Several cases of successful application of the 1/50 rule in entrepreneurial projects

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Editor’s note: People are afraid of starting a new entrepreneurial project because of their grand vision and the pursuit of perfection. According to the inherent mindset, they often have to wait for everything to be ready before starting the project, so that the new entrepreneurial project will eventually be stranded. The 1/50 rule can effectively help you start your entrepreneurial project as soon as possible, and you can make money within a day. This article introduces what the 1/50 rule is, and introduces in more detail the six steps of applying the 1/20 rule to successfully start a business. I hope this article will inspire you. Due to the length of this article, it is divided into three articles, which are divided into utility articles, application articles and case articles. This article is the third one, a case study. This article is translated from Medium, author Danny Forest, and the original title is “Use The 1-50 Rule to Make Money Within the Next 24 Hours“.

More cases to help you start a business

Create an email course

Some people I know created an e-mail-only course, which included sending an important course every day for 30 days. This can be easily done using Mailerlite, Mailchimp, or any mailing list product. If you already have content, it shouldn’t take too much time to integrate the products together. If you have not prepared the content, well, you have to process each email in one day!

Depending on your reputation, the fees for this course range from $30 to $300. If you sell such a course one day, you have already made $30. A good e-mail course is that you continue to make money after you post the course e-mail, and continue to increase its value for you.

Create a paid business newsletter

Niklas Göke started a paid newsletter called “Empty your cup with Substack”. Within an hour, you can run it, build a list, and send an email.You can also use a similar Patreon, just like Shannon Ashley did.

Nik charges $5 a month and there are many registered users. It only takes less than 24 hours to start operation and can bring good operating income. Similarly, Shannon charges 5 to 20 US dollars per month, and operating income is very optimistic

Create an e-book from what you have written

My first three books were compiled in less than a day, because the content was already written. I use Scrivener to extract content from some of my most popular articles, and then use it to compile a book. Every book I published on Amazon Kindle was approved within 24 hours.

Using Amazon Kindle you can promote your book for free in a short period of time, so you can collect valuable reviews. Once there are some comments, sales will be pretty good. If you do well, it is not a problem to sell 100 sets in a month. The more reviews you collect, the easier it is for you to sell the work.

Create a spreadsheet template

My productivity tool is the Airtable template. They are very valuable, they save us precious time by making full use of templates, and many people do not have enough creativity or knowledge to start from scratch.

My whole set of templates is priced at $100, and I sold more than 10 sets in the first week. It took me about 7 hours to create these templates, so this is more than $100 per hour, which also allows me to make more in the coming months.

Conclusion

The 1/50 rule refers to the release of a product that enables users to achieve 50% of the results within a day, and then expand on this basis. This method achieves two amazing things:

1. You can get early feedback from users;

2. The money earned will take your career to the next level.

Step by step, you can achieve a 100% performance goal, while obtaining funding and valuable feedback from early users.

So, next time you think of another ambitious big project, think about the 1/50 rule, step out of your original mindset, and find out which tools you can creatively combine to build your product or service , And using the 1/50 rule, you can start profitable within 24 hours.

It’s time to surpass your competitors and try to use the 1/50 rule in your next project!

You can do it!

phaseOff reading:

  • Using the 1/50 rule to make you earn money within 24 hours (1) Utility article

  • Using the 1/50 rule to make you earn money within 24 hours (2) Application articles

Translator: Pei Hongbo, guest researcher and economist