One Doctor's Journey

[Iwokeup]

So as I alluded to in my introduction thread, I'm making the transition from SL with high intrinsic value (Physician) but no control to the FL. I have read quite a few of these progress threads and they are often full of good advice.

I am strongly considering a SaaS solution approach a la' Dane Maxwell versus some sort of distribution model.

I'm planning on using this as an external journal which might (if I am so lucky) garner some external murder-board type of feedback.

Bottom line, please feel free to ignore this but I would welcome any advice or commentary, negative OR positive.

=)

=============

[5.10-5.28]

[x] Decided that I need to get out of the SL
[x] Read TMFL with notes and highlights.
[x] Came up with about 10 potential ideas for FL pathways, some easier to execute than others. Easier ones look to make less per month and less overall potential.
[x] Discussed with The Wife the feeling that we need to get out of the SL. (She is now onboard!)
[x] Read through my employment contract and agreements to ensure that I wouldn't be violating NDA/Non-compete clauses (none found).

[x] Decided that I would like to launch in 8 weeks with "easy project," or 6 months with more ambitious one.
[x] Start reading Scientific Advertising

*** Realized that, as @IceCreamKid says, it's about Loving Others and Helping Them with Their Problems (paraphrase) first, money later.

[5.29 - Friday, 6.3]

[ ] Meet with friends in target industries for lunch, idea extraction, pain point identification.
[ ] Are there actionable targets there?
[ ] If so, could I pre-sell target solution in order to finance the initial development?
[ ] Watch an episode of "Shark Tank" for ideas, understanding, motivation.
[ ] Re-read TMFL in order to reinforce fundamental principles.
[x] Arrange and [ ] Attend meeting with Tax advisor in order to set up LLC vs. S-Corp.
[ ] Decide on a company name
[ ] Finish Scientific Advertising
[ ] Have a plan: 8 week launch versus 6 month, & what financial resources will be needed.

=================

Funny doctor story: Pt comes in complaining of an infection "on (her) stomach." Says that it's been there for a couple of days. She is VERY LARGE (think small moon of Jupiter large) and points to regions below. Oh, and by the way she's about 2 weeks pregnant but has yet to see her OB. So I go to examine her and I have to have two nurses in the room to help lift this woman's HUGE pannus. It turns out that the underside of the pannus is extremely red, swollen, and clearly infected. The kicker is that the underside has several (about 5-) wooden splinters which seem to be the infection sources. I asked her how they got there...


Well, her husband's friends had used a piece of wood to lift up the pannus so that her husband could "do her right" and get her pregnant.

Yeah, that actually happened.

 

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[Bigguns50]

Oh shit ! Funny story. My Wife and I enjoyed it !

Good post. In sure you will get a lot of advice here..
One piece.... Don't over analyze... Action will teach you plenty and your plans will change along the way....its all good.

Keep us posted.

 

[Iwokeup]

Oh shit ! Funny story. My Wife and I enjoyed it !

Good post. In sure you will get a lot of advice here..
One piece.... Don't over analyze... Action will teach you plenty and your plans will change along the way....its all good.

Keep us posted.

Thanks man. I will. Glad y'all enjoyed the story.

 

[YHadari]

I'll be sure to follow, as a fellow dentist trying to escape the high intrinsic value slow lane as well

 

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[Iwokeup]

Met with a friend in a target industry and think that I have an actionable pain point with an easy SaaS solution!

 

[Iwokeup]

Further refined my idea with friend in the target industry. Realized that there is a big, well financed competitor in my market. Was discouraged. Then realized that they don't OWN the market nor do they do what I would do. Hmm..

Gotta do what @zen******* sez and get the idea out to my other, non-friend potential customers and see if my idea would even fly first.

Have submitted a proposal on elance and starting to get replies.

Gotta go work for the Man this week but planning on market testing when I return to see if this idea is worth pursuing.

Reallllly digging those old threads by @IceCreamKid, @zen*******, @JasonR, and @JackEdwards.

