So you started thinking and came up to the result that you need to start your business, but you have no idea where to start or what type of business you will do.
I started to believe that making a winning business is more achievable, and that became clearer when I started to hear people telling me that you only need someone thousand loyal customers and a subscription service to sell to them or a product that you can sell monthly with a $12 profit and here you are, you did it now you are making $12.000 a month with the thousand customers you have which is about $150k a year, that’s awesome.
This business model works very well, the subscription model or the recurrent income from selling a product every month to the same base of customers that you already own is fantastic there are no more costs in hiring new customers to buy your product, and the best thing is loyal customers bring friends and family if they are happy about it.
I keep hearing stories of people made thousands of dollars working with smaller bases of customers, but the marketing and the quality of the product after I inspected were great, that’s the whole point.
Ok great, now how you are going to find the two most important things in your business, your customers and the product you’re going to sell?
The Subscription Model is the go-to right now, you can see it when all big companies are taking this direction from Apple, that launched a couple of months ago TV+ that has a subscription service, to Google and Amazon, etc.
Everyone knows that this business model is the best, and the reason why you have to love it is, yes you know it the recurring revenue.
Recurring revenue is the key here, you won’t look each month for new customers that will have to spend a lot of money and effort to make them believe that your product is the best for them, you have to do it only once at the beginning, then make sure that your product stays as good as how it was when they discovered it, and if you implement a good pricing strategy and your product is good enough, you can make them pay the whole year for a lower price and see your sales skyrocket from the beginning.
Let’s admit, It’s not that easy since people won’t pay you unless you have a great service that they are passionate about, well it’s here when you have to think in another way to get your loyal 1000 customers.
The trick is that you have to make a product that fits a very particular niche, that it’s hard to find elsewhere, for example let’s say that you make a monthly novel series that you update every month with new stories about a particular theme, let’s make it Scifi Dragons, the trick here is that your customers will love your first edition and if they do they will have to follow the story and see the updates and the great artwork that you include in your novel.
With that said, keep in mind that it’s not that difficult to make your $150k per year in the age of millions of subscribers in youtube for instance, for your business all you need is 1000 loyal customers and a great product that they will love.