SoftwareIdeas.io

A reliable source for high-quality business ideas

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SoftwareIdeas.io was originally research for myself - I was looking for my next software project. I shared it with some Indie Hackers, who loved how I do research, and the rest is history.

November 23, 2020 πŸŽ‰ $9k MRR in < 5 months!

Over the past weekend, Software Ideas hit $9k MRR!

This growth has been due to some finding some organic success with some long-tail SEO keywords, as well as the awesome readers of Software Ideas who continue to share the newsletter around. I'm incredibly thankful!

Just 4-ish months ago, I was deciding if this was an idea worth pursuing. I hope my progress inspires people, especially if you've been grinding for a while now.

All it takes is one product that people are willing to pay for, and a way to reach customers!

November 17, 2020 πŸŽ‰Hit $100,000 ARR in just over four months!

I'm a little late on posting this, but just recently Software Ideas hit $100,000 in ARR!

This is mostly a vanity metric, but it's still really cool to see the newsletter hit 6 figures!

I think the biggest take away from my story is that it's possible to see these kinds of numbers in just a few months' time. There's nothing special about me, I just happened to find the right mix of a product that people are willing to pay for and a number of channels for people to find out about the product. That's all it takes!

Next up - $10k MRR!

November 3, 2020 πŸŽ‰ $8,000 MRR in Four Months!

Software Ideas has just hit $8,000 in monthly recurring revenue!

Getting into the high thousands is a super cool milestone, and it's very cool to be getting close to the magical $10k mark! One thing I've definitely noticed now is that Software Ideas requires less 'hands on' effort to make a sale. I think that's happening for two reasons:

  1. Better product offering. Now that Software Ideas has over 50 opportunities in the archive, I think it's easier for people to buy.

  2. More readers = more word-of-mouth.

Thanks to everyone who has checked out Software Ideas, and a special thanks to the 400+ readers who continue to let me work on this super fun project!

*PS: If you're looking for more details on how I grew Software Ideas, check out this post for an overview!

October 26, 2020 πŸ“– 400 paid readers of Software Ideas!

Over the weekend, Software Ideas hit 400 readers!

I'll be honest, I never expected to hit 400 in under four months. When I started, I was probably hoping to hit 500 within a year, and I would have considered that ambitious!

I think the main reason for such rapid growth has been all the work I did early on in making sure I nailed the positioning of the product early on. If you'd like to read more about that, you can check out my summary here

I'm eternally grateful to the 400+ people who are supporting this newsletter, and I'm excited to keep growing Software Ideas to 1,000 readers!

October 22, 2020 πŸŽ‰ 4,000 email subscribers!

Today, Software Ideas hit 4,000 free email subscribers!

This is the secret sauce to the success of Software Ideas. Each week, the free preview of the newsletter goes out to 4,000 people, and pushes many over the edge to becoming paid subscribers. With nearly 400 subscribers, you could say that the Software Ideas email list converts at roughly 10%.

With so many people looking forward to receiving a weekly update, it really keeps me motivated to keep on delivering high-quality content every week! Thanks to everyone who's already checked out Software Ideas, you've made this project a reality in only 3.5 months!

October 19, 2020 πŸŽ‰ $7,000 MRR in 3.5 months!

Software Ideas has hit $7,000 MRR from over 350 amazing readers! The growth has continued to climb due to efforts from a few places:

  1. Twitter - I'm sharing daily updates and talking about business in general, which is attracting people who don't know me from Indie Hackers

  2. Indie Hackers - My goal is to write more high-quality posts like these to share what I've learned in creating this project, so others can see rapid success as well.

  3. Word of Mouth - This one is new. As the number of people who know about the newsletter increases, the amount of new people who are finding out about the site through friends is also skyrocketing!

I've long been a fan of this talk, "How to negotiate the long slow SaaS ramp of death", where Gail Goodman talks about how growth for Constant Contact wasn't like a hockey-stick, but a slow, steady grind upwards.

