The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success

GOLD! I Will be Crossing the $500,000/yr profit threshold by end of 2020 (Insight to my Jan 9 Conference Call)

Remove ads while supporting the Unscripted philosophy...become an INSIDER.

TreyAllDay

Whatever it takes
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Feb 9, 2016
551
1,640
485
29
Edmonton, AB
Hello All,

Just wanted to drop a quick update on my execution to hold myself accountable.

I've unfortunately not grown my business properly over the last year. Specifically: I've let passive income become the non-priority.

I own two GREAT services, one a digital menu board business for automotive shops and the other an intranet communication service. (I'll be talking a bit more about these businesses in my insiders conference call next month).

As a SAAS entrepreneur - the only success I measure is passive subscriptions, which means on-boarding a customer and then collecting monthly fees for the service without having to deal with them too often.

I've been able to generate about $14,000/month with 3 or 4 hours work. Currently between the two services I am generating:
350 Locations x $23.99/month on digital menu boards: $8,396 / month
4 business * $1500/month on intranet service: $6,000 / month


* However I am generating another $5,000/month on average doing legacy work I was doing before the passive income started - such as software development, consulting, hosting sites I designed for clients years ago, etc.

A large issue that has kept me from expanding the passive services in the last year is the extra work (consulting,etc) I am doing on top of the passive systems. This is the kind of work that stresses me out, and I think I have a hard time saying no to larger clients who have been very much good friends. This has kept me from the following projects:
  1. We are currently redesigning the digital menu board product so it works across many industries, allowing me to sell to many more customers.
  2. We're simplifying our intranet product so it needs less training, easier signup with credit cards instead of being set up with invoicing, etc.

My New Opportunities
I typically love working with LARGE businesses such as franchises - I came from that world so have connections there. You talk to a head office and become an approved supplier to get your intranet or digital signage in thousands of locations.

I have just gained access to 5 LARGE franchises, with about 2,500 locations. I am farily confident we will be able to get our digital menu board into 1000 of their locations by end of 2020 at an increased price of $29.99. I just REALLY need to nail the software redesign which is currently underway but has been on the backburner as I do consulting.

  • 1,000 X $29.99= $29,990
    +$14,000 existing= $43,990/month which pushes me over the $500k threshold
Our Intranet Product has been redesigned as well, and we went from 4 high maintenance companies paying $1500/month , added on 10 low maintenance customers using the new version at $99/month. We have 250 people who did trials meaning we only convert to paying businesses at 4%. I REALLY think this can get to about 20%. My goal is to get this to 100 customers paying $99/month but this will be second priority after signage.
 

Don't like ads? Remove them while supporting the forum. Subscribe.

Last edited:

VincentVega24

New Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Nov 26, 2019
26
18
17
21
Frankfurt, Germany
As a SAAS entrepreneur - the only success I measure is passive subscriptions, which means on-boarding a customer and then collecting monthly fees for the service without having to deal with them too often.
Thanks for sharing man, really great post! I'm currently working on an Idea targeting the same system!
 

MπR

Contributor
Read Millionaire Fastlane
Sep 30, 2019
36
44
108
Germany
typically love working with LARGE businesses such as franchises - I came from that world so have connections there. You talk to a head office and become an approved supplier to get your intranet or digital signage in thousands of locations.
That is very smart. Convince the big heads with your value proposition and they can push it down the chain. Also they are the ones making the financial decissions. They also can get the feedback from their staff which you can use to improve your product.

Less time invested, more money made. :thumbsup:
 

MJ DeMarco

Administrator
Staff member
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Jul 23, 2007
30,243
109,117
3,751
Fountain Hills, AZ
Awesome progress, just a sneak peak into the Insider Call coming next month. Thanks for sharing your story with the community.

Marked NOTABLE.
 

Kid

Silver Contributor
Speedway Pass
Mar 1, 2016
883
745
299
Thanks for sharing it on the Outside
 
  • Like
Reactions: Ing

MJ DeMarco

Administrator
Staff member
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Jul 23, 2007
30,243
109,117
3,751
Fountain Hills, AZ

Ing

Bronze Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
Speedway Pass
Jun 8, 2019
441
388
129
54
Bavaria
Good results for good ideas and lasting industriousness!
Respekt
 

Don't like ads? Remove them while supporting the forum. Subscribe.

