Behind the scenes of Hubud Global: let's be transparent.
Inspired by Joel Gascoigne’s pitch on transparency at the Running Remote Conference 2018 in Bali, we have decided to align our words with actions. We have decided to bring transparency in what we do with the Hubud Global project.
What’s Hubud Global
Hubud Global’s vision is to inspire 1,000,000 people to change how they work, live and learn. By creating an active community of digital nomads and location-independent entrepreneurs. A network where we facilitate connections, collaboration, support, growth and colearning.
Why 1,000,000? We believe it’s the minimum landmark to reach to make the world a better place.
We facilitate these connections through five main features that members access:
- our active facebook group
- our members directory
- our learning platform
- personalized networking
- our accountability groups called Success Clinics
This is a public description that you may have heard of by now. But let me take you through the nitty gritty of the project. We chose to set up the most straight-forward revenue model: a paid subscription model. It simply makes sense. Plus, it allows us to buy enough time to figure the right one out.
Why Hubud Global is a paid membership
We have been working on “HUG” –our internal name for Hubud Global– for over 6 months now, and the reality is that in order for our vision to be sustainable, the business project needs to be financially profitable. However, the free internet area has brought some challenges for smaller initiatives to thrive now the GAFA can afford to lose millions in online services before they decide to make a third party pay for, well, the party. We’re not that rich, and we need to pay the bills.
So here are the true numbers.
We have 1962 members, including 46 paid members. Out of these 46 paid members, we make $151 in Monthly Recurring Revenues (MRR) from 37 active members. After 6 months of time and a few thousands in expenses. To validate the viability of our model, while starting to cover a more significant part of our expenses, we set our objective to reach a minimum of 100 paying members by the end of August. With our current average revenue per member playing around US$7/month, it means US$700/month. Within the next 9 days at the time I am writing.
At this time, by bootstrapping this project, our services expenses below amount to US$579.26 so far.
Now we need to add up a less definite set of costs: the people. Hubud Global is a team of 3 within the Hubud company, a team of 24. Emmy is in charge of running and improving our learning platform as well as managing our community and facilitating collaboration, and James is working on building our members directory. Their title might say intern, but it doesn’t do any justice to their crucial role at HUG. They will soon be joined by 2 other team members. The CIA (Communication In Action), which functions as Hubud’s internal marketing agency, came to rescue us to give a big hand with promotion. I lead the project getting my hands dirty everywhere and run the accountability groups, while Steve Munroe advises on a strategic level.
We work mainly from the Hubud coworking space in Ubud, Bali, so that’s another cost per team member that I didn’t list above. I get US$1000/month. Which from a European perspective means €865, and minus the 24% French tax, it means €657 net. Yes, it is far from what’s written on my business schoolmates’ payroll, but that is the startup game I gladly agreed to. Bali is notoriously known for bringing people that have aligned with the idea that money in itself doesn’t lead to the ultimate happiness. So I am glad to embrace this vision that fulfills me at another level.
We have 9 days left to reach our objective of 100 paid subscriptions to maintain this project alive.
So we are telling you and the world all about it with our limited resources. I want to personally thank our current paid members for their contribution to this project. It means a lot to us, and hopefully soon it will mean the world to the world.
If what we’re doing inspires you, have a look and give it a try here: global.hubud.org.