Mylance
About the Company
Mylance is a comprehensive platform designed for self-employed individuals and independent consultants, particularly those with 5-10 years of experience in tech. The platform offers three main features: actionable guides to help users start and grow their consulting businesses, a vetted community for networking and support, and lead-generation software to automate business development and sales. Mylance aims to empower users to achieve a flexible and fulfilling work-life balance.
The company targets experienced tech professionals looking to transition from traditional employment to consulting. These professionals often have significant experience in major tech companies or startups and seek to leverage their expertise independently. Mylance provides them with the necessary tools and community support to succeed in their consulting endeavors.
Since its inception, Mylance has steadily grown its user base and revenue. By the end of 2022, the company was generating around $40,000 per month in revenue, driven by its focus on delivering value to consultants through practical tools and community engagement.
Idea Behind Company
The idea for Mylance stemmed from Jacobs's personal experiences and challenges as an independent consultant after leaving Uber. Feeling undervalued in his corporate role, Jacobs sought a more flexible work arrangement and began consulting independently. His success in this field inspired him to share his insights with others and address the common obstacles faced by aspiring consultants.
Jacobs realized the potential of a business model that could empower others to monetize their skills and work part-time with multiple income sources. His passion for entrepreneurship and helping others led him to create Mylance, focusing on solving significant problems for a growing market of consultants.
By leveraging his network and personal experiences, Jacobs identified a gap in the market for a platform that provides practical guidance and community support for independent consultants. This insight drove the development of Mylance as a one-stop solution for those looking to start and grow their consulting businesses.
Creating the Company
Jacobs began developing Mylance by offering consulting and coaching services without any initial software. He ran the Mylance Accelerator using basic tools like Google Docs, Slack, Zoom, and Calendly. This approach allowed him to validate demand and gather feedback before investing in software development.
To build the first version of Mylance's software, Jacobs contracted a design firm and hired a founding engineer. They focused on creating a minimum viable product (MVP) that included essential features such as a turnkey website for showcasing experience, a CRM, invoicing, and lead-generation tools. The MVP was built for approximately $30,000, balancing design and development costs.
Jacobs emphasized the importance of starting with the simplest possible product to gather customer feedback and refine offerings. This approach helped Mylance iterate quickly and align its features with user needs, laying the foundation for future growth and scalability.
Launching the Business
Before officially launching Mylance, Jacobs incorporated the company, secured a domain, and opened a business bank account with $30,000. He maintained a consulting client on the side to sustain his personal finances, allowing Mylance to operate without paying him a salary initially.
Understanding the need for customer feedback, Jacobs engaged with potential users to refine Mylance's offerings. He began by providing accounting solutions for consultants, hiring an accountant through Upwork for equity and revenue sharing. As he gathered insights, he expanded to offer a coaching program for individuals struggling to launch their consulting businesses.
Mylance's initial pricing strategy involved charging a fee and taking a percentage of client revenue. However, feedback from customers led Jacobs to switch to a flat fee structure, improving customer satisfaction and simplifying the business model. This adaptability allowed Mylance to operate at breakeven during its early months.
Earnings
Mylance has experienced consistent revenue growth, averaging approximately $40,000 per month. The company's success is largely driven by organic marketing efforts and word-of-mouth referrals from satisfied customers. Social media, particularly LinkedIn, has been a key channel for attracting new users and driving website traffic.
Despite its revenue growth, Mylance faces challenges in maintaining sustainable growth. Jacobs plans to focus on enhancing the platform's software capabilities to create a scalable, high-value product that addresses consultants' needs for lead generation and business development.
Looking ahead, Jacobs aims to streamline Mylance's offerings, focusing on core software solutions that provide lasting value to users. By aligning product development with customer feedback and market demand, Mylance aims to solidify its position as a leading platform for independent consultants seeking flexible and fulfilling work opportunities.
