9/22 Update: This project is now live at BuyMyFuture.com
Recurring Revenue and Some Stress
Probably one of the biggest pieces of feedback I’ve received from people that know what Project Galaxy actually is, is that I should think about a recurring revenue model instead of the one-time $1,000 payment.
It hasn’t been one person. It’s been about 15 people who have told me that recurring revenue could be a much more lucrative option for me and easier on the wallets of potential customers.
When you hear the same advice from a decent number of people, you should take that advice right? The thoughts of many must be right?
Not so much. I disagree with this feedback for three reasons:
- Recurring revenue is fantastic, but it’s also a fucking unicorn. I have multiple active projects that are built on a recurring revenue model and it’s damn hard to get people to commit to being charged for something on a monthly basis.
- One of the pain points Project Galaxy is removing for me is the chasing down of money over and over again. Recurring revenue adds a lot of complexities and time management issues. What happens if someone gets a new credit card? What happens if someone cancels their recurring payment? What happens if the payment processor has an outage and can’t run people’s payments?
And last but not least…
3. Not a single person who is telling me I should think about recurring revenue actually has a product that makes money via recurring revenue.
#3 is the biggest problem for me. I’ve previously written about the dangers of feedback and I want to highlight one section of this article I wrote about on the topic of feedback:
Do you want to get feedback from your ideal customers? Absolutely.
Do you want to get feedback from someone who has created something similar to what you’re building? Yes, that could definitely be helpful.
Do you want to get feedback from a friend, family member, or acquaintance on social media who have no experience with what you’re building and won’t be your potential customer? No. That is dangerous feedback.
I 1000% understand that the feedback I’m getting from friends and complete strangers on the internet is full of good intentions. I know that these people only want the best for me and for this project. But just because they’ve seen other people have success with recurring revenue, doesn’t mean it’s a good fit for me or for Project Galaxy.
There’s a reason people own their own businesses. It’s so they can make their own decisions. It’s so they can call the shots. And for me, running my own business gives me the opportunity to do things in ways that may not be normal or conventional.
While I greatly appreciate the thoughts from these folks, recurring revenue is not something I’m going to pursue at this time.
The stressful days have arrived
This was an inevitability. Even though I’ve done multiple decent size project launches before, every new project launch always has it’s own unique stress.
Let’s talk about what I’m stressing out about before talking about how I’m dealing with it…
Whenever you work with other people, in any capacity, there are unknowns. For Project Galaxy, there’s a fine line of what I can do for the other partners and what work they actually need to do. People are busy, so it takes following up, extra conversations, and energy to make sure things come together the way I envisioned. My awesome girlfriend is chipping in to provide some imagery and graphic elements we can pass along if people want to use when they’re promoting this project to their audiences.
This week is the first week that the media outreach stuff has fallen on my plate. My good friend Bryan has been an incredible help with this part of Project Galaxy. He’s done some awesome research and crafted together a bunch of useful documents for media and influencer outreach. The problem is that I only have so many hours in the day to work. Press is not high on my priority list because press outlets will be reaching complete strangers. I’m trying to focus my efforts on people that know me and that I’ve built trust with over the years. Bryan, if you’re reading this, you are awesome. I will be putting your spreadsheets and docs to good use I promise… It just might be during launch week :)
There’s an entire sequence of events that I hope to have happen after someone buys Project Galaxy (for $1,000). My friend Gerlando has pitched in some efforts here. The developer for this project has tied everything together. And my girlfriend Caroline is joining the fun here again to help with things related to the Slack community.
I have a bunch of writing to do. Articles for my own audience. Articles for a few other publications. These just take time and focus. I’m looking at about 15,000 remaining words to write by Monday. I can do it!
How am I handling the stress?
There’s a bunch more stuff going on, but these are the big items. And as you can tell, most of them have other people lending a helping hand in some way. That’s how I’m dealing with the stress of this project. Asking for help and not micro-managing the people who are helping me.
Interestingly enough, I’m sticking fairly closely to the marketing plan I laid out on Day 4 of this project.
When I start to feel the stress and pressure come on, I take little breaks. Those breaks usually involve getting something from the kitchen, but also involve stepping outside and getting some fresh air.
I’ve noticed myself escaping to social media and other websites when I feel a daunting amount of work staring me in the face. Usually I realize that I’m resisting doing actual work after a minute or two and force myself to get back to work. One thing that seems to help bring me back is I pick a new song in Spotify to listen to. Odd? Maybe. But does it work? I think so.
Music that’s helped me stay focused on this project: Perturbator, Broods, Pretty Lights, Madeon, Emancipator, Royal, and the Discover Weekly Playlist.
And the last topic for the day…
Just a thank you. The comments here on Medium. The emails. The encouragement on social media. It means a ton to me. I can’t wait to unveil this project to you on September 22!
Day 57 >>
This entry is part of a 60-day journal I’m writing that will share all my planning, strategies, pre-launch efforts, and marketing tactics leading up to a big crazy project codenamed Project Galaxy. Start reading here.