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My brain is still buzzing from the incredible @LaunchMBA AMA with @rohangilkes earlier.
Rohan quit his career in accounting when his first side-hustle was making $40k a month! He's since built multiple million-dollar businesses in only a few years.
Here are my takeaways.
Rohan quit his career in accounting when his first side-hustle was making $40k a month! He's since built multiple million-dollar businesses in only a few years.
Here are my takeaways.
The one-year ruleBe prepared to cancel your social life for one year at the start.
The freedom you get in return is worth the sacrifice.
But how do you make sure you're not wasting your time on the wrong thing?
The 60 day ruleEnsure you’re not wasting your time by shutting down any project which has not made revenue from a stranger after 60 days of focused marketing efforts.
What are "focused marketing efforts"?
The 90% ruleAim to spend 90% of your time on marketing activities. This means… Identify your target customer, find where they hang out, discover what content they like to consume and then make that content.
How do I keep them engaged?
Build community around every productThis keeps people engaged. For example, make a Facebook group before you launch, invite your target customers and offer lifetime discounts to early customers in return for feedback.
But how do I know if the market is a good one?
Look for sharksLots of sharks in the water means there are lots of fish. Likewise, lots of wealthy competitors means there is lots of money. Don't be put off by them. Purposefully seek these spaces out.
How do I turn this into a million dollar business?
The Triple PlayOnce you’ve built a successful repeatable business (even a small one), make a second business teaching other people how to do the same.
Then make a third business selling them software to make their entrepreneurship path easier.
Everybody wins.
Thank you @rohangilkes for being so generous with your time and insightful advice! Read more about Rohan here: http://rohangilkes.com
And join the Launch MBA waitlist if you're interested in learning to start online businesses by doing it.
http://launchmba.co