==========
[5.29 - Friday, 6.3]

[x] Meet with friends in target industries for lunch, idea extraction, pain point identification.
[x] Are there actionable targets there?
[ ] If so, could I pre-sell target solution in order to finance the initial development?
[x] Watch an episode of "Shark Tank" for ideas, understanding, motivation.
[x] Re-read TMFL in order to reinforce fundamental principles.
[x] Arrange and [ ] Attend meeting with Tax advisor in order to set up LLC vs. S-Corp.
[ ] Decide on a company name
[x] Finish Scientific Advertising
[ ] Have a plan: 8 week launch versus 6 month, & what financial resources will be needed.
[ ] Work for The Man to make living + seed money

 

[Iwokeup]

I'm getting lots of good proposals via Elance and now the problem is figuring out how to properly evaluate the offers. Will have to read a bit tonight to try and figure out what I'm gonna need. SaaS experts?

Worked for the Man in my physician capacity last night and damn if the @IceCreamKid attitude didn't bleed into the work. My patients and nurses could see it too.

Has this forum been worth it to this point? Hell yeah.

 

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[Iwokeup]

Back from working for the Man. Back to business

==========
[6.9 - 6.15]

[ ] IE conversation with physician in my target industry today.
[ ] Read Gary Halbert's "Boron Letters" (ongoing)
[ ] Decide on contractor for SaaS project
[X] Listen to @healthstatus's podcast on choosing the right contractor from Elance.
[X] Download MJ's "Saizen" worksheet and get going!
[ ] Obtain email/phone list for other physicians in the area for IE/Pre-selling.
[ ] Continue validation of idea. Goal to be completed in the next 10 days.


Previous:

[x] Meet with friends in target industries for lunch, idea extraction, pain point identification.
[x] Are there actionable targets there?
[ ] If so, could I pre-sell target solution in order to finance the initial development?
[x] Watch an episode of "Shark Tank" for ideas, understanding, motivation.
[x] Re-read TMFL in order to reinforce fundamental principles.
[x] Arrange and [ ] Attend meeting with Tax advisor in order to set up LLC vs. S-Corp.
[ ] Decide on a company name (not as important at this time)
[x] Finish Scientific Advertising
[X] Work for The Man to make living + seed money

 

[mikekob]

Interesting. I'd be interested in knowing more about the SaaS you've come up with. I'm oddly enough also in the medical field(Paramedic) trying to get out into the fast lane. For me the solution was just that. Looking around my industry that I am very very well educated and experienced with and finding the problem then thinking out the solution has been a blast. Mostly to think one day fairly soon I could be making a living and not be on an ambulance. I also am using a SaaS to get me in the lane of choice

 

[Iwokeup]

Interesting. I'd be interested in knowing more about the SaaS you've come up with. I'm oddly enough also in the medical field(Paramedic) trying to get out into the fast lane. For me the solution was just that. Looking around my industry that I am very very well educated and experienced with and finding the problem then thinking out the solution has been a blast. Mostly to think one day fairly soon I could be making a living and not be on an ambulance. I also am using a SaaS to get me in the lane of choice

As soon as I get further along I won't mind sharing.

Good on you for getting out. It's always seemed to me that EMS and Emergency Medicine are some of the highest stress healthcare areas around...

 

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[mikekob]

It's definitely it's own animal that's for sure. I've been in for 12 years in Denver and that's plenty for me.

Will you be staying in your current area of expertice?

 

[Iwokeup]

It's definitely it's own animal that's for sure. I've been in for 12 years in Denver and that's plenty for me.

Will you be staying in your current area of expertice?

Depends. Probably not full time but I might continue to work prn in the area. It's an interesting field.

 

[Iwokeup]

Back from working for the Man. Back to business

==========
[6.9 - 6.15]

[X] IE conversation with physician in my target industry today.
[ ] * Work on phone sales pitching skills
[ ] Read Gary Halbert's "Boron Letters" (ongoing)
[ ] Decide on contractor for SaaS project
[X] Listen to @healthstatus's podcast on choosing the right contractor from Elance.
[X] Download MJ's "Saizen" worksheet and get going!
[ ] Obtain email/phone list for other physicians in the area for IE/Pre-selling.
[ ] Continue validation of idea. Goal to be completed in the next 10 days.


