$2 Million a Year From 5,000 Subscribers Entrepreneur |
- $2 Million a Year From 5,000 Subscribers
- Broke, Depressed and Homeless at 22.
- All the wealthiest people I know who are “self made” started regular old businesses. Low risk, not sexy, no new ideas.
- Note to self — Never give up on your dreams
- Report: Microsoft in talks to buy TikTok’s US business from China’s ByteDance
- IT Security Consulting
- I’ll tell you what you’re doing wrong — and how to improve.
- Why does Robert Kiyosaki keeps saying that stocks are fake assets and only poor buys them?
- Your opinions on these logos?
- Does anyone know where you find like-minded people locally? Who thinks like you do? I feel different like no one gets me, especially those around me & it greatly holds me back from my full potential.
- What are some free Apps or services that have helped you significantly with the day-to-day operations of your business?
- What’s the best valuation method for a pre-revenue tech startup (for pitch deck purposes)?
- If your main entrepreneurial drive is "not having a boss", at least give therapy a shot first
- I am 20 and i dont know what to do
- Career advice/mentor needed
- What is the most recommended way to open a landing page for a product where I don't need to handle fulfillment?
- Possible to make 200k with Bookkeeping business?
- Possible to make 200k with Bookkeeping business?
- Membership Platform For Creators
- Does anyone have any experience with NFC payments?
- Is this a good idea? Also, I need feedback (and maybe some collaborators)
- Someone has offered to buy 50% of our business
- Should I study economics?
- At what point do you begin outsourcing tasks?
| $2 Million a Year From 5,000 Subscribers Posted: 01 Aug 2020 11:26 AM PDT When Gerald Roush picked up a 1958 issue of Sports Car Illustrated and saw the Ferrari 4.9 Superfast on the cover... His lifelong Ferrari obsession started. Whether it was car races, shows or even classified Ferrari ads in the newspaper... Whenever he saw a Ferrari - he'd make a note of all its details on 5x7 index cards - identified by its serial number. Over the years, he never worked for Ferrari... Going on to become a university history professor instead. That is, until a job in the parts department of a Ferrari dealership opened up. Here, he recorded even more information to his database of Ferrari index cards. In 1976, he started the 'Ferrari Market Letter' with his wife... It soon became the go-to place for detailed Ferrari information and classified ads. By the time of Gerald's unfortunate death, Ferrari had manufactured 130,000 vehicles, and Roush had details of the original specifications, later modifications and ownership history of almost all of them. You can imagine, this information was valuable. Especially as the internet wasn't around back then... And especially to Ferrari collectors. But how valuable exactly? To this day, the 'Ferrari Market Letter' has around 5,000 subscribers. But their yearly revenue is estimated to be over $2,000,000. And the funny thing is... It has only 2 people running the whole operation. So what can we take away from this? And how can we do this for ourselves? Let's break it down to three key takeaways, and how you can apply it to your own business... How To Apply This Lesson 1. Pick a Small Niche Gerald started the newsletter in the mid 70's. Back then, how many popular car magazines were around? A lot! But how many of them specialised in Ferraris... With specific information and detailed classified ads for Ferraris only? None. It was a small niche, but completely underserved. Gerald could've competed with all the other popular car magazines... But he picked a small niche he was obsessed with himself - and he stuck to that. Ask yourself, what small niche or hobby are you OBSESSED with way more than the average person? And how can you provide value for others who are also obsessed with this exact niche? 2. Match Your Pricing To Your Customer Before you start your business, you probably have a good idea of how big you want it to be. Some want 6 figure businesses, while some want 9 or even 10 figure businesses. But before you get into those details... Think about how much your product costs and how much is reasonable to charge your customers. $400 for valuable Ferrari information and rare classified ads isn't much to a Ferrari collector. $10,000 for an analytics app that provides competitor information isn't much to a big company like Google or Microsoft. But charging $1,000 for a notebook with slightly better paper than average and aimed at high school students is doomed to fail. So before you set up the business, think about WHO your customer is, and what they would HAPPILY pay for your product. Just put yourself in their shoes, and imagine if your product came along... At what price would you IMMEDIATELY and HAPPILY pull out your credit card and buy it? 3. Solve a Specific Problem For Your Specific Customer When I was training to be a copywriter, it was drilled into our heads that the three big categories that people are happy to buy products for are... Health, wealth and relationships. If your product helps people LEVEL UP in any of these three categories, it's