Testing Your Entrepreneurial Chops
Chances are you’ve thought about quitting your job and becoming a full-time entrepreneur. If you’ve had this thought and not taken action yet, then here’s an idea.
My suggestion is that you test your entrepreneurial chops by finding a product to sell online. As part of this test, it shouldn’t be a product that you create. Instead, you should sell someone else’s product, a product that allows you to make a commission or affiliate fee for selling it. The main reason you should do it this way is so that the time and effort to get up and running is minimal.
My suggestion is to find a high priced item on Amazon.com in a category that makes sense for your personal brand and network. Based on my experience, you could spend about $100 on Facebook ads targeting a niche demographic to drive about 200 clicks to your landing page.
If you get a well designed landing page and a Facebook ad created by someone on Fiverr.com, 200 clicks could generate around 2 sales (conversions). However, if you are a rockstar entrepreneur it’s possible to get 8 to 10 sales.
Based on this data, try these 2 steps:
1. Short list 3 or 4 items to sell that generate the most commission/affiliate revenue.
2. Do the math on the affiliate fee to calculate the amount you will receive per sale and pick the item that makes the most sense based on the Facebook ad budget you want to start with.
Once you pick your item to sell, kick-off your Facebook campaign to drive traffic to your landing page and let the games begin.
Evaluate how comfortable you are with this process, doing the conversion math, designing landing pages, working with contractors on Fiverr, and buying ads on Facebook. If you enjoy the process while at least breaking even (or hopefully making a profit), you’ve passed the entrepreneur 101 test.