Previous:

[x] Meet with friends in target industries for lunch, idea extraction, pain point identification.
[x] Are there actionable targets there?
[ ] If so, could I pre-sell target solution in order to finance the initial development?
[x] Watch an episode of "Shark Tank" for ideas, understanding, motivation.
[x] Re-read TMFL in order to reinforce fundamental principles.
[x] Arrange and [ ] Attend meeting with Tax advisor in order to set up LLC vs. S-Corp.
[ ] Decide on a company name (not as important at this time)
[x] Finish Scientific Advertising
[X] Work for The Man to make living + seed money

* Had a GREAT call with the physician (long time friend who knows me well enough to call out BS/problems) who not only validated my additional idea but independently suggested features which I was already contemplating as being part of the add on!

Can it get better? You bet. (Read on)

* She also suggested widening the net to include other physician types.
* Promised introductions and a list of other prospects (pediatrics, family medicine, optometry, ophthalmology, etc)!
* AND her husband (also a close, longtime friend) works in the Healthcare IT world and has the EXACT (or nearly so) expertise relevant to my project. She suggested we go out for beer this week.

Whoo!! *fistpump*

Now, need to work on cold calling/phone sales skills.

 

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[mikekob]

One small tidbit I took from your phone call was the addition of features. As someone who I can only imagine is in a same sort of boat I would recommend doing the exact opposite. I agree it's good to have the features lined up and an idea of how to improve and build upon but focus on your foundation. I scaled down an entire monster product that many people offer to a small very tiny feature that no one else does. Then grow upon that.

It'll help you get to a prototype faster, get to testing, and ultimately gets money in your pocket the fastest. Focus on the MVP and go from there. Features are great but having a very well thought out and even better execution of the initial product to get started is priceless.

 

[Iwokeup]

One small tidbit I took from your phone call was the addition of features. As someone who I can only imagine is in a same sort of boat I would recommend doing the exact opposite. I agree it's good to have the features lined up and an idea of how to improve and build upon but focus on your foundation. I scaled down an entire monster product that many people offer to a small very tiny feature that no one else does. Then grow upon that.

It'll help you get to a prototype faster, get to testing, and ultimately gets money in your pocket the fastest. Focus on the MVP and go from there. Features are great but having a very well thought out and even better execution of the initial product to get started is priceless.

Thanks. Reallllly great point.

Though could you say, and if you sign up now then you will get a discount on this upgrade feature down the road? Because the add on feature could be an awesome selling point

 

[Iwokeup]

Tonight's lesson?

Get over your fears of the damned phone!

Raaawwwrr!!!!!

*karate moves*

.
.
.
.
.

So I called the husband of an old friend (himself an old friend)...Needless to say, I was nervous to call him. Who am I when it comes to Business?

But as @zen******* and others say, pick up the damn phone and get to work.

Anyway, the husband/friend happens to be at loose ends these days with the EXACT set of tech credentials and experience needed to take this project to the next level. It's someone I trust and admire so there may be a great potential partnership.

Which is great because, following the @zen******* model, I'm willing to cede % to gain: capital (equal to mine), expertise, and the contacts in the tech fields necessary to really put the pedal to the metal. Aaaand, the guy is a friend and if I can be successful and help someone else achieve their dreams then I'd be really happy.

Feeling very motivated now.

 

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[PeeVee]

Good stuff. I like

I will be following your progress. Keep at it

 

[mikekob]

That's a great idea. We're offering a very similar feature that is non-existent and have put a ton of time and effort into it. Later on we'll offer another product that "butts up" against our product now and add some features. I think the key to this approach is to give them something cheap and easy to implement that also brings value, and then start adding extra full price features once they get hooked.

Sorta like "first time's free" then they're hooked.

