Questions

It's a serious question. If you were starting today, what strategy would you take?

First, I agree with Chad in that the pure pursuit of money is unlikely to render anything significant. By using a monetary value as a primary goal, you're only diluting the real drivers of success: passion, crafting great customer experiences, building an incredible team and culture etc.

That said, making $1m isn't that hard. :) I love this thinking by Amy Hoy and that's how I would go about making $1m: http://unicornfree.com/30x500. Using that logic, this is what I'd do:

* To earn $1m in a year, I need to earn +- $80k a month.
* To earn $80k a month, I need 1600 customers paying me $50 per month.
* So what can I build that could attract 1600 people to pay me $50?
* Or, what could I build that could attract 400 people to pay me $200 per month?

This logic works on two drivers:

* Cumulative revenue and growth. So SaaS works best in this regard, as you only need to focus on having new signups that are greater than your churn.

* Building something that people are willing to (really) pay for and going for quality over quantity. If you are building something that sells for $5 pm, you'll need to sell at much higher volumes (which are tricky).

In terms of doing that, these are the areas of my business that I would prioritize:

1. Build an awesome team that do things they're passionate about.

2. Prioritize customer experiences above anything else. Do everything in your power (regardless of whether it can't scale) to add value and help your customers.

3. Build a brand and reputation that has long-lasting value.


Answered 6 years ago

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