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(01:25) SCALE 1/10 HOW DID YOU FEEL THE LAST WEEK WENT
Rich – 6
Ben – 3
- New Slack members: Benjamin, John Meredith, Todd and Paul. We’re now at 36 members in our slack room and it’s free to join for the first 100. Just sign up here.
- Gonna be closing down a ton of biz (funnelengine.com, accountantengine.com, possible panorama biz if can’t get that ranking quickly), really need to streamline and reduce number of email accounts and make sure everything he’s doing adds value to everything else.
- Also closing down snowbistro.com as ski is too niche as per the discussion with Mat from tourismtiger.com last week and likely the generic agency site reasonably.so too
- Going to have some generic travel / accommodation brand name with /ski off it and going to be hitting up the hostel niche next as actually tried to open up his own backpackers hostel back in 2006 and got close, £80k debt finance, negotiated a lease but got screwed over by local council. Actually previously went to a european hostel conference by a booking agent software provider so he’s good to attack that niche.
- Rather than trying to sell internet marketing services Rich is going to be up-selling it by first selling the platform i.e. websites and locking people into that by licensing the software rather than building websites that people own.
- Up for selling off funnelengine.com and accountantengine.com domains & sites including productized theme, email accounts, prospect lists, email templates and twitter accounts if anyone wants to take it on.
This week has been necessary for Ben to make an important realization. Everything is perfectly fine, until it is not fine. What he means by that, is that when something is expected to happen, but it does not, things can take a turn for the worst.
So, when you expect a client to pay your invoice every month, but one month that doesn’t happen, a few things happen: your blood starts to boil, your stress levels rise to an unhealthy place, and when you are in these initial phases of bootstrapping companies, you start to scramble.
You wouldn’t put all of your eggs in one basket with the stock market, so why would you do the same with your startup? Diversification is key, and that means when a client doesn’t pay on time, your world does not completely fall apart and crumble to the ground.
So Ben is making some changes:
- Going to start creating a product funnel to augment my consulting income as mentioned in episode 12.
- Going to revisit my WordPress migration plugin and see if he can do anything to monetize on a larger scale (as opposed to one-off migrations). It’s had 1,447 downloads / emails since it launched, so he’s going to open it up to ALL hosts, not just WP Engine, and going to drop the price to lower than $50 and will systematize the entire thing.
- Lastly, going to set some boundaries for himself, because feels like he’s right back to where started. Asks when quit his job, did he just leave one rat race just to start a different one? Consulting is kind of a necessary evil to get by and pay your bills, but this client work is going to be the death of him if he continues for much longer. Going to be spending more time on products, WordPress plugins, and New Revenue, and less time on clients, especially when they act like it’s no big deal, and they will just pay sometime next week. No more. Done with it.
(21:03) – Both agree going forward with this duel not going to be counting client income. We’ve not found a way to predictably close 4 figure retainers which would be a part of the competition but one-off gigs will just skew the numbers and is not a good indication of how well doing. So instead we’ll just be focussing on building brands and focussing on MRR as this will be clean and we’ll be starting from zero / complete scratch. Including consulting income just muddies the waters.
(28:40) NEXT WEEK IN 30 SECONDS
Rich – closing down, potentially selling off & starting up
Ben – creating a system for validating product ideas with PPC, giving WPmotion.co TLC
(30:34) – going forward making a pact about no talk of clients going forward