AA1980

Bronze Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Speedway Pass
Aug 2, 2017
132
163
150
40
USA
Hello All,

Just wanted to drop a quick update on my execution to hold myself accountable.

I've unfortunately not grown my business properly over the last year. Specifically: I've let passive income become the non-priority.

I own two GREAT services, one a digital menu board business for automotive shops and the other an intranet communication service. (I'll be talking a bit more about these businesses in my insiders conference call next month).

As a SAAS entrepreneur - the only success I measure is passive subscriptions, which means on-boarding a customer and then collecting monthly fees for the service without having to deal with them too often.

I've been able to generate about $14,000/month with 3 or 4 hours work. Currently between the two services I am generating:
350 Locations x $23.99/month on digital menu boards: $8,396 / month
4 business * $1500/month on intranet service: $6,000 / month


* However I am generating another $5,000/month on average doing legacy work I was doing before the passive income started - such as software development, consulting, hosting sites I designed for clients years ago, etc.

A large issue that has kept me from expanding the passive services in the last year is the extra work (consulting,etc) I am doing on top of the passive systems. This is the kind of work that stresses me out, and I think I have a hard time saying no to larger clients who have been very much good friends. This has kept me from the following projects:
  1. We are currently redesigning the digital menu board product so it works across many industries, allowing me to sell to many more customers.
  2. We're simplifying our intranet product so it needs less training, easier signup with credit cards instead of being set up with invoicing, etc.

My New Opportunities
I typically love working with LARGE businesses such as franchises - I came from that world so have connections there. You talk to a head office and become an approved supplier to get your intranet or digital signage in thousands of locations.

I have just gained access to 5 LARGE franchises, with about 2,500 locations. I am farily confident we will be able to get our digital menu board into 1000 of their locations by end of 2020 at an increased price of $29.99. I just REALLY need to nail the software redesign which is currently underway but has been on the backburner as I do consulting.

  • 1,000 X $29.99= $29,990
    +$14,000 existing= $43,990/month which pushes me over the $500k threshold
Our Intranet Product has been redesigned as well, and we went from 4 high maintenance companies paying $1500/month , added on 10 low maintenance customers using the new version at $99/month. We have 250 people who did trials meaning we only convert to paying businesses at 4%. I REALLY think this can get to about 20%. My goal is to get this to 100 customers paying $99/month but this will be second priority after signage.
Incredible! Way to go!
 
OP
OP
TreyAllDay

TreyAllDay

Whatever it takes
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Feb 9, 2016
551
1,640
485
29
Edmonton, AB
Update and a GIFT to my fellow Forum Members

Evaluating your business (CENTS) isn't an event, it's a process.

Even after you determine a business is, or can be "fastlane", and decide to launch - you need to revisit your business as often as necessary to ensure you're still on track. You WILL:

  • Learn new information that is relevant to the validity of your business.
  • Hit new brick walls, which you will. Nobody knows everything at the outset.
  • Stray from the plan, which happens from just being human.
A good example/story:
In the initial years, I had evaluated my software business as strong in the area of "control" because I wrote the software and sold it under my own website, not relying on amazon or you tube for a channel to advertise or sell.
However.... the popular hosting company that we kept the software on began throttling user speed as we grew and even outright went down at random hours of the day.
I quickly learned that I was NOT in control of the delivery of the service - a core part of my product, something I had no way of knowing at the beginning.
I had to learn a new skill from scratch:
How to create my own cloud server (using amazon/linode) writing linux command line. This increased my control, although I still evaluate it as being a slight risk that needs to be improved on.

Complying with CENTS is not a set it and forget it, it's a scale that moves up and down constantly as you progress.

How Do I Keep My Business Heading In The Right Direction?
Every single quarter I do an evaluation on my business in 22 KEY areas, compile it into a report, and then set goals in the areas I need to improve.

