First off a bit of full disclosure, I’ve had several projects that got so far and then ground to a halt. In fact there have been 2 major ones in the past year. One which cost me over $1,200 in development which failed because of totally incompetent software developers, and a second one that was far bigger than I appreciated when I started it and has had to be put on the back burner until I have more case studies to hand.
I know I am not alone, I can pretty much guarantee that everyone reading this has a few domains they bought and have done nothing with.
So before we go any further have a think about what you have planned in the last year and haven’t followed through on, websites, products, advertising campaigns, etc. If you have less than three then you are either very efficient or you aren’t trying hard enough.
So lets look at how to improve the chances of you fulling and completing a project.
What Are The Goals Of Your Project
Sit down with a pen and paper (yep they still work) somewhere quite and work out what you actually want to achieve with your project. Dig deep. Do you want it to generate $100 a day or $10 a month or even a $50,000 income over a year etc. Now what your goals are before you start.
Then make sure that the project can actually deliver. A 5 page AdSense website about exercise balls isn’t going to earn you $5,000 a month. so research your market.
What Metrics Will You Use to Measure Success
How will you measure your success? You may only make $100 a month when you wanted to make $1000 but you may at the same time had generated a 5000 list of subscribers that you weren’t expecting. Your success might simply be measured by converting 2% of all traffic to buyers when you can do this regularly then you just need to increase the traffic.
Wise selection of how you measure your success will help you achieve it
What assets do you already have that you can use
We all have assets that can be used for several projects everything from graphics in .psd format that can be changed in photoshop to plugins we can use to help achieve our goals. You may have subscribers to a list that you can leverage or twitter followers and fans on a facebook page which can be used to help you project get moving.
We all have assets we just sometimes don’t know it!
What is Your Exit Strategy
So we are a few years down the line and your project is successful what are you going to do to leave it behind and focus on other projects or living the good life? I know friends who make a very good living from projects and businesses they created years ago the projects pay for a really good lifestyle but they are tied to them and if they stop developing or working at them the income stops. No one wants to work 12 hours a day for the next 10 years.
Do you really wan to be writing content for a website in 10 years time? Or answering support calls.
Plan and build your project with an exit strategy in mind, even if that means not branding it after yourself… (i.e look at the title of this blog…no exit strategy there unless I just abandon it!)
What is Plan B?
So you’ve created your project, site, product, etc. You do have a plan B don’t you?
Even with the best planned projects things will happen that may prevent you from completing it, so what are you going to do?
You can’t throw away all that work. Well actually you can but there are alternatives…there are always alternatives!
How can your project be recycled or sold on to others? Can you get an outsourcer to finish it for you or convert it for you?
Can you sell it as it is or use it as PLR.
Get yourself a plan B!
It’s Contest Time Again…
I am releasing my next product which is about converting You tube Viewers into Subscribers, Buyers and traffic you can win a copy by simply visiting this facebook post ans telling me what you think the most important skill in IM is
Good luck and if you’d like to get notified of more competitions and IM related “stuff” be sure to like the facebook page!
Have a great week!