That has definitely been the case for Software Ideas, even though it may not look it from the outside. Growth has been linear for the ENTIRE lifetime of this product, but the "slope" has slightly increased every time I found a new marketing channel that worked.

So if there's one lesson to learn from my growth, it's that you shouldn't expect a hockey stick, exponentially increasing MRR. Instead, plan around something more linear, but that has spikes in growth as you find and unlock effective marketing strategies.

It's a very exciting time for Software Ideas, and I'm so close to the "magic number" of $10k MRR - at which point I'll be seriously considering going full-time on this project.

Here's to the next 3.5 months!

October 9, 2020 πŸ’°$20,000 in sales in three months!

Hit a cool milestone today! Software Ideas has officially hit 20k in revenue after three months of business!

That revenue is broken down like so:

325 customers on the quarterly plan
3 customers on a referral plan
1 customer on a custom monthly plan (no longer a thing)

If you're curious about how I've grown the company to allow for this type of growth, check out this post, where I talk about every stage of the business so far, what I've learned, and what worked for me!

October 6, 2020 β˜‘οΈ 300 paid subs in 3 months

Just a few days ago, Software Ideas hit the 300 reader milestone. This is just a few days before the three month milestone, meaning that the business has consistently had around 100 new subscribers per month!

So far, the growth of the business has been almost completely linear. This month, I'm focusing on expanding the number of channels I'm active on in order to increase that growth.

More info on my daily update post here (warning - huge read!)

You can also check out all of my metrics here

October 5, 2020 πŸ’΅ Tens of thousands of dollars in discounts!

While most people know Software Ideas as a weekly newsletter, there's also a bunch of goodies that come with the subscription as well.

Today I'm announcing partnerships with Secret and Firstbase, which together bring tens of thousands of dollars in discounts to founders, and specifically will help Software Ideas members who aren't based in the US!

Secret

Secret is a membership subscription that costs between $0 and $99, which gives you access to tens of thousands of dollars in potential savings on popular SaaS software. This includes popular products like:

  • $1,000 in Notion credits and Airtable credits, each!
  • Six months free on Zendesk, Hotjar, and Memberstack
  • Thousands of dollars in credits on AWS, IBM cloud, and Mixpanel

Software Ideas members get 30% off of Secret, making the savings even more of a no-brainer.

Firstbase

Firstbase.io helps international founders easily launch a US-based business. They'll help you file an LLC or S-corp, set you up with a US address, and manage the entire process for you.

Software Ideas' customers don't only live in America, and I'm happy to announce a partnership that specifically benefits them!

Software Ideas members get $60 off of starting their company with Firstbase, making it even easier for international founders to start a US-based company.

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Thanks to Jean-Loup Karst and Danny Chu for making these partnerships come to life!

I'm excited to continue doing high-value partnerships for readers of Software Ideas, so stay tuned for more to come!

October 1, 2020 Software Ideas September Metrics ($5.5k MRR)

Every month, I want to post and recap some of my KPIs for Software Ideas.

MRR

September 1st: $3,706 MRR
October 1st: $5,544 MRR

User churn

September 1st: 1%
October 1st: 1.1%

Email list -> paid member conversion rate

September 1st: 8.8%
October 1st: 10.5%

You can find a number of my other metrics available publicly here

Thoughts:

I was incredibly busy this month. I moved states (NC to FL), and it was all I could do to keep up with the newsletter. The fact that the conversion rate is increasing is amazing, but it did mask a decline of new people I was able to reach.

The goal for August was to expand out to try a number of new channels, but due to the tight schedule I had to put that on hold, for the most part.

Based on that, here are my goals for August:

  1. Get conversion rate to 12.5% (which would be double my original conversion rate from the start of the project)

  2. Explore the following channels: Referral program, podcasts, SEO, and content marketing.

SoftwareIdeas.io was originally research for myself - I was looking for my next software project. I shared it with some Indie Hackers, who loved how I do research, and the rest is history.