Internet Business Datasheet:
Quote: (06-27-2015 01:40 PM)browser Wrote:
Can we hear more about how you made stable online businesses in 4 months? What industry and sort of work did you get into? Roughly how much are you reeling in as well?
Thank you!
Okay so a bit about my background. I don't have any coding skills, so creating my own revolutionary product was out of the question. However, I did know how to make wordpress websites that had ecommerce functionality. So I could easy set up a website in 4 hours that would allow me to accept payments via paypal.
I learned wordpress in about a day. After about a week of playing around it became VERY easy to make basic wordpress websites. Hop on youtube and there are thousands of tutorials. You can buy pre-made themes from themeforest.net or if you want to really scrape by you could torrent them. Although I wouldn't recommend it as some nulled themes can contain viruses.
Okay, so now that I had the basic website skill covered the next thing I needed to figure out was what I was going to sell.
Without giving away my niche or idea… What I did, was take the SAAS (software as a service) business model and created an offline monthly subscription product. I heavily researched all the software that people use across different industries and determined the best one that I could offer as a monthly service to clients. As an example; the types of softwares could be anything from Auto-Cad to photoshop to social media content management to website copywriting to running online ads as a service.
Okay great, now you have your monthly service you can offer customers. Come up with three tiered packages on your website for the customer to choose from.
I figured out that the initial service I launched wasn’t so great, so I workshopped the service to come up with something that would be more valuable to the customer. Essentially, I learned that the more work and stress you can take off of the customer the more they will pay you.
In terms of money, the first two months I started I was probably only making $1,000 - $2,000. Once I refined my product offering and made it monthly subscription based it became easier and easier to make more money as the months went on given the accumulation of recurring customers. Within 3 months I was up to $10k. By the 4th I had a shitload of customer referrals and business went up to $20k. Right now I have been fluctuating between $25-$30k in monthly revenue. Expenses are around $1k-$2k/month. Although that will be increasing as I am outsourcing more and more things. But that’s the beauty of doing business online - low overhead, high return.
Quote: (06-29-2015 09:55 PM)samsamsam Wrote:
Something easy that makes money. Sorry, I bet that is unrealistic.
Not as unrealistic as you might think. If you try and do every part of any business yourself you will always have a hard time running a business. But if you take the steps to outsource parts of your business (i.e. marketing, customer service, etc...) then your "something easy" becomes very realistic. But once you find something that works, if you are a motivated individual you will just want to keep finding more things that work which will make you work harder. So for people that really want to succeed and continue to build on their success, I think the 4 hour work week is a little bit of a fallacy.
Quote: (06-29-2015 10:25 PM)CleanSlate Wrote:
How did you bring an idea to market, from inception to the very first sale?
Kind of touched on that process above.
Quote: (06-29-2015 10:25 PM)CleanSlate Wrote:
How you market yourself?
Ah, now this is the most important part. Most people create a website or service but then have no idea how to promote themselves. It can be a little tricky if you have a small budget too. But there are various cost effective ways to drive traffic. This was the part that probably took me 5-6 months behind the scenes to learn. But once you learn how to effectively drive traffic then you can easily make money.
Long story short, I used various softwares to drive traffic to my sites initially. Now I have created custom marketing softwares that are more advanced and tailored to my needs. Not going to post them publicly but if you wanna send me a PM I can point you in the right direction.
Quote: (06-29-2015 10:25 PM)CleanSlate Wrote:
Did you build lists of people to call or email?
Yes, email lists are so crucial. I never went into phone sales but I have read stories of people who have created million dollar businesses just through phone sales.
Quote: (06-29-2015 10:25 PM)CleanSlate Wrote:
What kind of online presence you have
Wordpress website and a presence on every social media platform.
Quote: (06-29-2015 10:25 PM)CleanSlate Wrote:
How you scaled your business
Outsourcing certain tasks like customer service and some marketing that was consuming a lot of my time.
Quote: (06-29-2015 10:25 PM)CleanSlate Wrote:
How you manage the technical stuff like taxes, accounting, finances, contracts, and any legal stuff.
I have an accountant but I also track my own records in excel as I have a business background. I have a buddy who is a lawyer but haven’t needed any of his services yet.
Quote: (06-29-2015 10:29 PM)Brodiaga Wrote:
^A couple more questions
-How many things/ideas have you tried before something worked out?
I mentioned before I started with one idea and then refined it into a monthly service. So I would say 1.
Quote: (06-29-2015 10:29 PM)Brodiaga Wrote:
-Are you going to a new business in the future or just continue doing what you are doing?
I have actually been investing a shitload of money into building new online businesses. I have three other (more advanced platforms) that should be launching in the next half year). I think the most important part is to build on your initial successes. I have no idea how much longer this current site will be fruitful so I am always eager to diversify.
Quote: (06-29-2015 10:29 PM)Brodiaga Wrote:
-The biggest challenges, what would you have done differently?
As I mentioned before, I had very limited technical knowledge when it comes to web development. As a result I got scammed by this so called “web development” company for all of my savings, which really hurt me. It was a tough lesson but a necessary one. So if I could go back I would have spent more time researching and not rushing into business with the first person to come up with a pitch. I also would have spent more time trying to curate a team of skilled and reliable freelancers. Now I have a great team of front-end and back-end developers and things are going very smoothly.
Another thing I would go back to do more of was browsing internet marketing and entrepreneurship forums on a daily basis. Tons of gold nuggets in these forms but there are also a lot of scams so you need to be careful. If you PM me I can send you links to some forums.
Disclaimer:
This is just my first foray into the online business world. So by no means am I any guru with a proven track record of dozens of successful companies. So take what I write with a grain of salt and ultimately use your own judgement. Hope this info helps/motivates some people.