$5,000 Version: /Bebop/will-i-get-to-5000month-income-prof
$20,000 Version: /Bebop/will-i-get-to-20000month-income-pro
If you bet NO I am curious about your reasoning in the comments.
If you want more info added, ask in the comments as well, if I am ok with sharing it, I will add it to the description.
To make it more fun, and since I have to believe in my self, I will always buy YES especially when it's low.
Background/Context
I've been self-employed for the last 3 years in the YouTube space as my own agency with my friends. I've been learning about business for a long time. Essentially I've been a YouTube strategist for those 3 years.
I've done high school, but have decided to not go to university.
During that time my personal highest earning month was around $3,000.
The highest that the agency itself earned was around $6,000.
The main agency client used to be around $500-$1000 range, right now it's less, and I expect it to increase soon as we pick the consistency back up (this was mostly outside of my control).
Also starting a second channel for him. expecting at least $200 extra from that could be a lot more.
The personal client is $1750 currently, but over time, it can go up to $4,500/mo (as he gets higher packages)
from the existing income source together that can get up to $5,500+/mo.
Starting income at the time is ~$2,000/mo
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Right now I have around 2,000 followers on Twitter.
What I am doing right now
Currently doing a monk mode for the 90 days with following rules (not all):
- no carbs, sugar, alcohol or smoking
- cut away all social media
- use greyscale on screens for most of the time (to lessen screen time)
- any exercise 15min every day
- meditate 10min+ every day
- strict sleep schedule + get sunlight after waking.
Now I am starting a different YT-related service and will aim to grow it to $20k+/mo by mid-April. (however, the question is for $10k).
Meanwhile, I am still working with my other client(s).
Business plan
First I am going to test the efficacy of the new service that'll take about a month.
Depending on the results, this will impact the monthly price I can charge per client, this will be about $1,000/month or more with 80% gross margin.
Since I already have a website ready with a lead magnet, I will post it on my Twitter after the test is done and is successful (if it will increase the client's views by 10% or more It's a success).
To delegate the work I need to hire 3 people that don't need to be highly skilled and I can train them, by myself I can handle about 16 clients (in which case It's about 95% gross margin)
Resolution
I will post a screenshot of my bank statement, I will count both money that is still arriving and what has arrived to my account. I will be counting profit pre-tax only, not revenue.
If the total money sent to me in April (but may've not arrived) is $10,000 profit or more, it'll resolve as YES, otherwise NO.
Whether I succeed or not I'll make another question for this.
Updates
Got another paid personal client and previous personal client upgraded to a 3,150/mo package.
I've also gotten another client at 3,150/mo which brings it up to 6,500/mo
Got 2 other potential clients, one will work me later but both are at least 1.5k/mo or 3k each.
p.s, at this moment I could get on more personal clients as they don't take as much time, so the max I could reach is 30k-40k, but this will take all of my time and prevent me from growing beyond that level.
Hence I plan to keep time free and focus on growing my youtube channel, keep deepening my own knowledge and in the future do something that can reach 100k/mo+ , which will then help me to get beyond that.
my own prediction atm:
I have about 6 weeks to get another 3.5k/mo, which is very likely from those 2 clients.
If neither of them join, I can get more from my agency client and also from my own YouTube, which is fairly likely.
I will not be getting more than 10k/mo as there's no point for me to do so, so I may fail the other market where the goal is 20k, however there's still a chance this happens if youtube explodes and adds another 10k (which is possible)
Conclusion
I didn't manage to get to the 10k mark I was aiming for, but overall I am happy with my results and at the same time a lot to improve. Here's a reflection on those 3 months:
I started out the year with Monk mode (described above), and I did not stick to it as well as I would have liked to, I am realizing that a few of the following things may be true:
1. I am not yet trained/accustomed/used to following something like that, let's call it "stickiness" to stick to something for a whole 3 months (although I did for a month or more)
2. I lost touch with some reasons to push myself and that caused me to slack
3. My environment (mostly my friends) didn't help me keep the streak going. Now that's not to put any blame on them or remove responsibility from me, on the contrary, that's something I might want to keep in mind if I want to try the next time and adjust my environment in a way that is more helpful.
4. I am better suited for shorter bursts of focused "seasons" of work, maybe not 3 months, but 1 month.
Having said that, I am still doing a lot of the monk mode stuff just not all of it perfectly, I was still working out and trying to reduce my social media intake either way (it's an ongoing battle, but I've found some ways that make it a lot easier using app blockers)
I've still reached a total of around 6.5k basically from 0 and that's already awesome.
I realized recently that one of my biggest bottlenecks is not having a schedule, and a good schedule can't exist without a consistent sleep schedule.
So now for the next 3 months, I'll try to focus only on my sleep. I figured this is a lot simpler so should have no problem doing that for 3 months as best as I can.
Meanwhile, I am still going to workout, eat healthy etc. Recently switched to a more animal/meat-based diet but that's a different story.
work wise I am going to focus on making that channel and creating the routine, and as it's established I'll dedicate deep work hours to researching my craft further to make high-value deep content to really push my personal brand further.
