Ryan McLean : Slightly Unconventional

#14 My New Subscription Product Idea (PropertyTools.com.au)


Hey guys! Ryan here from Instructions Not Included.

I am actually going to move this podcast over to my personal website at ryanmclean.net, that is r-y-a-n-m-c-l-e-a-n.net because truthfully I just cannot deal with having another brand at the moment and this is something that I want to do for personal reasons more than something that I want to do as actually a business.

So this is something I want to do to document my journey, to document my thought journey and hopefully help a couple of people along the way.
I am still going to call this podcast Instructions Not Included but the location of the podcast if you ever need extra links or any sign ups or any bonuses or anything like that, that is going to be over at ryanmclean.net.
But anyway, it has been ages since I have even touched this podcast. In fact the last time I think I released a podcast was on boxing day, December 26, it is now the 4th of April and a lot has happened in that time.

I am not actually going to spend a lot of time recapping what happened because then I would just never start this podcast because so much has happened in the last 4 months in terms of what I have been doing and what my goals are and how my businesses changed and how my life has changed. For instance, I just had a baby. I just had my 3rd baby. I had a son.

That is very exciting news. I am just driving now from the hospital to home actually. My mum is there taking care of my kids. Just driving home for breakfast because I have been up all night, I am on about 3 hours sleep. It was something like that. It is pretty tiring.
But basically, what I am thinking about at the moment is I am deep into On Property again. I have talked about the fact that I was getting sick of On Property but I am passionate about it again and I have Podcast Fast which is my podcasting website on the site as well so my main business is still On Property but then I have a little side business that I can tap into to get my energy up and to have some fun there. So I am still focusing on On Property, there is a lot of growth to be had there and a lot of fun to be had as well.

And I have transitioned away from having On Property Plus which is my premium membership website just opened to the public. I actually just closed that down to new registrations and I set up a launch funnel or an Evergreen launch funnel. So what happens is someone signs up for my list so they go to onproperty.com.au/plus, they get a notification that says On Property is actually closed at the moment but you can join the waitlist and here are 10 free property listings anyway for your troubles. And basically On Property Plus sells property listings. So this is kind of the gateway drive into On Property Plus so sign up for that.

They then go through a 3-part video series and they then get a timed offer for On Property Plus, the doors open for about 5 days or 6 days – I think it is 5 days, and then it closes for those people. So it is a real time sensitive offer, those people only have those 5 days to buy otherwise it closes for them. But each week there is a new cohort of people going through.
But anyway, I launched that at the start of last month, start of March, and it has done wonders for my business. I just looked last night, and usually I was doing maybe a thousand dollars in recurring sales for On Property Plus and maybe a thousand dollars in new sales, about $2,000 per month. Then last month in March I did $4,550 in new sales and I probably did about $800 to $1,000 in recurring sales. I would have to look into that. So significant increase in what I was making in the past so that is really exciting.
But now I am thinking about actually taking out one of those elements on On Property Plus. I have this tool called the advance property calculator and it helps people analyze their cash flow of a property instantly.

They just go in, type in the details of the property – purchase price, rental income, and it calculates that sort of stuff for them. And I am actually thinking of spinning this off as a new product which I am going to call property tools. I have the website propertytools.com.au which I can set up and doing a lower price for that. On Property Plus is $300 a year or $50 a month and I am thinking for Property Tools it is going to start at $5 per month or $50 per year, so it is going to be much lower priced products but my goal is that – what is my goal?
That is why I am recording this podcast to try and work this thing out. I love the idea. I am running an education company. I want to be in education. I want to teach people. But I love the idea of having an education business that is backed by revenue from Tools.

So you give away all the education for free making education free to the masses. I am so passionate about that and giving away good education absolutely free. And then if you have tools that you could sell then you give away all your education then you can just make money on the tools.

I really like that business model. My business model at the moment – I am giving away a lot of free education but then I have some education inside On Property Plus that is paid and then obviously I list the properties as well so it is kind of like a service-based and/or products business like a tool that people use to see positive cash flow property listings so I guess it is a tool.

