I Stop My Job At Uber And Constructed A $40K/Month Platform For Consultants – Starter Story

Good day! Who’re you and what enterprise did you begin?

Hello! I’m Bradley Jacobs and I based Mylance: an end-to-end software program platform for self-employed people and budding unbiased consultants to stay a versatile, fulfilling work-life. We have now a vetting neighborhood, sources to legitimize your corporation, and a lead-generation instrument that will help you develop your corporation.

We work predominantly with skilled tech professionals: people who’ve no less than 5-10 years of expertise at main tech firms or start-ups, and so they’re able to exit on their very own as consultants.

In the present day at Mylance we’ve 3 predominant value-adds:

1. Actionable guides that will help you launch and develop your consulting enterprise
2. A vetted neighborhood the place our buyer’s community and get their questions answered
3. Lead technology software program that helps you construct your BD pipeline and automate gross sales for your corporation

We’ve grown the enterprise to ~$40k / month in income by the top of 2022.

What’s your backstory and the way did you give you the concept?

After working at Uber for 4.5 years throughout Uber Rides, Uber Eats (I launched Miami and Milan), and Uber Freight, I used to be able to exit alone. I used to be uninterested in politics and feeling undervalued for my work. So, I stop.

The very first thing I did was see if I may work part-time whereas I seemed for a enterprise I needed to begin. I responded to the final 11 individuals who had messaged me a few job alternative on LinkedIn and requested them in the event that they have been open to me serving to part-time. Ten didn’t reply or mentioned “no.” However one expressed curiosity. That one grew to become my first consulting consumer, and I labored for them over the subsequent 9 months for 25 hours per week, and $25k / month.

Rapidly I had my very own consulting enterprise. I’d discover purchasers via my community, referrals, and chilly outreach. I consulted independently for practically 2 years averaging $25k/ month in 25 hours per week throughout a dozen purchasers, largely for Seed and Collection A firms serving to them launch and scale their marketplaces.

My expertise as an unbiased guide modified every thing for me. I spotted what work may appear like. I didn’t want an employer to make good cash. I made far more alone. And for the organizations, I contracted, with benefited immensely. I introduced experience that helped them keep away from errors and speed up their progress. I’d been at organizations and executed comparable tasks, so I introduced a novel perception that might be exhausting to search out elsewhere.

I shared my experiences as a guide with my community on LinkedIn and had tons of colleagues and pals inquire about my enterprise. They have been thinking about working for themselves as nicely. I used to be serving to them on the aspect, free of charge, till one dialog modified every thing.

Mid-call I made a decision to make a proposal: I’d assist a good friend launch her enterprise if she’d give me a minimize of her income for six months. She instantly agreed. I didn’t have something to offer her but, so I shortly set to work making a course. And the subsequent individual I spoke with, I advised them about my course. And abruptly, I had a product to promote.

I had discovered an area I used to be extremely captivated with, and was able to construct a enterprise that solved issues I knew deeply and for patrons I cared about.

Discover a strategy to get began. Discover a strategy to get that first-paying buyer. You may not serve them the most effective. That’s okay.

So I began Mylance to allow and empower extra individuals to monetize their information, work for themselves, and work part-time with a number of sources of revenue. I’d at all times been entrepreneurial, and I grew to become captivated with versatile, fulfilling work, I really like serving to others, and after consulting myself, I noticed an enormous, rising market with large issues to be solved.

Take us via the method of constructing the primary model of your product.

The fact is, the primary two “merchandise” I offered didn’t have any software program or design parts. We ran the Mylance Accelerator via Google Docs, Slack, Zoom, and Calendly. Sure, I offered a $1,249 product in Google Docs. Prospects didn’t care – they simply needed the worth it offered.

The Bookkeeping subscription was run on prime of Quickbooks and Google Sheets. We collected funds via Stripe, typically utilizing SuperPayIt because the interface on prime of Stripe since Stripe must be embedded into your web site.

After ~ about 9 months of working this enterprise, we began engaged on our native software program. I acquired quotes and contracted a design agency, Chispa Labs, to design our first MVP. We have been going to begin on the suite of software program {that a} guide wants for his or her enterprise: web site, CRM, invoicing, and lead technology. On the similar time, I raised a small Angel spherical of funding via some “family and friends” and some Angels and employed a developer.