I have made this tool available to my fellow forum members for free on our app server.
https://app.engynn.com/evaluation/

An example of what mine may look like is attached. I'll speak more to this on my call with @MJ DeMarco next month.

What I'd Love To Hear More Of From Others:
What are some areas of your business you initially thought aligned well with CENTS, what happened that made you realize you were wrong, and how did you fix it?
 

Attachments

Last edited:

johnp

Gold Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
Speedway Pass
Aug 29, 2011
1,602
2,334
578
Philly
Wow this is great. I'm definitely going to be jumping on your call.

I'm also in SaaS. One of my customers/users is a car dealer and I've been thinking of scaling in this space a bit more.

I have just gained access to 5 LARGE franchises, with about 2,500 locations. I am farily confident we will be able to get our digital menu board into 1000 of their locations by end of 2020 at an increased price of $29.99.
This is really interesting. In my business, the revenue that I bring in is tied site traffic or total websites that my product is deployed on. I've found some success in going for agencies that have 100's of clients. It's more profitable than just going to one-off owner/operator businesses. I never thought of large franchises. now you have me thinking...
 

Bekit

Platinum Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
Summit Attendee
Speedway Pass
Aug 13, 2018
688
3,187
749
Complying with CENTS is not a set it and forget it, it's a scale that moves up and down constantly as you progress.

How Do I Keep My Business Heading In The Right Direction?
Every single quarter I do an evaluation on my business in 22 KEY areas, compile it into a report, and then set goals in the areas I need to improve.

I have made this tool available to my fellow forum members for free on our app server.
https://app.engynn.com/evaluation/
Amazing tool. Wow! Thanks for sharing! I'm surprised this doesn't have like 60 likes already.

Really gives you a lot of good things to think about, and ensures that you're not forgetting anything.
 

Genius01

Bronze Contributor
Speedway Pass
Dec 18, 2017
191
229
161
Nigeria
Update and a GIFT to my fellow Forum Members

Evaluating your business (CENTS) isn't an event, it's a process.

Even after you determine a business is, or can be "fastlane", and decide to launch - you need to revisit your business as often as necessary to ensure you're still on track. You WILL:

  • Learn new information that is relevant to the validity of your business.
  • Hit new brick walls, which you will. Nobody knows everything at the outset.
  • Stray from the plan, which happens from just being human.
A good example/story:
In the initial years, I had evaluated my software business as strong in the area of "control" because I wrote the software and sold it under my own website, not relying on amazon or you tube for a channel to advertise or sell.
However.... the popular hosting company that we kept the software on began throttling user speed as we grew and even outright went down at random hours of the day.
I quickly learned that I was NOT in control of the delivery of the service - a core part of my product, something I had no way of knowing at the beginning.
I had to learn a new skill from scratch:
How to create my own cloud server (using amazon/linode) writing linux command line. This increased my control, although I still evaluate it as being a slight risk that needs to be improved on.

Complying with CENTS is not a set it and forget it, it's a scale that moves up and down constantly as you progress.

How Do I Keep My Business Heading In The Right Direction?
Every single quarter I do an evaluation on my business in 22 KEY areas, compile it into a report, and then set goals in the areas I need to improve.

I have made this tool available to my fellow forum members for free on our app server.
https://app.engynn.com/evaluation/

An example of what mine may look like is attached. I'll speak more to this on my call with @MJ DeMarco next month.

What I'd Love To Hear More Of From Others:
What are some areas of your business you initially thought aligned well with CENTS, what happened that made you realize you were wrong, and how did you fix it?
This is really cool.
Helps me take a frank look at my business without tinted glasses and see where the flaws are and where I can improve.
Thanks a lot.
 
OP
OP
TreyAllDay

TreyAllDay

Whatever it takes
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Feb 9, 2016
551
1,640
485
29
Edmonton, AB
This is really interesting. In my business, the revenue that I bring in is tied site traffic or total websites that my product is deployed on. I've found some success in going for agencies that have 100's of clients. It's more profitable than just going to one-off owner/operator businesses. I never thought of large franchises. now you have me thinking...
Yea it absolutely has made a huge difference for me. Finding access to large groups of customers - franchises and affiliate programs work great. Agencies would be a great idea - there are even always large facebook groups of customers, associations, etc where you'll find your niche.

