Journal 19 – I’ll Only Kiss My Sweetheart!

Listen to Audio – After a year of “playing the field,” I’ve decided to break up with all but one of my “girlfriends” and fix my eyes on that special one. She’s really amazing, but I’m a little scared. You see, a year ago, I set out to start three businesses. It was like dating three great women. It sounded good at first, but eventually I realized it couldn’t last. Sharing my time wasn’t fair to them or me, for that matter. They were all jealous of each other and I found it impossible to make them feel special. It’s now time to…continue

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Journal 18 – Walking a Mile in the Snow: The Cold Hard Facts of Entrepreneuralism

Listen to Audio – My validation scheme was to offer three free videos to entice potential customers to leave their email address – if I got sufficient interest, I’d move forward. However, my efforts were in vain, because I didn’t get many interested clicks and even fewer people left their email address. This validation step was a great disappointment and it made me second guess my entrepreneurial expectations; and because of this, I’ve made a major decision. Disbelief I really don’t know how a real estate training program could not be successful. The potential market includes the 10 percent of Americans who…continue

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Journal 17 – Validation: 3 Feet From Gold

Listen to Audio –   The easy part of being an entrepreneur is dreaming. A close second is developing the mechanics behind the dream – the web sites, the podcasts, buying cameras and reading books or watching how-to videos. But, once you kick-off the business, the dreams come into stark contrast with the realities of the marketplace. That’s where I am right now. Project 4’s validation hasn’t won out. In fact, from what I can tell, there’s not a demand for a for-sale-by-owner online training course. Ever heard of the ol’ saying about the Alaskan or California gold rushes?  It’s said…continue

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Journal 16 – A Validation Nightmare

Listen to Audio –   I can’t believe it took so long!  Looking back at my Journal entries, I see that I committed to validating my next business idea in July (Journal 14).  It took about three times as long as I thought it would take and every conceivable nightmare jumped out like a bad Halloween movie.   Like most things, I opted for the most complicated way again! Is it Murphy’s Law kicking in or is it a new phenomenon, “Nick’s Law”? I’m starting to wonder! Here was my great idea. I would validate my training course with a fantastic…continue

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Journal 15 – New Business Announced: Information Product

Information product graphic

In earlier journal entries, I mentioned the difficulty in finding a physical product (Project 3) with sufficient margin to have any chance of making a profit. The distributors for products that I wanted to sell wouldn’t give me decent wholesale prices sufficient to make a go at it. As one starts out with a US-based wholesaler, they essentially give you the retail price and as your volume increases, they lower the wholesale price – or at least that’s been my experience. The “system” seems to be designed to limit competition from new retailers. I’m sure that’s why Alibaba.com has become…continue

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Journal 14 – Validation: We’re Climbing Above the Turbulence!

Airline Seat - Validate

I’m putting together an information product and according to the “experts” and my online book (guide), I need to validate. I’ve taken shortcuts in the past and thought I knew what I needed to know.  Experience has show me that my “validation” wasn’t sufficient or effective. I took the easy path and listened to knuckleheads (see Journal 12) and jumped into markets that had little demand.  Or to be fair, markets that didn’t need or want what I was providing.  I really hope the validation shows potential, but time will tell if it will or not. So, I’ve committed to validating my…continue

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Journal 13 -Testing the Viability of My Product – Why Is This So Hard?

In my last journal entry I committed myself to testing the viability of my new information product.  So what did I do?  Nothing, except to delay the inevitable.  Yeah, I didn’t do it until a few weeks later.  I really don’t know why it took so long to get to it.  I guess it was just another hurdle to jump over.  Perhaps it was the issue of learning another marketing product. I eventually got to the nuts and bolts of building my viability test – and here I am.  I’m in the middle of it.  So, how will I validate my…continue

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Journal 12 – I Need To Validate – And Ugh, I Guess I’ll Do It!

V is for Validate with Plane

With summer and procrastination in full swing, I haven’t worked on my projects much this month (or last month).  My project of focus is a new product.  It’s an information product in the For Sale By Owner real estate sector.  I got so caught up creating content for it that I really haven’t validated my target customer and their desire for it.  In other words, I haven’t deliberately validated it!   Validation Advice – From Podcasts I was re-listening to a podcast the other day.  I think it was either Pat Flynn’s Smart Passive Income or Amy Porterfield’s Online Marketing…continue

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Journal 11 – Sold the “Fix and Resell” Flipper

After seven days on the market I got a full-price offer for my first flipper house.  My strategy seemed to work:  I wanted to make the home better than the comparable homes so that it sold fast and got a good price.  The house really is awesome.   Anyway, after expenses I should net at least $29,000.  If you want to learn more about the financials, check out Project 1 – Phase I, Step 4 (free membership required to read the business plan).  You can also read through this business plan and the others.   I’m looking into a 1031…continue

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Journal 10 – Private Brands and Porterfield’s Profit Lab

The big deal with online product sales (Project 3) is finding the right product to sell.  What is the “right product”?  It has to be able to sell 20 to 40 products per day (eventually), have a decent margin after expenses, and be part of a larger business.  The business cannot be just one product, but that first product must be successful enough to move the business forward. I’ve spent a lot of time evaluating products and business ideas with a lot of disappointments.  Amazon as a sales channel can be wonderful, given its large market.  However, Amazon and (and…continue

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