June 2017 Income Report

05 Jul 2017

This is part 30 in my series of blog posts documenting my attempt to take BugMuncher from Side Project to Profitable Startup. If you've not yet read the previous parts, you should definitely start from part 1.

I’ll warn you in advance, this isn’t going to be my most interesting update, simply because I had a really busy month, and wasn’t able to focus as much time as I’d have liked on BugMuncher.

On a side note, it’s crazy to think this the 30th part in this series of blog posts, and that it’s approaching 2 years since I started working on BugMuncher full time. But anyway, bring on the numbers!

The Figures

  This Month (June 2017) Last Month Change
Monthly Recurring Revenue $4,420 $4,360 1.38%
Income £4,368.56 £2,565.33 70.3%
Expenses £2,341.81 £4,578.20 41.3%
Average Month on Month Growth 9.3% 9.7% 4.1%
Paying customers 65 65 -
- Personal Plan 21 23 9.5%
- Startup Plan 34 32 6.3%
- Corporate Plan 10 10 -
Unique users on landing page 1,794 1,952 8.1%
New Free Trial sign ups 27 38 28.9%
Free Trial sign up rate 1.5% 1.9% 21.1%
New Paying customers 2 7 71.4%
Lost Paying Customers 2 1 100.0%
Free Trial to Paying conversion 7.4% 18.4% 59.8%
Profit £2,026.75 -£2,012.87 199.3%

As you can see, really not a great month, in fact one of my worst. But unlike April, I don’t feel too down about it. It was a very quiet month, low page views, low signups, low conversions, and low churn. Although there was a very small amount of revenue growth, June felt more like stasis.

On the plus side, expenses are way down, and income and profit are way up. But that’s simply because I didn’t buy a new laptop this month, and an up front payment for 12 months reached my bank account.

Expenses

Supplier Expense Amount USD
Total £2,341.81
Me Salary £1,942.93 -
Me Home office allowance £57.07 -
Linode Hosting £40.04 $50
Digital Ocean Hosting £8.00 $10.00
SauceLabs Selenium Servers £55.19 $69.00
Pingdom Uptime monitoring £9.95 -
Barnstaple Work Hubs Co-working Space £180 -
Talktalk Internet £37.95 -
O2 Mobile Phone £7.33 -
Co-op Lunch £3.35 -

This was a pretty standard month with expenses, I did buy myself a sandwich again, but it’s been a while since I last did that, and hey, a man’s gotta eat.

Revenue

Unsurprisingly BugMuncher’s revenue growth has flattened off, and once again the 10% growth target is racing ahead.

Plans for July

I said last time that I’d like to write more blog posts, and I did. One more, and it was only a short one, but I’m calling that a success. I also hoped to launch the public API, and while I have finished the development of it, I haven’t made it live yet, so that’s a job for early July.

Other than that, I’m really not sure what my plans for July are. I feel a bit at a loss at the moment. I’m tempted to revive the custom survey questions update I killed a while back, but I’m also feeling a little burned out on BugMuncher. I might instead try to build a quick MVP of another project I’ve been wanting to try for a long time. A change is as good as a rest after all :)

Thanks for reading

- Matt

Never miss a post

Experience all the excitement and crippling self-doubt, as I document my journey with BugMuncher from Side Project to Profitable Startup

Enter your email address below to be notified when ever I write a new post, you'll receive one email every week or so, and no spam 😀

Continue to Part 31 - July 2017 Income Report

To borrow a phrase from Patrick McKenzie (or patio11 as you may know him), this month I put BugMuncher in to maintenance mode. This basically means I didn’t put much time in, and when I did it was only for customer support and bug fixes.

Keep Reading

Get quality website feedback from your users

Stop losing customers to website errors and usability problems

Tell me more »

comments powered by Disqus