generally easy to sell. Think about the 'Ferrari Market Letter'... Let's say you're a Ferrari collector and you buy a subscription for a few hundred bucks... It will help you level up in both the wealth and relationships categories because: * It helps you make money by showing you rare classified ads for classic Ferrari's you can't buy anywhere else * It helps you get detailed information on various classic Ferrari's so you won't get ripped off * It helps you save money by providing information on maintaining and caring for your classic Ferrari * It helps you connect and build relationships with other passionate Ferrari owners So you see... A few hundred bucks for these wealth AND relationship benefits is a 'no-brainer' offer to a Ferrari collector. But in every niche... There's 'no-brainer' products waiting to be made - where the specific customers would be GLAD to pay you for it. By creating 'no-brainer' products, you'll set yourself up for success from the start. And... That's it. But before I go, let me ask a personal favour... If you enjoyed this, join my newsletter for more unconventional business lessons - because it really helps us grow! Till next time my friends, - B [link] [comments]  |
| Broke, Depressed and Homeless at 22. Posted: 31 Jul 2020 09:31 PM PDT Everyone has their rock bottom moment. This is mine. I'll save you the sob story and cut to the chase. My name is Hossain Salimi, I'm a 22 year old "Entrepreneur" from New Zealand and after a series of events in my Entrepreneurship journey ranging from the ages of 15-22 I'm left with almost zero money to my name, chronically depressed/apathetic and homeless with no job living out my '98 Honda Accord station wagon. I've sold off nearly all my valuable possessions and have spent majority of the money on items I'll need to survive living out my vehicle. I have zero qualifications, no degree or diploma, with my only income producing skills being very amateur videography/editing techniques I learnt from YouTube videos online. Here are the list of things I own: - Cash - $200NZD Total - Clothes - 1 Weeks Worth - Cooking utensils - Camping stove & cutlery - Camera - Hoping to make some money landing gigs - Vehicle/Shelter - 1998 Honda Accord Station Wagon There is obviously a lot of context to the events that took place during the 6 years leading up to me being in this situation, but all I know is that this is my absolute last and final swing at chasing my dreams as an entrepreneur. Failure means throwing in the towel and getting a low paying job living a life I've always dread. Success means getting out of this rut and living the life I've always wanted. I'm in the middle of the two and am terrified. For now my only focus is survival and and getting back on my feet with the very limited recourses I have. I need your advice. How do I go about getting myself out of this situation? Has anyone been through something similar and if so what steps did you take? How did you stay optimistic given the circumstances of your situation? My thoughts are completely scattered and would appreciate any guidance you may have. [link] [comments]  |
| Posted: 01 Aug 2020 01:35 PM PDT I'm beginning to think shark tank and tech crunch are making a lot of young hopeful entrepreneurs think about it all wrong. [link] [comments]  |
| Note to self — Never give up on your dreams Posted: 01 Aug 2020 07:03 AM PDT About 6 months ago I started working on a small project. It was a side project. I had this problem that had been bothering me for a while, I talked to friends and colleagues about it. I didn't have much time to work on it though. I was in the final stretch of my degree and my capstone. Nonetheless, I got to work. Every bit of free time I had — in the mornings before class, on weekend and late nights — I dedicated myself to building my mini little side project. About a month later I had a working app. When I say working, I mean it didn't crash, and it was so far from what I had in mind it was embarrassing. Screw it though, I published it. Nothing happened. I continued working on it in my free time and started building the features that I wanted. To help myself. This tool was truly something that I wanted and in fact had convinced myself I needed. Apparently, others were interested too. From a simple gif that I posted online, a few people left their email, and wanted to try it out. Initial feedback from these users, my friends, and my roommate was almost null. They thought it was pretty, and some even said it saved them a couple times, but no real praise was given. More concerningly, no criticisms. I think my roommate was just being nice, and the other users simply stopped using the app. What did I do? I did what I knew I could. I reached out, I asked for feedback, suggestions, and comments. I continued working in the background, constantly iterating. Low and behold, after some time, I got some feedback. Some good, some bad. I thanked everyone who responded and told them to keep sending any feedback. I fixed things, I changed things, I iterated. As more and more people tried out the app, I kept on reaching out manually and continued the cycle. Now 4 months in, I had gone full time