For version two of the site, we’ll be rolling out a new blog, our company page and one special project that I cannot tell you 😶 about yet. Get excited.
Wait, so how easy or hard was it to do this little redesign?
Most website redesigns go over budget and over time significantly. I know this because I have missed the initial “new website launch date” many times. Here is what we did well and not well. Hopefully, it’ll help you with your next redesign.
WHAT WE DID WELL:
👍 We removed features (and pages) to hit our launch deadline #noscopecreep 👍 We had the designer make two completely outlines to pick from before we went really deep 👍 The designer did multiple check-ins to mitigate any “surprises” 👍 Set hard deadlines for each milestone
WHAT WE DIDN’T DO WELL:
👎 We didn’t nail down the copy on each page which impacted design more than I thought 👎 We went over budget by $1k because we had changes during development 👎 We didn’t get to update every page we wanted bc of the above changes
Hope that helps!
As a bonus, here are five growth articles that caught my attention.
The Hard Truth Every Founder or Startup Employee Needs to Know about Money
It’s about to get awkward.
Yup, we’re talking about money.
How much money do you make? And does that income get you to “your number”?
From breaking even every month to F-you money, what are you really working towards?
Sadly, most people haven’t thought through this question. Even though we spend most of our waking hours doing this thing called work. We don’t have a plan for our income or for our number.
For whatever reason, it doesn’t feel natural to talk about money.
So, what is your financial goal? What is your number?
Is it cash-flowing $2k a month with your side hustle or is it hitting $1.75 million in the bank?
Do you want just enough cheddar to pay the bills?
Or, are you looking for the exact amount of gold coins that enable you to tell your obligations “peace out” and then Scrooge McDuck into your pool of gold?
It’s that number that should drive your financial goals as a founder, a side hustler or an employee.
As a bootstrapped founder, this was the talk I had with my wife before going all in. My personal number sits between breakeven and Scrooge McDuck.
The Truth: It’s Not About Your Number. It’s About Your Lifestyle
Before we get into your options, let’s talk about that number. How much money do you really want?
Actually, scratch that.
It’s not about money. It’s about your lifestyle. What do you want to do and how much do you need to support that?
Maybe you want to work forever at a big company.
Or, you want to retire early on an island in the Caribbean.
Maybe you want to spend half of your time working and the other half volunteering at the local YMCA teaching kids how to widdle wood.
For me, I want to own what I do and have the luxury of choosing what I do with my time – ideally traveling with family, working on passion projects and playing basketball against other washed up dudes still holding on to the dream.
The real question for me is this: How much do you need to support the lifestyle you want?
Money doesn’t bring you happiness. It brings you options. What are your expenses and how much extra cash do you need? To keep it simple, lets talk about lifestyle expenses in the following buckets:
My friend, also a bootstrapped business owner, and I are good examples of two very different lifestyles from a cost perspective. I live in a city that has the highest housing growth in the US. We don’t have any family close by so our childcare expenses aren’t insignificant. Plus, we’re a family that enjoys eating out, shopping (one of us may have a shoe problem) and we love traveling. Those decisions (city, family, travel) have raised my monthly expenses compared to most people. Esh.
On the flip side, my friend lives in a small town in a house his family owns and is close to grandparents. His family also likes to travel so they have that as an important line item. It’s smaller because they love road trips which are cheaper than flights. Those decisions alone have put his lifestyle expenses much lower than mine. So his break even number is much lower.
Here is a simple breakdown of two scenarios
Obviously, these expenses don’t include things like any car payments, healthcare costs, entertainment, groceries, car payments, Parkour lessons, etc. But, you see how certain lifestyle decisions have a huge impact on your number.
Based on your lifestyle expenses, that is the starting point for your break-even costs and then you can start to think about the original question. What is your number?
