In this episode, I discuss the first year of Revenue Research, what I'm working on now, where I want to take RR, and my issues.
Building an Indie Business in the center of venture capital. I am Alex Edmonds, people on the internet. They call me supremerumham, And this is the building an indie business podcast, recorded in the indie business studio. Okay, so it's been over a year since I started revenue research, I started it in September of 2020. So, I want to talk about. I want to review the year that I've had with revenue research. So I'm going to talk about how it started. The journey I've taken through in terms of content. What I'm doing now. My goals for revenue research. I want to talk about the new format that I'm doing now to talk about what I'm working on and then next year. The current content that I'm looking at right now. What I want to do next for revenue research where I want to take revenue research beyond the next year, the problems I'm still having the goals I have for the second year revenue research, and just some things I've been thinking about. Okay, so let's get into it. So, revenue research started out as a weekly reports on different industries and the revenue, how the revenue was made so I started out with movie theaters. I did podcasts. I did podcast apps. And then I wanted to learn. I wanted to teach developers, how to monetize their stuff. So I did free apps, I did podcast players. Then I got kind of bored with that. And the content got a little random while I was trying to figure it out. I did film production budgets, I did Christmas trees. I did Tech Talk. Right, kind of, there's no theme there. And now I want to help consumers, I want to be consumer facing. So I'm currently writing about alternative investments. I wrote about e commerce. Fractional art domains. Expired domains, which there's different right. My goal is to teach others about investing in new opportunities, right, because I feel like the stock market and crypto are talking about. But there are other options. Um, there are other options to make money, other opportunities. People don't have one opportunities where people don't have to rely on many outside factors like some billionaire tweeting something out and making their, their money, you know, losing money based on that morons tweets, right. So, I also have a new format. On the new format is the free. I have the premium report, and I have the free report, the free report is my research about the industry. So, how, how that industry makes money. What are the expenses. What are the other opportunities to make money and then in the stream, maybe if someone wanted to create that opportunity for the industry. Right. And then I have the paid premium content, which is my actual attempt to create revenue from my research with the information from my research, I like it. It's a bit fun. More fun for me because I'm actually doing hands on research and I hold back on the free reports. I don't mention names or say anything bad in the paid reports, I have ranted about a player in the industry. I'm a bit more open than if it was a free report right because you're paying for this I'm going to give you everything that I have. So then, ah, my goal was to monetize open or not open podcasts, revenue research and 2021. And with the paid report, I'm able to do that, but I also want to I want to offer revenue consulting to right so if you're a developer and you want my advice on how to monetize your app, then I can help you there. But that's for fee, right. So, right now, it's $50 for an hour, and I will take you through whatever you want. I will. I will also do research before, so that we can maximize our hour together. Right. Um, yeah. So the way I'm monetizing is, I'm either giving someone a roadmap to making money, or I'm directly telling you how to make money from your app. So with the paid research. I'm giving you step by step how I made money from that industry like with fractional art. I tell you exactly the strategy I use to create revenue for myself. And you can take that roadmap that I'm giving you use it. Do the same thing on the platform and make money from it. So that's what you're paying for with the paid research, you're learning from my mistakes, and you're learning those little extra things that I did to make money on the same exact platform you could take my research and copy it and immediately start making money right and avoid my mistakes, right. So, it's been a year. What am I working on to, you know, improve revenue research. Well, I, I feel like my writing is a little boring. So I want to make it sound a little more interesting, More fun. So I've been working on that. I'm improving the website's domain authority to get more traffic from search engines because with more domain authority, authority. The website will show up on more search results. And then I have to, I don't have to do as much promoting. So what I want is someone to look up NBA NF Ts, or fractional ownership, and my, my articles, my blog posts are on the first page. So that means more people will visit the website, and maybe I get more subscribers. And, yeah, then, with the high domain authority, I don't have to promote it as much I don't have to post on Reddit, I don't have to tweet a huge threat about it. I don't have to post it on other places where I promote the content. Right. Okay. So, the current content that I'm working on. I'm working on expired domains which are different from like selling new domains. I'm working on music revenue. The music industry. I'm working on selling items in a marketplace. I need to find more content though because I'm worried I might run out of alternative investments to write about. But I have the I have ideas for them, for all of 2020 right now so I'm okay. That's a, that's a problem for 2022. Okay, so what am I working on next in terms of revenue research and everything. I want to grow the discord community, because I'm a big fan of communities, I ran open podcasts I still we're an open podcast, but it's all my focus. So I want to I want to grow the discord community. I want to turn it into a paid community eventually and then write about it. So maybe for 2022. I want to create a dictionary for open podcast just like one page on the website, because I use different phrases I use revenue reduce her, I use eyeballs. I do some other things that people might not understand if they're first, if they read my current, right, if they read. Fractional art, and that's the first introduction to revenue research those phrases might be a little confusing to people. So, if they asked me, they're like hey, what does this word mean I just point them to the dictionary. Okay. Um, there's also I haven't launched on product time. So I want to do that. I'm gonna do that pretty soon. Right. I haven't decided one probably, probably in 2021. Right, okay. And then, I've noticed that a lot of my traffic comes from Twitter, so I want to improve my tweets and get even more traffic from Twitter, I want to narrow down on Twitter