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eBiz Weekly #93

9 mistakes first-time entrepreneurs make

This week:

  • Punished for being good
  • Great example of recycled content
  • Monetize with Zoom
  • 3 questions from a $1 million/year SaaS
  • Pub Desks
  • 9 mistakes first-time entrepreneurs make
  • “Powered By” Marketing
  • 29 Psychological Sales Tricks
  • The Coming Home Theater Boom
  • Momentos

Punished for being good

Nice short video by The Futur on TikTok, explaining why charging by the hour doesn’t always make sense…

Most business people value time.

If I can do a logo for you right now and you love it, in five minutes, are you saying it’s worth less or is it worth more now? Because I saved you a lot of time… it’s worth more.

So charging by the hour punishes me for being good.

That’s not to say you should never charge by the hour. Especially when you’re starting out, it’s often the easiest way to charge.

But as you get better at your craft and can produce great work in less time, look to charge for the value you deliver rather than the time you spend 😎

Great example of recycled content

That short TikTok video from The Futur is taken from this longer video they posted to YouTube 4 years ago.

The YouTube video has racked up more than 3 million views, and a 3-minute excerpt from it in 2018 got another 50k views.

The TikTok video was posted last week and already has 1.6 million views 🚀

They posted two other clips from the original video to TikTok recently, plus a meme version yesterday. Those add up to another 100k views. So they’ll probably end up with an additional 2 million views from chopping up and recycling the original video.

Nicely done 👍

  • Could you repurpose your own content in a similar way?
  • Could you go to popular YouTubers and offer to repurpose their content for TikTok or other platforms?
  • Or how about doing similar for podcasts? (Here’s an example of the Tim Ferriss podcast recycling to Twitter.)

Monetize with Zoom

Zoom recently launched OnZoom, described on Product Hunt as…

A new marketplace to schedule, monetize, and attend virtual events. From cooking classes to lectures to stand-up, fitness and more. OnZoom features built-in tools for selling tickets, scheduling, and promotion.

There are a few classes and events on there already, but not as many as I expected given how much coverage this is getting. Could be easy to stand out on there if you act fast ⏩

Looks like you have full control over the pricing and Zoom doesn’t take any fees – not yet, at least – but you must have a paid Zoom account to host an event.

3 questions from a $1 million/year SaaS

Sarah Hum writes about co-founding a SaaS called Canny in 2017 and growing it to $1 million annual recurring revenue 💰

Canny in a nutshell:

We help software companies build better products by doing a better job of collecting and understanding user feedback.

Sarah recommends asking yourself 3 simple-yet-impactful questions at the beginning of your business journey:

  • What problem do you solve?
  • Who do you solve it for?
  • How are you different than existing solutions?

Pub Desks

BBC.com reports that some pubs in the UK are catering to remote workers during the pandemic:

In this village pub in Kent, a tenner gets you a table by a plug socket, wi-fi, lunch (I went for a halloumi wrap) and unlimited tea and coffee. (Pints, sadly, are not included.)

They had me at “unlimited tea and coffee” 😜

9 mistakes first-time entrepreneurs make

Noah Kagan lists them out in this video.

In brief:

  • You’ve spent over a month on the business and still have 0 customers
  • You bounce from idea to idea without committing to one
  • You sell to everyone but your existing network
  • You’ve spent over $1000 starting the business and still have $0 revenue
  • You blame the bad economy
  • You buy too many courses and invest in too many “masterminds”
  • You give up way too soon
  • You don’t use your day job as your lead investor
  • You chase random opportunities instead of focusing on your own problems

Do any of those ring painfully true for you? 🙈

“Powered By” Marketing

Darko from Zero to Users analyzed hundreds of interviews with successful founders and noticed that many of them gained traction by using “powered by” marketing.

A good example is RightMessage. You’ve probably seen their pop-ups on various websites, with the “Powered by RightMessage” link at the bottom. (Scroll down the RM homepage and you’ll see it.)

But my favorite example from Darko’s article is Endcrawl, a SaaS company that pulls in $20k/month by helping movie-makers generate end credits 🎬

By default, the Endcrawl name/logo appears in the credits generated by the software. Users can remove it but many don’t bother, essentially giving Endcrawl free ad space at the end of each movie that uses their product.

Darko writes:

Here’s a simple fact: Competitors copy each other. If business A is using a certain tool, and B is their competitor, B will notice that and take a look. If competitor B determines that the tool gives A a certain competitive “edge”, they’ll most likely start using it for themselves as well.

  • Is there a way you can use “powered by” marketing in your business? (Check the ideas Darko shares at the end of his article.)
  • Could you help other businesses leverage this?

29 Psychological Sales Tricks

An insightful infographic from TitleMax.

One trick:

Include an expensive menu item most people won’t buy. By having a $50 dish on the menu, diners are more likely to shell out $30 for other menu items because it seems reasonable in comparison.

Related video from Derek Halpern, making the case that you should always offer at least 3 pricing options.

And remember: with great power comes great responsibility 😉

The Coming Home Theater Boom

Matt from Takeaways writes that you might be able to capitalize on the upcoming home theater boom…

This week Disney announced they’re shifting their focus to streaming while AMC warned they may run out of cash by the end of the year. It’s clear: due to COVID, theaters aren’t coming back any time soon.

I believe this signals an upcoming boom in home theaters. Capitalize on this by creating a blog that reviews home theater equipment (screen projectors, sound systems, even couches), then monetize with affiliate links. thewirecutter.com generates an estimated $23.5 million a year with this model.

I’d actually say it’s a little late to be getting into that niche as an affiliate. My business follows the same model, but it took me a year of solid graft before things really started to take off – see the growth here – and that was with a head start of an aged domain and plenty of experience with writing and web design.

IMO, the sites that are going to benefit most from the home theater boom are the sites that started at least a year or two ago.

(Although, if you know what you’re doing, you could buy an aged domain and get in the game that way. I checked Flippa right before sending this email and found a site for sale that could work.)

Related:

Momentos

My latest personal ramblings are here if you fancy a gander 👀

That’ll do it for this week.

Was there anything above that you found particularly useful or interesting?

I aim to pack these emails with the best tips, insights and opportunities for building your online business. Your feedback helps me do that.

Also, feel free to forward this email to a friend, or you can direct them to the online version here: https://ebizfacts.com/ebiz-weekly-93/

In case you missed em, here are the last three editions of eBiz Weekly:

Until next week, rock on with your legendary self 💪


Niall Doherty – Tbilisi, Georgia
eBiz Facts

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