August 18, 2020

Reached $3000 MRR

Jon Yongfook @yongfook

Feels good to reach this milestone especially in a traditionally slow month. But I had quite a few churned customers (including delinquent churn) in the last 30 days. So there's still a leaky bucket issue to fix.

My costs are also going up as I am strictly focusing my coding energy on building the core IP, which means if I need a SaaS service that's outside my core, I just buy it no questions asked. (whereas previously I might have duct-taped my own mini version together)

And here's my weekly bang-the-drum session on investing long term in your product 😅 off the back of some interesting analysis from another IH user @chr15m about the alarmingly small (as a proportion of total userbase) amount of verified solo founder products above $2k MRR on IH.

  1. 3

    Congrats man! Funny enough I had the same realization as you after I hit the $3,000 mark. I had hodgepodged together so many solutions to save cost, but they were never as good as the existing tools out there. I spent 80 hours building a CRM, that time would've 100X been better spent actually working on the project.

  2. 1

    Well done!

    At this point you can definitely afford buying existing tools rather than building them themselves.

  3. 1

    Congrats! I didn't see that tweet, but makes me feel a bit better at the $1,700 mark.

    I didn't realize so few were over $2k (or at least not reporting it).

  4. 1

    That's crazy. I didn't know the numbers were so low. Only 1% above 2K MRR? I thought majority of people were making that... I was wrong!

  5. 1

    Congratulations!
    I have been following BannerBear journey. its so inspiring!
    I totally agree that it will be completely waste of time to try to replicate other people's results.

  6. 1

    Interesting post. I like the focus on building core IP, as you call it, and investing long term into it.

  7. 1

    Pumped to see this update. Killing it.

  8. 1

    Congratulations!!

  9. 1

    Congrats!

    Hope September will be better 👍

  10. 1

    Congrats Jon 👏

    which means if I need a SaaS service that's outside my core, I just buy it no questions asked

    Would you mind sharing some examples of things you recently opted to buy instead of build? Thanks!

    1. 6
      • affiliate program manager software
      • financial dashboard software
      • uptime monitoring software (I actually pay for TWO of these!)
      • and imminently, changelog software
      1. 2

        Yep, excellent list.

        I hadn't been doing this intentionally, but I'm now realizing that I've changed where I spend my time and am doing the same. This is probably driven by my lack of free time! And since it's such a precious commodity, I use it developing core aspects, and getting out the credit card to pay for everything else.

      2. 1

        Hey Jon, do you use any dashboard software for data other than financial? Monitoring the data in your database for instance

      3. 1

        Out of curiosity what financial metrics are the most important to you?

  11. 1

    Massive growth 🚀

    Congratulations

  12. 1

    This comment was deleted a month ago.

    1. 1

      i think you can just take a look at previous milestones for some sense of that.

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