 

[Iwokeup]

That's a great idea. We're offering a very similar feature that is non-existent and have put a ton of time and effort into it. Later on we'll offer another product that "butts up" against our product now and add some features. I think the key to this approach is to give them something cheap and easy to implement that also brings value, and then start adding extra full price features once they get hooked.

Sorta like "first time's free" then they're hooked.

LOL. Good advice again. Thanks!

 

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[Iwokeup]

Had an outstanding meeting with future business partner. Now more focused, have the outline of a business plan with action items, dates, and plan. Looking at product launch in less than six months, and we believe that we have our USP, goals for sales, and technical requirements.

Win or fail, I am totally excited about giving it a shot with my friend of ten years.

 

[Iwokeup]

Another meeting Monday to refine our plans. Time to pick up the Damn phone and call next week for validation. Big players in this space but still lots of room to maneuver.

*deep breath *

 

[Iwokeup]

Okay, so yesterday was an emotional roller coaster for a lot of reasons. I honestly felt like I was at the base of Mount Motherf*cker @ Camp Pendleton again saying, "You want me to climb that?! With ALL my gear?!"

Mostly because:

* my partner and I have identified some pretty significant technical challenges ahead (though not insurmountable)
* Refining our market intelligence has proven to be more challenging than I initially assumed
** difficult (though not impossible) to get a hold of the decision makers in our target industry
** Found another major competitor in our field that seems to be well ahead of us.

This definitely lead to a "What the hell are WE doing then?" moment for me. Made me wonder whether this product/need was a REAL need as opposed to just wishful thinking...==> Small bout of depression ==> Consideration of "what else can we do?" ==> Then realized that we can be "Best in Breed" and execute better than everyone else, just like Google did, just like Facebook did, just like Apple did, etc. Now recommitted to doing what needs to be done.

Jesus, it's true what everyone has been saying. This whole process isn't easy and despite the idea that I'd gotten from the Dane Maxwell stuff that it was all easy street. The past week has definitely been a wake up call, a painful one. I guess I didn't know what my underlying expectations were until they got trounced on by reality. On the other hand, I've never been one to give up (heh) and I have finally figured out the game plan going forward. It helped that I listened to the early (only?) @MJ DeMarco podcast on Pat Flynn's Smart Passive Income Blog last night while on the Colic Walk with the newborn. Again, I was reminded that if it were easy then everyone would do it.

Moving forward, I did download Balsamiq and started doing the wireframe layout and logic tree design. I'm also learning everything I can about how different software packages talk to each other. Anyone have a link or a hint towards a good primer? I don't need to be a coding expert but it looks like I am going to need to understand thoroughly how the architecture works.

Also I did make a bunch of calls yesterday and plan more today. The Wife is being incredibly supportive too, which is amazing.

[6.16-6.22]

[ ] Continue validation of idea (talk to 100 decision makers in my industry). Goal to be completed in the next 7 days
[ ] If so, could I pre-sell target solution in order to finance the initial development?
[ ] Complete some sort of primer on software architecture, etc so that I know what I'm talking about with devs.
[ ] Update software requirements and resubmit a proposal.
[ ] Finish logic tree and data/workflow wireframe for proposal
[ ] Set up business structure (S corp v. LLC) so that we can start noting expenses for tax time.
[ ] Decide on a company name

Previous:

[X] IE conversation with physician in my target industry today.
[X] Read Gary Halbert's "Boron Letters" (ongoing)
[X] Listen to @healthstatus's podcast on choosing the right contractor from Elance.
[X] Download MJ's "Saizen" worksheet and get going!
[X] Obtain email/phone list for other physicians in the area for IE/Pre-selling.
[x] Meet with friends in target industries for lunch, idea extraction, pain point identification.
[x] Are there actionable targets there?
[x] Watch an episode of "Shark Tank" for ideas, understanding, motivation.
[x] Re-read TMFL in order to reinforce fundamental principles.
[x] Arrange and [ ] Attend meeting with Tax advisor in order to set up LLC vs. S-Corp.
[x] Finish Scientific Advertising
[X] Work for The Man to make living + seed money

 

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[CarrieW]

Just because someone is in a more advanced place than where you are now doesn't mean you cant surpass them

especially if they have a working program you can get your hands on and critique. it may save you many many steps in your process.

you may be able to outsource some of the things you are having a hard time with. (have someone make phone calls with a pre made survey or gathering and analyzing the data and giving you a summary etc...

here are some resources that may help with finding the right people in the industries you need...

https://www.linkedin.com/
http://www.hoovers.com/

also obvious places like elance.com and odesk.com have freelancers to do just about everything imaginable (not just technical things)

Good luck!