Chispa designed the MVP and my new founding engineer constructed the entire thing (with the assistance of a contracted front-end engineer. We did every thing as lean as doable. The design price about $10k, and three months of dev work price about $20k. And we had our MVP constructed!

Construct the precise smallest, least subtle product you probably can, get suggestions, and construct what you’re listening to from prospects.

The primary model of the MVP was merely a turn-key web site {that a} person may have up and working in beneath 5 minutes that might showcase their expertise and expertise, and permit them to gather leads for his or her enterprise.

Describe the method of launching the enterprise.

I had did not efficiently begin a enterprise so many occasions in my life, I made positive this wouldn’t be a type of occasions. I included the corporate, purchased a site, opened a enterprise checking account, and put $30,000 in it. Fortunately, I had some cash saved up from my company life, so I had the money to place into the checking account and I may go a number of months with out pay. I additionally maintained one consulting consumer on the aspect to fund my life, so the enterprise didn’t must pay me both.

The very first thing I did was speak to customers. I used to be additionally constructing a enterprise to unravel my issues, so I had a variety of in-depth information of what an answer wanted to appear like. The concept was a “one-stop store” in your unbiased consulting enterprise. However I couldn’t construct every thing in the beginning. So I began with an accounting resolution for unbiased consultants. I didn’t want a product for this. I simply wanted an accountant. So I went on Upwork, interviewed a number of, and located one that might be prepared to work for fairness plus a income share.

As I seemed for patrons for this product, I discovered one thing completely different was on their minds. They have been struggling to launch their companies. So I constructed an answer (a training program) for these individuals. I got here up with all of the programming and would promote prospects into the subsequent cohort that I kicked off month-to-month.

At first, I had them pay $300 to begin the course and would take 7.5% of their income for six months. I then had an concept to make the $300 sound small: I’d inform prospects they may pay $1,249 upfront, or the $300 plus the income share.

On the time, this was merely a advertising tactic. However, to my utter shock, one buyer advised me he didn’t need to share his income with me, and would quite pay the $1,249. I couldn’t consider it. Even crazier, the subsequent buyer mentioned the identical factor. Fairly quickly, I removed the rev share altogether and simply had prospects pay the $1,249.

As a result of prospects would pay upfront for the teaching enterprise and my CPA took solely a income share, I didn’t have any massive start-up prices, and the enterprise ran about breakeven for the primary few months.

Since launch, what has labored to draw and retain prospects?

We’ve tried a ton of issues to market to new prospects, however solely 2 issues have labored to date. From a top-of-funnel perspective (getting individuals to the web site) we’ve performed a variety of natural social media advertising on LinkedIn. Most of that’s truly from my LinkedIn.

I had constructed up a good record of connections over my time in tech (~10k), and I began to submit on LinkedIn. Every submit would get someplace between 5k and 10k views, and that might drive prospects to our web site. And each now and again, I’d get a viral submit just like the one beneath that acquired over 700k impressions.

The opposite factor that labored was merely buyer phrase of mouth. Prospects would have a superb expertise, inform their pals and colleagues, and so they’d come asking for assist. This was one of the best ways to develop as a result of these prospects would convert at an extremely excessive price. It’s an previous cliche but it surely’s true: the most effective progress technique is joyful prospects.

Much more so, some prospects would, unprompted, submit on LinkedIn about their nice expertise. There is no such thing as a higher advertising on the planet than prospects posting on their accounts about their constructive experiences with your corporation. And I’ve discovered, you may enhance the probability of this occurring by asking for it.

For changing prospects, we’ve discovered rather a lot. We used to have prospects apply to our teaching program to gather their e-mail addresses. I’ve discovered that’s a excessive barrier to entry for a buyer, and also you’re approach higher off utilizing some form of a lead magnet to gather their e-mail.

A lead magnet entices the shopper to offer you their e-mail in trade for one thing else, like entry to a publication or some form of information. This may convert at a a lot greater price, you’ll gather extra emails, after which you may nurture them into paying prospects.

We additionally not too long ago employed a PR guide for a one-time undertaking ($1,500) to see if we may get into a significant publication (we acquired a placement at Fortune!!). Whereas this supplies a pleasant short-term increase, it creates an unimaginable backlink to the positioning which is nice for web optimization. We have now began to rank for a number of search phrases, so this may assist us proceed to rank extremely on Google.

