Oilman's Secret project progress log

[Oilman]

I just want to start this thread because I'm sick and tired of working at my current job. I won't get into details about that, but let's say yesterday especially fired me up.

This is my progress with this project so far:
* Set up online store, working on messaging freelancers to help me setup my social media.
* Designed my logo, etc.
* Tried online ads which didn't work so now trying social media
* I'm also going through 60 minute startup, once I'm done with that book and hopefully in 1-2 weeks I can leave a review. I would consider that book a success the moment I sell my first widget.

Pros to this project:
* High margins
* Can scale where I can potentially hire some of my coworkers to help me
* Don't have to deal with people

 

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[Oilman]

You're in luck because it's free right now

Pathmembership.com and you can create your account. Don't mind the construction. Still lots to upload in there

I woke up about an hour ago and was still groggy. Now I'm more mentally alert. I also have some nootropics coming in the mail.

I can't stress this enough, the fire's still raging in me. Just mad AF about the current job, but simultaneosly I have to deal with my body slowing down as I'm getting older.

I'm signing up to this as well as hiring out the freelancers right now. I don't know what I'm doing (to be honest nobody probably does) just taking action, logging it in to this forum.

 

[Mikkel]

I don't know what I'm doing (to be honest nobody probably does) just taking action, logging it in to this forum.

Focus on the most important task to move your project forward. If it is not the most important step to move your project forward, then stop that task and find the most important step. If that important step is to learn about something, do that. If the MVP needs to be done before you can test it on your website, then focus on the MVPbefore the website.

For example, making or hiring someone to make a logo before you have a product to sell is NOT the most important next step.

Best of luck, keep that fire burning. Sounds like you have your FTE.

 

[Oilman]

Focus on the most important task to move your project forward. If it is not the most important step to move your project forward, then stop that task and find the most important step. If that important step is to learn about something, do that. If the MVP needs to be done before you can test it on your website, then focus on the MVPbefore the website.

For example, making or hiring someone to make a logo before you have a product to sell is NOT the most important next step.

Best of luck, keep that fire burning. Sounds like you have your FTE.

That's great advice. That's also why I knew I was quickly reviewing the mindset portions of Fox's web dev program (that's my other thread). On that end I need to quickly go through the to do section today.

This project's update:
With this project, today I hired somebody to help me with my social media. I did everything in my power to make sure this person wouldn't try to do anything funny. Now that I post this, I better make sure they don't do anything funny because my bank account is tied to that account :/

I'm still trying to make that first sale, just in general I don't know how great I am at fulfilling my services but I know I can hire people to do the work for me. That way I keep prospecting and hitting my lofty goal of 50K per month.

 

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[Mikkel]

That way I keep prospecting and hitting my lofty goal of 50K per month.

This seems to be a far-off goal. Can you find a more short-term, valued-added goal?

I'm in the inventing and licensing of products "space." Sure, my goal is to make $xxx,xxx,xxx someday, but that doesn't guide me very well. For me, my next goal is to have my final prototype in my hands by early October. That gives me pretty clear action steps. For instance, I need to work one-on-one with my design/prototype guy to get the details right. I need to keep up with emails and meetings to make sure he is able to continue working so I don't hold him up. When that goal is reached, my next two goals are clear. Write and record a 60-second marketing video and file my PPA.

The difference between, I want to make $50,000/month and the goals I stated above is that $50,000/month is a BUNCH of steps between where you are and where you need to go. The goals stated above are not only obtainable but clear and require very specific steps to move forward.

Can you list off one or two short-term goals that are the critical next steps to move your product forward?

If you can clearly see the path forward, by knowing what is most critical, then you just follow the logical steps and you will slowly have yourself a working business.

today I hired somebody to help me with my social media.

I'm still trying to make that first sale

What is more important, making the first sale or having help with social media? Do you NEED to spend your money on social media to make your first sale or could this money be saved until you have made some sales and can focus on growth when you have income rolling in from sales? Prioritize the MOST IMPORTANT next step.

Good luck!

 

[Oilman]

This seems to be a far-off goal. Can you find a more short-term, valued-added goal?

I'm in the inventing and licensing of products "space." Sure, my goal is to make $xxx,xxx,xxx someday, but that doesn't guide me very well. For me, my next goal is to have my final prototype in my hands by early October. That gives me pretty clear action steps. For instance, I need to work one-on-one with my design/prototype guy to get the details right. I need to keep up with emails and meetings to make sure he is able to continue working so I don't hold him up. When that goal is reached, my next two goals are clear. Write and record a 60-second marketing video and file my PPA.

The difference between, I want to make $50,000/month and the goals I stated above is that $50,000/month is a BUNCH of steps between where you are and where you need to go. The goals stated above are not only obtainable but clear and require very specific steps to move forward.

Can you list off one or two short-term goals that are the critical next steps to move your product forward?

If you can clearly see the path forward, by knowing what is most critical, then you just follow the logical steps and you will slowly have yourself a working business.


