20/20 Challenge: Day 4 - alternativeSOHO

Now that Day 3 has been completed and I’m moving into Day 4, I do have a few criticisms from the day prior. In case you’ve just started reading, make sure to go back and read Day Zero, Day 1, Day 2, and Day 3 to get the gist of this on-going review.

What Makes a Good Market?

Day 3 is the turning point in the challenge because it’s when you decide what product you’ll be promoting to earn the $20,000 by the end of the 20 days. It stands to reason that the product you select should have a strong market behind it.

Michael Green does discuss some ways of determining whether the market can be profitable, but he lacks a lot of detail that would be helpful to people starting out in internet marketing. It’s quite easy to be mislead if you’re not certain what to look for.

But, while it may be a sticking point for some newbies, it’s also not the end of the road. There are certainly plenty of (free) resources to supplement the information or you could always use one of the bonus products.

Time for More Work

Day 3 was the first day of actual work and Day 4 is more of the same — getting the product spruced up, re-branded and finding JV partners. In fact, Day 4 really just seemed like a holdover of Day 3.

However, you don’t need to do all the work yourself. Michael discusses outsourcing the re-brand using one of the various services. Although, if you’re on a tight budget, then you may need to do the re-brand yourself, but plan for taking some extra time (in fact, it may take more than a day).

Since I know the core product I plan to use like the back of my hand (eh hem, I created it), I’ll be doing a majority of the work myself. It also helps that I’m proficient in web and graphic design. What it boils down to is not needing to incur too many incidental expenses from outsourcing, but it will take me a bit more time to re-work the product.

Finding Potential JV Partners

I’m mixed when it comes to this section of the manual. While he does explain how to find JV partners, it could be better and more detailed. Some others have mentioned wanting a case study of some sort, and I’m inclined to agree. On a positive note, he does offer a download of his spreadsheet to use as a guideline.

This area may be another sticking point for newbies, especially if they’re not used to connecting with other people or selling themselves. But, it all leads back to how determined one is to succeed in the business.

When to Ask for Help

Just because I’ll be doing a majority of the work myself doesn’t mean I’ll be doing all the work myself. I appreciate the detail he went into about finding and using an outsourcing service, plus the tips on what to look out for. Using the information, I plan to outsource some of the tasks that I know I wouldn’t have much fun doing.

I do have some reservations, though — ever since that outsourcing incident gone bad from a while ago. But, it’s all about relinquishing a little control and trusting the person you select to follow your instructions and accomplish the task.

I’m actually about half-way done with the product and my JV list is starting to round itself out, but I’ll be reserving some extra work for tomorrow, which is when I’m supposed to move into Day 5 of the challenge. I’ve already dedicated 4.5 hours to working on the product/JV list today and I anticipate another 3-4 hours tomorrow. With that knowledge, I probably won’t be writing about Day 5 for a couple of days.

On another note, the PayPal bank verification came through today, so my PayPal account is officially open and ready for business.

Today’s Expenses	$0.00
Gross Expenses	$303.37
Today’s Income	$0.00
Gross Income	$0.00
Today’s Time Investment	4.5 hrs.
Gross Time Investment	12 hrs

Updates

• 20/20 Challenge: Day Zero
• 20/20 Challenge: Day 1
• 20/20 Challenge: Day 2
• What Makes the 20/20 Challenge Special?
• 20/20 Challenge: Day 3
• 20/20 Challenge: Day 4 (Part 2) & 5

Tags: 20/20 challenge review, 20k challenge, internet marketing