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EXECUTION My Journey From 0 to $2k / month Profit - AGAIN

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JustPawel

New Contributor
Read Millionaire Fastlane
Jul 11, 2017
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17
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Poland
Hey guys!

I joined the Fastlane forum about 3-4 years ago. Quickly left this place, but rediscovered it again recently. This is another attempt of mine to build a business that can support me long term.

I feel pretty shitty, to be honest with you. These years were a rollercoaster for me. I always wanted to develop a business and have the freedom of working independently. I achieved it to some extent because I freelance last years, but I never achieved a comfy level in that area - I don't have a good network that would generate regular clients, money-wise is also below the average. Shortly saying I don't feel secure.

I know living as an entrepreneur is never secure, but I literally drive on the edge last years and for no means, I can call myself an entrepreneur.

By starting this thread I am giving myself another attempt to build a business that will give me a stable income and better business habits & work ethics.

I identified pretty well the root of my business failures:
  • working on too many ideas at once - I always had a ton of ideas which is fatal. It is hard for me to choose one. In consequence, I was not able to focus and invest enough time to develop one, but properly. It might work for people who are highly self-disciplined and/or have already developed another business, but not for me who can be disturbed by anything.
  • having no long-term attitude & weak execution - I feel like I give up too fast. Instead of sticking to one idea and be fully involved in it, I just leave it if I don't see results relatively quickly after testing marketing ideas. This is pretty stupid from my side because whenever I invested time and energy I saw results. Sometimes bigger, sometimes smaller. I understood pretty late that business needs time to grow, especially if you have little/no money for investment. By weak execution, I don't really mean no skills, but just not enough effort and involvement put in.
  • lack of self-discipline - I am easily disrupted by small things. While working on specific tasks, I am easily disrupted by Youtube, friends, etc. While working on a business, I am easily disrupted by other ideas, other people actions, etc.
Shortly saying - more thinking, less doing. Typical...

So.. My plan is:
  • finding a regular job in the next few weeks to support myself with a regular income
  • building a business from 0 to min. 1500 euro profit / month within the next 12 months
But honestly, the money is secondary for me at the moment. What's more important is being consistent. If regular, long-term work won't bring desirable results, I will still be fine with it.

I'm starting from scratch, so the first step that I am facing is choosing a business idea from the projects I have on my list.
  • It needs to be a relatively simple idea to execute - I don't want to spend months working on the first version of the product. I want to start selling and testing the market as soon as possible.
  • The fewer obligations the better - In general, it excludes all of the service-related businesses, because it's like forever owning something to someone. Unfortunately, I can't say full no-no to service-based business, because it has the lowest entrance barrier for me now - I have little money to invest, but I have skills in video content creation, marketing and web design.
  • It would be great if it had automation and scaling potential.
  • Needs to be a business with remote / global potential - I live abroad and I don't speak local language fluently. I cannot really work with local customers at the moment.
I limited the choice to 2 ideas:
  • eCommerce product that has been in my mind for some time already. It solves a problem of a niche demographic(me included). I am a little bit afraid that it can be diffcult to make profit with paid traffic due to relatively low margins - around 15 - 20 euro depends on version. I don't want to jump into it, until I figure out what other products I could offer to increase potential cart value in the future. It requires investing some time to build a product, but can be done with minial costs at the start.
  • Agency niched down to video content creation & consulting for eCommerce & potentially other agencies. Pretty tricky to exectute due to the nature of video content that it's hard to be done remotely. This is something that I feel really strong in tho. I have a few ideas that I could include into my offer, however, I need to brainstorm it with myself and potentially with some buisness owners to establish if there's such a need. I also have experience with cold outreach and been quite successful in it in the past which might be useful.
Within a week I am planning to analyze these in details, make a brief plan of executing each of them to find out pros and cons. So I can choose one and start executing the idea from the next week.

In the meatime, I had one job interview today. I should get a response from the company today. If it doesnt work, I will be talking with another company about job opportunity this week.

This is it. I'll try to update you weekly about the progress.

If you have any feedback, I'll be really happy to hear it and talk more.

See you around!
 

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BossBabe

Contributor
Read Millionaire Fastlane
Jun 27, 2017
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Seattle, WA
JustPawel,

Wow! I would have to say that what you are feeling and doing, I am too! I think you are right, we get involved in this vicious cycle of having so many ideas and plans (extreme creativity) and failing to focus on one because we start all of them (or multiple) at once. I have had several attempts at redirecting myself to one goal, but I always end up losing interest/focus. Then, months later, I will have the inspiration to restart a project again. Imagine if I just pushed hard to keep working on it in those months that I have lost focus. I could have probably done a lot of improvement.

Just like you, I am restarting on the last quarter of 2021 and will keep it going moving forward no matter how slow it takes. I will work on one project only and see where it takes me.

Goodluck!
 

JustPawel

New Contributor
Read Millionaire Fastlane
Jul 11, 2017
9
17
18
28
Poland
Hey,

It's been almost a week and some updates came up.

First of all, I've got a job. :) It's not the coolest job ever, but definitely, something that gives decent money and has potential for much more in the future(IT). It's also remote which should give some more space and time for my own projects.

That's a little success of mine because I invested my free time to study programming in the last 4 months to have a backup plan and it worked out much faster than I expected.

I start in November, so I have another couple of weeks to work solely on my business. I was thinking a lot about what I really want to do and realized that eCommerce is the thing. That's why I dropped any agency-related ideas(even tho, I think it's easier to generate income this route) for now and started to work slowly on my product.

My plan is to test its potential within the next 3 months. In case of failure, I'll change direction or product. I believe people are interested in it because there's visible competition in that market and it's a product that I would buy myself. I am just a little afraid of profit margins & the fact that it's not a large commodities market, so it might require more work to build people awareness

I need around a month to prepare a sellable MVP. I'll be updating you about the development process. What's very important from my perspective(especially for this product) is branding & brand message. Another thing is a good, well-designed website. I feel like many newcomers to eCommerce really suck in these. Personally, when I see a store that looks not legit, I just leave. So, the challenge will be to equal in quality to market leaders.

I have a question for people who started eCommerce before - Have you ever tried to validate ideas before building a product with PPC & Landing Pages? I am thinking if it makes sense to build an email database in the meantime while working on the product. It potentially could give me a better understanding of people needs and generate first sales after launch quicker.

That's the update for now. I'll do my best to give you some more insights into the process next week.

Best!
 

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