BD006 – MRR & Location Independent Income

SCALE 1/10 HOW DID YOU FEEL THE LAST WEEK WENT

Rich – 7

Ben – 4

SHOUTOUTS SECTION

Shoutout to our newest Slack members: Chris from clientcoffee.com & Claus from Prehash – we’re now up to 18 slackers and we’ve got some great discussions going across the #leadgen #productizing #sales and #techie (not that Richard understands any of it) and of course the #lounge

DISCUSSION ABOUT MRR AND LOCATION INDEPENDENT INCOME

What exactly is monthly recurring revenue anyway?!

Buckbee from expeditedssl.com asked in the slackroom “why are you including non MRR in the monthly’s”

Richard’s intention for this duel was the first person to have a 100k month rather than 100k monthly subscriptions as he has one off products at funnelengine.com and on his personal site. From his perspective, if he sells 30 one-off sales funnel products in a month he wins as it’s no different to signing 100 people up on £1k month subscriptions and them all cancelling anyway as the service sucked or you didn’t deliver. Rich asks if his Amazon book counts? Sure you sell an ebook only once to someone but isn’t it MRR in that new people buy every month? Also what if he were to sign a customer up on 6 months contract. Is that MRR? How about 3 months?

Chris from clientcoffee.com said “If it were me, I would just race to the first $100k in a month.It cuts out the pedantics, and draws a clear line in the sand. The reality is it’d be hard to sell that many one-off products in a 30 day period, there will likely be a large portion which is recurring, and if they were all one-off contracts at $10k, that’d mean you closed 10 deals, and that you likely have pipeline to do similar numbers for the next 4-6 months regardless.”

Rich agrees!

Ben argues “the monthly is the only thing that matters, regardless as to where you are in the customer’s scope of work”.

What exactly is location independent income anyway?!

Ben has an issue with Rich prospecting and meeting face-to-face locally.

Rich asks, “If you want to build a location independent businesses you can’t prospect people in your city or do you go wider and say you’re not allowed to get income from your country?”

As Richard said “my face travels” and your chances of closing are so much higher when you meet and look someone in the eye.

Ben could move from city to city every month and meet with attorneys which could be a huge edge over Richard.

Ben replies with stating that building a LinkedIn group to prospect is a much more effective way of growing than travelling.

Rich asks if he’s allowed to hire people who are fixed in their locations to prospect?

Is location independent income to do with the business owner rather than the workers?

So what do you think about all of this? Be great to hear your opinion in the comments below.

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