September 17, 2019

Beyond Six Figures!

Eathan Janney @Eathan

Okay! Refreshingly, the PTM Stripe account is showing over $100,000 total revenue since inception! This is an exciting milestone for a business that started with a nervous $5000 investment in a business development course online a couple years ago.

Here are some takeaways:

  1. Ups and Downs:
    Interestingly, just a few weeks ago I was again questioning whether to continue with this project. Revenues can be slow at times and haven't quite reached anything significant with MRR. That being said, there are a few monthly subscribers and maybe a potential to move in that direction. Most revenues come from my direct input: primarily marketing emails. It's an amazing skill to be able to turn words in dollars and I'm very grateful that I've found a niche where this particular alchemy can occur. So even though its not passive MRR, it's a plus.

With regards to the Ups and Downs, I can't stress enough the power of just continuing. Not to be contradictory, but I'm also seriously considering taking the skills I've gathered (Marketing, Project Management, Start-Ups) in this project and applying them to a potentially even more lucrative endeavor.

Final lesson. Keep at things and allow them to grow—transform and transition as necessary. But be self-aware of defeatist attitudes and actions. They are never useful.

  1. Outsourcing and Spending:
    I'm now investing thousands of dollars per event outsourcing video production. It's a delicate balance between investing money to make money and playing it safe and frugal where necessary. It looks like with this particular event that is upcoming, I'll be able to invest a significant amount in operational expenses AND be able to pocket some profit. I'm becoming increasingly intrigued with the idea of running businesses with enough revenue that outflows can support the purchasing of high-quality outsourced/delegated services.

It's very clear that you only get so much out of producing things at a bootstrapped level with cheap or free resources.

The approach that seems to have worked best so far is to budget only a certain percentage of revenues for operational expenses. 30% is the number I've aimed for. I strayed from this heuristic in recent months due to extenuating circumstances but I'd like to return to it. It seems to offer a good way to balance wanting to invest more with acting responsibly with cash flows. Plus limiting the expense budget to a percentage of sales allows there to be motivation for increasing sales in order to increase expenses for qualities sake, while at the same time leaving increased cash profits to sustain the business owner.

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