Dear Fellow Reader,
I write you because I would like to provide you an inside in how I will start, create and develop my first successful online business. It has been almost my whole life that I kept saying: “I want to have my own business”. But it never came to fruition. I “tried” once in 2017 when I quit my job and became a full time blogger, but without success. Eventually I went into online crypto currency trading which wasn’t a business but paid off really well.
However, this thing of having a business still haunts me. And since I have plenty of time I will be devoting my time to start an online business for the next year. I have no experience in building a business whatsoever. So this will be a great learning experience.
I made a bet with my cousin. If I don’t have a profitable within one year, I will have to pay him €1,000. The terms are as following:
- The business has to be profitable before the 1st of June 2020.
- €1,500 profit per month in at least the final month, which is May 2020.
- It has to be started from scratch. I am not allowed to buy an existing company. I am allowed to invest in my business whatever I want to invest in though.
- Only a product based business. So no freelancing or letting myself be hired by other companies/individuals.
The reason I put the amount of profit so low has to do with two reasons:
- Research has proven that the lower I set my target the more likely I will achieve my goal.
- After the first year I want to grow my business even further. So I am able to reinvest all the money made from the business.
The business I am working on has something to do with my previous profession which is being a day trader. I can not tell you too much about this yet.
The plan is as following:
1 July 2019: Validated my idea through test selling. Set up a simple strategy plan on how the business will operate, generate sales and grow.
1 August 2019: Worked out 50% of my idea.
1 September 2019: Worked out 100% of my idea.
1 October 2019: Product completely finished. Start with marketing and promotion.
1 December 2019: Launched the product with big promotion. Continue to do marketing and promotion.
1 June 2020: €1,500 Profit during the month May. Working on the next product.
As I know with plans things may change. So this is a plan and not a hard date for things I want to accomplish. My main focus is to fulfill a need in order to succeed. And I have to validate my idea first in the market to see if it will fill the need that I think it will fill. Otherwise there is no reason to create this product. I will do this through test selling before I even start to create the product. This will be a lot cheaper and more time efficiënt. So that is what I will be doing this month.