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I've started yesterday...
Background info: My ultimate goal is to gain total control of my life in 5 years, both money and time should be maximized by then. This is a pretty long journey so I set some milestones for myself. This thread would document my progress towards the first sub-goal: having 3000 in passive income monthly (profit, of course).
Some rules of my game:
- keep my job and perform excellently there as well
- spend enough time with my family
- don't create a job for myself but a business
So due to the the first two points, I have about 10-20 hours per week for the business. I'll get 6-8 hours during commuting (nice, empty trains, no change, undistrupted journey). The rest will be at nights after bedtime or in mornings when I get up eary (I prefer nights, that's my active period). Average 2 hours every day would add 14 hours weekly.
I have spent my last 4 years in employment, but before that I have gained experience in both online and offline businesses. I can write HTML, CSS, create graphics (Photoshop, inDesign, Illustrator), use wordpress and plugins, set up ecommerce, do marketig (SEO, PPC, PR, etc), launch products, create digital products and several other related tasks.
Started yesterday, here is the first part of my plan:
1. Sell infoproduct as soon as possible.
Last year I have created a few digital products for sale (was more like an experiment, not a business). These are not the typical ones that most of us thinks of, not an ebook, not a membership site or e-learning or courses. It's actually very simple and it is used widely. I'd rather not disclose as I would gain global competition immediately
These were sold on 2 sites only (not my website, not ebay/amazon). I have not done any advertising or promotions, just listed the products. Pricing is between $4-10. Product development took about 30 minutes each, and I have spent another 2 hours in creating my accounts to the sites, uploading, writing descriptions, etc.
I made the first sale in just 2-3 days, and even it was just 4.99, it felt incredible. I was literally sitting in a pub with my friends when I got the email, and I was thinking "Hey, that works! Someone just paid my beer!"
I made about £50/month without touching the products anymore. It lasted for 3 months then it decreased and I cancelled my accounts.
2. Sell those products again immediately. Will do it this weekend. I've done research and according to google trends, the relevant keywords have 3 peaks in a year. One peak is dec-jan.
I'll use the same logo.
3. Create more similar products by early november and list them on sites continuously. Create improved products to add more value without increasing the price significantly (better price/value for better conversion).
4. Look for more sales channels.
5. Promote - to maximize sales during nov-feb.
6. Use FB pages and twitter accounts to promote. It's been a while since I last marketed anything and I have no experience in the use of social media for this purpose. I'll use it to experiment and find the best ways. Later I'll try other new ways (uh, new for me), such as pinterest. I'll need them for my future business
6. Repeat 1-5. with other products to create a more evenly distributed stream of income in other months
7. Identify steps that can be outsourced.
8. Learn all about company legals and taxes in UK. Establish a company when income reaches 600£ in a FY.
9. ???
To maximize speed I wont read any books in the next 4 weeks but dedicate my time to learning the market again. I'll rather read tutorials and blogs that help directly.
Background info: My ultimate goal is to gain total control of my life in 5 years, both money and time should be maximized by then. This is a pretty long journey so I set some milestones for myself. This thread would document my progress towards the first sub-goal: having 3000 in passive income monthly (profit, of course).
Some rules of my game:
- keep my job and perform excellently there as well
- spend enough time with my family
- don't create a job for myself but a business
So due to the the first two points, I have about 10-20 hours per week for the business. I'll get 6-8 hours during commuting (nice, empty trains, no change, undistrupted journey). The rest will be at nights after bedtime or in mornings when I get up eary (I prefer nights, that's my active period). Average 2 hours every day would add 14 hours weekly.
I have spent my last 4 years in employment, but before that I have gained experience in both online and offline businesses. I can write HTML, CSS, create graphics (Photoshop, inDesign, Illustrator), use wordpress and plugins, set up ecommerce, do marketig (SEO, PPC, PR, etc), launch products, create digital products and several other related tasks.
Started yesterday, here is the first part of my plan:
1. Sell infoproduct as soon as possible.
Last year I have created a few digital products for sale (was more like an experiment, not a business). These are not the typical ones that most of us thinks of, not an ebook, not a membership site or e-learning or courses. It's actually very simple and it is used widely. I'd rather not disclose as I would gain global competition immediately
These were sold on 2 sites only (not my website, not ebay/amazon). I have not done any advertising or promotions, just listed the products. Pricing is between $4-10. Product development took about 30 minutes each, and I have spent another 2 hours in creating my accounts to the sites, uploading, writing descriptions, etc.
I made the first sale in just 2-3 days, and even it was just 4.99, it felt incredible. I was literally sitting in a pub with my friends when I got the email, and I was thinking "Hey, that works! Someone just paid my beer!"
I made about £50/month without touching the products anymore. It lasted for 3 months then it decreased and I cancelled my accounts.
2. Sell those products again immediately. Will do it this weekend. I've done research and according to google trends, the relevant keywords have 3 peaks in a year. One peak is dec-jan.
I'll use the same logo.
3. Create more similar products by early november and list them on sites continuously. Create improved products to add more value without increasing the price significantly (better price/value for better conversion).
4. Look for more sales channels.
5. Promote - to maximize sales during nov-feb.
6. Use FB pages and twitter accounts to promote. It's been a while since I last marketed anything and I have no experience in the use of social media for this purpose. I'll use it to experiment and find the best ways. Later I'll try other new ways (uh, new for me), such as pinterest. I'll need them for my future business
6. Repeat 1-5. with other products to create a more evenly distributed stream of income in other months
7. Identify steps that can be outsourced.
8. Learn all about company legals and taxes in UK. Establish a company when income reaches 600£ in a FY.
9. ???
To maximize speed I wont read any books in the next 4 weeks but dedicate my time to learning the market again. I'll rather read tutorials and blogs that help directly.
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