this post was submitted on 15 Nov 2023
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The 4 hour work week. Not because I took it literal, but it promotes the idea of finding smarter ways to do things.
For example, it explained that before you launch a product, test demand. That way you don't end up with a bunch of inventory that nobody wants. Sounds simple, but there are tons of people who have a garage full of knick knacks because they didn't bother to run a simple test with AdWords.
You can text demand through AdWords ? How is that done ?
Let's say I'm selling inflatable bouncy houses. Rather than invest in 25 bouncy houses and crossing my fingers that people will want to buy them, I instead put up as basic website as I possibly can. Something like Shopify where it's basically all done for you..
Then I run some AdWords to drive traffic to my website.
This practice can be a little controversial, but I think it's okay. You could basically have the customer go through the process of making the purchase, and then at some point before you take their money, just indicate that it's on back order. If the customer has gone through the time and effort to enter all their information like shipping address, you can be sort of confident that they intended to make the purchase.
Brilliant as an HP fan I would say you thought me dark arts today.
Thanks. It would be more precise if you can give number like what would it cost to set up a website and keep it functioning for the time period of doing a tests. Is it really worth it though ? As building functioning website cost a lot of money to hire developers, acquire domain name, hosting services and all.
I would say to do an initial test it would cost between $200-400 for website, domain, and ads. If it looks promising, you'd then probably want to spend $500-$1000 more on ads to confirm before purchasing inventory.
Might seem "risky", but it is far less risky to do it this way then spending thousands on products you don't know if people want.
To add, I think 1-2 weeks is probably long enough to test. You could probably find some good info in certain Twitter spheres regarding this.
Product testing is def a good idea, but I caution about the time period. 1-2 weeks is 1000% not enough to test an adwords campaign. You're looking at 1 month+ now bc most of your options are at least somewhat AI-driven, which takes a ramp up period.
I have 50k fidget spinners in my garage. You want one?
Broooo
I'll trade you 12,000 face shields lolol
If they're ansi z87+ I'm sure you could sell them as grind shields for fabricators/welders
This might sound ignorant, but how do I run a AdWords test? Anything specific I am looking for?
Usually, you can create a simple landing page for your product or service, with something like "suscribe for early access" then you run an adword campaingn, wich let you see what people are looking for close or simillar of what you're selling, and if they are interested in your brand they will suscribe for that early access... With a week or two you could check real time demand of your product. And have a pre idea of how much budget you gonna need, inventory etc.
Yeah, in a recent part of his podcast Tim says that he likely wouldn't update the book too much because it's a worthless battle with new tech and changing businesses.
It's difficult to recommend to some people because I tell them "half this information is outdated, and young Tim is really up his own ass with his language. Just go for core concepts of MVP, 80/20, and a/b testing".
There are daily posts here from people looking to manufacture on scale before testing to see if anyone wants their product, or before they have a prototype. People need to really figure out the simplistic version of their idea before maxing out their credit card.
"The 4-Hour Workweek" by Timothy Ferriss is a popular book that focuses on strategies for improving productivity and achieving a work-life balance. Here are ten key takeaways from the book:
The New Rich (NR) Lifestyle: Ferriss introduces the concept of the "New Rich" – those who prioritize time and mobility over money. He suggests that one should aim for a lifestyle of freedom and experience, rather than the traditional path of long-term wealth accumulation.
The 80/20 Principle: This principle, also known as the Pareto Principle, suggests that 80% of outcomes come from 20% of efforts. Ferriss advocates for focusing on the most productive tasks and eliminating or outsourcing the rest.
Outsourcing and Automation: He encourages the outsourcing of tasks to virtual assistants and automating as many aspects of work as possible. This can free up time and reduce the hours spent on non-essential tasks.
Eliminating Time Wasters: Ferriss advises identifying and cutting out activities that waste time or do not contribute significantly to your goals, such as unnecessary meetings or constant email checking.
Creating a Passive Income Stream: The book suggests finding ways to earn income passively, such as through online businesses or investments, which can provide financial stability without a constant time investment.
Mini-Retirements: Instead of the traditional model of long-term retirement, Ferriss proposes taking multiple 'mini-retirements' throughout life – extended periods of time off to enjoy life, travel, or pursue personal projects.
Testing and Validating Ideas: Before fully committing to a new business idea or product, Ferriss recommends testing it on a small scale to validate its potential success and minimize risk.
Automating Business Operations: He stresses the importance of setting up business systems that can operate without constant supervision, allowing you to step away from day-to-day operations.
The Importance of Selective Ignorance: Ferriss argues that not all information is beneficial and that staying selectively ignorant can prevent information overload and allow you to focus on what's truly important.
Achieving Work-Life Balance: Ultimately, the book is about finding ways to balance work and personal life, so you can enjoy life now instead of waiting for retirement.
What is AdWords?
You know the sponsored results when you do Google search? That's adwords. Might be called something different now.
Google Ads. Formerly Adwords.
Google is your friend. Not that no one wants to explain it, it’s that you will find a much more thorough set of information by doing f a quick search there.