TylerCruz.com: An Internet Entrepreneur's JourneyThe journal of a web entrepreneur on his journey to wealth.

Project V Updates: Investment Period Finished, Contract Signed, Development Plan Started

Here I am again with another series of updates on what’s happened with Project V over the past 2 weeks.

I wanted to post sooner, but I caught a really bad cold a week ago which took me out of commission for nearly a week. I’m still about 65% sick but am able to put in about half the amount of work hours I usually do, so I thought I’d get this post up while I can.

Please excuse me while I cough up some dark yellow phlegm. Ah, much better. Okay. Here’s what happened over the past 2 weeks:

Investment Period Finished

The final investor finally got back to me (he was on vacation for a while) with a lot of questions which I promptly answered, but also told him that I needed an answer ASAP as to whether he was going to invest or not as I wanted to get the show on the road.

He replied by stating that he wouldn’t be able to make a decision that quickly and so opted to decline any investing, although he did wish me luck and thought that I had a good idea here. That’s a good sign anyway, since most of the other investors weren’t very impressed by the idea.

Contract Signed

With the investment period finished, I proceeded to get the contract signed with the one investor that eagerly came on board.

After problem solving how we would move money around, the contract signing went smoothly since all of the major contract details were already covered in detail in my original presentation and feasibility study report.

Investment Payment On Its Way

Due to bank holidays and international wiring delays, the investment package should arrive by  Oct. 7th (will be sent out on Oct. 1st).

Hopefully there are no issues here, as I’m actually missing a wire payment from a company currently which is a bit of a mess.

Development Specification Started

I’ve created development specification documents in the past for the various web projects I’ve launched before, but I wanted to get a bit of up-to-date training and tips in how to prepare one so I did a quick bit of research first.

The main piece of information that I learned which I never included in my development plans before was the benefits of providing wireframes, so I also did some quick research on that and created my first wireframe for the project.

I plan on creating 3 wireframes: the splash/lock page, the main page, and the main inner page.

Overall, I’m only about 1% done the development specification. I already knew from the beginning that this would be the biggest undertaking on this project. Once this is done, everything else will be pretty easy and fun since I can finally start paying others to do the work.

I suspect that it will take me 2-3 weeks to complete the development specification, along with all the other work I’m doing on the side.

Added Competition

When I first thought of the idea for this project just over a year ago, I did what seemed like 50-60 Google queries and could not find a single running website that was doing anything closely related.

After pitching my idea to over half a dozen interested investors though, I’ve learned that there are indeed other websites out there with similar ideas in mind.

Just yesterday another past investor who turned down investing sent me an e-mail notifying me of another competitor he found.

The thing is, while there are a few other websites and apps out there with a similar idea in mind, they are hardly what you could call competition. Each of them could be cloned 100% for probably $300 – $500.

In addition, they are only doing a very small fraction of what my project will encompass. I guess you could compare it to having the idea for Microsoft Word and then finding out that there are a few Microsoft Notepad’s out there (although that may not be the best example since I use Notepad all the time, hah).

In My Next Update…

In my next update on Project V, I hope to have received the investment funds and be at least 50% done the development specifications, hopefully a bit further.

At that point, I may also start to slowly reveal what the project and idea is all about… maybe. I’m still on the fence about revealing any information about it before it actually launches

Keep posted for more updates – I should hopefully not take another 2 weeks before another blog post as long as I continue to recover from my bad cold.