Let’s break down your number into three options:
Option 1: Break-Even
With the exercise above, you can start to figure this exact number out. Simply put, you’re making just enough money to pay for your monthly expenses but an unexpected surprise would rock your world. A water pipe breaks in your new home, someone in the family is laid off or you find out you’re having triplets. #blessed
Option 2: I’m Feeling Comfortable
You’re kind of rolling in the dough. You’re able to pick up the tab on group dinners without blinking an eye and you’re looking at options for a rental property. You could take time off of work for a little bit and you’ll be okay. But, not too much time because the money will run out.
Option 3: F-You Money
You hit a big exit with your company or you’re cash flowing at a rate that far exceeds your expenses and it’s not slowing down. Teslas, yachts and a timeshare on Mars might not be that crazy.
Now that we know the options. Let’s talk about how we reach to those outcomes. Let’s attempt to answer that specifically for people in the startup community.
What are your options for hitting your number?
Obviously, there are lots more than the three but I am laying out three scenarios for income.
Scenario 1: The Employee with Golden Options
Scenario 2: The VC-Backed Founder with an Exit Plan
Scenario 3: The Bootstrapped Founders with Cash Flow Dreams
Now, let’s dive in and see the pros and cons of how these options get you to your number.
The Employee with Golden Options
You’re an employee at a high growth startup. You have chosen to live off a startup salary with the hope that the value of your future stock options will lead to the land of milk and honey (or financial freedom).
Pros: Taking on less risk of a founder but still get to participate in the upside.
Cons: 90% of startups fail. You get diluted during fundraises. Plus, a vesting schedule makes you work 4+ years for your options.
The VC-Backed Founder with an Exit Plan
You’re a founder that has raised sophisticated money from a venture capital firm and you’re looking to exit through a sale or IPO. Your recent funding has extended your runway but it has diluted your shares and set your valuation to exit much higher.
Pros: You’re the majority shareholder and if you strike it big then it’s life-changing. You have extended your runaway with the influx of cash and can (finally) invest in quality developers, sophisticated software and the much-needed ping pong table.
Cons: Again, 90% of startups fail. Also, your new board might fire you if you don’t deliver.
The Bootstrapped Founder with Cash Flow Dreams
You have an idea and decided to roll up your sleeves and fund it with your own money or with cash from the project.
Pros: You own 100% of your business so your exit number or cash-flow number is much more attainable than a VC-backed business.
Cons: Don’t stop making money. If your cashflow goes away then your business goes away. Oh, and 90% of startups fail.
So, what path did I pick to hit my number?
My Final Answer
I have opted for option three. For me, it’s not about the money. It’s about the lifestyle and I’m playing the long game. I want to work on projects I am passionate about and I want the freedom to push them in whatever direction I please. I’ve been inspired by people like Rob Walling, Dan Andrews and, obviously, Tim Ferris. These guys have bootstrapped ideas into successful businesses built around their lifestyle.
So what’s your number? Or more importantly, what lifestyle do you want to support?
A brand launch is a lot like getting up on stage as a stand-up comedian.
No matter how confident you are that people will love your material, you can never quite shake the fear that all you’ll hear is crickets when get on stage.
According to Five By Five Global, three-fifths of people weren’t aware of any new launches in the past 12 months, which doesn’t make for great reading if you launched something last year.
But that doesn’t mean what you’ve created is bad. It means that it hasn’t been marketed right.
To show you how to avoid the deafening silence of no one noticing your product, we’ve picked out seven of the most successful launches of recent years to inspire your launch efforts, along with some tips on how to implement the tactics.
How do you keep your marketing team focused and on track with a clear plan of action?
Sadly, most people don’t know how to make a growth plan.
Worse, they end up going to google and typing “growth plan” or “marketing plan” and it takes them to a black hole of outdated templates and tactics.
To help, I’m going to go deep on how to make a growth plan for one lucky company, ConvertKit. I am a fan of this company and it’s founder, Nathan Barry. Hopefully he sees this as a compliment to his tool.
The growth plan will go into detail on everything from value proposition and analytics to how to setup a landing page and what growth experiments to run.
