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From Idea to $5000 a Month in 5 Months

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Avatar for Josh Pigford Josh Pigford
April 14, 2014
Business
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From Idea to $5000 a Month in 5 Months

My MicroConf 2014 talk on growing Baremetrics.

https://baremetrics.io
https://demo.baremetrics.io

Avatar for Josh Pigford

Josh Pigford

April 14, 2014
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Transcript

  1. From Idea to $5000 a Month in 5 Months What

    I learned building baremetrics.io

  2. Josh Pigford @Shpigford

  3. baremetrics.io

  4. demo.baremetrics.io

  5. Brief History

  6. IDEA October 14

  7. LAUNCHED November 14

  8. Month 1 TIMELINE $0

  9. Month 2 TIMELINE $1000 + 21

  10. Month 3 TIMELINE $1650 + 30

  11. Month 4 TIMELINE $3200 + 64

  12. Month 5 TIMELINE $5300 + 94

  13. Month 6 TIMELINE $8300 + 125

  14. IN 1 YEAR SILICON VALLEY CRYSTAL BALL $4,100,000 + 65,000

  15. 5 Takeaways

  16. Build what you need, not what you think others need

  17. You have a problem. Chances are you’re not a unicorn.

  18. Worst case: You solved your own problem.

  19. Charge from day one

  20. All those product validation tips?

  21. Bogus.

  22. There is only one type of validation.

  23. Money.

  24. Charging money shouldn’t be scary.

  25. Saving someone time or money or creating value?

  26. Charge for it.

  27. Think it’s not ready? Chances are, it is.

  28. Stop trying to attain the perfect product

  29. “If you are not embarrassed by the first version of

    your product, you’ve launched too late.” Reid Hoffman, LinkedIn

  30. First version of Baremetrics? • Half the metrics • Forced

    stats in to calendar months • No deep-diving in to data • Updated once per day

  31. First $2,000 of MRR came from that

  32. Bought time to learn the intricacies of the problem I

    was solving

  33. 2 months after launch: Rebuilt from scratch Result: Doubled MRR

  34. Ship fast Ship frequently

  35. 8 days of design & development

  36. Spread across 30 days of juggling clients, 2 other SaaS

    products and international travel for 10 days

  37. Ship it fast: you have no excuse.

  38. After you ship it fast, keep shipping it fast

  39. Shoot for small pieces of larger features

  40. Price for the customers you want

  41. $9 customer is an entirely different customer than $99

  42. Focus on customers that aren’t price conscious

  43. General Rule If the businesses you target don’t charge much

    money, don’t expect to make much money from them.

  44. 1. Build what you need 2. Charge from day one

    3. Stop trying to attain perfection 4. Ship fast & frequently 5. Price for customers you want

  45. Josh Pigford @Shpigford [email protected]

  46. shpig.me/ideato5k