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Ditching Hourly
Zach Stevens - Year Two of Running a Subscription-Based Service Business
Sep 24, 2024
Zach Stevens, co-founder of Conversion Factory, shares insights from two years of running a successful subscription-based service business. He dives into growth strategies and effective communication that drive retention and productivity. Zach emphasizes the importance of tiered pricing and managing client expectations. He also discusses the transition from traditional employment to entrepreneurship and the role of offshore resources in scaling operations. The appeal of subscription models over hourly billing shines through, encouraging a shift in how services are marketed.
48:19
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Quick takeaways
- Zach's subscription-based service business experienced a significant increase in Monthly Recurring Revenue, highlighting the power of effective client engagement strategies.
- The structured sales process and clear communication foster quality work and strong client relationships, essential for maintaining a subscription model’s success.
Deep dives
Growth and Success After One Year
The company experienced significant growth within a year, increasing from $36K to $66K in Monthly Recurring Revenue (MRR). A crucial factor in this growth was the ability to showcase completed work to potential clients, which proved to be both engaging and shareable. The company leveraged a successful newsletter with over 20,000 subscribers and actively participated in industry events to network and secure clients. These strategies combined created a beneficial snowball effect, as their presence within the software as a service (SaaS) community increased their visibility and client base.
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