on this "Side project". I committed myself to seeing through my vision. I did however, take note daily of the looming stress of not having any real income, and dedicating 95% of my time to something that I simply just wanted to work on, not that had any promise or guarantee of success. I was, you could say, building a small startup. Things intensified, I decided I needed to make this thing real. I needed to focus on the early adopters who were willing to pay for an unproven tool — the ones who provided real feedback, were invested in the tool, and actually wanted it to succeed. Unfortunately, the situation just got tougher — users had lots of praise but also equal amounts of confusion. I continued pushing forward, continued iterating, stretching my days to as long as possible; essentially working for as long and hard as I could, fueled only by small plaudits from users. I was making a sacrifice familiar to so many founders, managers, hackers, nomads, and the like. Your friends, family, and other life aspects suffer while you work. While you commit yourself so wholeheartedly to a dream. It sounds aspirational, but it is in fact a very daunting, unrelenting, daily struggle. Finally, someone very close to me snapped. They said, "I'm tired of seeing you do this, working away at nothing". This wasn't new. Doubt and disapproving judgements were constant. I reassured and tried to communicate my vision. No luck. This weighed heavily on me. Really I only faced two options. Give up, and get on with a normal life. Or continue working on my dream, at the sacrifice of myself, friends, and family. I chose myself. Not 30 minutes later, and the reason for writing this piece, I received an email. I will never forget this moment. I received a notification that one of my users became a paying subscriber. A small light in a dark, lonely cave. I felt a rush of emotion. I am writing this to tell myself, and maybe even you the reader, do not give up. Do not lose hope. Stay ever optimistic, foolish, and persistent. Evaluate yourself and your dreams daily and improve. Do not give up simply because they aren't working out just yet. People on the internet, your own doubts and family will tell you to give up. To "stop wasting your time". Your dreams are your dreams, own them. I will end this with a quote that has stuck with me: "I can't imagine a person becoming a success who doesn't give this game of life everything he's got." - Walter Cronkite PS if you're feeling down, need some motivation/advice/ or just someone to talk to feel free to reach out. I'd be more than happy to chat. If you want to checkout the tool I've been working so hard on you can see it here: https://www.partizion.io/ Stay hungry, stay foolish, Matthew [link] [comments]  |
| Report: Microsoft in talks to buy TikTok’s US business from China’s ByteDance Posted: 01 Aug 2020 07:45 AM PDT President Trump has plans to order China's ByteDance, the owner of hit social video app TikTok, to divest from the company, according to new reporting from Bloomberg. The app is increasingly a target of U.S. security concerns over its Chinese ownership. [link] [comments]  |
| Posted: 01 Aug 2020 12:07 PM PDT I've been working on IT Security/Information Security for about 6 years now and am getting pretty burned out from the day to day work of being a Security Engineer. It pays well, but I've been craving something more. I've been intrigued with consulting and Security is such a big field that it feels like there is a lot of opportunity. I am certified (CISSP for those familiar with the industry), and have experience across multiple areas of security from engineering to operations and even Incident response. I even have a year of experience working as a Devops engineer in an AWS environment as well. How would somebody like me get into consulting in this field? Is it even viable having not worked as a consultant before? Is there anyone out there familiar with this industry from a consulting perspective that would be able to share some insight? Anyone else in this industry want to partner up? [link] [comments]  |
| I’ll tell you what you’re doing wrong — and how to improve. Posted: 01 Aug 2020 01:39 PM PDT Ever wished somebody can straight-up tell you if you're doing something wrong — and point you toward the right direction? I'm going to do that for you today: Tell me about your business, roadblocks, and goals — I'll look through your website, social media pages, and products/services offered — I'll tell you exactly what I think you're doing wrong — and what you should be doing instead. My credentials: Life-long businessman that has multiple successful ventures under my belt — Especially experienced in digital marketing and strategizing — Heavily invested in digital products and service-based businesses. Full Disclosure: I'm not here to take your money — I'm here to keep my mind sharp and active — By exposing my mind to a wide range of diverse projects — my mind becomes more creative. I won't be spending more than 15mins on each project [link] [comments]  |
