Normally this blog goes out on a Monday, but since the month ended on a Monday I figured it would be better to wait a day. Let’s go through October’s stats. In September we brought in $46,736 HKD and this month we brought in $46,846 HKD. That’s not very much growth! We ended October with MRR at $40,455. We ended September with MRR of $37,521. Active subscribers has gone from 212 to 225.
On October 21st monthly recurring revenue (MRR) exceeded the $5000 USD mark. We hit $4000 MRR on September 12th, so it took only 40 days to earn the last $1000 MRR. If MRR continues to grow at this speed, we should hit $6000 MRR on December 1st 2022. Plumpbirds: We’re getting tired, we don’t want any more MRR. Last Week’s Goals ✅ 1. Contact 100 users I emailed every user who signed up in the previous week.
Last Week’s Goals Plumpbird: Set some harder goals this week you lazy jerk! ✅ 1. Contact 100 users I contacted more than 100 users last week and scheduled the emails to arrive at 10 AM in whatever timezone the user was in. Sadly only four of the users replied. Some users I emailed had signed up several months ago. It might be better to email users who recently signed up.
Bad News Last week I walked from Tung Chung to Mui Wo, which is section #1 and #2 of the Lantau Trail. At the end of the trail I sat down in what turned out to be an ants nest. The ants started biting me it was pretty painful, but I got up and brushed them off. This taught me an important start-up lesson. Do not sit on a nest of ants, but if you do, just brush them off.
September Sales Another month has gone by, let’s take a look at the monthly revenue graph. Oh no, revenue went down! In August we brought in $62,596 HKD and in September we brought in $46,736 HKD. Not great news, but it’s actually okay. This is because 60% of August’s revenue came from one off work for a single customer. The Monthly Recurring Revenue graph is looking excellent. It increased from $21,701 HKD in August to $37,481 HKD in September.
Here’s what I got up to last week. Becoming a Xero App Partner I had a look at building a Xero integration for Bank Statement Converter. I created an account, poked around and looked at the API documentation. It seemed like a feasible idea. Then I looked at the approval process. It seems like I would have to build a custom app for two customers, and then would be eligible to create an app store app that anyone could purchase.
Monthly Recurring Revenue (MRR) is the most important metric when running a SaaS company. You want your MRR to be as plump as possible. On February 13th MRR was at $1000. Last week MRR exceeded $4000. What happened across the past seven months? Why did MRR increase so much in the last week? Letting Time Pass A big part of it was just letting time pass and steadily getting more users.
I don’t know when this started, but at some point in my life some jerk has gone and renamed “Customer Support” to “Customer Success”. It’s a pretty crappy name because it doesn’t really mean anything when you read it. You have to be in the know. You have to know that “Customer Success” means “Customer Support”, which in turn means replying to messages, emails and phone calls from customers who have some problem or question.
I usually work on this app from a shared office that I’ve been renting since January 2021. The rule is, everyone is supposed to check in at the reception desk in the lobby before going up to the higher floors. After a while I decided to skip checking in at reception. This, as you can imagine, was really great. Walk into a building, walk into the lift, go up the lift, sit down at your desk.
Since I started this website in April 2021, I knew users would upload PDF files that were password protected. I figured it would be too annoying to do the work to support these PDFs so I put it off. Recently a user asked me to support password protected PDFs, so I did it. It’s a simple feature, and it works pretty well. I spent all of yesterday working on it and pushed it into production at 2:32 AM this morning.