I am just thinking there are a lot of people who do not want their property listings but would probably love to get access to the advance property calculator and I could build that up over time to become something more substantial even so rather than just be the property calculator you could potentially manage your portfolio in there or you could use it for other research purposes or other calculations. And rather than just having a cash flow calculator for someone who wants to buy and hold a property, you can look at having renovation calculators, you can look at a whole bunch of different things.
Yes, basically at the moment I am thinking I am still going to keep On Property Plus, I will still keep the advance property calculator inside On Property Plus. But I am going to spin off that calculator into its own product.

I am going to launch that at the low rate of $5 per month or $50 per year. Now at this rate I would need massive volume to make significant money. If we are doing $50 per year, I need a thousand members in order to make just $50,000. So it is not going to be a massive generator for me however I just did the research the other day and there are 1.7 million property investors in Australia.

So if you get a thousand of those or to get 1,700 of those or to get 17,000 of those, I need to work out the figure of how many of those people I would need to actually make this worthwhile. Because at the moment I can launch this product I do not have to do any extra work. Well, I have to set up the website – it is a couple of hours there, I have to create a sales video.

It is probably going to take me half a day because it is just going to be instructions of how to use the calculator and what you are going to get and what it does. Maybe one day’s work in this to launch it but everything is already there. I do not need to pay to get anything created. So basically any revenue that I make from it is going to be great. An extra $5,000 a year will not go astray. Who is not happy with an extra $5,000 a year if you have a hundred members or something like that?
But what I would like to do is eventually use propertytools.com.au as its own revenue source and reinvest the money that I get in order to grow that tool and to get better development and to build something that a lot of people would really want to use. Something that is super user friendly, super easy to do, super intuitive and use the skills that I have in understanding the way technology changes and the way people use technology.

I am not a UX designer but I feel I have some knowledge around that because I use the internet so much and I am using this tool so much as well.
Anyway, I am almost home. I just want to talk for the drive. I want to be creating content. I do not want to be just consuming content and I thought that this was a good way to do it.

I thought that a poignant moment at the moment where I have this website, I have this product that I am selling on On Property Plus that is making good money and I now have the freedom to explore other options. But then this is also in a way the product is like a setback, like it is a lower revenue which means lower margins because you are still going to have expenses I am sure with support and stuff like that. So it is actually a slight change in business model rather from the high end – or what I see is high end at $300 a year sales that I am getting, to a very low end of $5 per month or $50 per year.

But hopefully people who will stay on and use this product for long periods of time, get investors who are investing in property who want this product, it is so cheap they are happy to pay for it for years and years and years.

I do not know if this will be a transition of my business or if it will just be an addition to my business. It is not much work at the moment so that is a good thing. But that is where I am at with On Property.
With Podcast fast, just a quick update, I created the course that I wanted to create. My real goal for Podcast Fast was to get that course out. I was going to monetize that with product-type services but I decided against that truthfully because I felt like I was saying to me that is not what you want or what you want is to create products and to create a media empire that sells pretty passive products.

Not something like a product-type service where I would have to do a lot to manage the implementation of that product-type service. So that is not where I want to go.

I do not want to go into those services. I want to keep the in-products. So at the moment I do not actually have a way of monetizing that. Eventually my plan would be to sell education and to sell mini-courses in the podcasting space that are affordable but that could change.

If I could think of a tool that I could sell to podcasters then I would absolutely love to do that and just give all the information away free. Maybe that will be my business model in the future, just give all my education away for free and just build up websites, build up businesses that sell tools and give education away for free. And that helps me achieve my major goal which is to provide quality, affordable education to the entire world.

That is my big vision. That is my goal. Hopefully I am on the way to achieving that. Thank you for listening to this. If you want to check out my website, go to ryanmclean.net and you can see more episodes over there, more ranting and raving, everything from talking about church, to talking about a business to talking about babies.

It is all over there, ryanmclean.net.
Thank you guys for listening and I will be back soon for another update.

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