Hey InfoPreneurs,

Just wanted to give a quick update on the ventures I’ve started this week.  Remember my first posts about Building a Million Dollar Business (Million Dollar Part 1 and Million Dollar Part 2), well I want to give you some tips and keep you up to speed on what has been happening this week.

Venture 1…never really got off the ground.  The concept was conceived and written in my journal.  It was originally the concept that led to the Part 2 post.  It is a venture that I think could make about $10-$15,000 per month, for one niche per month, of net income.  There are virtually an unlimited number of these opportunities from what I can tell.

Venture 2…more or less has become my pet project, starting immediately.  I’ve been working hard core the past 2 days.  Why?  Well, I made one sale this week, and have another sale in the works.  This one sale should lead to approximately $350 of Profit.  Here is the really cool thing.  This one sale has the potential to lead to …who knows…50 or 100 sales.  My downfall though is not having an actual product ready to go that I can mass produce.  Dolt!  I guess I need to learn from my own courses, huh ?

Test Your Market First

Always test your market first.  You do not want to run high expenses developing something that nobody wants.  I’ve been there and done that.  Are your ebooks selling like hot cakes?  If not, maybe there isn’t a whole lot of demand.  Or, possibly the market is sooooo flooded with that information…it’s not a premium.

Raving Review

My first customer gave me a raving review.  His friend wants in also.  So, I did a quick test…received feedback, and the market desire seems to be high.

Bottlenecks – Don’t Allow Them to Be You

I quickly see that if I continue down this path after 2 sales….that I’m going to be a bottleneck.  In order to capitalize, I need to really systematize how this business is going to come together.  So, that is what I am pouring my heart and soul into at this moment.

Remember, this is ultimately about building cashflow streams that do not tie us down to a desk and imprison us.  When we are our own bosses…we can be NUTS sometimes, right ?  :)   I’m a lunatic to work for.

After this small market test, my mind has begun to just stream with possibilities….and the possibilities are BIG.  I won’t go into too many details here…cause you never know…maybe the entire venture will flop and I’ll be left looking like a dufus.

I am going to revise my 60 day goal I made in the Part 2 post.

On the low side….I’m shooting for $15,000 of Net Profit.  So, I have 57 days to get cracking.  :)   Should be Interesting.

On the high side…and this is going for the stars….I know…$30,000 Net Profit.

Who knows….I may not even hit $5,000, but it helps to set better goals, and readjust them, after you have a chance to test your market.

BottomLine

Test your market first (maybe it’s a free ebook offering, maybe you hold a webinar …it’s up to you).  Once you test the market…Put it on HOLD.  That is the phase I am right now.  I’m not going to take any more orders for 1 or 2 weeks.  Once you’ve tested and had good results…THEN build a product… whether it is an information product, or a service, or a physical product to deliver to your hungry market.

I am building my backend system up using Nanacast and a WordPress site.  I’m going to finish the ordering process for it today and tomorrow….work on video stuff, and then get them transcribed and edited….and then who knows….possibly going to check into getting a VA through Chris at Virtual Business Lifestyle.

Anyway.  Think Big.  Think Cashflow.

Who knows…maybe it will only make $10K per month (that would be way coooool with me)…Remember from our example in Part 2….that $7K per month of passive income actually gives you a full fledged business worth $1MM.  Try to start thinking in terms of cashflow for your businesses.  A business that has the potential to be sold.

Making $7,000 per month (is worth $1,050,000 at 8% return on invest) sounds, and IS a lot easier….than going out and trying to sell a $29 ebook and make $1MM in cold hard cash, right ?  Now, if you were able to produce a system that sold your $29 ebooks, day in and day out, and make $7,000 per month in net cashflow….then you technically have a Million Dollar Business that can be sold.  Make sense?

Meet You at The Top

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Filed under: Information Business • Motivation

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