By<\/p>\n\n\n\n
Danny Forest, VNP<\/a>\u00a0in\u00a0Entrepreneur’s Handbook<\/a><\/p>\n\n\n\n I stopped counting how many products and services I\u2019ve built that have made money from day one.I\u2019m not talking huge money, but money nonetheless. What I\u2019ve learned will change your mindset forever on how to approach new projects to test their viability.Here\u2019s the method:<\/p>\n\n\n\n For any new project you\u2019re thinking about starting, ask yourself:How can I build and launch this in ONE day and still deliver 50% of the results?We all have big ideas. Ideas that would take weeks, months, or even years to build. I have those at least once a week and, obviously, I can\u2019t build them all.For example, I know a few people who want to start coaching other people but take months before they release their services. I did that in an hour or two using Magnifi.io<\/a>.It takes only a few minutes and you can start coaching others right way. You set the price per minute. People can call you during your available hours or can book online appointments with you.What\u2019s important in a coaching business? Bringing results for your clients. That\u2019s it. That\u2019s more than 50% of the results in less than a day\u2019s work.You can charge any amount of money you want per minute. I was charging $5\/minute, which amounts to $300\/hour if fully booked for the hour.I\u2019ll mention other examples below.<\/p>\n\n\n\n Are you scared of starting a project because it\u2019s too ambitious?We\u2019ve all been there.Maybe you decided to start with a Minimum Viable Product (MVP) but you really couldn\u2019t figure out where to cut the development costs. If you\u2019re thinking \u201cdevelopment,\u201d you\u2019re already thinking too far.Start thinking about how can you cut the development of the product to one day. Stop saying it\u2019s impossible and get ready to think differently.<\/p>\n\n\n\n I hear so many people say that they don\u2019t have the time to implement their big ideas. Well, it\u2019s likely true. Their ideas are too big to be accomplished by traditional methods.When you figure out a way to build your idea in one day and yield 50% of the results, suddenly the schedule doesn\u2019t seem so tight anymore.<\/p>\n\n\n\n I\u2019m a software engineer by trade. I do appreciate a well-crafted, bug-free software. But you know what I appreciate more? Helping as many people as efficiently as possible, and sometimes that comes at the cost of imperfection.<\/p>\n\n\n\n When you launch a product in one day, you save a tremendous amount on development cost and can start generating money right away.Most of my 1\u201350 products have been profitable from day 1 without much marketing effort. In the coaching app mentioned above, Magnifi.io, they feature your profile in the categories you should be in. People who use the app are already looking for coaching, like people search for books on Amazon.<\/p>\n\n\n\n Here\u2019s a 5-step process for using the rule for your next ambitious project.<\/p>\n\n\n\n Be as clear as possible on that. Use quantifiable metrics:I want my users to make at least $100\/month writing one hour a day five times a week.I want my users to learn one new skill every month.I want my users to achieve 80% of the goals they set for themselves every month.I want my users to get 50% more views on their articles.Try to limit it to one or two quantifiable metrics at most. What is the real value you bring to your users with the product or service?<\/p>\n\n\n\n How is the product or service going to get built? Is it a course, a website, a spreadsheet template, a custom-built software, a physical product, a service, something else?What are its components? How many web pages? What are they? How many worksheets? What are they? What material do you need to build the product? Do I need a community?What action steps do you need to take? Can you do this alone? Do you need freelancers? Do you need to go to the store and buy material? Do you need to contact anyone?<\/p>\n\n\n\n For each of the components from step 2, figure out how much each contributes to reaching the desired results. Spend a good amount of time on this.If we use the coaching example, 100 percent of the results means helping your customers reach the goals you set together.Here\u2019s how one might break it down (there\u2019s no right or wrong):1%: Create a home page for a website1%: Create a contact page for a website1%: Integrate a payment system on the website1%: Set up an email provider1%: Set up a customer database1%: Set up a calendar1%: Sign up for a video call software (or use phone if operating within the same country)5%: Strategic planning60%: Do the calls27%: Follow up with your clientI\u2019m greatly simplifying everything here, but looking at this, you can understand how overwhelming it may seem at first until you realize that most of the tasks don\u2019t bring you closer to the results.Find solutions that take care of the barriers to entry, which typically don\u2019t bring results. In that example, Magnifi.io takes care of all of the above except for the last three. That\u2019s your job! \ud83d\ude42<\/p>\n\n\n\n To use another example, if I want my users to get 50% more views on their articles, what components deliver roughly 50% of the results?The headline is always the number one thing to focus on to get more views. The product, therefore, needs a good way to craft better headlines.<\/p>\n\n\n\n This is very important. Don\u2019t re-invent the wheel if you don\u2019t need to! There are so many great tools out there to make products and services really quick.By combining the above tools, you can create many different types of products and services in less than a day.