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I know this will likely bring a chorus of "give up now" type messages (or, at least, thoughts), but I'm also hoping for both some thoughtful discussion and that some may benefit from how my plan does or does not pay off.
Quick background: I'm 53 years old and self-employed as a niche ghostwriter and content marketer. Past efforts to scale have not so much failed as played out not to be the service I want to offer; due to an unusual combination of skills, knowledge, experience, and ability to interact successfully with my niche market, it turns out that the big thing that sets my business apart from others in the same niche is...well...me.
We all know the downside to that.
I haven't given this issue serious attention in the past because I make a full-time living in part-time hours doing work I like. But, I'm getting older and very cognizant of the fact that my ability to work could be interrupted. I also employ my daughter part-time (the one who is working on building her own business). Her business is currently very "labor only I can do" intensive, and although she has a long-term plan to move beyond that, I expect that it will take years. Thus, I'd like my business to continue to support a part-time income for her even if/when I cut back on my own work activity, so that she can afford to make the necessary investment in the creative and foundation-building aspects of her own business.
I have come up with a plan to productize a piece of my business. I know there is a market for what I plan to provide, and I know that many in my target market don't currently take advantage of this opportunity because the existing options are both more expensive and lower quality than what I plan to offer. In addition, existing options may become outdated, and mine will be evergreen. After creation of what I will (for lack of a better word) call prototypes, someone other than me can handle everything from order fulfillment to customization and updating. In the beginning, I will sell mainly through affiliate relationships with well-connected, high-end providers of related services in my industry (I have a strong existing network and a couple of commitments already).
Thing is, I'm in my 50s. I have chronic high blood pressure (due to a congenital malformation, not the kind I can manage by eating well and living stress free), and I'm living comfortably working about 25 hours/week. I am not at a place in my life where I am willing to invest 60-hour weeks now to make this happen.
My plan is that starting in January, I am going to take one week/month away from my regular work to work on building the "protypes" and putting other foundation pieces in place. My daughter will also work on this product during that week if I have need of her assistance. I anticipate that using that system, I will be ready to go to market in 6-9 months without significantly increasing the number of hours I'm currently working or the way I schedule work.
Quick background: I'm 53 years old and self-employed as a niche ghostwriter and content marketer. Past efforts to scale have not so much failed as played out not to be the service I want to offer; due to an unusual combination of skills, knowledge, experience, and ability to interact successfully with my niche market, it turns out that the big thing that sets my business apart from others in the same niche is...well...me.
We all know the downside to that.
I haven't given this issue serious attention in the past because I make a full-time living in part-time hours doing work I like. But, I'm getting older and very cognizant of the fact that my ability to work could be interrupted. I also employ my daughter part-time (the one who is working on building her own business). Her business is currently very "labor only I can do" intensive, and although she has a long-term plan to move beyond that, I expect that it will take years. Thus, I'd like my business to continue to support a part-time income for her even if/when I cut back on my own work activity, so that she can afford to make the necessary investment in the creative and foundation-building aspects of her own business.
I have come up with a plan to productize a piece of my business. I know there is a market for what I plan to provide, and I know that many in my target market don't currently take advantage of this opportunity because the existing options are both more expensive and lower quality than what I plan to offer. In addition, existing options may become outdated, and mine will be evergreen. After creation of what I will (for lack of a better word) call prototypes, someone other than me can handle everything from order fulfillment to customization and updating. In the beginning, I will sell mainly through affiliate relationships with well-connected, high-end providers of related services in my industry (I have a strong existing network and a couple of commitments already).
Thing is, I'm in my 50s. I have chronic high blood pressure (due to a congenital malformation, not the kind I can manage by eating well and living stress free), and I'm living comfortably working about 25 hours/week. I am not at a place in my life where I am willing to invest 60-hour weeks now to make this happen.
My plan is that starting in January, I am going to take one week/month away from my regular work to work on building the "protypes" and putting other foundation pieces in place. My daughter will also work on this product during that week if I have need of her assistance. I anticipate that using that system, I will be ready to go to market in 6-9 months without significantly increasing the number of hours I'm currently working or the way I schedule work.
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