so I don't have to promote on Reddit, right. So that's one thing I want to work on. And then I want to I want to interact with my current subscribers more to improve my content for the current supporters that I have. And maybe if I improve my content for them, they'll share it with their friends and that's another thing that I don't have to do great, though, my subscribers will help me promote my content. Okay. And then I need to start promoting the premium reports more. I need to promote the premium reports in the free reports, So, maybe I might add a little like sentence saying hey you can read more about this topic in the free report or no in the premium report, or let's say I talk about a problem that I have in the free report, I can say hey, I came up with a solution in a premium report, buy it, to find out what the solution that I came up with it. Okay. And then the last thing I want to do. The last thing I want to do to take revenue research to the next level, is I want to hire someone to the promoting for me, so that way I can focus on writing and I don't have to focus on getting more subscribers I have someone else do that for me. Right. Yeah. Yeah, so I enjoy the hands on research invests in my own money and tracking it. Like, if, if it was up to me, how I would take, how I would have done the movie theater, blog posts, let's say, I would have worked undercover at a movie theater and broken down the revenue by candy, but I don't, I didn't have access to that so I would like to do more hands on research, right. Um, yeah and then I need to put myself out there more I need to do more promoting. I need, but like bigger promotions, not just posting on Twitter, I need to do interviews and inviting people into revenue research, do some collaborations do interviewing other people so that they will tell their followers that they did this interview and some of them might stay. Right, I need to contribute to more publications, I need to figure out how to do that. I want to create a recurring revenue product, whether that's a community, a paid community or that's just, I don't know, I'm thinking, paid community right now, they pay monthly fees, maybe like $20 a month or something like that. Or, what's another. I don't know, maybe something comes up, maybe I get an idea later for a revenue or recurring revenue product. Um, yes. So, more paid products as well but I do that every month so that's kind of natural for me. Yeah, and then I want to collaborate with another creator in the finance space, maybe create a product or just, you know trade interviews, something like that. Yeah. and then my next step is consulting to grow. Right, and help people at the same time, I just want to go beyond the newsletter. Right. That's, that's it. Um, yeah, so I'm having some problems, of course, always. Um, I still need to figure out where my audiences, and that's what I think the contributing to publications will help because I'm. I will be in front of different audiences, right, and if someone, if a bunch of people sign up for revenue research after finding me on a certain publication, then that's great and that's more likely to happen. I contributed to, I still contribute to hacker noon, and they posted the blog. What I my writing on Digg and someone found me from Digg, and they subscribe to the newsletter, so I just needed to do that. Especially because by contributing to another publication, they will do the promoting for me, that's basically, that's very similar to hiring someone else to promote for me, right, because they get the ad traffic, and I get the subscribers. Right, so it works out both ways. Um, yeah. And then I need to figure, I need to find consulting clients to if I want to add consulting to my, my portfolio, my revenue research portfolio, right. And then I also want to think of new sections to add to the blog post right. So right now I have revenue, revenue ideas, expenses, revenue reducers, my opinion conclusion. But I want to add more I want to add different. I want to add, I just want to maybe add a new section two, maybe three. Right now I'm thinking risks. I've started adding speculation, which is questions I still have after writing it. Um, yeah, so that's what I'm thinking in terms of new sections. I have a huge problem with SEO though. Um, right now I just need to get more backlinks and that would increase that would improve the SEO score. Right. And that would get me more organic traffic. Yeah. So yeah. And then my final problem is that I need to keep writing about industries where I can experiment and, because if I can't experiment, then I can't write a premium report, then there's no money. Right, and I like money, so I need to keep finding basically new industries that I can start to experiment and like fractional art was new to me. And that was something that every consumer can get involved in. Right. Okay. So then, goals, so my goals for the second year of 20 art. Yeah, the second year revenue research. I would like to have one consulting client, right. I'm just one, and that way I can get the ball rolling on consulting. So I just want to spend an hour with someone helping them create revenue for the product. Right. I don't think that's too hard. That's not and overreaching goal. And then I want to get 20 sales of premium reports. I don't think that's reaching either. I can definitely achieve that. And then my out of reach goal, and I want to say my other ritual. Something that I have to work for, let's say that is I want to get 500 subscribers for the email list, I think that's very reachable. And I can achieve that within a year. If I continue to, if I start doing what I said I need to do if I need, I need to. If I contribute to publications. If I get myself out there more, I can get 500 subscribers, so yeah. And then there's just some things I wanted to talk about. So, the value of premium reports, is I give people the guide to making money in an industry, right, they get to avoid my mistakes, and they get inside knowledge before starting. So, the more value I provide. In the report, the more I will raise the price. If I start working in an industry, and I make $1,000 in that industry. And I feel the steps are repeatable, and you can take my report, and step by step, also make $1,000 I will charge $50 Because I'm giving you an exact roadmap to making money. So, that value, that has a lot of value, right. If you can pay 50 and make 1000 That's a lot. Right, so that's one thing that's, that's about pricing, basically. And then I totally want to mention this, I started writing in notion. And it's fantastic. I've saved so much time. So previously I was writing it in a Google Doc, and I would have to write the HTML and the markdown by hand. Now, I just export those two formats and notion, so notion lets me export my writing in Markdown and HTML. And I just take the HTML, and I put it on the website. And that's it. It's just formatted perfectly. So yeah. Okay, that's all I have for this episode. Thank you for listening. Have a nice day. Bye.