How would you re-invest $100 monthly profit into a sideproject?
We launched Changefeed a couple of months ago, which let's you create a changelog for your product (https://changefeed.app). We are making our first profits and have to figure out how we should reinvest that money into the business.
Buy search ads, buy social media ads, invest in content writes, hire freelance engineers for a couple hours a month,... so many options!
What did you do with your first monthly profits?
If this is a product you plan to stay with for a while, I'd hire content writers. You can own the 'craft' of writing release notes as your niche, and build out evergreen content to draw web traffic. The product sells itself, teams either have the problem or they don't.
If you need to hit a certain $/mo to make it worth your time, buy ads. If you're okay with slow growth for the next year and better margins after that, invest in content marketing.
$100 a month sure isn't a heck of a lot to "invest" in a company, but hey it's better than nothing. I would definitely invest in some sort of paid ads. You will probably throw that whole $100 out the window, but there is a small chance that you will find a channel that brings in some paying customers. Once you find that, dump all the advertising money you can into that channel.
Makes a lot of sense, I expected as much. Do you have any tips or guides on getting started with ads? That's a big, scary world for me...
There is a book called Traction. Definitely read that. Lots of secrets on paid and non-paid ads.
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On the site, it says all three of you have built businesses previously. What growth channels are you more comfortable with?
I'm not sure what's the best way to spend $100, but I think a powerful growth strategy would be getting well-known projects to use your service. Offer discounts or free service, offer to do all the work for them, – whatever it takes.
An example I'm thinking of is statuspage.io. I've never noticed them in search or social ads, and I've never stumbled across their engineering blog if they have one. But I have been on status pages of various services I already use, and I have noticed the "Powered by Statuspage" line in those.
Fast forward to now, and I'm looking into implementing a status page for my own SaaS. Since I've seen the big boys use statuspage.io, it automatically goes to the top of my list of candidates...
You hit the nail on the head: Statuspage.io was definitely on our mind when we decided to build Changefeed. Great idea to focus on well-known projects with high-touch sales, that could work if we can convince them!
$100 isn't a lot, and it depends on your business, but I would put it into content creation or marketing for my website.
I would suggest buying search ads. $100 is not a lot to see results (from any channel, honestly) but I would think that you can find some possible traction from well-targeted ads.
This guide may be of use: https://www.discosloth.com/beginners-guide-to-ppc/