Support for this bought gas comes from Bullman. Sacks. What Goldman Sachs expert and leading thinkers have to say about trans shaping markets, industries and the global economy, stain formed with the latest insights from Goldman Sachs on the economic and market implications of covert nineteen available on our part gas at yes, a calm such covered nineteen or any of your favorite podcast platforms either. This is critical about your onsite us all school now, listen! I have a great story for you today. I know sometimes I say that, but I really think a lot of our listers proto be particularly interested in what I have to tell you about today, today. Story is all about passive income, and I am very careful using that phrase first, because it's a bit overdone and some of us have some scepticism when we hear it, perhaps rightly so.

And also because a lot of things that are described as passive income are really all that passive. Like there's a lot of active work, they have to do to receive this pass it money that comes in, so I'm careful about using that description. But today we have a great example of something, That really does bit that description. Today. Story is about a guy in Australia who creates an online audio based human anatomy course. It goes on to earn about eight hundred dollars each month with almost no work from him and when I eight or nine months, not just talking about for a few months and talking about for years and years. I love the story. I think you will to its coming right up after this brief message Today. Story comes from someone who lives in my favorite city in the world. People often ask me what every country is don't actually have one probably have five to ten favorite countries. I also just love the act of traps

itself, but whatever the number is, Australia would definitely be on that list and Sidney Australia is probably my overall favorite city anywhere. It MIKE think is fortunate enough to live there. MIKE has done a lot of different things, he's kind of like me, or I could I'm kind of like him. We can focus this episode on one of several projects. It he's done, today we can look at an online audio course. He made that helps medical students memorize the human anatomy for the past seven years he's earned. Average of eight hundred dollars a month from this course, which, even though I didn't finish high school, a calculator on my computer tells me that is approximately sixty seven thousand dollars and all this time since starting it, he has emerged the project very little. Nor has he done much to maintain it. As I said, historic sounds a lot like my

decade of doing online projects? Before I had a blog before I wrote books a lot of stuff, I did didn't work at all, but a few things ended up kind of being like MIKE's, and I also struggled with the curse of not being interested in continuous improvement, at least not to came to my career as an author and this new project of speaking to you. Each day My other random projects. I finally decided to just get over that and focus on my strength and it sounds like MIKE has a similar model, so I'm gonna tell you, but project, of course, when it is how he made it, but actually want to flip the usual structure of the show and tell you his advice to you first. So, let's start with that, and by the way his project is called Anna telematics- or maybe it's not a monarchs something like that. So I might started announcing it as we go along, but don't let my struggle affect your interpretation of this awesome project. Okay, so MIKE's advice. He says I cannot stress enough that it's not productive to over think things. Since I started this project, I received a bunch of question

and asking trivial stuff like do you use analytics on your landing page? I have to believe people ass. These actions are spending their wheels not going anywhere. I've launch many Cyprus, checks. I really believe the most important thing is to get something up, even if the eye Yeah, isn't brilliant or world changing in full, It very well may not be for aside project anatomic, sway, from idea to revenue in less than two months, and it probably would have even been shorter, nicer, keep advice in mind. Let's talk about his process I'm not a term annex is an audio system that helps medical students memorize the anatomy. There are a lot of parts to the body. I don't you know this, but it's not like your arm in your hand. Your fingers apparently there's like a whole bunch of stuff and if you're, a medical student or physical therapist, or probably some people in other professions to you need it. This and its hard, because you have to memorize so much so, as I said, MIKE had done a bunch of different stuff, he wanted to create a product wasn't sure what it would be, so

was messing around one day and he used the key word planner tool in Google, which I've talked about before and he started with a really broad topic, more of a skill, and that topic or scale was memorable nation. He said: he'd always been interested in memory zation, so you figure to be a good place to start. So I went to this tool and typed in memorize. One of the suggestions that tool gave him, which is essentially Google telling him what. Bore searching for was memorize. Anatomy tat showed him. A lot of people were searching this phrase then, after considering some different options outlining and coming up with ideas, MIKE decided that combining anatomy new monarchs with audio could be a good approach, so that was the process of coming up with the idea. Now listen to him radio process of validating the idea before he did a ton of work. So before he made an actual product. He developed a pitch, which is often a grey process to follow. You really think about the people who are going to use this, how they're gonna benefit

met and then right down a few lines or a few paragraphs. Maybe some bullet points, about why you're solution is valuable to them, so microbe up a whole pitch. It started with some. Like since learning anatomy is such a huge and daunting task. Many of us learn through the use of new products. Monica simply a memory aid when it will help you recall information, but the problem is that comes to anatomy there, sir, to memorize. There are literally huh. Its of new monarchs they finding the new monarchs for everything and then memorizing. Those is almost as difficult as actually memorizing. The whole thing right so here is pointing out the problem leading to his solution. His solution is I've created this your product by using audio you're able to learn at ten times faster than you would by reading the same information and went on to expire

a bit more about what he had in mind. So he's got this idea. He's got a pitch now. He needs to test the process. Remember he hasn't crave the course yet, but he creates a plain text. One page website using stock photography and since he didn't have a product, people could purchase, he just added an email form. That said something like to begin. Your order fill in your email address and anyone who felt that form just got a message. That said thanks for your, first right now we are operating the undoubted demonic system, so it's not available for order, but as soon as it- we're gonna, send you an email to let you know so. The whole point of developing this is too our people really interested in it, and not just only interested in the topic. Are they willing to complete at least at first process I've kind of raising their hand and providing your email and saying yes. This sounds like something I could commit to know. It's not like. You had a flood of visitors coming to this new one page,

