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:
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.
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:
- We are currently redesigning the digital menu board product so it works across many industries, allowing me to sell to many more customers.
- 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
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