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Turning side projects into real businesses - eCommerce Journey

A detailed account of a Fastlane process...

PhoenixRising

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What up all. Journal time - they keep me accountable to myself with the added social pressure of knowing people are reading it.

Quick background: when I turned 18 (8 years ago), I started playing online poker with a $100 deposit. I made enough to pay for 4 years of college at a UC school, and coached and invested in players. I quit poker in April 2010 after winning the 3rd tournament I'd ever played (mostly played cash games).

In 2010 I floundered a bit, chasing interests with full passion for about a month or so. I drew, surfed, drummed, etc. No real business aspirations per se.

In 2011 I began designing websites with WordPress, but soon got sick of it due to the tedium and fact that it was not a recurring revenue business. I learned how to market sites via SEO by building a couple of my own affiliate sites.

In 2012 I got more serious about the marketing consulting, and picked up a small but stable client roster. I started to learn about outsourcing, systemizing, and growth, but not enough to really see the business explode. I made money in 2012, but not much...not more than I would have made at a normal job in the field I graduated in (accounting). I also started working with a friend on his SaaS company that was already generating decent revenue and we were able to increase revenue for a bit before the entire business model started to become outdated.

In 2012 I also experimented with an offline business - growing and selling microgreens to restaurants. This was my first taste of cold selling, as well as physical products. I walked down the richest street in my city and tried to sell to restaurants...and landed the best one on the street. I produced microgreens for them for 6 months before they cancelled due to seasonality. In retrospect, the only thing that hampered me from growing this business was my own limiting beliefs, and the split focus as I was still doing marketing consulting.

In 2013 I continued working with the software startup, and then launched a small test business doing website audits that ended up getting traction. We took about 20 orders or so, with the final two being larger corporate audits that paid decently - but we were always doing all of the work.

Right now, this is what I have:
  1. Dwindling marketing consulting business as I become less and less interested in doing this type of work. I'd rather do it for my own business, or turn the consulting into an agency, which could actually be a Fastlane strategy.
  2. 3 content websites that generate around $2,500/mo in income. I only own one of them outright, and the other two are joint ventures.
I am realizing that I either need to start offering more products on the content sites or increase traffic by a ton if those are ever going to be quality earners. Only one of the sites offers product, and they are T-shirts that are made and fulfilled by a site LIKE Teespring.

This year, I'm cutting down the amount of things I focus on and would like to make eCommerce happen. I've already picked out a niche, researched it and think that I can outperform the current players in nearly every regard, and have an expertise in the niche already.

This will be my progress journal. Thanks for reading!
 
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PhoenixRising

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Update: Got the store set up, populating blog with pre-written content that I worked on a few weeks ago.

Going to get some product images up as well as pricing + shipping despite having no inventory, then goal is to buy FB ads to test conversions right out of the gate. Will also post to CL in a few cities.

Entire goal of the day for this is to get something semi-presentable up and see if we can get some conversions. I'll just email them and say it's on backorder, or round up the supplies locally.

I know there is demand as there are successful shops in this niche, but this still seems like the best first step before buying a bunch of inventory...any thoughts?
 

PhoenixRising

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Update: blog is up and running with some awesome 1-2k+ word posts on the basics of the niche, with high quality pictures and links to all products (that we currently have 0 inventory for, but people can technically order).

Also got all social media profiles up with consistent branding, and the project organized in Trello with the person I'm working on it with.

Next steps: start generating some traffic the way that I know best -> inbound marketing!
 

monsterkill

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Why did you quit poker completely having such skill? Seems like a good way to make some additional money for investments if you're that good. Would you recommend a newbie to earn initial capital that way as you did? Good luck with your project!
 
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Bill Lee

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Insightful log, will def be following. I don't suppose you can link us to one of your content websites as an example?
 

mikey3times

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I am realizing that I either need to start offering more products on the content sites or increase traffic by a ton if those are ever going to be quality earners. Only one of the sites offers product, and they are T-shirts that are made and fulfilled by a site LIKE Teespring.

I am in the exact same position as you. Looking forward to your process and progress.
 

PhoenixRising

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Why did you quit poker completely having such skill? Seems like a good way to make some additional money for investments if you're that good. Would you recommend a newbie to earn initial capital that way as you did? Good luck with your project!

Poker was becoming more and more difficult, and I wasn't diversifying the type of skills I was learning - so if I'd kept playing for 5 years, I'd have very little marketable talents unless I wanted to get into something like financial (I didn't).
 
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PhoenixRising

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Update 1/8/2014: Meeting with a friend who's created product + run successful ecomm store for a few years now at 5pm-8pm for a work session brain dump. Until then, client work, a coaching call, and strength training.
 
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PhoenixRising

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Update Late 1/8/2014: Meeting went well, chatted about funnels and next steps. Friend works for a guy doing 7 figure revenue online via a bunch of different methods, so lots of insight there.

Next steps: polish descriptions, photos, and pricing and then buy FB ads to the store to see if I can get some conversions going. If I get some, invest in inventory and get this baby going.
 

PhoenixRising

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Update 1/10/2014: I was sick yesterday (and am still today) so all I got done was writing out detailed product descriptions (for the nonexistent products) and interlinking them to any related products in the copy. The related products widget will do that as well, but why not give them more opportunities rather than less to buy?

Polishing up the look and copy of the store, then it's on to buying FB ads.

Anyone know of a better way to test the conversions of the store than FB?
 

PhoenixRising

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Update 1/13/14: Product photos of stuff that's almost exactly what I'll be selling are being taken as we speak. Our own photos with a whitebox for max producty goodness. Blog is looking quality, we have an introduction to the niche up in a series of posts, all interlinked and linking to and from the store as well (specific items as well as general store links).

Once we have the product photos up, I'll run some FB traffic to it by advertising to a pretty wide demographic, targeted by tight interests.
 
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PhoenixRising

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Another update: What I'm doing instead of running FB straight to product pages is this:

Targeted demographic FB ads (couple variations) running to a squeeze page that looks awesome and pre-sells the products, of which they can click through to 3 diff categories. If they bounce off the page, we pop up and collect email for a free eBook, so even when we don't convert a sale, we capture a lead regardless.
 

PhoenixRising

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Update 1/18/14: Finished up the pre-sale product video (looks awesome), finished up product photos that look amazing. Building a white-box at home for photographs is the way to go - look as good as anything I've ever seen and it costs nearly nothing.

I've got a LeadPages page set up that's got the video, two pricing options for the kits we're selling, and some copy. When they click add to cart it will take them to the actual product page to add. If we make a sale, I'll personally email them and tell them that we're out of stock right now but will email them as soon as we have the kits back in.

The only step left is to figure out a rough estimate of how much each component of the kit costs at different levels of order quantity, so we can figure out margins to some degree. This I've been putting off because I'm the least familiar with it, but that is not a good excuse for inaction so I'm going to figure this out over the weekend and drive traffic Monday.

The "funnel" that we have right now is this:


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lolo08

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Hi,
good luck to you and thanks for sharing your strategy. Could you tell me why do you decided to make a webstore instead of software or a "other" business? And what Shopsoftware do you use?
 
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Blue Lion

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Great thread. Good luck!

Looking forward to hearing an update soon.
 

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