End of the month update.
This month has been a roller coaster.
The month started well with lots of new users subscribing to the paid plan.
But then a lot of users decided to churn.
So I am ending the month with $612 MRR.
The total cost of running the app is $20 so, that gives me a profit margin 96.7%
Things I will need to pay for next month:
- GH copilot (currently paid by my day job but will switch to personal subscription next month) => $10/month
- Email marketing service => $20/month
The app is out of beta, I will remove all coupon codes from the site as it cheapens the brand and distorts the value offered by the product.
I am now beginning to build the Pro plan.
This will take about a month to build and test.
Once the Pro plan is out , I will focus on marketing and Branding for the next few months.
I need to publish a lot more articles to keep the SEO gods happy, I need to add proper documentation to the site to explain the functionality and cut down the time spent on support requests.
I also need to invest in a proper Youtube channel where I could showcase the functionality of the extension and use that to drive traffic to the app.
But that's for later, for now, getting the Pro Plan out and reaching the $1K MRR goal with a profit margin of 75% minimum are my only concerns.
The Pro plan will rely on a few other services:
- Node app hosting
- another service that I won't mention for privacy reason (Not GPT-4/CHAT-GPT)
My goal of reaching $10K MRR before the end of the year is still on the table and I am planning on pushing real hard towards this goal. Nothing will stop me from achieving it.
My goal is to replace my salary with this app. My current after-tax income is around 4K euros per month. To be able to pay myself the same amount of money I receive now, I need to pay the same amount in taxes as an independent worker.
With a $10K MRR and assuming $1K expenses per month, that bring my gross profit to $9K.
I then divide this amount by 2 and that is roughly how much I would take home each month after taxes.
But even though my pay won't change much, I will be building equity in the business.
If the business brings in $10K per month, I think I can safely value it at somewhere between $240K to $360K.
This month has been a roller coaster.
The month started well with lots of new users subscribing to the paid plan.
But then a lot of users decided to churn.
So I am ending the month with $612 MRR.
The total cost of running the app is $20 so, that gives me a profit margin 96.7%
Things I will need to pay for next month:
- GH copilot (currently paid by my day job but will switch to personal subscription next month) => $10/month
- Email marketing service => $20/month
The app is out of beta, I will remove all coupon codes from the site as it cheapens the brand and distorts the value offered by the product.
I am now beginning to build the Pro plan.
This will take about a month to build and test.
Once the Pro plan is out , I will focus on marketing and Branding for the next few months.
I need to publish a lot more articles to keep the SEO gods happy, I need to add proper documentation to the site to explain the functionality and cut down the time spent on support requests.
I also need to invest in a proper Youtube channel where I could showcase the functionality of the extension and use that to drive traffic to the app.
But that's for later, for now, getting the Pro Plan out and reaching the $1K MRR goal with a profit margin of 75% minimum are my only concerns.
The Pro plan will rely on a few other services:
- Node app hosting
- another service that I won't mention for privacy reason (Not GPT-4/CHAT-GPT)
My goal of reaching $10K MRR before the end of the year is still on the table and I am planning on pushing real hard towards this goal. Nothing will stop me from achieving it.
My goal is to replace my salary with this app. My current after-tax income is around 4K euros per month. To be able to pay myself the same amount of money I receive now, I need to pay the same amount in taxes as an independent worker.
With a $10K MRR and assuming $1K expenses per month, that bring my gross profit to $9K.
I then divide this amount by 2 and that is roughly how much I would take home each month after taxes.
But even though my pay won't change much, I will be building equity in the business.
If the business brings in $10K per month, I think I can safely value it at somewhere between $240K to $360K.
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