Watch on YouTube
The key to everything:
This video does not allow embedding, so you get a static preview and a link to the original.
Key takeaways
- Let's talk about what a million-dollar trash business looks like.
- Now, if I have $500 per year, and I want to have a million-dollar business, then how many customers do I need?
- I need 2,000 clients or customers to be paying me on a monthly basis.
- Then all I have to do is figure out what my churn rate is, and how many customers I need to sign up.
Chapters
Full transcript
Locally archived YouTube transcript with timecodes. Speakers are assigned heuristically and may be corrected editorially.
0:00Let's talk about what a million-dollar trash business looks like. Based on what we've seen from industry averages, 40 bucks a month is what I'm going to use. So, 40 bucks a month is roughly $500 a year. Now, if I have $500 per year, and I want to have a million-dollar business, then how many customers do I need? I need 2,000 clients or customers to be paying me on a monthly basis. Then all I have to do is figure out what my churn rate is, and how many customers I need to sign up. So, let's just say that we sell on average 200 people per month. Okay, well, if we're churning at, let's say, 1% per month, that means that we're going to lose two people month one.
0:33Here's where it gets kind of wild. This number, let's say we're 10%, I would literally never get there. Because all you have to do is divide 200 month by your churn rate, and you get your max. And so, the key to everything is find stuff that people don't want to cancel.