“The 4-Hour Workweek is a new way of solving a very old problem: just how Your book and blog have inspired me to quit my job, write two e-books, sky dive. The 4-Hour Work Week: Escape the , Live Anywhere and Join the New Rich by Timothy Ferriss. Read online, or download in secure EPUB format. The 4-Hour Workweek is a trademark of Timothy Ferriss and is used The 4- hour workweek: escape 9–5, live anywhere, and join the new rich /. Timothy e -books, sky dive, backpack through South America, sell all the clut- ter in my life.
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Gary John Bishop. The E-Myth Revisited. Michael E. Step 2: Brainstorm do not invest in products. Encapsulate the main benefit in one sentence — What is it? For who? How is it different?
Price high then justify: aim for a 50 — USD retail price point. Less competition than the mid-range.
Fewer, better customers. Create a margin of safety: aim for 8 — 10 x markup.
Creation: New product or private labelling. Create them yourself see generating credibility. Repurpose public domain content check local copyright laws. There is a simple formula to generate credibility when creating information products. Read the three top-selling books. Give one free, two hour seminar. At a nearby major university.
At the local branches of a big company. Write for trade magazines. Either: Use credibility generated above. Or: Offer to interview an expert. Join e. Step 3: Micro-test. Micro testing uses inexpensive adverts to test consumer response prior to manufacturing. Intuition and experience are poor predictors of profitability. A good micro testing strategy has three stages: i Best, ii Test, iii Divest or invest. Best: Create a 1 — 3 page website with a more compelling offer than the competition 1 — 3h set up.
Test: Test the offer using a 5 day Google Adwords campaign 3h set up. Look out for and collect adverts that catch your attention in print or online. Write a more compelling proposition use the collected adverts as models. More credibility indicators media, academia, associations. Better guarantees, selection, shipping, testimonials. download a domain and set up a simple 1 — 3 page website to captur conversions.
Capture contact details via an online form or calls to your phone. Keep terms as specific as possible. Aim for second through fourth positioning. Focus ad copy on the differentiators. Test variations headlines, guarantees, product and domain names etc….
Disable serving of only best performing Ad. Alternative options include setting up an site auction and then cancelling last minute. Review data from testing phase. What was the click through rate? Which adverts performed best? How many conversions on site? Estimate potential demand and profitability from conversion data.
Consider improving the offering e.
Decide to invest in the product or move on to another idea. Step 4: Rollout and automate. This is where most entrepreneurs get stuck.
They fail to move on from bootstrapping and replace themselves. The reward is a scalable business that can shift from 10 to 10k orders per week. Start with the end product in mind. How to: make the system the solution. Contract specialist outsourcing companies e. Ensure that outsourcers are willing to communicate among themselves. Give them written permission to make inexpensive decisions without consulting you.
Phase I: 0 — 50 units shipped Do it all yourself. Take all calls and emails yourself. Write down FAQs. Make pay per click advertisements and website more specific. Investigate merchant account options with a bank esp.
Add the FAQ to your website and continue to develop it. Ask for three customer references and ask those for examples of specific past issues. Ask for net terms payment for services 30 days after rendered. Have manufacturer ship directly to your fulfilment house. Research bigger fulfilment houses that also handle refunds and returns.
The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich (Expanded and Updated)
Ask for referrals to call centres and credit card centres they already work with. Set up with credit card processor first important for returns and refunds. Review online vs. Call toll free numbers of some of their other clients. Should be answered within 3 — 4 rings. Ask difficult questions and gauge sales ability.
Minimise decisions and avoid complexity. Offer one or two download options. Offer one, fast shipping option and charge a premium. Eliminate phone orders completely online only. Do not odder international shipments customs are a pain.
See customers as equal trading partners. Do not accept payment via Western Union, checks or money order. Raise wholesale minimums to 12 — units and require a tax ID. Refer resellers to an online order form and never negotiate price on higher volumes.
Offer low prices products instead of free products to capture information. Do not accept orders from common mail fraud countries e. Look bigger than you are when approaching large resellers or partners. Makes the company look bigger than it is. Avoids making you the obvious decision maker in negotiations.I suggest setting up Authorize. Dan Harris.
Three months out: Eliminate.
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Calls can then be forwarded to any other numbers, and voicemail and statistics can be managed online or via e-mail. What was the click through rate? Do location level travel planning and book accommodation. Keep records of productivity for reference during later negotiations.