| Why does Robert Kiyosaki keeps saying that stocks are fake assets and only poor buys them? Posted: 01 Aug 2020 06:46 AM PDT This guy is high on real estate good for him, but he always mentions negative things about stocks. For example check this, https://www.richdad.com/fake-assets He feels just because stocks don't put money in your pocket every month they are fake asset (let's ignore dividends for a minute) he don't understand the concept of delaying gratification, meaning holding stocks for longer period of time to make 10x, 20x...100x of what you invested (Obviously for that one needs knowledge to pick quality companies) He always underestimates the potential of stocks. In reality stocks have much more potential than RE but he keeps talking about RE all the time which irritates me. By his ridiculous logic, buffet and other millions of people who made money from stocks invested in fake assets and got rich. [link] [comments]  |
| Posted: 01 Aug 2020 12:50 PM PDT I'm having a new logo made, looking for opinions. I don't want to bug the guys at r/carav too much, so I'm spreading the The product is car speakers. Which one do you like the best? [link] [comments]  |
| Posted: 31 Jul 2020 08:44 PM PDT I'm 23 & just coming to a realization lately the people around me don't think as I do, they don't have the same perspective on life as me. All my friends trot around they don't want to better themselves. Here is a link to a previous post of mine from a few days ago giving just a detail of how I think. I want friends locally who act as I do, The saying that you are the average of the 5 people closest to you couldn't be any more true. I just don't know where to turn. I tried downloading meetups which I'm just getting into and of course, everything, for now, is online. Does anyone have any other suggestions? Would be greatly appreciated! [link] [comments]  |
| Posted: 01 Aug 2020 02:36 PM PDT |
| What’s the best valuation method for a pre-revenue tech startup (for pitch deck purposes)? Posted: 01 Aug 2020 02:36 PM PDT What's the best valuation method for a pre-revenue tech startup (for pitch deck purposes)? [link] [comments]  |
| If your main entrepreneurial drive is "not having a boss", at least give therapy a shot first Posted: 01 Aug 2020 02:07 PM PDT Past bad experiences with management or deep-seated problems with authority aren't great reasons to go into business by yourself. I've had both, and talking through those issues helps to separate immature impulses from sound financial and lifestyle decisions. [link] [comments]  |
| I am 20 and i dont know what to do Posted: 01 Aug 2020 02:01 PM PDT Heyyy readers, I am a 19 y/o guy who is lost in the world where a job is everything but i hated maths and accountants all my life.now i am kind of into studies and something or the other but i cant find something where i could just feel that yess this is my kinda thing. I am just kinda lost with what i have to do what kinda job is the best for me what shld i study plus i dont have any business ideas...mahn i just cant think about a crazy ass business.just lost. I have checked alot with what is best to study and stuff but as usual i get to learn that starting a youtube channel is good,starting affiliate marketing is good,become an influencer,be a model,start smma,learn software development....not being an ass but the whole world is into these things nowadays there are no alternatives and noone knws what to do except these stuff. Sorry if u guys may get offended but i just expressed my feelings and now i am open to suggestions and advices. [link] [comments]  |
| Posted: 01 Aug 2020 02:00 PM PDT Hello! I'm in my late 20s and I've been going through a tough time figuring out who I am and what I want to do with my life. I'm fortunate enough to have a corporate job in LA right now (WFH of course) but since quarantine, I've had this overwhelming feeling that I'm not doing what I love and what makes me happy. I will one day go back to sitting in an office all damn day, for little pay, long days, lots of politics, and lots of stress. I graduated from College with a Communications degree with an emphasis in public relations and minored in marketing and sales. I've been in the advertising world since graduation, It's been tough, cold, cut throat, enlightening, political, and much much more. when I talk to my friends about work I notice how much they love what they do, I can hear it in their voices, see it in their body language. And it makes me sad I don't feel the same way nor have I found anything that does( I'm very happy for my friends). i'm starting to believe I'm not good at anything, like I'm not smart enough, like I don't have any interesting skills or hobbies that differentiate myself amongst the millions of other people in this world. I haven't found something for me. I keep trying to tell myself I didn't fuck myself over bc I didn't pick this straight path career ( it's, teacher, ect) with stability and security. There is something out there for me. I go from looking up how many years veterinary school is, to dental school requirements,to starting my own business, or even starting my own doggy daycare.to out it simply, I'm all over the place. I'm worried about making money and supporting myself ALL WHILE trying to be happy and enjoy my life. If there's anybody out there has started a business, or made a career change, or can relate or have any advice for me I would greatly appreciate it. I don't have a lot of mentors I can reach out to so I thought I'd turn my cry for help to Reddit. Thank you for reading. [link] [comments]  |
