Date: October 24, 2015
Time: 7:31 am
Location: Ponce Inlet, Florida
Well, I’m sitting here listening to the waves crash in the ocean and reflecting on the last few months.
I’ve been working on building up my new brand Sovereign Survival for about 3 months straight since I attended the Yacht Mastermind.
In this post, I’m going to just document some of the stuff that has happened and provide some insight into what it’s like building up a business that you’re going to sell in the future.
My intention with this company is to sell it for $5 million, which means I need to have systems in place to run the business without me being a part of it.
The first thing I had to do was hire a project manager.
Well, it’s really simple actually.
I can’t do everything on my own, even though I sometimes feel like I can and should. It’s just not possible to function at an extremely high productivity level forever.
Bringing in a project manager was essential for me because my mind wanders all over the place. Especially when it comes to new businesses and ideas.
Yes, the shiny object syndrome is alive and real in me.
How my project manager has helped so far
I hired an excellent woman to partner up with and build this company. I’m talking extremely driven, talented and can organize my ideas so that we can get them done.
For me, I struggle with finishing things. I’m very much an idea person and I feel like once I’ve written out everything for my idea and put in the initial work, I feel it should be done.
That means, I need good people working with me who can see my vision and then follow through with it. I’m just not that good at doing things over and over again, and if I try, I get really bored and don’t do anything.
My project manager has helped so much with that. She’ll email me with an updated and finished project from something I forgot I told her about, and it will be done exactly how I was hoping it would be, or better.
It’s really great. She is hiring the right people and making sure that the quality of their work is great, thus making sure the business is going to be great.
What kind of problems have I run into so far
Some of the biggest problems I’ve run into with starting the new business is cash flow. With new businesses, it’s important to get into the black as soon as possible. Hiring a project manager takes away a lot of what would be initial profits in the beginning stages.
But, long-term, the project manager will make back many times that money.
Yes, I’ve had some bad days, weeks and even months where I’m thinking “oh shit, was this really a good idea or is shooting for the moon just stupid?”
Yeah…that’s happened quite a bit.
and it’s frustrating.
If you are in the start-up phases of a business you can probably relate.
You see, I have other businesses that are cash flow positive and I’ve been reinvesting money from the other businesses into this new one. My goal is to leverage my assets and turn them into larger assets.
Some issues arise when this happens though because instead of focusing my attention on existing businesses that have been cash flow positive for me for years, I’ve been putting my effort into a new business that is still building traction.
This can be tough.
How do I balance my time between both the new and the old?
It can be difficult to do, especially when I see the end goal in mind strongly for the new business. I just know that it is going to be a big hit. I’ll sell it for what I plan on selling it for.
I’m slowly letting things go with the new business though, and having my team handle the stuff. One thing we’re doing now is doing a free + shipping offer that I was doing out of my own condo to test it out and make sure it would work right.
As of last week, I have passed that on and have someone else handling the shipping and packaging of things.
This will allow me to work on creating more funnels like this one in order to get more buyers into our sales funnel.
We also hired someone to handle our Facebook ads, create eBooks, write articles for the blog http://TipsForSurvivalists.com (that’s our blog for the brand) and we had someone handle all of the building of the sites.
Now I’m going to start focusing more time on CPA marketing (that’s been my bread and butter the last 3 years). Spend less time working on the new business so that my team can help grow it without my direct involvement.
My intention with it is to turn the eCommerce store into a fully-automated business by the end of this year, with people running all the promotions, advertising campaigns and fulfillment for me.
We still need to figure out a membership option for our customers there, we’re working on ideas now and trying to figure out what would be most valuable for our customers.
I’m sure we’ll come up with something great soon.
Anyways, I just wanted to have a quick update and record what’s been going on with me.