Why I'm shutting down a 7-figure coaching business to focus on Nuro, my $100k ARR SaaS

Every month I write an "investor letter" as a way to keep accountable (I don't actually have investors!). This month we're getting to the $100k ARR mark, and I just made a big decision - to shut down my current coaching business, which makes about $1M a year, and focus solely on SaaS instead.

So here’s the story of August, which has been quite crazy:

While most of the world was on summer holidays, we were hard at work on Nuro.video.
We knew we’d have to face some churn from all the new July users (see: last month's crazy update where we added AI and tripled signups), so we had to work on balancing that with new sales, plus providing extra love and care to everyone who joined during the July surge.

🔥 TL;DR

Revenue is UP 22%, and we ended August just 2 users short of the $100,000 ARR (annual recurring revenue) mark!
We now have a financial forecast!… And it says we have 5 months to prove ourselves a viable company 🙂
Big news: We are shutting down our training/coaching business (the Free Entrepreneur Movement).
And… Big time success — I presented the proof of concept of a crazy new AI feature at Hotmart’s Fire Festival in Brazil, and immediately received multiple offers to partner on distribution of Nuro.video in Brazil, Europe, Latin America and Japan!

It was my first time talking about Nuro on such a big stage:
Here's a sneak peek at my keynote in Brazil!

⭐️ Elevator Pitch (how to talk about us)

For experts, coaches and online course creators, Nuro.video is the AI video editor that takes your raw video content, and provides you with a high-value, fully edited video – in any language that your audience speaks.

_This has changed a little since last month – because of our recent AI breakthrough_ (see the full letter here).

The full update (with cartoons!)

I was going to put the full update in a post like last time, but there are several images / screenshots / videos (and two cartoons) in it, and the editor won't let me.

So you can have a look here if you'd like. I put down in writing:

❓How you can help

I am looking to « dig the well before we’re thirsty » to get in touch with the international markets we want to launch in.

So I’d like to speak at events (physical and online) in the following markets: USA ; Colombia ; Mexico ; Brazil.

The ideal event :

Has an audience of information marketers, coaches, online course creators
Has 400+ people in the room
Takes place in early 2023

We should be launching internationally in early 2023, so I would appreciate any introductions, since events take time to plan.

Please let me know if there are people we should be talking to that you can connect me with (or if you’re running an event where I can speak!).

Am I crazy to shut down a 7-figure-per-year information business in order to focus on a $98,000 ARR software business?

*The investor update letter above includes our financial forecast

The investor updates includes our financial forecast

Please have a look, and let me know what you think :-)