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I had written most of this initial post in my introduction and realized that I should probably have it in its own thread with the execution tag:
----
Because of my personal tendency to drop out whenever things get hard, and since my job is good enough to pay for my living expenses so that I won't get homeless again, I figured I could spend a year dedicated to a single business idea.
If it fails after a whole year of repeated failure and pivots to try and create value despite the issues arising, I figure worst case scenario is I build some tougher skin, get to spend a whole lot of time practicing problem solving and hopefully some solutions I solve become applicable in future business as well.
Me not being the greatest student of the fastlane and MJ, I might misrepresent or misunderstand the terms and models from the book, so forgive any discrepancy and please correct it if you think it might be detrimental to my progress!
The idea is essentially to become a record label company but for influencers. My thinking is this;
1/ Everyone my age and younger wants to be an influencer. It is the most wanted job and thus the business of helping people become an influencer should be more profitable than the heavy competition of being the influencer themselves.
2/If I was to be an influencer, and I'd be lying if I said I hadn't tried already. What I constantly would be asking, and did ask, was "What am I supposed to do?" and "How do I make money from this?". So I figure that if I can create services and solve those issues, then everything from aspiring influencers to already successful ones would pay for the solution.
My main issue is that I can't really pin point on what exactly to do now.
My thinking is that a record label provides value by 1/helping produce content 2/Helping build and maintain an audience/community and 3/helping to monetize the content and audience assets. But I worry that if I focus on ALL services of a label company, I'm tricking myself into thinking I'm providing value. I think I need to focus on only providing a single one of the dimensions to begin with, to really solve that issue before moving onto the rest. - Is this stupid perhaps? I'd love feedback on that actually.
Furthermore, my only real idea right now is to cold call micro influencers in Stockholm and try to sell myself as a helping hand without trying to get payment. My thinking is that if I can get access to a single micro influencer, and I can be free helping hand, then I can more accurately pinpoint exactly where the problem arises for influencers, and I can figure out a solution for that influencer which I can then work on repackaging into something to be scaled for any and all influencers and from that point build out to be a label company.
So to begin with I'm trying to just be a manager for a single influencer and try to use what I know from selling advertising to instead try and put together ideas for him to monetize his audience and content. Then to work with him through his problems to help solve them at twice the rate he could otherwise, thus giving him value while also allowing me to understand that value better to then build the business around.
----
I have no frame of reference for what a high-paid sales job is. If I stick to the job I have now it's expected to put me at about 8k usd pre tax / month. After a year they also have options for me to set it up so I work as a consultant purely on commission which will be way higher. At that point I should have recurring customer stock and I can reduce the tax from about half to a quarter, so it'll go from 4k -> 6k post tax IF I even get to that point to begin with.
The record label is definitely a big gamble, but I spend only time on it, no money, so I'm not sure I'm risking much. And I plan work only after my normal job hours and during weekends. Like I wrote; I think it might fail, but I intend to at least lock myself in so I'm forced to solve as many problems as possible and then by the time the year has passed, I'll either have the start of a functioning business or I'll have lots of experience to help transition me into the next idea.
----
Since I think the gold rush is that everyone wants to be an influencer rather than everyone being, I guess the next goal, if nobody answered, is to find a literal nobody and give them the same spiel and then work together to create solutions which can then be repackaged and sold towards influencer-want-to-bes and current influencer who want to upgrade. If literally nobody answers, I'll try to see if I can build a moderate audience myself and do the same. This is what I mean by I'll try this idea for a year no matter how it fails, I'll try to do what seems to work best, but if that doesn't, I'll try to do that which is simply available.
----
Primarily I'm going to propose I do what you're doing for me but for him. That is be a supporting voice in the back of his head that helps and is genuinely interested without feeling like there's some catch or motive behind it.
Secondarily I'm going to basically say that my primarily value offered is that if he needs to finance something, anything, I will be the guy to come up with the money and do the work in the background. Meanwhile he can focus on the creative aspects, and I'll try to be the backend of logistics and finance that makes and keeps his production value and makes sure he can live off of the creative pursuit. While also being in a constant feedback loop so that I don't diminish his creative works by just selling the absolute shit out of his brand and ruining his connection with the audience.
