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Not working on your best idea? Well, you are probably wasting potential

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There are few fields in life more in-depth and more time consuming than the Internet. Online marketing activities can easily lap up hours upon hours of a person’s time, any given Sunday.

Time management, then, becomes downright crucial.

And not just time management — prioritizing what you are working on is even more critical for success. Fact is that if you are not working on your best idea, you are not just wasting your time, you are wasting your potential for success.

This is a remarkably simple statement that most everyone will agree with.

Yet, most ignore it.

By circumstance or condition, most ignore it.

Instead they work on other smaller projects, side projects, or just making ends meet, making things work, maintaining the status quo. Get help if you need, seek some extra hands, outsource, hire a virtual assistant, an army of virtual assistants, if necessary.

But roll up your sleeves and start working on your best idea.

The easiest thing, by far, in online marketing is to get overwhelmed with so many different ideas that you lose track. Instead you do not get started with any of them. Bad mistake!

Only your best idea is worth your time and attention.

And if you feel it still is not the right time to tackle it, maybe you need a bit more experience, a bit more resources, you work towards solving those issues first. If you wait too long, someone else might implement your idea, implement it better, and take your market away from you.

6 Comments
  • Angela

    Great points. I think the reason is that usually the best ideas are the most difficult and time consuming ones. Because of this, people are overwhelmed or scared and put them off to the side to do other time consuming, but easier work. The lesson is to trust your idea and follow the best one regardless of how challenging it seems.

  • JohnnyB

    A lot of valid and smart points, Melanie. My question would be how do you know which idea is the best? Are you supposed just know or trust your instincts, or do you have a method to identify the best idea?

    • Randy A

      That’s an interesting concept. I guess it’s impossible to “know” your best idea without implementing all of them. However, you can use your best guess and some market research to figure out which one could be the best.

  • Cliff14

    I agree that time management is crucial. Whether it’s your best idea or not, I think the bigger message is to commit your time to one idea rather than spreading time out across a few ideas. Spreading out like that will result in a quality drop among the 3 as opposed to the one.

  • Eddie84

    Love this. Getting your priorities in check is just so important to succeed in this business. Being your own boss leaves you a lot of time, but if you don’t use it and allocate it properly, it’s a waste. You need to prioritize the most important things for your business.

  • Nemo

    A very basic concept. However, this is a MUST read for those just starting out. Rome wasn’t built in a day. Keep that in mind and manage your time effective.

Editorial

Who approved never get Hulu as an ad slogan?

I’ve seen some DUMB ad campaigns in my life but Never Get Hulu is by far the worst one I have ever seen in my life.

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Never get Hulu

I was watching the Emmys last week and then an ad came on.

It had a ton of celebrities who were serious and telling me to listen and pay attention.

They start to talk somewhat comedically about a bunch of things I should never do – never fly first class, never get a king size bed, never get a walk in closet etc etc.

At this point, there are hints of comedy creeping in…

Until the final punch line “..and most importantly Never Get Hulu”.

My wife and I are marketing professionals and immediately looked at each other thinking the same exact thing.

Who at Hulu gave the green light to this ad?

Why would you get people’s attention and use the words “Never” and your brand name in the same sentence? From a marketing perspective this seems extremely stupid.

Yes, it gets people like me writing about this and talking about it and sharing the ad. Got it.

HOWEVER, it imprints very negative keywords next to your brand name into people’s psyche’s forever.

Never Get Hulu.

I absolutely don’t get it but hey what do I know, maybe they know something I don’t so I should probably take their advice.

I DEFINITELY won’t get Hulu.

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Digital Marketing Training

13 Steps To Building A Profitable High Traffic Technology Blog – Part Three – the baby business plan

This is part three of my blueprint that will help you begin the process of building a high traffic profitable technology blog.

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Baby business plan

This is the third post in the series.

In part one, I talked about some of my experiences with some of the successful high traffic websites I actually built.

In part two, I shared a little about my belly of the whale strategy, a methodology I use to identify potential software niches to get into.

This is part three of my blueprint that will help you begin the process of building a high traffic profitable technology blog.

Today I want to share with you the importance of creating a business plan but not a regular business plan.

I call this…

The Baby Business Plan

Anyone who has written a business plan knows that to do it properly, it’s exhausting and requires a certain level of expertise and sophistication.

There are businesses and vendors who specialize in helping entrepreneurs write business plans. They are that complex.

Here’s the problem.

For most online entrepreneurs, at this stage in the process, that’s too much work. It just doesn’t make sense.

IMPORTANT – I’m not trying to say that entrepreneurs don’t need a plan, I’m saying at this stage, digital entrepreneurs don’t need the formal rigor of an exhaustive business plan.

You need a baby business plan.

What is a Baby Business Plan?

A baby business plan is a scaled down vision of your plans for your business. Simply put, you need to think about how this website or web based app will make money.

This is different from a real business plan because at this point you simply don’t need all that complexity.

So, let’s get to the meat and bones.

What are the elements of a Baby Business Plan?

A Baby Business Plan has 9 elements:

  • Business name ( and URL)
  • Business concept (Full description)
  • Technology components (list and price)
  • Labor costs to start
  • Ongoing labor
  • Marketing plan
  • Marketing costs
  • Monetization plan
  • Maintenance costs

Like I said, this is a scaled down version that you can put together real quickly.

Let’s do a quick example. Let’s do a Baby Business Plan for a fake domain – http://myloveofstamps.com/.

So if I was the entrepreneur, I would create a plan that looked roughly like this.

