Patrick Campbell started his first business in 2012, even though he was not an engineer. He had never done anything like this before.
In 5 years, he grew it to bring in more than $7 million a year without investing any money.
Here’s what he did:
1.Patrick quit working for other people in 2012 because he was tired of it.
2.He saw that companies put a lot of money and time into making their products, but when it came to price, they would just guess.
3. He chose to solve the “we’re just guessing at pricing” problem by himself, spending 18 hours a day analysing data and giving advice.
4. Been completely focused on selling this service 1-on-1. In 6 months, I made $130,000. In two years, it will be $500,000 per year.
5. While in the boardroom of a client who was getting ready for an IPO, he realised that this client wasn’t calculating their financial data properly.
6.He chose to build a scalable software product that would collect financial data for SaaS companies by plugging into Stripe and showing key financial metrics like MRR, LTV, churn, etc.
7. He got his pay cut so he could hire expert people and make the product ProfitWell.
8. He started ProfitWell, but soon realised that customers don’t use analytics tools that often and don’t pay for them. Bummer.
9.He chose to give ProfitWell away for free and use it to get people interested in two other products that cost money, starting at $1,000 per month plus consulting.
10. Free, in-depth reports from ProfitWell, show them when to say to a client, “Hey, you have a problem with this, we have a product that helps with that problem, do you want us to hook that up?”
Result: in 5 years they achieved $7M in annual recurring revenue.
Source: growandconvert.com