Projections for the next few monthsAssuming the 13.7% weekly growth mentioned earlier, here's what we have:
First week of May: £1,500
May in total: 1500+1705.5+1939.15+2204.82+1072.94 = £8,422.41
(weeks 1-4 + last 3 days)
First week of June: £2,682
June in total: 2682+3049.43+3467.20+3942.21+1280.59 = £14,421.43
(weeks 1-4 + last 2 days)
First week of July: £4,751
July in total: 4751+5402.15+6142.49+6983.74+3403.3 = £26,682.68
(weeks 1-4 + last 3 days)
Goals: Growth Working backwards to hit our $200k goal:
We have 6 months including next month and the $200k (£150k) month of October.
There are 26 weeks between the 1st of May and the 30th of October.
Assuming 10% weekly growth in October, we need to start the month with £30k in the first week, and finish it with about £40k in the last week.
If we start the first week of May with about £1,500, with 21 weeks between it and the first week of October. We need to start with £1,500 and grow at a rate of 15.5% to reach that. Assuming the same growth rate in October, the average is a little lower. Maybe about 13.7% week over week.
We were growing faster than that in February and March. We just need to keep it up, and I think we now have the tools to do that.
Goals To actually make that $200k/month revenue reality, here's what we need:
200,000/45 (average sale size) = 4,444 shoots/month
4,444/31 (days in October) = 143 shoots/day
143/10 (average day for 1 photographer) = 14.3 photographers working everyday
Assuming that the average photographer shoots about 17 days per month and shoots 10 people per day, they will each do about 170 shoots per month.
4,444/170 ≈ 26 photographers working 20 hours/week
Note, these are conservative since we're moving into the tourist space, which has shown to be much more lucrative. We expect the average sale to be as much as 20% higher.
Pic ur Photo JourneyOn April 17th, 2018, we were rejected from Y Combinator Summer 2019 batch.
About 4 weeks ago, they sent us an email stating that Pic ur Photo was in the top 10% of all the companies they accepted applications for in the Winter 2019 batch. Apparently, our moving from a concept to finished product, and subsequent growth at 10% per week on average wasn't enough for an interview, because we were rejected again.
It's out of the ordinary, but I emailed all 17 of the partners to ask why. 2 of them responded, saying basically "you don't have enough revenue."
Even negating the 10% email we received before, this is an odd answer, because a lot of YC comapnies don't have any revenue. The reason that tech companies get crazy valuations without a lot of revenue is because people see potential and they grow fast. For example, at our growth rate and revenue, we'll be taking in $200k/month by the time the next YC application opens in October of this year.
With that revenue, the tangible value of the business will far exceed what they're offering. Not to mention, it probably won't be worth it for us to stay in San Francisco for 3 months.