 

[SarahSH]

It is great to see your progress on this! Keep it up...I can definitely relate to those bouts of Entrepreneurial depression...just keep plugging away and K some A. I think that your detailed checklist approach is key to keeping yourself on track, esp with the brain fog that comes with having a colicky newborn in the house....I have experienced some of this myself.

 

[Iwokeup]

So my nightly "Colic Walks" are turning out to be pretty useful as far as thinking about entrepeneurship. I almost literally had a lightbulb moment when I realized that my major competition is really another sort of entity entirely. Makes the market look completely different and opens up a lot of possibilities.

Thanks baby boy!...now go to sleep fortheloveofGod...

 

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[CarrieW]

you never know when inspiration will strike sometimes its from the least likely places.

hope he goes to sleep soon, sounds like you have some work to do tonight

 

[Iwokeup]

you never know when inspiration will strike sometimes its from the least likely places.

hope he goes to sleep soon, sounds like you have some work to do tonight

Don't you ever sleep? ;-)

But yes, he's asleep in the Baby Bjorn and I'm thinking about a whole new strategy.

 

[CarrieW]

Not much lol. Sleep dr first tomorrow lol. I get around 4hrs a night if im lucky. I tend to do my best thinking and work while the rest of the world sleeps its relaxing to me. I can actually concentrate without distractions.

Sent from my SCH-I200 using Tapatalk

 

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[throttleforward]

Don't you ever sleep? ;-)

But yes, he's asleep in the Baby Bjorn and I'm thinking about a whole new strategy.

Get a swing - saved my life! Went from hours of walking my baby to sleep to me actually getting sleep during those first few months.
http://www.amazon.com/dp/B00B9ZRYZY/?tag=tff-amazonparser-20

ps - as a former EMT, congrats on escaping the medical rat race!

 

[Iwokeup]

Finding that others in my field are more than happy to return my calls, even days later. Used Chet Holmes' techniques for gettting them on the phone and using his and Dane Maxwell's scripts to get them talking. They're also usually happy to give me their email addresses as well so I'm slowly building my list. Now considering whether building a landing page with an opt-in and funnel (get your free e-book!) would do more to help drive list generation and interest.

**** Need to think of a way of telling each one "thank you" (cheap but not cheap looking gift? Post card? Offer?) as as way of building "brand loyalty" hopefully turning them into disciples (later move).

So far there are at least two medium sized customers expressing significant interest plus I may have an "in" to a very large customer that would absolutely need our product. Finishing up calls today, will meet the goal, and hopefully by Monday morning the partner and I will know exactly what requirements are going to be necessary to get a v.1.0 product launched in 30 days, along with all necessary wire frames.

Once this is done, I have one week to Work for the Man so I'll mainly be unable to work on this directly...however, I'm going to try to see if I can make some unofficial sales calls to various potential customers whilst working.

[/] Continue validation of idea (talk to 100 decision makers in my industry). Goal to be completed in the next 7 days (today)
[X] If so, could I pre-sell target solution in order to finance the initial development? Absolutely yes
[ ] Complete some sort of primer on software architecture, etc so that I know what I'm talking about with devs.
[/] Update software requirements and resubmit a proposal. (Sunday - partner)
[/] Finish logic tree and data/workflow wireframe for proposal (Sunday - myself)
[ ] Set up business structure (S corp v. LLC) so that we can start noting expenses for tax time. (push)
[ ] Decide on a company name (push)