Transcription
If you feel like you're not making progress, this might be why. When I was in my 20s, I was working all my waking hours and sleeping on the floor of my gym. But I didn't feel like I was making progress. And this is the trap everyone falls for. They feel like they're busy, but they weren't actually moving forward. And so today on Rosie Hotline, I want to share with you the solution, which I shared during a live call with a business owner. Enjoy.
What's going on? What's the issue? I invented a ring for single people because I've been single my whole life and the dating apps are just insufferable. I suck. Also have a salon, a barber shop, and an Airbnb, and I work there six days a week.
How much money have you made with the ring revenue? No, not a lot. We've sold just maybe less than 20 rings. Okay, got it. What do you sell the rings for? Yeah, it's $129. Okay, got it. $129. All right, so that's So, yeah, not a lot of dollars. Okay, it comes in really nice packaging and it has um an authenticity card comes with each one and the rings are engraved. Heard.
Okay, so what are you making on the salon? About right at 100 grand probably. And that's your net or revenue? Um, revenue. Okay, got it. And you own the salon? Yes. Okay, got it. Um, okay. And then what's your take home on the on the 100? Probably 75. And then I make about $25,000 on the Airbnb.
Okay, great. Well, if this were Shark Tank, Candace, for me, this would be a pass. And it has nothing to do with your skill as an entrepreneur. Gone. I can't hear anything. I'm going to call you back on a different line. In the meantime, maybe you can watch the li the live and I'll answer your question.
So, um, basically Candace is in one of these situations where she has three enterprises she's pursuing and she also doesn't have the resources to really do this. Like I I wouldn't want to pursue three things like now and I have a ton of resources. And so, like the reason that I harp on focus so hard is that it's just so hard to make anything work that you have to put all your resources into one thing if you want to make it bigger. Like the the getting the single rings is like I have to change the entire perception of a population. And then if I were to do that, I would want to make sure that I had some way of consistently monetizing them for an extended period of time. Now, selling a physical product that's a onetime purchase on $129 to me is very tough. So, like even something that's a product like a drink or something like that, well, it's consumable. And so, I'd be inclined to think, okay, well, if we make sure the product's good enough, then people keep buying it again and again. So, we're acquiring a customer once, but then we get a customer for life. Here it's purely transactional and like do people want to say and shout to the world that they're single publicly? I don't know. I mean up to this point for zillions of years just not having a ring has been the demonstration of that.
Um, am I calling on this one? Uh, she's on the line. Oh, she's on the. Hey. Hey. Can you hear me now? Yeah, I can hear you perfectly. Lovely. Okay. So in addition to that, the original plan was to have an app that went with it that would be a monthly subscription. Okay. For people who didn't have a green ring. Yeah. Okay. Not here yet. Clearly.
Yeah, I would be focused on the business that's the salon business and saying, "Okay, how do we take this to 4 million a year?" That's what I would do if you're like, "What would Alex do in my situation?" And I I wouldn't think about the ring, just to be very candid. You have three different businesses going on. You have super limited resources, limited time, limited money, and the ring especially is going to require a ton of of capital to really win. If you really do want to make the the ring win, the way to do it would be to dramatically decrease the scope. And so what I mean by that is that you would say like how do I win in three colleges or five colleges, right? You have to you have to just dramatically narrow the scope so that the resources you have can get saturation because your the business model that you have is a good business. It's just incredibly hard to do. It's like Facebook's business model. Really good business. Really hard to do, right? And that's why there's only one Facebook.
I see where your passion's at with it. First off, I wouldn't do it. But if I were going to do it, I would do it this way, which is I would get way way way way way way way way more narrow on a tiny tiny tiny little a puddle of a puddle of a puddle that I could put all my time and effort into. And the key for you is that you have to have a viral coefficient, right? You have to have something that gets it sharable. Like people have to want to share it because your dollars aren't going to go that far because you don't have that many. So you like it has to grow off word of mouth. If it doesn't, you have to keep fixing it until it grows off word of mouth. It's the only way you're going to win unless you raise a ton of money. Okay, that's my that's me being real rather than nice.
No, that's okay. That's what I want. Thank you. Appreciate you. No, you're great. Thank you for being a support. Bye. All right. Bye.