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Chapter
4

Design an experiment

Approaching a new business objective as an experiment allows you to take risks without high levels of pressure. This means less stress overall, and the ability to move quickly. Then, if the experiment doesn’t work, you can pivot while you figure out what you’ve learned. All of this information informs your next experiment!

Design a revenue stream experiment!

Using your top revenue stream choice from the last step, and follow this process to implement your own experimental design. For each of the following bullet points, jot down notes about how you might apply this aspect of an experiment to pursuing your new revenue stream:

  • Establish your question: Every good experiment starts with a key question about how the thing at hand might impact you and your business. (Example: Will creating an ebook about financial stability for freelancers feel meaningful for me and produce passive revenue?)

  • Choose your variables: The best experiments only change one variable at a time, so you can isolate and understand how it impacts your business. (Example: Rather than making many e-books out the gate, Janette will make one ebook about financial stability while continuing to run the rest of her business in the same way.)

  • Make a hypothesis: This is your well-educated guess about the potential outcomes of this project. (Example: By making and selling a financial stability ebook, Janette will produce more revenue from her business and connect to people who need the expertise she has to offer.)

  • Set a timeframe: A good experiment runs for a set period of time. (Example: Janette will promote the ebook for 4 weeks. At that point, she will analyze the results to see if the project is worth continuing.)

  • Analyze the results: Set regular check-ins for yourself, so you can consider whether or not this new venture actually works for you. (Example: Janette will check in with herself every other Monday morning, for 15 minutes, to consider how this is going, what’s working, and what feels challenging. She’ll also ask herself what kind of support she needs.)

Janette completed the experiment as well, here’s her chart:

The experiment

Why it’s important

Janette’s thoughts

Establish your question

Every good experiment starts with a key question about how the thing at hand might impact you and your business

Will creating an ebook about financial stability for freelancers feel meaningful for me and produce passive revenue?

Choose your variables

The best experiments only change one variable at a time.

Rather than making many e-books out the gate, Janette will make one ebook about financial stability while continuing to run the rest of her business in the same way

Make a hypothesis

This is your well-educated guess about the potential outcomes of this project

By making and selling a financial stability ebook, Janette will produce more revenue from her business and connect to people who need the expertise she has to offer.

Set a timeframe

A good experiment runs for a set period of time

Janette will promote the ebook for 4 weeks. At that point, she will analyze the results to see if the project is worth continuing.

Analyze the results

Set regular check-ins for yourself, so you can consider whether or not this new venture actually works for you

Janette will check in with herself every other Monday morning, for 15 minutes, to consider how this is going, what’s working, and what feels challenging. She’ll also ask herself what kind of support she needs.

Framing this next career step as an experiment means you can take well-calculated risks without too much fall-out.

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