Launch my business - Passive income addition

    • bradomurder
      Joined: 17.10.2008 Posts: 1,329
      I'm starting a new blog as part of the Get Rich or Die Trying Promotion. But I would've done it anyway.

      I'm 28 and I'm from New Zealand, living in Australia. I quit my job as an engineer to start an online business in September last year and am now looking forward to the launch in the next few weeks.

      I have some savings and I work part time, but the way I figure it, I probably need another $2500 by July if I want to keep my developers working and launch the site successfully. In mid July I will be getting a few thousand as a tax rebate, which should see me through to one of 2 points:

      - I will have a few customers and will be confident enough to loan any extra capital I may need
      - I will know that it's time to give up on the business and go back to working "for the man" for a while

      I am going to try to earn a bit through poker, both live and online, over the next few months.

      My bankroll challenge will officially be $1000 -> $5000 by September but the first goal is $1000 - $2000 by May 15

      I'll be focussing on NLHE speed poker but will be playing live cash and MTTs too.
  • 5 replies
    • SDK1987
      Joined: 12.11.2008 Posts: 26,300
      Good luck with your challenge to reach a 5k bankroll in 5 months time :gl:

    • Lazza61
      Joined: 23.03.2011 Posts: 8,972
      Hey bradomurder,

      Welcome to the 'Get Rich or Die Tryin' bankroll challenge. we will be looking forward to your first update which you should post by Monday of each week in Get Rich or Die Tryin' - The Bankroll Challenge - Reporting thread.

      Have fun :gl:

    • bradomurder
      Joined: 17.10.2008 Posts: 1,329

      I haven't been updating much, I haven't been playing much online either. Last week I played 3 live tournaments which I busted without cashing. I'm now sitting on 15 straight live tournaments in a row without cashing, that seems like a lot when you only average 1 game every couple of weeks.

      I did manage to pick up what I think the major leak in my game over the last 2 weeks. If you've read The Mental Game of Poker, you would be aware of the method of finding out which parts of your game are still in the process of being learned by observing what drops away when you get into high-pressure situations (tilt).

      For me that is my analysis of my opponents range and my equity against that range. Triggers include getting into big pots, facing aggression, especially if there is a bit of history and meta-game going on. It's funny because in live games it makes me fold almost all but the nuts, in online games it seems to do the exact opposite.

      I'm going to try to work on this in 2 ways: By trying to stay aware of ranges in-game and by going back after the game and doing analysis of the hands in question. For the next month or so I'll focus on this as the sole aspect of my game to work on. Once I feel that it's mastered I'll move on to the next thing I notice.

      In other news the business is going quite well. I had a word to my software developers yesterday about getting the sites online by the 20th and it seems likely.

      In the area I live in you can get 3 free sessions with a business consultant when you start a business and I had my last session yesterday. I wanted to get some final advice pre-launch. I showed him the promo video I've been working on and a little bit about the software. He was totally stoked on the whole thing and was talking as if it was a real success story already (the path from idea to complete product). I'm more sceptical, because I've poured about 85% of my savings into it now and there's still a while to go before it makes any money, if it even ever does. Still, to have someone with that experience talk so positively about it was good.

      So life is good. I think my bankroll challenge is unrealistic but if I get lucky, I get lucky. We'll see.

      Roll has dropped from $1000 to $650 (playing live tournaments with terrible BRM)
    • bradomurder
      Joined: 17.10.2008 Posts: 1,329
      Conditional Range analysis at a $110 live tournament.

      On Friday I played a live tournament at the local racetrack. (New South Wales has the best gambling laws, or lack thereof). The following hand came up:

      6 handed, I'm in CO, guy who seems decent, a little bit aggro is on the BU and woman who seems passive is BB. Blinds are 100/200 and effective stacks are 16,000

      I raise Td8s to 450, BU calls, bb calls
      Flop (1450)
      bb checks, I bet 800, BU calls, bb calls
      Turn 2c, checks round
      River (3850) 5s, bb checks,
      I bet 2300, BU makes it 6000, BU folds, I shove ~12k

      At the time I thought through the range that he could have (flushdraw, any 5, 77, straightdraw).I couldn't gauge anything from his body language. I decided that he would have the FD/SD often enough, given that my river bet is going to be a bluff so often, that I could get away with jamming. I'm going to try to analyse it here.

      Preflop: both players are going to have quite a wide range here, so I'm not going to write it out.
      Flop: I imagine the BU may float wide, but almost never with complete air given that the bb is still to act. So lets say:
      Top pair+: 75+, 22,55,77,88
      Pairs: 56,58s-5Qs,5K,5A, Q2s,K2,A2,33,44,66
      FDs: 46s-KQs (assume ATs+ 3bets)
      SDs: 46s,68,89

      So, by the river
      5x: 58 combos
      77,22,55: 5 combos
      2x: 29 combos
      draws: 83 combos

      ____________Combos____Calls flop____checks turn____raises river____Total
      2x____________ 29 _______90%____________30%_______30%_______2.349

      I'm betting around 12k to win a pot of 12k, so I need him to have a draw more than 50% of the time to make it good. This means that he would have to decide to raise his non-SD draws almost 90% of the time to make this play good. And the type of player that would do that is probably never playing it so passively on the flop and turn.

      So it was a bad move I think, but the plus side is that I thought about ranges at the table and came back after and analysed it thoroughly. Which are my main goals this month. I think with good methods the good play will start to develop naturally.

      Would love to hear any comments on my method or play. Peace.
    • bradomurder
      Joined: 17.10.2008 Posts: 1,329
      Passive Income Addition

      Two weeks ago I went to a presentation called "Adding a passive income stream to your business."

      The woman running the presentation ran a business all about organising your life better when you've got kids running around all over the place. She posts content to a blog weekly (a few hours work at the most) and she sells a 7 day, 7 video course on organising your home (laundry, pantry. etc.) She sells the course for $47 and makes a full-time salary from it.

      She was talking about businesses that add extra income streams by showing how to do what they do, as a business, and posting the content to online learning sites.
      One example was a cafe that posted a video, showing how they make the coffees with the pretty patterns on top. They sell it for $10 each and now earn as much from that as their entire cafe did beforehand.

      Also, if you were an accountant for example, you can post a course on the basics of accounting and make money from selling it. Plus, when people see it and think "wow, this is hard, I really do need an accountant" they'll come straight to you.

      Anyway it got me thinking, what do I know how to do that other people would pay money to know. I came up with the idea of selling a course on a sports betting method that I've made a bit of money from in the past, specifically for NZ and Australia. I'm not going to post any details on here because there'll probably be a conflict of interest with pokerstrategy but I'm quite excited about it. I think I'll be able to create all the material in about 16 hours of work and sell the course for around $40.

      I have a friend that runs a poker website in NZ that has a little traffic and I've spent the last 8 years "networking" with gamblers so I think I have a ready-made audience. I'll post updates on here as to how it goes.

      It shouldn't cost anything to produce but if it does I'm going to fund it with part of my poker bankroll. I think the earnings:time ratio will make a lot more sense than grinding poker at the moment.

      I'm finding it really tough to find the motivation to play any poker. I think it's for a couple of reasons. Firstly, I have been running quite badly lately. Secondly, I am running out of money but I probably have about enough to launch my business provided that I don't lose a lot playing poker. These two factors make a bad combination and I really just can't seem to play consistently. I will keep playing low stakes stuff for now I think, then if and when some money is freed up I will climb back up.

      This week I only played one live tournament. In that tournament I spewed off all my chips pretty early and busted without cashing.

      Keep it real.