I want to mention two webinars I’m in that might be helpful for you. One is with an impressive founder and another is about metrics that matter for ecommerce startups.
I’ll get to those in a second.
Quick Side Note . . .
I’m very bullish on webinars for B2B companies (including GrowthHit, our growth consultancy) because webinars are a powerful way to engage potential customers while building trust. Live video + free educational content = a good first impression.
So there you have it – some insight into our growth strategy at GrowthHit. More webinars to come in 2019.
. . . Alright, Side Note Complete.
Lets get to the webinars.
First, I was able to chat with Chrystien Guyton of The Rewrite Summit to talk about my path to starting GrowthHit. She’s hosting a 7 day virtual summit where she’s interviewing founders about how they changed their career paths and started their own thing. Our interview goes live next week and you can join here.
Second, I’m doing an online session with Gorgias called 8 Metrics to Measure as Head of Ecommerce. We’ll get tactical on how Shopify store owners can grow sales by being data driven. It launches on Feb 11th at 1pm PST so RSVP here and set you alarms people.
As usual, here are five articles that caught my attention this week.
Before I jump into 2019 trends, I want to hit on my 2018.
Here is a review of my 2018.
I’ve included some wins, losses, revenue numbers and one baby photo.
Book launch. Launched the book and got to #1 on Amazon in marketing (even if for only four days)
Sales Goals. My goal was $10,000 in book sales before 2019. We’re at $9,024 so just shy of it. Hope to hit that in January 2019.
Hiring. GrowthHit hired 4 new talented individuals. Working with smart people to help scale our clients has been more time consuming and rewarding than I thought.
Growth Goals. Fell short of our aggressive revenue goal for Growthhit by 20%. I am pushing this goal out to April 2019. We’re two clients away from hitting this.
Product Problems: We’ve been working on a SaaS product that we wanted to launch in October but it’s still delayed. After having to let go of a development agency we’re learning the hard way how to design and launch tech products. But, we are learning!
Travel: I was able to travel 44 nights this past year to places like San Francisco, Chicago, New York, Dallas, and Yakima to do talks on Growth Marketing. It’s a blast to meet people but I am trying to limit my travel.
Got Back into Basketball. I love hoops and it was my life for a long time. After 5 years away, I am finally playing again It’s a fun break from my crazy weeks but it’s resulted in me spending too much time sneaker shopping.
Stop Being Cheap and Give. Maybe it’s bc I didn’t come from money but I am pretty frugal. I am trying to be more generous with money to coworkers, charities and I’m working on something I am calling “Operation Big Tipper.” It’s inspired by Ben Hebert’s tweet but my wife and I want to leave big tips once a week to someone that needs money more than us.
Family First. My daughter turned one, learned to walk and rocked it as Elton John for Halloween. Love my family so much. Everything else is secondary.
2018 was a year of finally launching a book I had been working on for a long time. It’s always risky putting yourself out there but I am glad I did it. More to come in 2019.
You look at the clock – It’s 6pm – and you have nothing to show for the day.
It’s not because you weren’t working hard.
You responded to emails. You put out that big fire. You crushed conference calls.
But, your to do list is collecting dust. #Fail
As a founder, this doesn’t just hurt my ego – it hurts my business. That’s why I decided to track every second of my day to see where my time was really going.
To help me understand how I’m allocating my time, I used a time tracking tool called Toggl. I broke up my time into the following categories. Email, Client Calls, Strategy & Planning, Reporting, Writing, Executing on Growth Strategy, Team Mgmt, and Breaks. These section were broken down by client, prospects and items for our own consultancy.
At first, it was a annoying to remember to toggle my Toggl tracker (great branding) but after a few days I loved it. By using this tool, it made me that much more aware of where I was putting my time.
After one week of doing this, three stats caught my attention:
45 minutes per day wasted because of switching cost
2+ hours per day in email
10% of my week dedicated to the strategic items that’ll have the biggest impact on my company
This was eye opening and alarming. Here is how I am fixing my time management mishaps.