So basically, if he needs the money for something, I will figure it out. This is the primary value I think I can provide, but at the same time I'll offer my ear and words if he wants someone to help figure out audience retention or the film technical stuff. I'm just less qualified in those areas, but extremely interested and willing to help out.
basically I want to focus on proposing benefit to him without trying to talk to much about details, because the details are not what I offer him anyways, just the solution. IF he asks however, I think I want a more detailed list ready. That is what I'm trying to figure out now. I want to have different solutions, but at least just one, ready for:
- merchandising
- renting/buying production assets at the best price
-getting crew/hiring for the production if that is needed
-getting location permissions / dealing with red tape that could get in the way of an idea
-different CPM programs from various influencer marketing agencies ready to offer
-a sponsorship program for companies to act as patrons for his art
-a program for how we would set up direct brand deals without an intermediary agent
-the different crowdfunding setups we could explore, if he felt uncomfortable with pure corporate sponsorship
-the techniques to increase his already existing ad revenue (no swearing, no guns, no politics, bla bla) Increasing CTR ( thumbnails, video ideas, titles) or viewer retention (subtitles, better formatting, higher production value, etc)
- how to utilize his media assets across more social media platforms and how to manage those from a single point (thus increasing reach and the total amount of content over different mediums, visual, audio, textual as well platforms)
EDIT: - also how to use platforms and other programs to promote his own profile and videos in a strategic way to increase both CTR and Retention.
2n EDIT: - how to fix his webpage to be something more like a landing page directed at brands since it's pretty garbage right now, just a white background with a picture of him and contact information.
-How we can more accurately track and collect data on his audience, partially so we can get better deals but also so he knows his audience more personally and know better how to serve them
-proper accounting for his company, set him up with an accountant that is a very niche man interested in "odd" small companies
-setting him up with a PR agent that I know if he wants that to manage that end
There is probably more I SHOULD be able to do with what I already know, and I'm sure once he says a problem and I have to figure out the solution I will eventually find that out - but for now these are the things I think I could get to work on right now provided he wanted it.
----
This is most of what was in the intro thread, first reply will be the first weekly update.
----
Because of my personal tendency to drop out whenever things get hard, and since my job is good enough to pay for my living expenses so that I won't get homeless again, I figured I could spend a year dedicated to a single business idea.
If it fails after a whole year of repeated failure and pivots to try and create value despite the issues arising, I figure worst case scenario is I build some tougher skin, get to spend a whole lot of time practicing problem solving and hopefully some solutions I solve become applicable in future business as well.
Me not being the greatest student of the fastlane and MJ, I might misrepresent or misunderstand the terms and models from the book, so forgive any discrepancy and please correct it if you think it might be detrimental to my progress!
The idea is essentially to become a record label company but for influencers. My thinking is this;
1/ Everyone my age and younger wants to be an influencer. It is the most wanted job and thus the business of helping people become an influencer should be more profitable than the heavy competition of being the influencer themselves.
2/If I was to be an influencer, and I'd be lying if I said I hadn't tried already. What I constantly would be asking, and did ask, was "What am I supposed to do?" and "How do I make money from this?". So I figure that if I can create services and solve those issues, then everything from aspiring influencers to already successful ones would pay for the solution.
My main issue is that I can't really pin point on what exactly to do now.
My thinking is that a record label provides value by 1/helping produce content 2/Helping build and maintain an audience/community and 3/helping to monetize the content and audience assets. But I worry that if I focus on ALL services of a label company, I'm tricking myself into thinking I'm providing value. I think I need to focus on only providing a single one of the dimensions to begin with, to really solve that issue before moving onto the rest. - Is this stupid perhaps? I'd love feedback on that actually.
Furthermore, my only real idea right now is to cold call micro influencers in Stockholm and try to sell myself as a helping hand without trying to get payment. My thinking is that if I can get access to a single micro influencer, and I can be free helping hand, then I can more accurately pinpoint exactly where the problem arises for influencers, and I can figure out a solution for that influencer which I can then work on repackaging into something to be scaled for any and all influencers and from that point build out to be a label company.