  • Business name: My Love Of Stamps (http://myloveofstamps.com/)
  • Business concept (A website that will bring together fans and stamp collectors all around the world. We will have forums, lists and …..)
  • Technology components:
    • Hosting: WP Engine
    • WordPress
    • Thrive Themes
    • etc. etc.
  • Labor costs to start:
    • 99 Designs web design – $899
    • Web Development to build – $500
    • Outsourced SEO – $200
    • 100 articles writer: $1000
    • etc. etc.
  • Ongoing labor:
    • Monthly writer – $400
    • Monthly SEO – $50
    • etc. etc.
  • Marketing Plan:
    • Facebook
    • Twitter
    • Pinterest
    • etc. etc.
  • Marketing costs
    • Facebook ads $50/month
    • Twitter Promo: $20/month
    • etc. etc.
  • Monetization plan:
    • Adsense on site
    • Stamp ebook that we will develop
    • Amazon ads
    • Stamps.com affiliate
    • etc. etc.
  • Maintenance costs
    • WP Engine $35/month
    • Clicky Analytics $9/month
    • etc. etc.

And so on and so forth…

Baby Business Plan – The format

Real simple. Word or Excel file. No presentation no graphics nothing too formal.

At this point you just want to have something that is a living document that you can continue to update as needed.

Why is this step critical?

Simple.

Because a lot of online tools are free or cheap and easy to use, it’s really easy to get started on an idea and build a proof of concept that can turn into a real site quickly.

This step helps you avoid two critical mistakes:

  1. Overspending on an idea that you have. Once you have all these costs listed you can start to plan and make sure you actually have the money to support this business.
  2. Validation – sometimes an idea sounds good in theory but when you actually write it out you start to see that it makes no business sense or requires too much money to be a viable business.

This step is a good step to keep you disciplined and focused. You need to write down you plan and start to internalize and share it with friends or people you respect so they can pick it apart and criticize it.

Better for an idea to die here than after you have spent lots of hours and lots of $$$ on it.

In the next installment in the series, I’ll show you how to quickly get a logo done.

Let me know if you think I missed anything here.

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Editorial

A Failure of imagination – Apple release new iPhone XR iPhone XS and iPhone XS Max

Apple have taken the easy way out, avoided innovation and are dependent on incremental upgrades

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Apple iPhone XS

I have an iPhone and I love it so I absolutely hate to be THAT guy.

I hate to be the guy who’s going against the grain, who seems to be contrarian where others celebrate but unfortunately, this is one of those articles.

Apple released their new iPhones today.

They released three new models – the iPhone XR, iPhone XS and iPhone XS Max.

The new iPhone XS and XS Max are priced at $999 and $1,099 and start shipping out at the end of this month. The iPhone XR starts at $749 and begins shipping out in October.

Apple iPhone XS

Apple iPhone XS (Image Credit – The Verge)

The iPhone XS has a 5.8-inch OLED display with a 2436 x 1125 resolution. Meanwhile, the iPhone XS Max has a 6.5-inch OLED display with a 2688 x 1242 resolution. The iPhone XR, which you can basically think of as this year’s lower-end offering, has a 6.1-inch LCD display with a 1792 x 828 resolution.

At the end of the day, the screen size is the main difference between these three new models.

  • The XS is smaller than the iPhone 8 Plus but the screen is as big as the screen on the 8 Plus.
  • The iPhone XS Max is as big as the iPhone 8 Plus, and its screen is larger.
  • The iPhone XR has a larger display than the iPhone 8 Plus, while its overall size is just slightly smaller.

The iPhone XS and XS Max have dual rear 12-megapixel cameras and improved True Tone flash, and a front 7-megapixel camera. The iPhone XR, as the more budget option, has one 12-megapixel camera on the back, with True Tone flash.

All the new phones are powered by a new seven-nanometer A12 Bionic chip which can handle 512GB of storage. The iPhone XS and XS Max also have faster Face ID, True Tone display, and 3D Touch. They have support for Dolby Vision and HDR10 video.

The iPhone XS and XS Plus come in gold, silver, or space gray. The iPhone XS starts at $999 for the 64GB option, and has 256GB and 512GB options as well. The iPhone XS Max starts at $1,099, with the same storage options. The 512GB option goes for $1,449.

The Apple iPhone XS Promo Video

My opinion

Unfortunately, this is just more of the same.

Apple have made a larger phone, added more storage and made the camera better. The phone OS will be improved as well but that is really all that happened.

As someone who has an iPhone 7 Plus, I will upgrade at some point but the truth is there is STILL no rush.

I have been waiting for a compelling upgrade from Apple that would force me to head to the store and/or pre-order a new phone and the truth is, this isn’t the one.

The Samsung Galaxy Note 9 seems way more exciting from a consumer point of view because of the screen, the pen and the TONS of innovative new features they bring to the table.

When Steve Jobs died, there was a fervent argument among the faithful that innovation at the worlds most valuable company would start to slow.

Unfortunately I fear this is the case.

The most exciting features of the iPhone (IMHO) are FaceID and the upcoming multi-user FaceTime. Beyond those two features, it seems like Apple is just keeping up with the competition.

Let’s be really clear, these are REALLY GOOD PHONES.

But unfortunately, Apple is in a Michael Jackson type situation where they seem to be unable to do anything better than their greatest hit.

Apple continues to live in Steve Job’s shadow and unfortunately, his genius is really the anchor against which the company’s level of innovation will be measured. Using that yardstick, the company fails to measure up.

Preorders for both phones begin on September 14 and ship on September 21st in select countries, with rollout in other countries to follow.

What do you think? Will you buy an iPhone XS?

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