Good morning all, I'm from Kentucky, home of Bluegrass music, Bourbon, and Thoroughbreds! I just finished Millionaire Fastlane and it was a total validation of the business my partner and I have created over the past 10 years of hard work and perseverance. We literally started with $400 and a handshake! Totally bootstrapped the entire thing.
Our original concept was to build small business websites by subscription as opposed to the traditional fee for service model back then. I literally went door to door selling websites while my partner built them. We challenged ourselves with how to scale this and after several years figured it out. Once we figured out how to scale we then broke down the elements of web-dev and discovered the bottleneck was in content collection and/or creation.
It was at that time the light bulb went off and we decided to become a white label provider of web-dev for ad agencies. Through old school salesmanship and a selling process that I developed we grew to a national provider of white label web-dev serving over 200 agencies around the country and building upwards of 100 sites per month. The secret sauce was that to get our extremely low web-dev rates they had to use our hosting and support package (enter the recurring revenue model!) We offered hosting and unlimited support for $19 per month.
In doing so, the agencies could not only monetize our websites but our support packages as well. We had strict requirements that their clients could not know who we were, thus only having our PMs talk to a knowledgable agency representative.
Revenues continued to grow and we have moved on and now are doing white label work for one of the largest credit card processors in the US and globally. This is a fine line on the control aspect of what we are doing but we've developed and own the platforms on which our work is performed so we maintain a high level of control. We are approaching $100K monthly revenue threshold and expect to double that within the next 2 years as the recurring revenue maintains an almost 98% retention rate.
Our ultimate goal is to build our value and sell the company. My partner and I maintain a high degree of location independence and have systems in place where we can be gone for weeks/months at a time and things continue to rock. I'm looking forward to reading Unscripted and participating in this forum. That's all for now, time to check our bank account and see what came in overnight.
Mike
Our original concept was to build small business websites by subscription as opposed to the traditional fee for service model back then. I literally went door to door selling websites while my partner built them. We challenged ourselves with how to scale this and after several years figured it out. Once we figured out how to scale we then broke down the elements of web-dev and discovered the bottleneck was in content collection and/or creation.
It was at that time the light bulb went off and we decided to become a white label provider of web-dev for ad agencies. Through old school salesmanship and a selling process that I developed we grew to a national provider of white label web-dev serving over 200 agencies around the country and building upwards of 100 sites per month. The secret sauce was that to get our extremely low web-dev rates they had to use our hosting and support package (enter the recurring revenue model!) We offered hosting and unlimited support for $19 per month.
In doing so, the agencies could not only monetize our websites but our support packages as well. We had strict requirements that their clients could not know who we were, thus only having our PMs talk to a knowledgable agency representative.
Revenues continued to grow and we have moved on and now are doing white label work for one of the largest credit card processors in the US and globally. This is a fine line on the control aspect of what we are doing but we've developed and own the platforms on which our work is performed so we maintain a high level of control. We are approaching $100K monthly revenue threshold and expect to double that within the next 2 years as the recurring revenue maintains an almost 98% retention rate.
Our ultimate goal is to build our value and sell the company. My partner and I maintain a high degree of location independence and have systems in place where we can be gone for weeks/months at a time and things continue to rock. I'm looking forward to reading Unscripted and participating in this forum. That's all for now, time to check our bank account and see what came in overnight.
Mike
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