website, but over the course of about a month. He noticed that one in twenty five people expressed interest which ended up being thirty people at the end of the month. So just about one day and that's when he decided to devote the course, At this point, I dont want to suggest that everything in this process can be fast tracked. Mike was pretty smart and creative, but at this point he comes to this place in the process that actually does require a bit of work because he has to create this advanced mnemonic system. So he said that took about two months. Overall, he used up work, dot com to hire a researcher and a voice artist. We talked about it, work before a it up today in the notes, so the researchers job is to go and collect all the data according to the parameters that my set and then the voice actors, is to record the new monarchs from the less compiled by the researcher and autumn reviewed and completed by MIKE. He built out that basic site a bit more still pretty simple. He used word press to make the site and pay pal to take payments, does we're both free

and after about two months of working, often on with the researcher and the voice artist, he then had his course ready for sale and actual one, not non existent one that the webs was describing before and by the way, not only does he have a course for sale. He also has a list of people who had expressed interest. Remember those thirty people, those one in twenty five site visitors that chose to complete the uniform rather than just forget about those people and move on. He sorry denying them all with a fifty percent off offer. You basically said thanks for your patience, newly upgraded course is now ready as a thank you for waiting, you can purchase it for half off and ten of those thirty people made approaches that was about five or six hundred dollars right away and very smart to capture some of those people. Before focusing on a more sustainable approach. Now, after the launch, he took you actions that had long term results and when I say long term I mean really long term. Like seven years later, he posted some videos on Youtube, heeded

search engine, optimization work. He wrote a few blog posts in other articles, four different websites, he also went from having one price for his system to having three prices. She gave customers three options to choose from and that Susan increases average order, something like twenty five or thirty dollars without affecting conversion rate at all. So just think about that. If you have a product that sells for a hundred dollars, and you saw one day all of a sudden. You can tweak it your average order is a hundred and twenty five dollars and you're still saying the same amount. Will all this on your making twenty five percent more money, You can extrapolate that say what, if I had three sells a day or five or whatever it was. So all this was wonderful and smart. As I said, and yes, we did not I know you're on Penza needles. Well, next, he got a little bored MIKE it's hard wired to create things. It's really find to go through the dusk

Reprocess figure out what a good market is he enjoyed, making that simple website and seeing that people are interested, then he actually like that two month process of creating the course it was fun to put it out there. He was motivated her while to improve marketing and figure out how to get me. People to the site in the first place, then how to make more money from them better than he was like. Well, what's my next project, because that's how he's oriented so he moved on to other things, but before he got bored he had arrived at this plateau. Which has never changed at least not significantly in all these years. So here we are seven years later, the Corsair. Can vary a bit seasonably because students or more active and daddy's during certain times of the year, but eight hundred dollars a month is the average and the profit margin, for this is approximately a hundred percent, because there are basically zero expenses in this business. Maybe I am exaggerating slightly: there are pay pal fees, that's two and a half per cent

whatever he pays a hostess websites, let's say fifteen or twenty dollars a month, maybe some other small things, but it's probably safe to say of a student by his course for eighty five dollars he's making at least five dollars out that sail, so it's pretty hard to stop. That as well that this product helps people. It's not just an arbitrage thing not just a random internet marketing thing. Medical students able to learn more or learn faster and naturally, that's very valuable to them. So I wanted to in some detail the story, because I am well aware, Some people would look at it and say: oh, oh, he had such a great things should have invested more time in it. He could have grown at much more, but my responses Maybe, but you never know, and also he went on to do other stuff, and probably important of all again agent there's a month time, seven years and counting, would you be He was sixty seven thousand dollars that arise lived over time for something you did once I mean honestly. If not, you should probably unsubscribe from the show, because to me this is a huge success,

exemplifies the values and what I'm trying to show you every day, figure out what people want find a way to give it to them you. What happens, determine that initial response and then tweak refine it so that its more successful can I talk. He said it's rare that I looked back on my own work and career objectively, any mention this in the context of not just this project, but some of the others, and he said even spending ten minutes Moyne over makes me realize how fortunate I've been. But this is another perspective that I share with MIKE. I also feel very fort. And I also know that people like MIKE may deliberate choices to say yes- Siberia to try the crazy experiment and see what happened so suitably he'll, be earning money from this project for years to come, but even if its top tomorrow, Some reason it's been a pretty awesome ride,

all right? I know I went on a bit longer than usual in the actual story person I'll try to be brief here. I just thought it was. Such an awesome story wanted to make sure you understood the full contacts just safer. Now I second MIKE's advice that I mentioned at the top of the show about how it's not productive over think things don't get hung up on trivial details. Focus on your idea, focus on making your idea and offer focused on creating a basic struck, therefore, your idea, whether it's a simple website or some other format depending on the idea is: get it out world and see what happens No, that already that's the gospel according to satisfy school in just one, not before I wrap up. I promise I refer back to that Keyword, planner tool when I mentioned it in a previous efforts, I got a bunch of emails from listeners who said they couldn't access it or they thought they had to pay for it. So I went back and looked at it myself to make sure I was correct and not always correct, but in this case I was you, don't have to pay for it. It is free

Google is probably pretty good at nudging people into paying for advertising, so that might be you're saying that all you do is set up in it with, Google Analytics, which is free and then you're able to access that keyword, planner tool and we're out of time for today, but in a future episode, we look at it a bit more and I'll. Show you some examples of how can be helpful. Well, my friends as always, inspiration is good, but inspiration combined with action is so much better. Do take MIKE's example and his advice heart. I mentioned several things today like to learn about any of them. Just come over to the show next page at sight of school dotcom, slash one

three seven. So much more is on the way I'll be cheering you. I am critical about recital school.