Ev BogueNovember 5, 2011
Here's a rule that I've made for myself:
If I think I've created something that's worth $5. I give it away.
Here's why I give away $5 ideas: the math never works out on a $5 product or service.
If I get 150 people to sign up for my $5 product this month, I've only made $750.
If I get 150 people to pay $5 for my product monthly for a year? That's only $9000.
How many people do I need paying me $5 a month to make $100,000 a year? 1,666. In my experience of doing the work online, that's a lot of people.
If I've created something that's worth $5. I'm better off giving it away for free.
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If I believe something is worth $5, I either scrap it or give it away.
Then I create something worth $37 or $557.
If I get 150 people to buy a product at $37, I've just made $5,550. If I get 25 people to buy a product at $557, I've just made $13,925.
Now, I can focus on less people (with more money on hand) to support me.
This way I can focus on a few clients who have money, instead of a lot of clients who don't have much to spend.
How much is this idea worth to you?