| Posted: 01 Aug 2020 01:48 PM PDT Hi, I am in talks with someone in China that creates customized products based on the buyer's image. I am interested in selling his products as a reseller. He offered me major discount for the products if I give him bulks of 5+ purchases. This is how I make my margin. Now I need to create a website/landing page for the product. I don't need to handle fulfillment, I just need to take orders. Should I use shopify for this kind of dropshipping? is there a website that is more favorable with these kind of stores? Thanks [link] [comments]  |
| Possible to make 200k with Bookkeeping business? Posted: 01 Aug 2020 01:46 PM PDT My relatives all have trade businesses such as painting and roofing. They make upwards of 20k a month net income and don't do any trade work themselves they have 4-5 employees that do the work and just focus on management and marketing themselves. I was wondering if this approach was possible in a bookkeeping business.After getting my Accounting degree with a minor in marketing.I would like to start a bookkeeping business and grow it. Is it possible to make 200k net income in bookkeeping. I would ideally like to have 4-5 employees and focus on management and marketing myself. [link] [comments]  |
| Possible to make 200k with Bookkeeping business? Posted: 01 Aug 2020 01:46 PM PDT My relatives all have trade businesses such as painting and roofing. They make upwards of 20k a month net income and don't do any trade work themselves they have 4-5 employees that do the work and just focus on management and marketing themselves. I was wondering if this approach was possible in a bookkeeping business.After getting my Accounting degree with a minor in marketing.I would like to start a bookkeeping business and grow it. Is it possible to make 200k net income in bookkeeping. I would ideally like to have 4-5 employees and focus on management and marketing myself. [link] [comments]  |
| Membership Platform For Creators Posted: 01 Aug 2020 01:33 PM PDT I've been looking for a membership platform for creators. I'm trying to get paid using a subscription content service, but I haven't had luck finding much. So far Patreon or Subscribestar seem to be the best but their fees are high. Is there anything else similar out there? [link] [comments]  |
| Does anyone have any experience with NFC payments? Posted: 01 Aug 2020 01:20 PM PDT Hi guys, I personally believe wearables are the future, given the success of the iWatch, Oura ring, Airpods, etc. I'm thinking of getting into the game but in the luxury segment. My real question is if there are any FCC regulations or strategic partnerships I'd need to process payments. I was thinking of building this on top of Stripe or Square, and there is a few open source libraries for nfc and payments. Would love to hear anyones thoughts on this/if you've worked on a similar project. [link] [comments]  |
| Is this a good idea? Also, I need feedback (and maybe some collaborators) Posted: 01 Aug 2020 12:17 PM PDT Hi, my name is Keith, and I would like to introduce myself and describe my business plan. Currently, I am a junior in university majoring in Finance with plans of getting a certificate in Fintech. I would like to be an entrepreneur and I have seen the pros and the cons of taking this path, and I am decisively ready to take on this path. Since I was 16 and emigrated to the United States, I've been always interested in business and finance, especially the area of private equity and venture capital. In high school, because of the transition between countries, I did not have the best grades (only a 3.67 GPA) but, I could get a full-ride scholarship. Right now, I am making it up by keeping a 3.90 GPA up to now in university. Since young, I never saw an opportunity for a person such like me to thrive in IB or regular trading, since I do not like the type of pressure and stress you live by pretty much guessing what is the market going to do, and also, never found interest on it. I focused on the growth of private companies and startups, with a secondary interest in banking and fintech. In the search of a market, I could provide my skills to, I happened to stumble with different ideas, but each with their own shortcomings: digital banking, SME financing, regular PE and VC, etc. Then, I happened to have an idea that solved a huge issue within the finance community: how do companies research and choose companies to invest in. In PE and VC, there is something called the 100/10/(3)/1 rule, in which a hundred companies are researches, ten are chosen to be further researched, (three are proposed an investment deal), and one accepts the offer and becomes part of the portfolio. This can take a few years (usually the first ones at the start of a portfolio). My solution is to solve, or at least reduce the need for this part of the process by implementing something like Facebook for businesses looking for funding. I would