A Note From Colleen

Hi, friend.

This week I’m sharing some basics around the time and money required to start a simple digital online business.

Gurus will promise you can  ‘start a business with no money’. This is a lie. I’ll break down real numbers for you. 

A bigger topic, and something nobody talks about, is the time it takes to start an online business, especially for us digital immigrants.

If you’re new to the online space and new to business, why would you know how to use funnel software or Canva (a graphic design tool for us non-graphic designers) or how to come up with a good product idea?

You don’t. You must LEARN these things. This takes time. You’re figuring out new tools AND building a business simultaneously. 

Give yourself lots of grace. It’s all totally doable, but you will be tempted to fix your laptop with a hammer on occasion. 

Resist the urge.

Thanks for being here.

Cheers,

Colleen Kochannek, Publisher

*This publication may include affiliate links and links to products I sell. If you click and buy, I may earn revenue and/or commission. 

BUSINESS BASICS

RUNNING THE NUMBERS: TIME AND MONEY REQUIRED TO START AN ONLINE BUSINESS

TIME: 

It all starts with two questions: 

1.  What is your ultimate revenue goal?

Managing expectations is everything. Bigger goals mean bigger effort, bigger time and (potentially) bigger investment.

For example, wanting to generate $50,000 in revenue in the next 12 months is going to require far more work, time and investment than if you want to generate  $12,000.

2. What are your current tech and business skills?

If you’re starting from the ground up (a complete newbie) you need to account for the learning curves (aka more time). Not only are learning business skills, you’re also learning how to use the tech and tools you’ll need to run your business.

At a minimum, I would try to carve out at least 15-20 hours per week if you want to begin generating revenue within 2-3 months.

MONEY:

Starting an online business isn’t free. There will be expenses and costs of doing business. 

Let’s break it down: 

To get a simple digital product (or service) created and online and selling you’ll need the following basics: 

• An all-in-one funnel software: The online tool you need to market, sell, take payment for and deliver your product, and maintain customer contact. I recommend Stan.Store.  (~$29 or $99/month depending on the plan; no long term contracts, cancel anytime). 

• Canva graphic design software that you’ll use to create your digital product and marketing assets for you social media (~$15/month) 

• Social media accounts to build an audience and market your product - free

• Payment processing accounts - free to set up (Stripe and PayPal). In the US you can set up professional accounts in PayPal and Stripe with a social security number. (No EIN or LLC required - although I suggest you become a legal entity). 

Optional:

• (Optional, but highly recommended) Education/coaching:  You can move to the ‘generating revenue part’ much faster, much better with someone showing you how to do all the things: choosing a product idea, creating a product, building a marketing and communication plan, and setting up your funnel software.  (~$500 - $5000)

• Outsourcing - Canva offers wonderful, professionally designed templates you can use to create a simple digital product.  If you’re an overthinker or perfectionist you may want to turn your product draft over to a Canva design pro and let them get it done for you quickly. That file sitting in your ‘drafts’ can’t make you money. (~$100-$300)

Some Things To Keep In Mind:

1. Commit as much time as possible to creating and launching your business in the beginning. The heavy lifting is done early on. 

2. What takes you hours in the beginning will take far less time once you’ve mastered ‘the thing’. 

3. Be prepared to fund 2-3 months of your business before hitting any sales. This has been my experience, at least.

4. Be prepared to move quickly. Most beginners lose valuable time and money generation because they overthink. Your first product won’t be your last and it won’t be your best, but get it out there! 

5. Funding a business, as a beginner with zero experience and a yet-to-be-proven product, is scary because it’s real. Suddenly, you feel ‘on the hook’ to make it work. I suggest you look at the money you spend in the beginning as ‘practice and progress’ money. You wouldn’t hesitate to pay for piano lessons if you wanted to learn piano, right? This is no different.

LIFE REIMAGINED

What do you want to do with the money you earn from your online business?

I want you to DREAM BIG! 

I get the money part. We all want financial peace of mind, but let’s think bigger than that. 

For example, I have two BIG dreams: I want an old stone property in France that I can renovate and then hang out in every summer and drink wine and eat cheese and get chubby. I also want to be able to spend one month a year in Palm Springs because I adore all things midcentury modern.

Will these dreams come true? I sure hope so, but I know that if I don’t dream my dreams they definitely WON’T come true. My dreams are a constant source of inspiration and motivation.

What do you really want to do with the money your online business brings? HIT REPLY and share them with me. I want to dream with you.

QUICK WINS

A mentor of mine, Bushra Azhar, says “Money loves speed”.

Let’s play a speed game:

If you had only 5 minutes to pick 3 digital product ideas AND be guaranteed to earn $5000 within the next 3 months, which 3 ideas would you choose?

I like this game because we often overthink the product idea which keeps us from creating the product which keeps us from getting to the good part - the revenue generation.

Play along. Hit REPLY and share your 3 ideas!

WTHWW - WHATEVER THE HECK WE WANT

I re-watched Ted Lasso this week. In my opinion it’s the best series ever made. Feel good. Lessons. Good people. Good endings. Good acting. Good TV.

What’s your all-time favorite TV series? Hit REPLY and let me know.

BEHIND THE SCENES

Pilot to Profit Startup School details will be available this TUESDAY.

In the Pilot to Profit Startup School you will:

1. Inventory your skills, expertise and experiences so you know what assets you have to monetize

2. Create your first digital product (digital downloadable product or digitally offered service)

3. Set up your first sales funnel (where you promote, accept payment and deliver your digital product or service)

4. Build and launch your first simple marketing plan so you can find your audience and get your first sales.

Hop on the WAITLIST HERE.   😍

COMING NEXT WEEK

What my days, weeks and months as an online business owner look like.

The SUGGESTION BOX

Questions and suggestions for admin or the Ask-Me-Anything section. Simple Hit REPLY to this email or email us at: [email protected]