How NoDegree Earns Up to $300k Empowering Job Seekers

Steffie here from Founder Folks, with a recent interview I did with Jonaed Iqbal from NoDegree Inc.

Here is his story how he started and grew NoDegree Inc.

Name: Jonaed Iqbal

Company: NoDegree Inc

Other Founders: 3

Employee Size: 3

Technology Tools: Riverside.fm, Descript, Davince Resolve, Slack, Zoom, Fireflies.ai, Simplecast.fm, ChatGPT, Lobby.so

Revenue: Up to $300K

Founded: 2014

Website: ~www.nodegree.com~

Introduction
My name is Jonaed Iqbal. I am the Founder of NoDegree.com and host of The NoDegree Podcast where I interview people without college degrees and have them share their stories. NoDegree.com helps people without college degrees find meaningful careers that pay well. We realize that just because someone doesn’t go to college, doesn’t mean they should be denied opportunity. NoDegree shares roadmaps on how to break into careers that don’t require degrees.

Before this, I was an actuarial assistant at MetLife. I realized I didn’t want to study hundreds of hours to pass exams for a career I wasn’t passionate about. I worked for a few years. I then worked as a Data Analyst for a NYC agency and then a Product Manager for a FinTech company.

The Inspiration Behind NoDegree Inc
I was on Reddit. I saw a post on AskReddit with the title, “For those of you without college degree who make over six figures, what do you do and how did you get the job. I saw jobs like claims adjuster, surveyor, systems administrator, elevator repair, and web developer. I thought, “No one says they want to be a claims adjuster when they grow up.” People mentioned that they got the job through a family friend or someone in their community. Basically, they knew someone. I then thought. What if someone doesn’t know someone? Should they not be able to break into these careers?

And I thought, I could be that friend. I searched up NoDegree.com and put an inquiry in. A few days later, I got a response back and negotiated. I called 2 buddies and pitched the idea. We bought the domain for $1,520.

From Idea to Reality
I spent a couple of years doing research with whatever free time I had. It was just learning about entrepreneurship, business, SEO, and other topics that would help us in the future. Eventually we incorporated and started to get the ball rolling. We used a law firm to help us with the process. I would have probably used a small accounting firm if I were to do it again.

Attracting Customers
I started networking on LinkedIn. I gave free resume reviews to people. I created content aimed at job seekers. I let people know this is what I did. I did a lot of resumes for free. Eventually I started getting referrals. As I grew my account, I got more business. Since I have been doing it for years, I get regular business from referrals.

Overcoming Challenges in Starting the Business
I have made a lot of mistakes. If I were to do it over, I would have waited to quit my job. I am still paying the price of not having any income for 15 months. I had issues with business partners who weren’t pulling their weight. We had disagreements and parted ways. I even got 2 jobs along the way (not at the same time). I got fired from both of them. It’s tough managing a business and a full time job. I’ve had some good months. And I have had some bad months. I have had clients who secured raises in the $100K+ range who didn’t pay the remainder of their bill. Entrepreneurship makes you value the people that support you and makes you bitter towards the people who screw you over.

Costs and Revenue 
My biggest costs are the workers I have. I have a podcast editor and an online business manager. I was making money doing resumes. I eventually expanded to include job search strategy, interview prep, LinkedIn profiles, and salary negotiation. I also started recruiting. At one point, I did less work for NoDegree because I had another virtual event business that was making money. We hit over a million in sales in that business. That business took a hit when in person events came back. I then went back to doing resumes. I started off charging $300-$500 for resumes. Now I charge double that. I typically spend 5-6 hours with clients. I am also making more money through online courses. My business recently started recruiting for companies so that has opened up another revenue stream. For 2023 and 2024, revenue has remained flat. However from 2022 to 2023, I had 100% growth in revenue. In 2019, the company lost money. We had small expenses and barely had revenue. Starting in Jan 2020, I started getting regular resume clients. The revenue was around $4K-$5K a month. It was sable for most of 2020 and grew from there.

A Day in the Life
I don’t have typical workdays; I have typical workweeks. Since I work based on my clients' schedules, my work is scattered throughout the week. I typically engage in 2-3+ hour sessions with clients, with anywhere between 1 to 3 of these sessions per day. Some days, I spend over 12 hours writing resumes in front of my clients. In between, I manage to comment on LinkedIn and fit in networking calls, as well as meetings with my business partners, often scheduled for 10pm or later. Additionally, I aim to record 1-3 podcast episodes per week, although sometimes I fall behind and need to catch up.

I usually check my email and LinkedIn inbox around 1-3am, which can take up 1-2+ hours daily. Occasionally, messages and emails accumulate, requiring several hours of catch-up time. As I am not a morning person and struggle with Delayed Sleep Phase Disorder (DSPD), waking up before 12pm is challenging for me. Despite this, due to work demands, I occasionally find myself working on resumes as early as 9am, though I try to avoid this as it quickly wears me out. Networking calls typically take place between 10pm-2am, as I often connect with individuals from the West Coast or around the world during these hours. Given my preferences and natural rhythm, I find it more manageable to work on resumes at 2am rather than 9am, as that's just how I'm wired.

The Vision for NoDegree Inc
My eventual goal is to compete with LinkedIn, Monster, Indeed, and other popular job boards. I understand that achieving this will take a considerable amount of time. Furthermore, I am committed to never seeking VC funding for my company; instead, I will maintain a bootstrapped approach. For me, the mission holds greater significance than monetary gain. I am fully aware that this endeavor may span 15 to 20 years or more, and I am prepared for the long journey ahead.

Guiding Principles for Entrepreneurial Success
Build the runway first. I would have been much further along if I had some savings to start with. I always struggled just to stay afloat. Once I got a job, I was able to raise my prices with no issues. If I were to go back, I would have waited until I started making revenue on a regular basis before quitting. It took me 15 months to start making money after quitting my job. There were some things I wanted to do, but I couldn’t take the risks I wanted to because I couldn’t afford the downside scenarios. Also, make sure to choose your business partners wisely. Not everyone is cut out to be an entrepreneur. Set expectations and be ready to have tough conversations. I would have done things so much differently. I thought everyone was ready to commit like I was and make the sacrifices I made. For some people, the business is a hobby. For me, it’s my life. Thankfully, I have some great business partners now, and I wouldn’t be making the progress I am without them.