We do rank on Google now for a number of searches, largely round a guide beginning an LLC. I can’t say I’ve a lot recommendation right here apart from to begin with lengthy tail key phrases which might be searched <1000 occasions/month, get some wins and permit your visitors to develop slowly. web optimization is an extended sport that takes a variety of effort and time. However as soon as it’s up and working, it pays again repeatedly.

How are you doing immediately and what does the long run appear like?

Within the final 6 months, we’ve averaged ~$40k / month in income, and we’re about breakeven once we take a look at our prices. Within the months we get >2 Accelerator prospects in, we make a revenue. In any other case, we burn $10k – $15k / month. Virtually all of our prices are from the advertising and headcount buckets, with the overwhelming majority being headcount.

We spend little or no on advertising (virtually all natural and phrase of mouth), and the typical paying buyer spends ~$1,600 with Mylance. In 2022, we’ll finish the 12 months with ~$374k in gross income, up from $56k in 2021. We’ve onboarded a cumulative 1,029 prospects via our HQ software program, in comparison with 170 on the finish of 2021.

Our web site acquired 24,994 new person visits and 160,996 web page views in 2022. We grew our e-mail record from 1,242 to three,371, and my private LinkedIn (a predominant supply of our advertising) acquired over 2 million impressions in 2022. We additionally acquired a placement in Fortune!

Nevertheless, I do know the expansion we had in 2022 just isn’t sustainable. We’re working a number of completely different enterprise strains that pull me in a wide range of completely different instructions and might result in sub-par buyer experiences. Thus, we’re going into 2023 hyper-focused on our software program efforts.

That is going to imply our income and progress will take a brief hit: with out working the Accelerator, we lose an enormous proportion of our 2022 income. However I’m targeted on constructing a scalable software program resolution that helps consultants discover their subsequent lead and preserve their pipeline full. I do know there’s demand for it, and I do know it should create a sticky, high-value product supply that scales. Thus, I’m enthusiastic about this subsequent chapter.

By way of beginning the enterprise, have you ever discovered something significantly useful or advantageous?

I’ve discovered a ton from beginning this enterprise. And I believe the one true strategy to be taught is to do it your self. Discover a strategy to get began. Discover a strategy to get that first-paying buyer. You may not serve them the most effective. That’s okay. Every thing is about studying.

Our first Accelerator cohort acquired a mean rating of 6/10. Looking back, I’m not stunned: I had no concept what I used to be doing. However I acquired detailed suggestions from each single individual via 1 on 1 interview, discovered what wanted to be higher, and altered every thing for the subsequent cohort. The subsequent cohort acquired a 9.5/10 common satisfaction rating. Getting suggestions on how your supply might be higher isn’t at all times straightforward emotionally, however should you can take a look at it like a progress alternative, it’s an unimaginable present and the important thing to creating an incredible product.

Perhaps my largest studying is irrespective of how exhausting you attempt to validate demand, it’s a continuing course of as you’re constructing. It’s a straightforward idea to grasp and an extremely tough idea to use, particularly across the software program.

As a result of I’m fixing an issue I skilled myself, it’s really easy to construct a product I believe our prospects will need. All of it is smart to me and I rationalize it so simply: if we construct this, they’ll use it in XYZ approach. However that not often occurs in follow except you’re actively listening to dozens of your prospects and constructing them one thing that solves their issues.

The opposite level to name out is what we took on from a advertising perspective. To get in entrance of extra prospects, I need Mylance to be all over the place: Instagram, TikTok, LinkedIn, Twitter, Fb, extremely ranked on Google, a referral program, PR, radio, and podcasts (to call a number of).

It seems, you may’t do every thing. And should you strive, you’ll do all of them poorly and nothing will work. I learn it as soon as and I consider it: to get your first $1M in gross sales, you want one product and one advertising channel. When you’re on the $1M mark, you may develop from there. However begin easy and lean. Discover product and channel market match, and develop afterward.

What platform/instruments do you employ for your corporation?

We use Webflow to host our web site, MightyNetworks to host our course and every thing else we’ve constructed natively. We use Stripe for fee processing, Zapier to attach every thing, Klaviyo for e-mail advertising, and Notion as a productiveness instrument and to trace/share every thing. I additionally pay for Calendly, Zoom, Typeform, Slack, and Expandi.