I will be starting some more markets around the financial goals in the future. I may not be as regular on manifold markets though, as really, it can be another distraction, but for me it it's also an another external system that can remind me and keep me in check.
Related questions
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@bohaska yep.
The client I mentioned in the description upgraded to a 3,150k/mo package.
I've also gotten another client at 3k/mo which brings it up to 6,300/mo
+ about 200 from the long-term client so I am around 6.5k
Got 2 other potential clients, one will work me later but both are at least 1.5k/mo or 3k each.
Which would bring me up to 9.5k+ if they join.
@draaglom Haven't updated things here for a bit, but:
- I sent a bunch of emails, all were opened but calls not scheduled, meaning it's either the offer itself or the email, so I'll be working on that now.
- might be handing some extra clients to someone else, 1 client is 2.5k-4k/month each for 2-3 hours of work, so If I wanted to I could pick 2 clients from him and that would be 10k+ total already. However, I'll take 1 for now and keep trying to launch the service.
"""Business plan
First I am going to test the efficacy of the new service that'll take about a month.
Depending on the results, this will impact the monthly price I can charge per client, this will be about $1,000/month or more with 80% gross margin."""
how many client do you have right now?
@AmmonLam for the service, none at the moment. 1 long-term client for the agency and 1 personal client.
The agency-client used to be around $500-$1000 range, right now it's less, and I expect it to increase soon as we pick the consistency back up (this was mostly outside of my control).
Also starting a second channel for him.
The personal client is $1750 currently, but over time can go up to $4,500/mo (as he gets higher packages)
together that can get up to $5,500+/mo.
I bet no because:
historic precedent of revenue << target
focus on personal penance "monk mode" is irrelevant to/distraction from business success
hiring and training 3 people is hard, slow, easily under-estimated (what happens if 1 is not good? will easily cost a month of progress)
service is new and never been done before = negative signal, lowers likelihood that you'll have product-market fit with what you're offering
proving some cynical bastard on the internet wrong might be good motivation ;)
@draaglom hahaha it is indeed good motivation. A few points though:
(not sure what you mean by the first one)
"hiring and training 3 people is hard" yes, but in this case, it's fairly simple as it's complicated work + can be trained on top of other skills of specialization I can find.
"focus on personal penance "monk mode"" can't say that's the focus but imo it is relevant info to me, as discipline/routines increase the likelihood chance of success. I would personally be more confident with someone who eats healthy and sleeps well, vs who's a wreck.
"service is new and never been done before" might've phrased it badly, the service is new, but what the service is for has been done before a lot by people themselves, other similar services have also been done before but not the niche/specialization of what I am doing.
Either way I appreciate the details and feedback!
Also wondering, should I give updates on progress or nah? As in, would it be more interesting for the betters without knowing whether I am getting closer to success or failure?
@Bebop re: monk mode I don't disagree that all else being equal it'd probably help a little bit. I just read it as a bit like trying to save the bus fare by walking to a big job interview - saving the bus fare puts you financially ahead a bit, but maybe there are other things to be thinking about with bigger impact.
(I appreciate it's not necessarily one or the other, it's just a pattern I've seen in young entrepreneurs semi often which is why I noted it)
re: the service being new - if people are doing it for themselves, that's more validation than I was thinking, but the risk remains - quite often, people will be willing to do the work themselves but unwilling to pay others; the perceived risk of paying $xk and not getting your preferred result from it is painful, but wasting weeks on it yourself doesn't trigger that same instinct.
If what you're saying is that you have good knowledge of transactions for ~similar $ size for ~similar services provided by others (in other niches), I retract/reverse my view on this point.
Re updates on progress: personally I'd find that more fun! It could be useful to you as well, e.g. if you post more of your plans the feedback the market gives you on them could be helpful.
There just isn’t enough info here to do much beyond speculation. It would be better if you presented a business plan of sorts for how you think you can get to $10k/a month. We don’t know you so we can’t simply bet on faith in you or lack thereof.
In the very general sense of you having been in the space for years and your highest revenue month being less than a third, my default would be no, you won’t get to 3x in 3 months.
@voodoo I am currently testing the r
Efficacy of the new service that'll take about s month.
Depending on the results, price per client will be about $1,000/month or more with 80% gross margin if I delegate the work.
To delegate the work I need to hire 3 people, but by myself I can handle about 16
That becomes about 13k profit.
I can't go into detail of what the service exactly is as I mentioned in another comment.
Also I should mention I have around 2,000 followers on Twitter.
I also already have a website ready and a lead magnet I can launch it with (a post)
@AmmonLam My current income source is essentially working as a YT strategist. The income source to get 10k is from a YT-related service
(It's not done yet so I don't want to say exactly what it is)
In short, channels already do this but I'll do it for them + better.
@Bebop Actually, wouldn't it be more interesting if I don't update? 🤔 since if I am succeeding, people will get closer to yes towards the end, if not then opposite
@Bebop Day 5
Did everything but haven't done the 15 min exercise today D:
- Created thumbnails for new channel of one of the clients
- Working on a niche analysis for one of the clients, will probably finish today.
As soon as I am done will start reaching out to more people for service testing.