To build a million dollar business, you only have to convert 300K out of 30M, which is only 1%! Unfortunately, there are numbers less than 1%. It's entirely possible to only convert 0.1% or 0.01%. Are you okay living off of $100K? What about $10K (0.01%)? See: http://sivers.org/1pct
Hey sivers. I mentioned it below, but throwing your marketing dollars entirely on the 30M probably won't be the best idea because you don't know your initial conversion ratios. You can try it on a sample size to get the ratios, and then build up gradually as you're hitting your numbers profitably.
Yeah, making the product is hard but there are many newsletters that cost way more than $25 month. Here's a list of investing newsletters that cost more than $25/month. http://www.marketwatch.com/news/newsletters/newsletters.asp?... There's even one that is $100 month and I've seen others that are even more. The difference between these and "high-quality magazines" is that these are extremely targeted to a specific a…
Then they probably have a staff working full time generating content for those newsletters? I'm not doubting that there are newsletters worth $25/month, I'm doubting that creating a newsletter worth that is a one-man job. (And especially a one-man job where that one man spends most of his time making cold calls.)
Hey Nate. Sorry for the clarity issue. Running a $1M one-man operation is definitely pushing it; it's possible, but that's probably too much to put on one's shoulders. A typical $1M company probably has around 5 employees, which I should've mentioned. (The exact revenue per employee however should be based on your industry's averages to see how you fare with your competitors/industry)
Its a good reminder that you have to sell, sell, sell. But his example that your selling an email newsletter with valuable information, leaves you wondering when you have time to create the newsletter. If you actually did have time to talk to 100 prospectives a day, you would have zero time left for anything else. A better representation might be: say you have what it takes to research and put together a very compell…
Well said ! I am surprised an article of such low quality made it. The difficult part would be to create a _bi-weekly_ newsletter that people these days will be willing to pay 25$/m for. What has this to do with startups ? This article is about making infomercials to sell the next AbsShaper.
Hi Murkin. I'm not saying it's typical, and I'm probably using a bad example here, but business owners in my experiences dealing with them fall heads over heals for purchases that will help them grow revenue. A solid product that just does that, and pitched well, will make the $25 seem like a pretty good deal for them. 7-page business research reports (e.g. from Forrester, Gartner, etc.), for instance, tend to go for a few hundred dollars, so businesses do spend on investments that give them good returns.
Then they probably have a staff working full time generating content for those newsletters? I'm not doubting that there are newsletters worth $25/month, I'm doubting that creating a newsletter worth that is a one-man job. (And especially a one-man job where that one man spends most of his time making cold calls.)
Hey Nate. Sorry for the clarity issue. Running a $1M one-man operation is definitely pushing it; it's possible, but that's probably too much to put on one's shoulders. A typical $1M company probably has around 5 employees, which I should've mentioned. (The exact revenue per employee however should be based on your industry's averages to see how you fare with your competitors/industry)
I saw your post below, thanks for explaining a bit more of the context.
Sorry if I came through a bit cynical and sarcastic, reading your post I thought you were pushing a more get-rich-quick philosophy. Thanks for clarifying.