Expandi is a good instrument that automates 1v1 LinkedIn outreach primarily based on Gross sales Navigator search. I always have this working within the background to extend the attention of Mylance with my community, and assist develop my LinkedIn presence.

For the assorted massive instruments (e.g., the place we host our web site and our course), we’ve switched round fairly a bit and tried varied platforms. The fact is, it’s much less necessary which one you select and extra necessary that you simply keep it up (switching prices are excessive). No platform can be excellent and get to 100% of what you need. Settle for this, and discover one which solves 80% of what you’re attempting to do.

We began with WordPress with the web site and switched to Webflow as a result of I couldn’t stand all of the plug-ins. We began with Google Docs for the course, switched to Kajabi, after which switched once more to Mighty Networks as a result of it was extra versatile and cheaper ($99 / month). Switching takes a ton extra time than you suppose. Choose one, keep it up, and concentrate on including an enormous quantity of worth to your buyer. Switching platforms is generally a waste of time.

What have been probably the most influential books, podcasts, or different sources?

I always learn and take heed to be taught and get new concepts. Listening to podcasts and audiobooks is without doubt one of the greatest methods I brainstorm.

My prime books:

1. By no means Cut up the Distinction. It’s a negotiation e-book by a former FBI lead hostage negotiator. It’s impacted my life in additional methods than I can rely, and it has modified how I work together with prospects, significantly sad ones. I’ve used it to get what I need in partnership offers whereas making the opposite aspect really feel like they gained too. It’s a game-changer.
2. $100M Provides. It utterly modified the best way I considered affords and pricing. It inspired me to extend my value from $1249 to $10k and is the principle cause we grew the enterprise 6x in 2022. I can’t advocate it extremely sufficient
3. Traction. It goes via the 19 advertising channels and the way you should utilize them for your corporation. Once more, you solely want 1 in your first million, but it surely lays out your choice in an easy-to-read approach and will provide you with tons of nice concepts as you learn.

My prime podcast:

1. How I constructed this. A traditional sharing tales of well-known entrepreneurs and the way they began. The very best a part of it’s how detailed they go into the story, providing you with precise bites of what it was wish to construct that enterprise.

Recommendation for different entrepreneurs who need to get began or are simply beginning out?

The primary piece of recommendation you’ve in all probability heard rather a lot but it surely’s so extremely tough to execute. Ensure you take a look at demand earlier than you construct a product. And by “take a look at demand,” I imply go get paying prospects and take a look at if the answer WORKS. This isn’t simply “are you able to promote.” That is, does your resolution resolve their downside and preserve them coming again for extra, or no less than they’re excited sufficient about your resolution that they’ll advocate it to their pals?

Second: discover a strategy to get began, and be OK in case your first, second, and even third product sucks. It’s harsh, but it surely’s true. For those who wait till you’re pleased with your product, you’ve launched it too late and doubtless constructed one thing that prospects don’t need, or has options they don’t want. An MVP begins with “minimal” for a cause. Construct the precise smallest, least subtle product you probably can, get suggestions, and construct what you’re listening to from prospects. This suggestions isn’t going to be straightforward to listen to. But it surely’s crucial.

And a bonus one: rising a enterprise is extremely exhausting. And extra, it’s scary. I really feel like I’m scared to fail and scared to succeed all on the similar time. I focus rather a lot on my psychological well being simply so I preserve a superb head on my shoulders and present up for my group each day. However extra importantly, I preserve pushing ahead.

Failure is an actual chance. And I’d disappoint prospects, buyers, and my group. However I must put that behind me and push ahead each single day, placing my greatest foot ahead. That is life as an entrepreneur. It’s scary and rewarding and fulfilling and thrilling all on the similar time. I wouldn’t change it for something, however figuring out what you’re moving into and what limiting beliefs you may need that might maintain you again are essential to set your self up for fulfillment.

The place can we go to be taught extra?

You may take a look at Mylance at our web site, get our free information to launch your consulting enterprise, comply with us on LinkedIn, Twitter, and my private LinkedIn the place I submit weekly.

When you’ve got any questions or feedback, drop a remark beneath!