<\/p>\n\n\n\n Most products or services you\u2019ll create in a single day won\u2019t have a very high price tag. A mailing list, however small, should bring you some sales. On your next newsletter, casually mention your new offering after you add value to them for free.You can also show it to your friends. They may not buy but they can spread the word for you and give you testimonials. Word of mouth is still incredibly powerful. Try to show people one-on-one for a more personal interaction.You can promote on social media but always remember that people buy from people. Anything that looks like an ad will not work. Make it a story.An overlooked way to sell is the join local events and mastermind groups. Inevitably, you\u2019ll talk about yourself and what you do. Many times people will be curious and ask for more. Many are genuinely helpful and will either buy your product or help spread the word.<\/p>\n\n\n\n A few people I know created a course that was distributed solely by using email. It consisted of sending one important lesson every day for 30 days. This can easily be done using Mailerlite, Mailchimp or any mailing list product. If you have the content already, putting the product together should take no time at all. If you don\u2019t have the content already, well, you\u2019ve got a day between each email!Depending on your \u201crenown,\u201d you can charge anywhere from $30 to $300 for such a course. If you make a single sale that day, you\u2019ll already make $30. But what\u2019s nice about an email course is that you\u2019ll continue making money after its release, constantly increasing its value.<\/p>\n\n\n\n Niklas G\u00f6ke<\/a> started a paid newsletter called Empty Your Cup<\/a> using Substack<\/a>. Within an hour, you can get it running , start building a list, and send emails. You can use Patreon<\/a> in a similar way also, like Shannon Ashley<\/a> did here<\/a>.Nik charges $5\/month for it and signed up many people. This takes much less than 24 hours to get running and can bring you good recurring revenues.Similarly, Shannon charges $5 or up to $20 per month for it.<\/p>\n\n\n\n My first three books were put together in less than a day because the content was already written. I used Scrivener to take the best content from some of my most popular articles and I created books out of it. I published on Amazon Kindle and each book was approved within 24 hours.Using Amazon Kindle, you can promote your book for free for a short period of time so you can gather invaluable reviews. Once you have a few reviews, the sales can pick up decently enough. If you do things right, selling 100 copies within a month is certainly doable, and the more reviews you gather, the easier it becomes to sell.<\/p>\n\n\n\n My productivity tools are Airtable templates. They are worth something because they are organized in ways that save people time. And many people are not creative or knowledgeable enough to get them started from scratch.I was charging $100 for the whole package and sold over 10 of them within the first week. Implementing these templates took me about 7 hours in total, so that\u2019s worth more than $100\/hour and they keep making me more for months after.<\/p>\n\n\n\n The 1\u201350 Rule is about releasing a product built in one day that provides 50% of the value to the user, then scaling from there.This approach accomplishes two amazing things:You receive early feedback from your users; andSome money to help you bring it to the next level.With baby steps, you can reach 100% results while getting both money and valuable feedback from your early adopters.So, next time you think of another big and ambitious project, think about the 1\u201350 Rule. Think outside the box and figure out what tools you can combine in creative ways to build your product or service. Using the 1\u201350 Rule, you can start making profits within less than 24 hours.It\u2019s time to outpace your competition and try the 1\u201350 Rule out for your next project!You can do this!\n\n\n\n\n<\/p>\n","protected":false},"excerpt":{"rendered":" By Danny Forest, VNP\u00a0in\u00a0Entrepreneur’s Handbook A fast and profitable way to launch new projects I stopped counting how many products and services I\u2019ve built that have made money from day one.I\u2019m not talking huge money, but money nonetheless. What I\u2019ve learned will change your mindset forever on how to approach new projects to test their … Continue reading Use The 1\u201350 Rule to Make Money Within the Next 24 Hours<\/span> A fast and profitable way to launch new projects<\/strong><\/h2>\n\n\n\n
The 1\u201350 Rule<\/h1>\n\n\n\n
What makes the 1\u201350 Rule work?<\/h1>\n\n\n\n
1. It forces you to think outside the box<\/strong><\/h2>\n\n\n\n
2. You can actually fit the 1\u201350 Rule into your schedule<\/strong><\/h2>\n\n\n\n
3. You can bring immense value to people with just 50% of the results<\/strong><\/h2>\n\n\n\n
4. You can be profitable much faster than you think<\/strong><\/h2>\n\n\n\n
\n\n\n\nHow you can apply the 1\u201350 Rule for your projects<\/h1>\n\n\n\n
Step 1: Define what 100% of the results mean for your project<\/strong><\/h2>\n\n\n\n
Step 2: Define what tasks and actions need to be done to get to 100% of the results<\/strong><\/h2>\n\n\n\n
Step 3: Rate how critical each task and action is to the intended result using a percentage<\/strong><\/h2>\n\n\n\n
Step 4: Combine the tasks and actions leading to about 50% of the results<\/strong><\/h2>\n\n\n\n
Step 5: Figure out which existing tools you can use for each task and action, and how to combine them to achieve 50% of the results.<\/strong><\/h2>\n\n\n\n
Step 6: Use your mailing list, friends, local events, and social networks to promote the new product or service.<\/strong><\/h2>\n\n\n\n
\n\n\n\nMore examples to get you started<\/h1>\n\n\n\n
Create an email course<\/strong><\/h2>\n\n\n\n
Create a paid newsletter<\/strong><\/h2>\n\n\n\n
Create an eBook from content you\u2019ve already written<\/strong><\/h2>\n\n\n\n
Create spreadsheet templates<\/strong><\/h2>\n\n\n\n
\n\n\n\nConclusion<\/h1>\n\n\n\n