Wow mate congratulations .!!! any tips on how to get software or application development clients?
It completely depends on the type of customers you're seeking and the type of software/apps you're building. I found the best way in was just getting out there and networking/meeting people and calling on them. Starting small and working your way up. Getting in with agencies can be good - I get a huge amount of new software dev business from a creative agency I got to know over the last year who doesn't have in-house.

Really gives you a lot of good things to think about, and ensures that you're not forgetting anything.
Absolutely - I think especially when we're so close to the business we don't think about this on a daily basis. If you can move the needle on these metrics even a few percent a month you're much more likely to have a successful operation.
 

Appdeveloper

New Contributor
Jan 4, 2020
12
7
12
It completely depends on the type of customers you're seeking and the type of software/apps you're building. I found the best way in was just getting out there and networking/meeting people and calling on them. Starting small and working your way up. Getting in with agencies can be good - I get a huge amount of new software dev business from a creative agency I got to know over the last year who doesn't have in-house.
Creative agency, you mean marketing agencies?
 

Don't like ads? Remove them while supporting the forum. Subscribe.

OP
OP
TreyAllDay

TreyAllDay

Whatever it takes
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Feb 9, 2016
551
1,640
485
29
Edmonton, AB
Hello all. I'm new here. How do I get on this call on 1/9/20?
Yes marketing agencies - they are great because they have access to a large # of clients typically.

You must be an insider to listen in
 

njerseycraig

New Contributor
FASTLANE INSIDER
Dec 29, 2019
8
6
14
Awesome job getting to this point Trey, looking forward to the call.

Would love to hear details on how you identified the key pain points & what your process was in validating the ideas (if you spoke to people in your company while you were employed there/decision maker & users in the industry in general).

Also interested in hearing how long you held your job while working on this idea on the side & when you decided to make the leap to full time.
 

Robert Obniski

New Contributor
FASTLANE INSIDER
Feb 22, 2017
4
4
19
29
Wisconsin Dells
Hmm, interesting..

My Fast Lane "flame" has sparked again the past few weeks after I convinced a buddy to read it and he loved it. We got our creative juices flowing.

The past few days I've been non-stop thinking about old letter menu boards vs new digital screens. Im a fan of History as well as the Future and with Fast Lane on my mind, Im looking at everything in that perspective.

I ended up returning to this forum after months, maybe a year of no interest. Decided to click your thread. And sure as shit - one of your methods is exactly what Ive been thinking about. Mind=Blown.

I have my own personal view on "why" things happen but all I can tell you is this..

This thread and your call happening tomorrow, is the reason I am joining the Fast Lane Insiders and your call will be the first one I will ever listen to. I don't know what to expect but I'm eager to hear about what you have done so far.

Exciting stuff for all of us. Looking forward to hearing what you have to say.
 
OP
OP
TreyAllDay

TreyAllDay

Whatever it takes
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Feb 9, 2016
551
1,640
485
29
Edmonton, AB
Hmm, interesting..

My Fast Lane "flame" has sparked again the past few weeks after I convinced a buddy to read it and he loved it. We got our creative juices flowing.

The past few days I've been non-stop thinking about old letter menu boards vs new digital screens. Im a fan of History as well as the Future and with Fast Lane on my mind, Im looking at everything in that perspective.

I ended up returning to this forum after months, maybe a year of no interest. Decided to click your thread. And sure as shit - one of your methods is exactly what Ive been thinking about. Mind=Blown.

I have my own personal view on "why" things happen but all I can tell you is this..

This thread and your call happening tomorrow, is the reason I am joining the Fast Lane Insiders and your call will be the first one I will ever listen to. I don't know what to expect but I'm eager to hear about what you have done so far.

Exciting stuff for all of us. Looking forward to hearing what you have to say.
Glad to hear this helped! Hope to have you on the call tomorrow will talk a lot about this!
 

