Last month, I decided to document my progress as I pursued a bet I had with a friend about starting a new business with little or no capital. Oh! If I’ve lost you with that, check out this post to get the full gist of what I’m talking about.
You see, starting a business and hitting over $50k every month in recurring revenue is as easy is not easy, but it’s achievable if you’re willing to put in the effort.
I’ve researched the current market dynamics and trends in the last few days to see where I fit into the puzzle. And having created a company before, I knew this would be a huge mountain to climb. However, it seemed a scalable one. So how did I fare in the last one month of embarking on this business journey?
DISCOVERING MY SKILLS
As you are already aware – if you truly read the last post – that Upwork is where I decided to flex my muscle to get the needed capital to start. And to achieve that, I spent a bunch of the last few days researching, discovering, and gaining the right skill sets to employ to attain my goal. You need those three things if you ever intend to set up foundations for your business.
So what skills did I choose?
There are over 12 million freelancers on Upwork and a lot more on Fiverr. It means that I will be facing a lot of competition regardless of my skill sets. Anyone can make money on the Internet offering whatever skills, but I discovered that to make MORE money, you need in-demand skills. And that was what I did.
I tabled down five in-demand skills that may suit me in the next 12 months, and they include:
- SAAS management
- Social Ads
- Cold Outreach
But as you know, in freelancing, as with every other business, you cannot be the seller of everything. Being the jack of all trades often sets one up for failure (trust me on this). So, what I did was to niche down on the services I could offer. And eventually, I settled on providing three services based on the current market and my skills to align with my new business in the next 12 months. And these were:
- Growth hacking (Scaling),
- Cold Emails Outreach.
PROGRESS SO FAR…
I decided not to be a fool by spending too much time setting up a business plan without taking prompt action on starting the business. If you could recollect, I mentioned in my previous post that to keep the business cost at the barest minimum, I would begin with some basic freelancing work for the first two months to raise as much money as I can. I would then utilize the funds generated to set the ground running into hiring a new team for the agency.
And so far, here are what I’ve achieved in that last month of embarking on my business journey with no capital.
#1. Learned skills from YouTube
YouTube has become a great knowledge market where you acquire needed skills to keep up with the market trends in various fields. So, I decided to pitch my tent there. I spent over 30 hours watching, reading, and digesting free content on Automation, Social Ads, and scaling.
#2. Signed up for Free Trials with SAAS tools
To avoid being at cross purposes with my future clients on the best SAAS tools to use for automation projects, I decided to sign up with free automation tools to experiment with my knowledge and performance. Some of these tools are Pipedrive, Infusionsoft, ActiveCampaign, and Mailchimp, Woodpecker, etc.
P.S – I already use ActiveCampaign & Infusionsoft for my other businesses, so I had a prior fair idea of how to use them.
#3. Created Upwork Profile
After the learning and all, I created a compelling Upwork profile to get started immediately. But not without reading several articles from experienced freelancers to gain tips on creating winning profiles and proposals for freelance sites.
Luckily, Upwork approved my profile as soon as I created it.
#4. Started applying for projects
After the creation of my Upwork profile, I jumped on the race track by applying for different projects. So far, I have submitted my bid on 20 different jobs on Upwork. But then, it’s still a work in progress as I am yet to receive an invite or response from my applications.
Freelancing is a process of testing different methods and subsequently separating what works from what doesn’t. In due time, I’m sure I will get the right methods going forward.
Money Money Money (In summary)
- Revenue: $0
- Invested: $0
- Net: $0
I’ve decided to increase my daily applications significantly to land my first project on Upwork in every way possible. And to do that, I will upgrade to Upwork Pro since I’ve exhausted the free signup connects provided by Upwork. I aim to land at least one project and make $500 in the first month. And after that, we’ll see how things get from there.