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StartupResources.io - Issue #67

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I started this project a year and a half ago, and it's allowed me to meet a lot of people, learn a lo
 

StartupResources.io

June 30 · Issue #67 · View online
Get the latest tools and resources that will really help your startup.

I started this project a year and a half ago, and it’s allowed me to meet a lot of people, learn a lot, create a little Slack community, and help other founders promote their startups.
But I’m passing on the reigns. My buddy Jói from Crankwheel is taking over the site and the newsletter. He’ll keep the weekly issues coming out, full of great tools and articles, and I’ll still be in the Slack if you want to hang out and chat!
I have three other projects that I want to focus on, so I’m handing it over to someone new to run startupresources.io.
It’s been fun!
If you want to see my crazy list of projects and how to connect with me online, visit vacordindustries.com!
Oh and I’ve gotten so much positive feedback on the growth tips I sometimes put in here that I very recently (like at 4am this morning when I couldn’t sleep) decided to write an email series of weekly growth ideas so get on that list if you’re interested! 

Growth tip
This isn’t really as much of a growth tip, as a “make sure you don’t screw yourself trying to grow” tip, BUT make sure your math works for you when you’re doing paid ads, and I’m talking about the cost of the ad click versus your conversion versus your NET profit per order. Let’s say you sell beautiful soap that you make yourself (Not a super startup-y example, but this math is important especially for physical products). You sell $20 boxes of soap and it costs you $7 to make and $3 to ship. So you net $10. Except you have Stripe costs, so you make more like $9.12. So you run paid ads, and you know it costs you $0.50 per click to get someone to come look at your page, and you have a 2% conversion rate from that paid traffic. Great, so you spend $50 and get 100 clicks to your site, which results in 2 sales totaling $40, for a net profit of NEGATIVE $31.76! If you were somehow getting $0.05 clicks, then you would have made $13.24. But see what I mean? You can get yourself in trouble buying traffic unless you know your numbers and what you need to do to be okay. 
Validation tip
Andrew Warner from Mixergy was on a podcast recently talking about starting Bot Academy, and as a way to validate his service he charged $149 to make sure people would really be willing to pay for it. But he didn’t actually charge anyone, he just took their credit card info to make sure they would really have paid! “Payment is validation” so if you someone is willing to actually pay for your service, you know you’re onto something. 
Feedback tip
Pay attention to what questions people keep asking in live chat. If people ask the same questions over and over, those are questions that aren’t being answered by your copy. Or it’s not obvious enough, or it’s not clear enough. So keep a record of what questions people ask you in your website’s live chat, and if the question is asked more than once, make sure your answering it with your actual website copy. Questions mean confusion, and confusion means less conversion and revenue!
Tools discovered recently
Docparser - Extract Data From PDF to Excel, JSON and Webhooks
HTTrack Website Copier - Free Software Offline Browser (GNU GPL)
#1 Facebook Lead Ads & Custom Audience Syncing Solution
Immersive 3D for the Real World | Matterport
Dealspotr Online Coupons, Codes & Deals | The #1 Deals Community
Convertize - Conversion Optimisation Platform
Livestorm | Better Webinar Software
BitBlox - Easiest Way To Build Landing Pages
Articles for this week
SEO Copywriting: 17 Powerful Secrets (Updated for 2017)
Should Startups Care About Profitability? – Both Sides of the Table
Got a great product idea? Don’t build it. – The Startup – Medium
The Equity Economy | Startups.co
My Company Tried Slack For Two Years. This Is Why We Quit.
How the Cost of Influencer Marketing Compares to Paid Ads, in 5 Charts |
That's it for this issue
And that’s it from me! Jói will be running the newsletter starting next week. I’ll be in the Slack still if you want to hang out, of course.
Thanks!
Stuart
PS
One of my next projects is to write weekly growth ideas, so get on that list if you’re interested in seeing more growth tips like I put in here sometimes!
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