Too Much Time in Email
Yes, I know I’m on email a lot but it was staggering how much time that meant. I found that I couldn’t go more than 20 minutes per day without “glancing” at my inbox. That’s 24 times per day of stopping what I’m doing to make sure people didn’t need me. Translation: I’m an email addict.
MY FIX: Limit the times per day I can check email. I still watch for the notifications but I was much more deliberate of when I went to my inbox.
Focused on My Strengths and Not Impact
After looking at my hours, I saw that when I got busy or overwhelmed I would default to the things I am good at like reporting, analytics and Facebook ad optimization. It wasn’t bc they were more important. Nope. It’s because I know I can do those items the fastest. But, these things would trump the high impact items.
MY FIX: Start with the important things and dedicate at least an hour to that item before going to my strengths.
There is a Switching Cost
Slack messages, emails and phone calls. These are distractions that can derail your day quickly. They aren’t urgent but they’re in my face so they always shot up my priority list.
MY FIX: When possible, go deep on tasks and avoid multitasking. Instead of dropping everything for these Items I would let them sit until I actually finished that thing I was working on. When possible, block off hours in my afternoon for deep work and or to work with individual members of my growth team.
How You Start Your Day Impacts Everything
The days that ended with that “I just punched the day in the mouth feeling” usually began with mornings that involved me dedicating as little as 20 minutes of uninterrupted time to those big impact items. By doing that, I set the tone for the rest of the day. As opposed to the days where the first 4 hours involved me being reactive to emails and not being in control of my time.
MY FIX: Wake up 30 minutes early and dedicate that time to the big impact. I wish I could do 1-2 hours but I have a 19 month old kid so that would mean getting up at 4:30am and that ain’t happening.
Create Time Goals
We all have goals around sales, demos, sign ups, traffic, etc. but we don’t talk much about time goals. For example, are you spending 20% of your time per week on the big impact projects? Whether that’s writing a book or building your entire growth strategy, make sure the high impact items get the necessary time .
MY FIX: Do time tracking check-ins mid-week to make sure you’re allocating your time accordingly.
Oh, and Don’t Forget Your Smartphone
Scary fact: you look at your phone 74 times per day. That shows that unimportant push notifications are getting the best of me.
MY FIX: Use the screen time feature (image above) on your iphone and set time limits on certain apps. I only allow 20 minutes of social media time per day. It’s scary how fast that time flies.
You might be better than me at time management or you may let email and slack message drive your entire to do list. Regardless, try out this exercise for a few days and you’ll learn something about how you allocate your most precious asset: time.
**Click the time stamp to jump directly to that point in the episode.
Today’s Audio MASTERCLASS: The Exact Growth Playbook: From Idea to Seven Figures with Jim Huffman
[01:47] – Jim shares something about himself that most people don’t know.
[03:46] – Jim gives a quick overview of what he’ll cover today.
It’s really about focusing on things that matter, or focusing on the right target audience and doing things that maybe don’t scale initially but that add the most value; then, eventually you’ll figure out how to scale those things.
[04:50] – Why do most businesses or startups fail?
They start focusing on growing right away.
Everyone has 5 brands that they love or tools they use that they rave about, and if you don’t have that yet, then it’s not time to focus on growth. It’s time to focus on how you’re adding value to your customers in a way that you’re actually making their day.
[07:30] – How do you know when you’re ready for growth?
One way to quantify this is doing a Net Promoter Score.
You’ll know it when you have it; it’s when you can’t keep up with demand.
For the past 18 months, I’ve been writing a book that outlines everything I know about growth marketing. My goal is create an actionable resource that you can actually apply to your job or your startup.
From mentoring Techstars startups to teaching marketing workshops for Fortune 500 brands, I’ve uncovered some common principals and themes that you can use to grow your business the right way.
As of today, The Growth Marketer’s Playbook is packed with 30,201 words, 10 chapters, 35+ case studies, 5 frameworks and lots of spelling errors. (I’m about to have it edited, I promise.) Sign up below to get early access to the book.