I am the co-founder of a boutique software consulting firm in India. Previously I was the vice president of the technology division at Goldman Sachs, NYC from 2007 to 2014. We started 3 months back and in the last 2 to 3 months, we were able to validate our idea, grow from 2 co-founders to 25+ people team and secured 50K USD projects from elance & freelancer - we have not explored any other sources yet. We are looking to achieve 5M USD turn over by December 2016 - in next 18 months or so. I am looking for expert advice on what should be my strategy to achieve the 5M number. Thanks
Congrats on your new business. Our company also has a software company located in Bangalore, India. This is a very interesting market and offers lots of opportunity for software companies.
I see you have lots of great feedback already but I will toss in my opinion in hopes it helps.
You have two ways to achieve your sales goals, which by they way is extremely aggressive even for a US based company let alone an India firm with a market conversion of 63 to 1INR. The first is by continuing to seek business for short life products via eLance or other lead sources. The other option is to create a product or service within a space that will allow you to gain recurring revenue from your client base.
The later offers more stability as you continue to grow your business. The first and your current model is very risky as any change in lead providers, SEO or search engine ranking can quickly cause your monthly revenue to fall. Because your pushing on such an aggressive growth plan this will typically mean higher fixed cost that could be damaging.
Best of luck, if I could be of further help please let me know.