MJ DeMarco

Administrator
Staff member
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Jul 23, 2007
30,243
109,117
3,751
Fountain Hills, AZ
What time is the call today? and Will I be able to go back and listen to it later if Im not available for the entire call?
Starts tonight at 6pm AZ time, which is 1 hour 15 min from now. Call will be recorded and archived on the Insider forum if any Insider cannot be on the call.
 

Lenin

Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Dec 4, 2018
31
26
47
Update and a GIFT to my fellow Forum Members

Evaluating your business (CENTS) isn't an event, it's a process.

Even after you determine a business is, or can be "fastlane", and decide to launch - you need to revisit your business as often as necessary to ensure you're still on track. You WILL:

  • Learn new information that is relevant to the validity of your business.
  • Hit new brick walls, which you will. Nobody knows everything at the outset.
  • Stray from the plan, which happens from just being human.
A good example/story:
In the initial years, I had evaluated my software business as strong in the area of "control" because I wrote the software and sold it under my own website, not relying on amazon or you tube for a channel to advertise or sell.
However.... the popular hosting company that we kept the software on began throttling user speed as we grew and even outright went down at random hours of the day.
I quickly learned that I was NOT in control of the delivery of the service - a core part of my product, something I had no way of knowing at the beginning.
I had to learn a new skill from scratch:
How to create my own cloud server (using amazon/linode) writing linux command line. This increased my control, although I still evaluate it as being a slight risk that needs to be improved on.

Complying with CENTS is not a set it and forget it, it's a scale that moves up and down constantly as you progress.

How Do I Keep My Business Heading In The Right Direction?
Every single quarter I do an evaluation on my business in 22 KEY areas, compile it into a report, and then set goals in the areas I need to improve.

I have made this tool available to my fellow forum members for free on our app server.
https://app.engynn.com/evaluation/

An example of what mine may look like is attached. I'll speak more to this on my call with @MJ DeMarco next month.

What I'd Love To Hear More Of From Others:
What are some areas of your business you initially thought aligned well with CENTS, what happened that made you realize you were wrong, and how did you fix it?
32866
 

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create an account on our community. It's easy!

Log in

Already have an account? Log in here.

Sponsored Offers

  • Sticky
MARKETPLACE Fox's Web Design Guide: Earn $100K this year (Yes, 2020!) and Go Fastlane
Thanks @Juan Pimentel and @Fox for the kind words. This project was really fun to work on and...
  • Sticky
MARKETPLACE How To Create A 100K-1M+ Sales Funnel
@LynX You know, this is a "Marketplace" Thread. Completely appropriate to offer goods and...
  • Sticky
MARKETPLACE You Are One Call Away From Living Your Dream Life - LightHouse’s Accountability Program ⚡
Dropping a quick note in here to say... if you are on TFL, you are part of an elite group of...
  • Sticky
MARKETPLACE KAK’s “Kill Bigger” Incubation Program- With DAILY personal attention.
I joined @Kak's business incubator in the first week of May. During our daily chats we uncovered...
  • Sticky
MARKETPLACE Lex DeVille's - Advanced Freelance Udemy Courses!
This is your May reminder that you can do this. I'll keep it short. These are the May promos...
  • Sticky
MARKETPLACE Grow Your Business With a Book (An Unorthodox Marketing Strategy That Built One of the Largest...
Thanks! This is a cool idea, actually. I would like to use your experience as I heard that these...
  • Sticky
FEATURED! Introducing... WEALTH EXPO$ED, A Short Story By MJ DeMarco
would this be available in paper version? I know it's short, but most of my family is...


Visit A Forum Sponsor
sponsor

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Monthly conference calls with doers
Ideas needing execution, more!

Join Fastlane Insiders.

Top Bottom
AdBlock Detected - Please Disable

Yes, ads can be annoying. But please...

...to support the Unscripted/Fastlane mission (and to respect the immense amount of time needed to manage this forum) please DISABLE your ad-block. Thank you.

I've Disabled AdBlock