Sorry about the long time since the last post. I was taking a course which kind of took my focus away from further growing this business. Now that the course is done with however I’m back and things are moving again at a very rapid pace.
I’ve decided to task HalOtis with the creation of generating [essentially] passive income streams. This is for three main reasons.
- I am employed full time and so it will be difficult to manage yet another full time business on the side.
- I have undertaken a research project looking into passive income for which I will need to test some of the ideas I learn about.
- If I ever decide to leave my current position to run HalOtis, I’d like the transition to be seamless and to have more free time for personal projects.
I’m currently finishing reading the first book for my research project. “4 Hour Workweek”, on which I will post a review when I’m done, has inspired me to get into some e-commerce. I have a small project plan in place to test my first business idea, and hopefully have something up and operational by July. A very high overview of what I’m planning on doing is:
- Find a niche, and customers that I’m interested in selling something to.
- Find a product for which there is already some demand for. (don’t try to invent a new market or predict demand)
- Buy a website, and host a simple page dummy to gauge interest. Run Adwords campaign for 1 week and compute the expected profit.
- If the profit looks good, connect up with manufacturers, to make the product and drop-ship directly to customers.
- re-design the website to take orders. Launch the Adwords campaign again.
- re-direct orders to the manufacturer, and take payment.
My timeline for trying this out is 1 week for finding a product, another week for measuring interest on the web. Then during July if everything looks positive I’ll find the support services I need to go live.
The great thing about this approach is the low risk (hopefully). It should cost no more than $500 to tell if the idea is good, and come up with a reasonable estimate of weekly profits. With the numbers behind me it should be good motivation to connect the dots and start getting some sales.
I’ll be documenting the progress over the next month. HalOtis should have something to put on a financial report by next month!