I want to break free

[Sam Kennedy]

Hello!

I thought I would introduce myself here, I'm still reading through the MFL book, but I feel like I've learned so much already.

I'm 24, recently married, and live in the north east of England. I'm currently studying Computer Science, and although software engineering jobs can be well paid, I'll never reach financial independence in a job, and I want to make an actual impact in the world, not fulfil some unnoticed role in a company.

I'm currently working on three projects, and was hoping to get some feedback on what people think about them, that way I can pivot if necessary and create something people actually need.

Project 1: 'EasyPay', it's an online invoicing service for freelancers, with very low transaction fees and a simple interface. Simply enter invoice details, send the URL to your client, get paid. I earn a small fee per transaction. It's fully built and ready to launch.

Project 2: 'Word of Mouth', this is just in the idea phase, but I've made a video outlining the idea. One thing I've noticed when deciding to out somewhere with my wife is that it's difficult to decide what to do just browsing websites like TripAdvisor. However, it's much easier to make a decision if a family member or friend recommends somewhere. The purpose of the website would be to recommend activities/places to eat/hotels/movies/etc based on what your friends (and people with similar interests) like.

Project 3: 'SevereStudios App', this is fully implemented and is ready to launch. It's an android app which lets users access the live streaming service offered by SevereStudios. I'm working with the owner of the website, he has 60k twitter followers and almost 95k followers on Facebook. The plan is to offer a free app, with paid extra features.

Is there anything I can do to increase my chances of success with these projects? Any thoughts on other paths I could pursue to get in the fast lane?

Thank you!

 

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[miked_d]

Welcome! It looks like you already have a lot going on. You said you are recently married and studying. Do you and your wife have the means to support yourselves?

I will quickly comment on your projects:

1 - Why would I use this over PayPal/Skrill/Perfect Money/OKPay/Neteller/Bitcoin? Also, I am not familiar with UK law but there may be some AML/KYC issues.

2 - Sounds like Yelp here in the States.

3 - How many active users does the site have? This one seems interesting (to me anyway).

I would recommend finishing the book and then figuring out what ONE project you want to work on first. Focusing on one will increase chances of success.

 

[miked_d]

I would recommend finishing the book and then figuring out what ONE project you want to work on first. Focusing on one will increase chances of success.

I just came across a great blog post by @snowbank that goes deeper into why one project is better.

https://foreverjobless.com/entrepreneurial-diworsification/

 

[458]

Work on only one project, that's the only advise you need at this point.

 

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[Sam Kennedy]

Welcome! It looks like you already have a lot going on. You said you are recently married and studying. Do you and your wife have the means to support yourselves?

We do, we have a comfortable buffer between income and expenses, and we can save a decent amount each month, however we are saving for a down payment on a house, so we're saving for this (Will be happening in about 2.5 years time, I want to accelerate this process).

I will quickly comment on your projects:

1 - Why would I use this over PayPal/Skrill/Perfect Money/OKPay/Neteller/Bitcoin? Also, I am not familiar with UK law but there may be some AML/KYC issues.

This is a common question each time I mention EasyPay, I could make a video showing the advantages of using EasyPay over one of the popular methods. EasyPay's advantages come down to two points: Ease of use and low fees. I'm using the Stripe API, Stripe take care of the AML/KYC compliance and no card details touch our server.

2 - Sounds like Yelp here in the States.

There's nothing like that really here in the UK, does Yelp recommend things based on previous likes, and friends on your network?

3 - How many active users does the site have? This one seems interesting (to me anyway).

On the facebook page, the posted videos range from 5k views to 200k views, the posts get between 100 - 300 likes and shares each. In the storm chasing community, SevereStudios could be considered one of the authorities/main hub of activity. I'm tending towards this one, because the users are there, the only problem I can see is that the potential for recurring income seems low, once people have bought the app, there's not too much more we could do (other than make the app horrible to use with ads), to create a consistent income stream.

I would recommend finishing the book and then figuring out what ONE project you want to work on first. Focusing on one will increase chances of success.

I've got 90 pages left so I should be finished in the next day or so, I'm starting to think the app might be the best option for now. Thank you for taking the time to reply to my post!

 

[auch]

Word of Mouth. This is really a good name for a website/brand I'd day. Its very interesting specially people are now their own food critics etc. Would be a good and reliable source too if you get a lot of audience. Could be the next Yelp/TripAdvisor with the Facebook feels.

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