is a market already in the fitness niche. Then again I don't know how successful the value skew will be received by the marketplace.


BTW, the goal for the small low-ticket offer that I am building is to build the product as lean as possible (the only way to finish it within a week IMO) and then to only make improvements to it based on customer feedback.

 

[Panos Daras]

Have you built a waiting list for your product or is this the way you would do it differently in the future? I think if you have an audience the waiting list concept can work great (and is free).

No, I have not built a waiting list yet. I do not understand the "audience" thing at this stage. There are so many businesses without "audiences."

Especially in the beginning, why do you necessarily need an audience? You provide a good or service; you are not a circus clown (unless that is your service).

You just go outside the place where potential customers hang out, ask them to buy the products/services you will offer, and put them on a list. You know, the waiting list.

If I don't manage to be live with my first, fast-to-create product by next week then I will start to interact directly with potential customers.

It is always good to reach out to customers directly via DM, email, or in-person to understand their needs so that you do not build something that no one wants to buy.

For me, in both business and dating, getting outside my comfort zone and interacting face-to-face has worked much better. When I stop hiding behind the screen, people seem to like me more.

There is something about face-to-face interactions that technology cannot replicate (for now). Plus, you can undercut the cowards hiding behind a keyboard this way. People seem to like the bold.

Just my two cents. Different approaches work for different types of people and businesses.
I wish that I could provide a one-size-fits-all approach.

 

[MakeItHappen]

The long-term goal for this business idea is:
Earn €1,000,000 per year in net profits after taxes

Week 3: Goals
1. Decide what lead magnet to choose
2. Create the content for the lead magnet
3. Create the content for the low-ticket offer
4. Create accounts for running ads (Youtube & Meta to begin with)

Creating a course takes more time than I thought.
However, I am still happy with my progress. I have a finished outline for the low-ticket offer and the content for the first 2 modules is also finished. It shouldn't take more than a couple of days to create all the content for the course. Then I have to record the whole thing. I have never done that so I don't know how well I will do and how long it will take but I have kept working on this business idea every single day since the start of the thread. So I know that it's only a question of time. Hopefully, I will finish the course by the end of the week.

Week 4: Goals
1. Create the content for the low-ticket offer
2. Record at least 1 module of the low-ticket offer

Ideas to keep in mind while executing:
4 reasons why people quit their business idea
1. They aren't properly prepared for failure along the way.
2. They don't remember why they started in the first place.
3. They forget to consider the alternative. (the rat race)
4. They lack vision.

 

[MakeItHappen]

The long-term goal for this business idea is:
Earn €1,000,000 per year in net profits after taxes

Week 4: Goals
1. Create the content for the low-ticket offer
2. Record at least 1 module of the low-ticket offer

I have created the content for the course. While I am not satisfied with the quality I want to launch the course as a Minimal Viable Product and don't invest too many resources without proofing that there is a demand for the course.

I also recorded the first lectures. However, the video quality was bad and it's obvious that I haven't had any experience in front of a camera until now. To fix the quality issues I ordered a better camera and lighting equipment.
I don't know how long it will take to finish recording all the videos for the course. Until now I have underestimated how long the different steps of launching an online course take.

Week 5: Goals
1. Revise/proofread the course content
2. record the 1st module in high-quality

 

[MakeItHappen]

The long-term goal for this business idea is:
Earn €1,000,000 per year in net profits after taxes

Week 5: Goals
1. Revise/proofread the course content
2. record the 1st module in high-quality

The better camera and lighting equipment have made a huge difference in terms of the quality of the videos. So I am happy I fixed the quality issue.

The course content is finished as well and I recorded the 1st module.

Besides finishing the remaining modules for the course I have to choose a video course platform. I have no clue what service I should use. It seems like Clickfunnels is an All-In-One solution so I will properly choose them

Has anyone experience with different video course platforms and a recommendation for a beginner?

Week 6 Goals
1. Record the entire video course

 

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[EngineerThis]

The long-term goal for this business idea is:
Earn €1,000,000 per year in net profits after taxes

Week 5: Goals
1. Revise/proofread the course content
2. record the 1st module in high-quality

The better camera and lighting equipment have made a huge difference in terms of the quality of the videos. So I am happy I fixed the quality issue.

The course content is finished as well and I recorded the 1st module.

Besides finishing the remaining modules for the course I have to choose a video course platform. I have no clue what service I should use. It seems like Clickfunnels is an All-In-One solution so I will properly choose them

Has anyone experience with different video course platforms and a recommendation for a beginner?

Week 6 Goals
1. Record the entire video course

You're crushing! At this point you may want to pause on content creation, and figure out how to get it on a platform, how to drive people to Module 1, and see what they say.. Chances are they will ask "Are you going to cover ___?" then bingo you have an idea for another module.. Get people. Then crush more content by whatever means necessary.

 

[MakeItHappen]

You're crushing! At this point you may want to pause on content creation, and figure out how to get it on a platform, how to drive people to Module 1, and see what they say.. Chances are they will ask "Are you going to cover ___?" then bingo you have an idea for another module.. Get people. Then crush more content by whatever means necessary.

Thank you for your feedback!

I appreciate your 'lean' approach to content creation.

My course covers a very niche topic, making it difficult to omit any modules. However, I have decided not to include many lectures (15, to be exact) that I initially considered. I only plan to add any of those topics if there's a request from the marketplace to cover them.

I am happy that I didn't create the planned core offer and decided to launch a smaller low-ticket offer first. It shouldn't be long before I finally launch!

 

[MakeItHappen]

An update is overdue. I have not given up yet. The course I created and advertised did not receive sufficiently good feedback from the market. Without going into detail about the product, the market's need is such that the knowledge from the course should not be conveyed in the form of an online course, but rather in the form of coaching or consulting.

Therefore, I am not sure how to proceed. It will be more challenging to scale the business if coaching/consulting is necessary. Maybe I should still pursue the idea. Perhaps new opportunities will arise from it.

One possibility I am considering is to offer the knowledge as a 'Productized Service.' This way, it would also be possible to hire employees to convey the knowledge in the medium term.

Another consideration of mine is to first look for a job in sales to improve my selling skills because I have noticed that I find it difficult to sell myself and my offer. I have thought about D2D and maybe telesales afterwards.


The big lesson I have learned while pursuing this business idea:
I didn't ask the market before I created the first online course (which was very time-consuming). The sad part about this is, that I knew beforehand that this is something I should have done (you read this in every business book...) and YET I DIDN'T do it... because I was afraid that my idea for the course would be rejected by the marketplace.

So the lesson for me was that theoretical knowledge doesn't mean shit... business is learned by doing hard things... not by reading about hard things...
You can have read MJ's books and know how it's done in theory but doing it is hard.... so hard that there is a danger of avoiding what you know is what successful people recommend. This is also part of the reason why I am thinking about getting into sales... because it's something that I know could prove to be valuable (a lot of successful people recommend getting good at sales and guess what... reading a sales book won't do the job).