Most people feel they need to reach millions of people to build a successful business.
If you are someone who wants to build a world-changing business, for sure pursue that path. Focus on a higher value activity. Charge higher prices and a lot more cash flow to build a huge business.
But for most people that’s overkill.
They will find building a $100k a year business more useful. It is not overwhelming like building a big business is.
And, to do this you don’t need to build a market-leading business. Create a business that serves a small number of customers well and you are set.
There are many ways to do it. You can do it by building software, a newsletter, a community, or another information-based product.
Build software if you can code yourself. Everyone can build a community or info product-based business.
So here is how you can do it.
Different Paths You Can Take to Build $100k Annual Revenue Business
You can even do it over three years, and start by selling a $10/mo subscription and adding a 1 net new customer every week.
If you want to do it in one year, excluding about 6 months that will take to build a small dedicated audience on a platform of your choice. I’d recommend LinkedIn and Twitter as the channels to start with for most professionals.
Sell a subscription for $25/mo, and you add 15 net new customers every week, or sell a subscription for $40/month, and add 1 net new customer every day.
Is it easy to add 1 net new customer per day? No.
Is it worth it? Hell yeah.
So, give it a shot.
You can also do it by selling a pre-recorded course for $1000 to 100 customers in a year. That is equal to 25 clients every quarter. Or with a group coaching model and by charging clients in the $500-$1000 range and teaching a small group every quarter.
There is also the service-based model. Sell a $1500/mo retainer to 3 new customers each quarter for three quarters and add 5 net new clients in the fourth quarter.
When going with a subscription pricing for information products and content-based offerings like newsletters, choose to underprice first. $10 is a good price to start. If it does not stick, go as low as $5/mo. Because price sensitivity is real. It is not tough to get $3-5 net per user and net about 50-100 new subscribers every month. So whatever works in the beginning go with that. It may be a slow burn but if you stick with it, it will be worth it.
And, you’ll not only create revenue but value too. A business doing $10k per month can have a value of over $250K. It is not just a thought. Nowadays it is possible to sell such microbusinesses via services like MicroAquire.