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Arif Momin, CEO and co-founder of CStorePro technologies \\u2013 the leading provider of mobile and cloud based operations management for retail businesses. He has an MBA from University of California. Berkley and BS in Computer Engineering from Michigan State University.

Famous Five:

• Favorite Book? \\u2013 The Innovator\\u2019s Dilemma
• What CEO do you follow? \\u2013 Mark Zuckerberg

• Favorite online tool? \\u2014 JIRA
• Do you get 8 hours of sleep?\\u2014 No
• If you could let your 20 year old self know one thing, what would it be? \\u2013 \\u201cMove fast and willing to fail a little quicker. Don\\u2019t regret the old stuff\\u201d

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Time Stamped Show Notes:

• 01:40 \\u2013 Nathan introduces Arif to the show
• 02:05 \\u2013 Arif used the network that his MBA provides
• 02:16 \\u2013 What is CStorePro and how it generates revenue
• • 02:22 \\u2013 CStorePro modernizes the operation of a single-operated store
  • 02:50 \\u2013 Customers pay CStorePro $ 59 a month
• 03:02 \\u2013 Arif was from a different company
• 03:40 \\u2013 Raise under $ 1 million
• • 03:45 \\u2013 All convertible note
• 03:48 \\u2013 Number of unique customers as of September 2016 is 32,000
• • 04:09 \\u2013 Number of paying customers is about 15,000
• 04:20 \\u2013 MRR
• 04:30 \\u2013 CStorePro was founded in 2011
• 04:44 \\u2013 Arif\\u2019s first business turned into a lifestyle company
• 05:04 \\u2013 Zero first year revenue
• 05:33 - $ 350,000 revenue in 2015
• 05:40 \\u2013 Revenue goal in 2016
• 06:07 \\u2013 CStorePro clients are store owners
• 06:17 \\u2013 Gross monthly customer churn
• • 06:33 \\u2013 Current churn is 5%
• 07:25 \\u2013 Lifetime value
• • 07:41 \\u2013 Calculated lifetime is 3 years
• 08:40 \\u2013 Best number to quantify CStorePro\\u2019s data
• • 09:00 \\u2013 Number in August is 13 million
• 09:10 \\u2013 Team size and based in Houston
• 10:25 \\u2013 Current customer acquisition cost
• • 10:31 - $ 180 to get a trial customer
  • 10:45 - $ 360 per paying customer
• 11:04 \\u2013 Currently not in a capital raise
• 11:11 \\u2013 Not raising funding and not selling
• • 11:25 \\u2013 \\u201cWe don\\u2019t need it and the time is not right\\u201d
  • 11:33 \\u2013 There\\u2019s a huge opportunity in the business
• 11:50 \\u2013 Total head count cost per month
• 12:24 \\u2013 They\\u2019ve got access to financial resources
• 12:40 \\u2013 Connect with Arif through CstorePro.com
• 14:40 \\u2013 The Famous Five

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3 Key Points:

• Give your business more time to grow.
• Tracking your churn has its advantages.
• Be prepared to fail \\u2013 the earlier you fail, the earlier you learn.

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Resources Mentioned:

• Toptal\\xa0\\u2013 Nathan found his development team using Toptal\\xa0 for his new business Send Later. He was able to keep 100% equity and didn\\u2019t have to hire a co-founder due to quality of Toptal\\xa0 developers.
• Host Gator\\xa0\\u2013 The site Nathan uses to buy his domain names and hosting for cheapest price possible.
• Freshbooks\\xa0\\u2013 The site Nathan uses to manage his invoices and accounts.
• Leadpages\\xa0 \\u2013 The drag and drop tool Nathan uses to quickly create his webinar landing pages which convert at 35%+
• Audible\\xa0\\u2013 Nathan uses Audible when he\\u2019s driving from Austin to San Antonio (1.5 hour drive) to listen to audio books.
• CstorePro.com \\u2013 Arif\\u2019s business website
• Show Notes provided by Mallard Creatives