What is more important, making the first sale or having help with social media? Do you NEED to spend your money on social media to make your first sale or could this money be saved until you have made some sales and can focus on growth when you have income rolling in from sales? Prioritize the MOST IMPORTANT next step.

Good luck!

There was a thread here where mindset is important. Yes, to your point it is far off. But I don't want to rule it out.

A more appropriate short term goal is $1000 per month.

Also I don't know where to put it but I spent the past 2 hours job searching. Hit about 10 apps so far. My overall plan is to have a part time job temporarily while the other businesses pick up.

 

[Oilman]

What is more important, making the first sale or having help with social media? Do you NEED to spend your money on social media to make your first sale or could this money be saved until you have made some sales and can focus on growth when you have income rolling in from sales? Prioritize the MOST IMPORTANT next step.

To answer your question, I do need to develop my social media for this particular brand. I ideally want to create a contest so people will visit my social media and consequently visit my store.

Perry Marshall's 80/20 book is a great book to focus on income producing actions and to your point spending 2 weeks on a logo design is a waste of time.

 

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[Mikkel]

A more appropriate short term goal is $1000 per month.

Try to think of short-term goals that are not money-related. Money goals are good to help ensure you are pointed in the right direction.

Example: I want to make $50,000/month in 5 years. That automatically crosses out multiple activities including(9-5 jobs, affiliate marketing, retail arbitrage, etc.) So your money goals help point you in the right direction. You could make $50,000/month selling a product or doing real estate investments.

The above can be said about $1,000/month. Even though $1,000 a month can be made at a fast food restaurant working a minimum wage job.

The goal I am inferring is one that gives you a crystal clear action that needs to be taken.

So your goal is to make $1,000/month with this business. What steps might be involved with this?

1. Learn how to build websites
2. Build a starter portfolio
3. Find your niche market
4. Get one customer
5. Get 5 customers

That might get you $1,000/month. Maybe it will get you more. I have no idea. I don't do web dev.

The point is, to get to $1,000/month there are multiple steps. Pick the next logical step, and make that your goal. Even if that goal can be done by the end of the day. Make goals that are critical and obtainable so you are constantly making progress, even if that progress is small.

If you already know how to build a website, you have a portfolio, and you know your niche market. Then your goal might be to get one customer to pay you. So what are the most critical steps needed to make your first sale as quickly as possible with the resources(money) you have?

To answer your question, I do need to develop my social media for this particular brand. I ideally want to create a contest so people will visit my social media and consequently visit my store.

I am not clear on your business exactly, so take what I say with a grain of salt.

Do you need a brand right this moment when you don't even have your first sale? Do you need a brand to make your first sale or land your first client? What would take a shorter amount of time, advertising/cold calling/cold emailing/etc to land your first sale or to build out a social media page and build a brand so you build a contest to get your first sale?

What if no one cares about your contest? What if your branding doesn't bring in sales right away? Is building a brand before you have sales the most important NEXT step?

 

[Oilman]

Try to think of short-term goals that are not money-related. Money goals are good to help ensure you are pointed in the right direction.

Example: I want to make $50,000/month in 5 years. That automatically crosses out multiple activities including(9-5 jobs, affiliate marketing, retail arbitrage, etc.) So your money goals help point you in the right direction. You could make $50,000/month selling a product or doing real estate investments.

The above can be said about $1,000/month. Even though $1,000 a month can be made at a fast food restaurant working a minimum wage job.

The goal I am inferring is one that gives you a crystal clear action that needs to be taken.

So your goal is to make $1,000/month with this business. What steps might be involved with this?

1. Learn how to build websites
2. Build a starter portfolio
3. Find your niche market
4. Get one customer
5. Get 5 customers

That might get you $1,000/month. Maybe it will get you more. I have no idea. I don't do web dev.

The point is, to get to $1,000/month there are multiple steps. Pick the next logical step, and make that your goal. Even if that goal can be done by the end of the day. Make goals that are critical and obtainable so you are constantly making progress, even if that progress is small.

If you already know how to build a website, you have a portfolio, and you know your niche market. Then your goal might be to get one customer to pay you. So what are the most critical steps needed to make your first sale as quickly as possible with the resources(money) you have?


I am not clear on your business exactly, so take what I say with a grain of salt.

Do you need a brand right this moment when you don't even have your first sale? Do you need a brand to make your first sale or land your first client? What would take a shorter amount of time, advertising/cold calling/cold emailing/etc to land your first sale or to build out a social media page and build a brand so you build a contest to get your first sale?

What if no one cares about your contest? What if your branding doesn't bring in sales right away? Is building a brand before you have sales the most important NEXT step?

With this secret project in mind, I'm following a guideline someone I respect proposed to me. It's in a saturated market and the person was honest about how most of the expenses will be in marketing it. So that's why I'm developing my social media.

I'm typing this out to state I'll be in the project until end of next year. The products I sell are high margins but to your point there's complications to all this, you're right there's a chance nobody could care. Maybe it's because it's a saturated market.

This is also why I have the web design project as a backup. I don't know what will make me money. All I can do is post here, see other people's POV and make the best decision I can. I don't know everything.