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December 06, 2004

Timeline to Cashflow Online: Part 2

(Missed the first posting? Here it is again Timeline to Cashflow Online Part 1)

Something really cool happened when I sat down to work on this timeline.

I started writing one afternoon, and as I went along I would think "oh, I need to include a section on X" and so on, and so on... So I would add it and then suddenly I found myself with a bit more than a Timeline. I actually have the start of a "Building your Business Online" ebook on my hands... cool!

My first product to offer for sale? Perhaps... stay tuned :)

So anyways, as promised, here is the Timeline to Cashflow Online.

First, please note that this Timeline is based on the Product Funnel model of doing business online. For those who don't know the Product Funnel model I recommend getting a copy of the Ecommerce for Coaches Virtual Academy. Great stuff with the ever lovely, ever brilliant Andrea Lee.

And of course, this is just a template. There is always room to go faster or slower through the timeline, or to mix things up a bit. Some hop to Phase 3 in a month (yowza!), others may take up to a year to really get going. You can go at your own pace - that's the beauty of the Product Funnel model.

I've also indicated a 2005 timeline month by month if you were to start January 1st.

Timeline to Cashflow Online

Phase 1: Problem/Solution
0 - 3 months (Jan - Mar)
Revenue: 0

This is the stage where you define who your market is. Who do you want to help? What are their biggest problems? Do the research and really get in touch the biggest issues your market is facing. One of the best ways to do this is to simply ask them - do an online survey with the question "What is your biggest challenge?"

From this information you can build your first "one banana" website, offering a free gift in exchange for their email address.

Phase 2: Driving Traffic (Honk Honk!)
4 - 6 months (Apr - June)
Revenue: 0
List: 500 - 1000 people

You have a website, you have a free gift. Now you need to start driving traffic to your site so you can start to build your list of names/email addresses.

Build your relationship as you build your list. Keep in regular touch with people through a newsletter or series of autoresponders. Be engaging and helpful, keep askign questions. Provide them value while also providing them an opportunity to get to know you. People buy from people that they know, like and trust.

Phase 3: Show me the Money
7 - 12 months (July - Dec)
Revenue: $500 - $1500+/month
List: 1000 - 2000+ people

You've identified your market. You are getting to know them and identifying their problems. You are building a relationship and they are getting to know, like and trust you. Now it is time to start selling them products that will help solve their problems. eBooks and/or Teleclasses are a great place to start.

After 6 months of research, driving traffic and building a relationship with your list it would not be unreasonable to start making $500 - $1000/month once you start offering products for sale. For example, if you sell a teleclass at $97 with 20 spots you've made $2000 right there (and more for selling the audio later). Or if you offer an ebook for $27 and you sell 50 copies that's another $1350.

Phase 3 doesn't have an end date, unless you pull the plug. Continue to talk to the people on your list, keep in touch with what they want and create products that they want to buy as you move through the Funnel.

That's it in a nutshell! Was this helpful to you? Please post a comment to let me know.

Posted by Tina at December 6, 2004 04:03 PM