I love Entrepreneurship and it’s definitely a lifestyle that suits me. My goal is not to build a large multinational or a complex business, but it is about developing what Tim Ferris calls a muse. A muse is an automated system that generates steady income with minimal intervention.
Our objective: to create a system that generates income with minimum intervention. Here are the elements we need to understand in order to produce the optimal results:
- The muse system
- System mindset
- Process 1: Definition
- Process 2: Testing
- Process 3: Development
- Importance of Documentation
The muse creation process
The process has only 3 steps: ID > TEST > BUILD
ID: Define your muse.
- Your muse must be a product that ads value to the user, because it is simpler, quicker, offers more impact or simply because it is a “purple cow”. A Purple Cow, a term defined by Seth Godin is a solution that is unique and remarkable(which literally is worth making a remark).
- The product should be an information product: book, video, picture , poster, music… or ideally a combination of those elements. Click here to get inspired.
- The price should be around the 100$
- Promotion: should focus on the main benefits for the users
- Copy writing. This is one of the first things you need to do. In order to test it you need to create a selling copy page which includes your muse description, its benefits, its features and a “buy now” button that links to your shop page that says that you are currently out of stock, but please make a reservation. Please click here to view some examples.
Test: test your muse – Target traffic. (7 days)
- Once you have your sale copy online, you may then bring visitors to this page by using ad words. For this testing period I would spent no more then 200$ on the target ads in about a week. In order to properly monitor this campaign it is important to use tools such as Google Analytics.
- Define your keywords (use Google keywords and your sale document)
- Define your goals
- Define your
- At the end of the week you make your decision if it’s worth developing it further. As a rule of thumb, anything bigger then 5% of purchase right should be an indication to go forward.
Development (30 days)
Once you’ve made the decision to go forward with the development as you know there is a market for you product, it is time to create the plan and execute it.
- SIMPLE PLAN.
- Execute