like to market this to both businesses and PE/VC companies, creating a double stream of income in which the growth of one reflects as growth in the other one. Businesses can register themselves and pay a fee, they would need to have audited financial statements to be able to register (I am thinking in a way I can ease this for SMEs), these statements will be linked with a profile which investors can see the performance, but all of this from a program, instead of going out company by company, saving time and money in the process. Investors will also need to pay a fee for registering and making deals in this piece of software. I plan to bake in financial analysis software and importation to Excel for further/personalized processing, but the included software could be used to do a valuation successfully. Another way to earn some revenue can be to take a fee (cheap enough to be the better opportunity cost than just traditionally making the deal) for every transaction between investors and companies, such as a buyout or a stock sale. If I can market this to SMEs as a better way to get funds than just going to the bank and hope they consider your business idea worthy of the risk, I could get enough businesses in my portfolio to be able to offer them to investors looking for new investments, and these investors can have an extra 2 to 3 years (usually used to do research) of profiting. Companies would have better exposure to investors and higher possibilities to be funded than the current method of getting investors. I can even have banks to have access to this software, and they could check the financial of a company and decide if the risk is worth it. I hope you find this idea interesting and leave your comments below, Keith. [link] [comments]  |
| Someone has offered to buy 50% of our business Posted: 01 Aug 2020 12:14 AM PDT Hi there! We (husband and wife) started an ecommerce business around June 13th. It started as a hobby and we didn't think we would get any orders. We just hit 400 sales today. We are a fairly spiritually based business. July 5th: (20 days or so in) Sales is 3853.19, net 1295.12 We had a few days where we were getting $1000 revenue and a single day where we hit $2000. For July we hit $26,000 and our store was offline for a good week during this month. $16,000 net. We have invested a lot in new areas, such as a website so we can be independent. $4k. Which is being built. We've been round to suppliers to reduce the costs of supplies as far as we can. Our current issue is that we can't get access to the money fast enough. We are in Etsy and so they hold the money for a while, so by the time they release it we have already grown enough that we cant buy enough supplies for the new orders as it costs more substantially. A magazine has come forward wanting to feature us and a local subscription box wants to showcase one of our items. With all that in mind, a good friend has offered $30,000 to own 50% of the company. He says he will handle finances and accounting as he is a chartered professional accountant. He wants to help get supplies cheaper and already has a lot of business contacts in areas that we would help. He also offered cheap access to an office space so we can expand from our basement. We were wondering if anybody has any advice or opinions [link] [comments]  |
| Posted: 01 Aug 2020 12:05 PM PDT Currently, I am studying laws because I wanted to get into politics but now that I got older I found out that I don't really like today's politics. (more historical politics, like what the Caesar family did.) So because of that, I was thinking about giving up studying laws and either start studying Economics or start thinking/working on a small business and invest my time in that. I have this weird 'problem' where I can't really focus on 2 big things like studying while working I know that studying Economics is good and useful but so is starting with a business. What do you guys recommend? Studying and getting an even better understanding of economics or starting a business and learning Economics on my own and in my spare time? Let me just say, I'm 20 years old so I'm still young and I have plenty of time left. [link] [comments]  |
| At what point do you begin outsourcing tasks? Posted: 01 Aug 2020 11:57 AM PDT I have a consulting business which is fortunately growing steadily. I am starting to get to the point where I have more projects than hours in the day to do the work, but I know part of what attracts people to my company is my expertise and background. I am thinking of starting to outsource a few time consuming tasks to focus my efforts in the creative direction and SME part of the job, but I wonder how to navigate this with clients. Should I introduce projects as my team does x and y or, should I keep on saying I do x and y, since I am in charge of the direction of how everything gets accomplished? Have you grown a consulting business, and if so, how did you navigate the growth between you as the service provider and your company as the provider? Did you decide to expand your team based on your cash flow projections, or workload? [link] [comments]  |
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