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eBiz Weekly #97

Sold his app for $4 million

This week:

  • 15,000 paid members in 6 years
  • Public domain publishing
  • Paying more for free shipping
  • $50k in course revenue before launch
  • The Millionaire Fastlane
  • Sold his app for $4 million
  • $15k/month copywriting business
  • Survivorship bias
  • How to get more followers on Twitter
  • How To Make Money Online

15,000 paid members in 6 years

That’s Nomad List, as announced by founder Pieter Levels on Twitter yesterday.

Works out to about 7 paid signups per day. At $110 lifetime value per member, that’s $1.65 million in revenue, or about $275k per year 💰

More interesting for you though might be Pieter’s words in the same tweet storm:

The biggest Facebook group for digital nomads has 138,000 members, add some smaller groups to that and you’re at ~150,000 members, and they’re free. So I think I’ve been able to capture only ~10% of the ppl who’d join a DN community, but most of the ppl who’d pay $ for that.

Not sure if this is a strong data point but this might mean you could take a niche-based Facebook group and built a paid community for it aiming to get 1% – 10% of the user base of that group but paid?

He goes on to share this list of the 25 largest Facebook groups.

Our Evergreen Bangladesh is the biggest there, with 6.4 million members.

Public domain publishing

Remember the guy who was making $1300/month republishing classic literature on Kindle?

I was reminded of him today upon hearing that George Orwell’s Animal Farm 🐷 and Nineteen Eighty-Four 😱 will be entering the public domain next year. Might be an opportunity there.

Wikipedia has lists of works entering the public domain in 2020 and 2021.

Paying more for free shipping

One of the things that fascinates me most about business is how counterintuitive it can often be.

Here’s a great example from Reddit, where someone selling exercise equipment online tested different price points and found that offering free vs paid delivery made a massive difference.

One test:

  1. $19.95 + free delivery
  2. $17.95 + $2 delivery

Same price for the customer in the end, but the first variation had 2.4x as many sales (26 vs 11).

Another test:

  1. $29.95 + free delivery
  2. $19.95 + $2 delivery

This time the first variation was way more expensive overall, but somehow resulted in 1.7x more sales (15 vs 9).

This probably doesn’t hold true for all businesses, but it goes to show how important it is to test your assumptions. You can leave a lot of money on the table by doing only “what makes sense.”

What’s one quick assumption you could you test in your business? 🤔

$50k in course revenue before launch

Codie Sanchez writes about her successful course launch.

The course is about how to buy small businesses. Apparently she launched it “on the side while working 60 hour weeks.” I believe she has 200k subscribers to her newsletter, which surely drove a ton of sales, but there’s little mention of that 🤷‍♀️

Still, I like her advice about pre-selling a digital product:

Before you do ANYTHING. Write up what it is, why you are doing it, what explicit problem it solves. Then post it on social media, email it to all you think interested, then go wider (aka everyone you know), then ask others to send, the finally WITH A LINK TO BUY IT to all the above.

See if anyone bites. If no one does, ask for feedback on why not? Iterate and repeat the process until you’ve sold at least 3 products.

The Millionaire Fastlane

I have this book rated as one of the 3 best books for online entrepreneurs 📚

Here’s a good 14-minute video summary.

You can also find the entire audio book free on YouTube, chapter 1 here.

Sold his app for $4 million

Seven years ago, Josh Pigford wrote this tweet:

Stripe analytics app. From idea to execution TONIGHT!!!!!! Coffee brewed. Game on.

A few days ago he announced that he’d sold that app (Baremetrics) for $4 million, and that he’ll personally walk away with $3.7 million.

Good example of the Millionaire Fastlane right there 🤑

$15k/month copywriting business

Michal Eisikowitz says in this interview that she built the biz largely via LinkedIn.

See the type of content she posts on LinkedInΒ 👈

Nothing mind-blowing. Simple, helpful content posted consistently.

Michal’s words from another interview:

I started with this amazing program, which I highly recommend for people who are beginning to put out content on LinkedIn. It’s called Thirty Day Social. It’s this free program that takes you and helps you put out content every day for 30 days consistently, giving you advice on what to post each day and different ideas and great ways to get more views on LinkedIn. I did this program and it blew me away, the response that I got.

Survivorship bias

If you don’t know what that is, Farnam Street has a good overview.

I wanted to bring it up because I often share big success stories in this newsletter, tales of people making tons of money online.

Just so you know: that’s not normal.

For every one success story like that, you can assume that 999 other people tried to do similar and didn’t get very far. And it’s okay to be among the 999.

That doesn’t mean you should stop learning or stop striving.

Just try to be kind to yourself along the way ❤️

How to get more followers on Twitter

Josh Spector took over someone’s Twitter account for a couple of days and grew it from 631 to 666 followers.

Details here.

+35 followers might not seem like a lot, but there are many good tips in Josh’s thread that I suspect would add up to massive gains if applied consistently.

Also the seed of a business idea there: what if you offered to grow other people’s Twitter accounts using Josh’s tips? Or someone’s LinkedIn using the same approach as Michal above?

You could reach out to potential clients with these cold email templates.

How To Make Money Online

Here’s my second appearance on the Never Normal podcast.

First time around we discussed my digital nomad journey. This time it was all about making money online, the most reliable to do that, mistakes to avoid, etc.

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-97/

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

By the way...

How To Make Money Online
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Find A Remote Job
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Start Earning Online
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Freedom Business Builder
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