What was your monthly revenue when you went full time?
Making the jump from side project to full-time can be tough, especially if you need to wait until your revenue is stable enough to replace your income and compensate for the lost benefits.
A few questions to kick off the conversation:
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What was your revenue at when you made the jump?
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How many months had you hit that number? i.e., how long for you to believe it was reliable?
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How many months of cash savings did you have on hand?
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12 (while expected ~16)
We got first revenue in 5 months and had enough to sustain me in 12. (Other team members had more savings and generously postponed useing profits for living until we started earning more)
First Hustle: PhysiciansLounge (healthcare, residents)
Decided to run it for free for 10 years for two medical schools, 60-75 users.
First startup: Encounters (healthcare)
$10/mo/user - 460+ users
4 mo of continuous RR
8-10 mo of savings
Second startup: Pyze (mobile analytics and marketing)
$0
$0
24+ mo of savings
Interesting!
Is PhysiciansLounge still out there? Did it effectively fund the second startup?
PhysiciansLounge was a SaaS to help physicians and residents enter and share SOAP notes. Encounters was the mobile equivalent of physicians lounge with two simple goals: 1) physicians spend more time with patients by using an interface where they could tap to create notes versus as type. 2) residents don't spend 2 hours of their time updating the next resident on call after a 24 hour day. Encounters was acquired by a university that I was trying to cross sell across departments.
Started with 0$
Have a year or so in savings
But I didn't quit my job, I just didn't have one
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Many, knock on wood.
You're the second person to say this, which surprises me. Did you have a product ready and just hadn't launched yet, or wait to start building until you quit?
I had a prototype and had established the market was big enough, lucrative enough, and spacious enough for a new entrant. But I was far off from product market fit and revenue (still am).