So to begin with I'm trying to just be a manager for a single influencer and try to use what I know from selling advertising to instead try and put together ideas for him to monetize his audience and content. Then to work with him through his problems to help solve them at twice the rate he could otherwise, thus giving him value while also allowing me to understand that value better to then build the business around.
----
I have no frame of reference for what a high-paid sales job is. If I stick to the job I have now it's expected to put me at about 8k usd pre tax / month. After a year they also have options for me to set it up so I work as a consultant purely on commission which will be way higher. At that point I should have recurring customer stock and I can reduce the tax from about half to a quarter, so it'll go from 4k -> 6k post tax IF I even get to that point to begin with.
The record label is definitely a big gamble, but I spend only time on it, no money, so I'm not sure I'm risking much. And I plan work only after my normal job hours and during weekends. Like I wrote; I think it might fail, but I intend to at least lock myself in so I'm forced to solve as many problems as possible and then by the time the year has passed, I'll either have the start of a functioning business or I'll have lots of experience to help transition me into the next idea.
----
Since I think the gold rush is that everyone wants to be an influencer rather than everyone being, I guess the next goal, if nobody answered, is to find a literal nobody and give them the same spiel and then work together to create solutions which can then be repackaged and sold towards influencer-want-to-bes and current influencer who want to upgrade. If literally nobody answers, I'll try to see if I can build a moderate audience myself and do the same. This is what I mean by I'll try this idea for a year no matter how it fails, I'll try to do what seems to work best, but if that doesn't, I'll try to do that which is simply available.
----
Primarily I'm going to propose I do what you're doing for me but for him. That is be a supporting voice in the back of his head that helps and is genuinely interested without feeling like there's some catch or motive behind it.
Secondarily I'm going to basically say that my primarily value offered is that if he needs to finance something, anything, I will be the guy to come up with the money and do the work in the background. Meanwhile he can focus on the creative aspects, and I'll try to be the backend of logistics and finance that makes and keeps his production value and makes sure he can live off of the creative pursuit. While also being in a constant feedback loop so that I don't diminish his creative works by just selling the absolute shit out of his brand and ruining his connection with the audience.
So basically, if he needs the money for something, I will figure it out. This is the primary value I think I can provide, but at the same time I'll offer my ear and words if he wants someone to help figure out audience retention or the film technical stuff. I'm just less qualified in those areas, but extremely interested and willing to help out.
basically I want to focus on proposing benefit to him without trying to talk to much about details, because the details are not what I offer him anyways, just the solution. IF he asks however, I think I want a more detailed list ready. That is what I'm trying to figure out now. I want to have different solutions, but at least just one, ready for:
- merchandising
- renting/buying production assets at the best price
-getting crew/hiring for the production if that is needed
-getting location permissions / dealing with red tape that could get in the way of an idea
-different CPM programs from various influencer marketing agencies ready to offer
-a sponsorship program for companies to act as patrons for his art
-a program for how we would set up direct brand deals without an intermediary agent
-the different crowdfunding setups we could explore, if he felt uncomfortable with pure corporate sponsorship
-the techniques to increase his already existing ad revenue (no swearing, no guns, no politics, bla bla) Increasing CTR ( thumbnails, video ideas, titles) or viewer retention (subtitles, better formatting, higher production value, etc)
- how to utilize his media assets across more social media platforms and how to manage those from a single point (thus increasing reach and the total amount of content over different mediums, visual, audio, textual as well platforms)
EDIT: - also how to use platforms and other programs to promote his own profile and videos in a strategic way to increase both CTR and Retention.
2n EDIT: - how to fix his webpage to be something more like a landing page directed at brands since it's pretty garbage right now, just a white background with a picture of him and contact information.
-How we can more accurately track and collect data on his audience, partially so we can get better deals but also so he knows his audience more personally and know better how to serve them
-proper accounting for his company, set him up with an accountant that is a very niche man interested in "odd" small companies
-setting him up with a PR agent that I know if he wants that to manage that end
There is probably more I SHOULD be able to do with what I already know, and I'm sure once he says a problem and I have to figure out the solution I will eventually find that out - but for now these are the things I think I could get to work on right now provided he wanted it.
----
This is most of what was in the intro thread, first reply will be the first weekly update.
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