Monday, 04-Oct-2004 8:50 PM More Progress... and Decisions! STEP 04: My Progress... ---------- Original commentary from PAGE ONE: Hope you'll journey with me... And if you practice your own compounding -- "Best wishes & Success! Sam ---------- I need to do the following to keep the STEPS going: Steps 11 to 16 are hard, as the amounts are small, but the work long. 1. I need to use some credit to enhance the site. The credit will not be added to the total, and I have made a large sale to cover the repayment in November of the $50.00 credit. I'll charge that on a VISA card to add a necessary tool to the p31.com web site. 2. I need to setup a contest. I need some good prizes. Something of value. What IF I select X number of winners and PAY up to $1000.00 of their expenses on the Internet and coach them and help them cover at least to STEP 28? Wouldn't that make a great prize for "X" winners? Yes, it would. I need to give away some GREAT PRIZES in order to attract visitors. The best prize I can think of is to "coach" all the winners on how to reach at least STEP 28 @ $1.3 Million+. Wouldn't that be "one great prize"? I will also cover the ONLINE EXPENSES, up to $1000.00 for each of the winners, and when STEP 25 is reached by a winner, I will award the winner the latest, top-of-the-line PC or laptop, valued at about $3000.00. Perhaps, I can total the cost of contest like this: 25 WINNERS: Online WINNER COSTS: $1000 x 25: $25,000 [Covers expenses online for the winners, i. e. hosting, software, adv & mkt, etc. for a business web site that they setup online.] Other Prize COSTS: $3000 x 25: $75,000 [COvers the cost of a great new PC/Laptop. I'll pay for it or send the money if you are not in the USA or EU, etc.] Total Costs (out of pocket): $100,000.00 3. I need to add a revenue generating component to P31.COM by setting up a "REGISTERED USER AREA" where I will run a FORUM. Via this area users can ask questions, and other users can exchange ideas as they work on their own "31-STEP Financial Success Plan™". If you look at the most successful e-commerce sites, they pay others to "deliver qualified visitors" and then market products and services to those visitors. In the early days of the Internet, this was easy. But, in the past four years the competition has gotten very tough! So, the financial equation looks something like this for a revenue generating site: Sell Product(s) (Less Product Cost) (Less Business Expense) (Less Traffic Cost) Profit (or Loss!) But my problem is that I cannot pay (at least at this time) to generate visitors. I only have $25.60 in the bank! And I cannot spend a lot via credit. Otherwise, I can setup a Google™ Adwords® account and feature some ads on this site, and advertise at Google™ and pay for the traffic. So, I have some good ideas to generate traffic: A contest will do it. However, I cannot be cheap and try to give away something that cost me nothing in exchange for users/visitors. In order to make this process a success I need to build innovative concepts to attract visitors at a very low cost. In my case for FREE. Or almost free. I have to come up with $100,000.00 to award prizes to winners. Here's how I will do it: Contest registration will begin ASAP. The prizes will be awarded AFTER I reach STEP 28. At this point I feel that I can take some "EXIT CASH" and use it to award the prizes which will "keep the ball rolling"! REM: To do list: Setup RULES for CONTEST. In essence, this is a fantastic "self financing idea" where I postpone the expense for much later after the 'product' has been sold. SIDE NOTE: If you look at a lot of very successful businesses, they literally pay for their inventory *after* the product has been sold. For others, often the inventory is financed. Just about all business must build credit in order to succeed. I will go in depth regarding business credit building and how I have done it, at a later STEP. SUMMARY: 1. Setup credit via bank card. 2. Setup contest & contest rules. 3. Setup revenue generating system/area. A lot to do. Must plan how now. All the "how" parts will be covered in the next few STEPS! P31 STEP-4 UPDATE: Friday, 18-Mar-2005 10:37 AM The contest is now setup and so is a revenue generation setup. Climbing the first steps was easy enough. However, STEP 11 through STEP 20 or 21 have been very difficult. It does not help that I have imposed some constraints, nor that I made sure not to use money allocated elsewhere. In your case you don't have to do any of this. However, I do. Otherwise, I could have gone directly to STEP 20-Something and gotten over this hurdle. The reason I have imposed so many restrictions is that I believe the harder things are, the more imaginative one can be to resolve the situation. Thus, here I am! End of an UPDATE!   Back to STEP 03 | STEP 04 | NEXT: STEP 05

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Below are links to my thoughts, comments, actions, results and a BLOG as I take ONE PENNY (USD$0.01) and double it thirty one times utilizing a 31-STEP Success Plan™ in an effort to build the PENNY to USD $10,737,418.24: