November 2017 Income Report

04 Dec 2017

This is part 35 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.

November was only really a half-month for me, as Sophie and I went on our honeymoon. Even with my half-assed effort, revenue stayed pretty steady, only dropping into negative growth right at the end of the month.

The Figures

  This Month (November 2017) Last Month Change
Monthly Recurring Revenue $4,160 $4,183
Income £2,613.82 £2,625.65
Expenses £2,444.45 £2,606.22
Paying customers 65 62
- Personal Plan 25 23
- Startup Plan 31 29
- Corporate Plan 9 10
Unique users on landing page 1,781 2,299
New Free Trial sign ups 35 35
Free Trial sign up rate 2.0% 1.5%
New Paying customers 6 2
Lost Paying Customers 3 1
Free Trial to Paying conversion 17.1% 5.7%
Profit £169.37 £19.43

The worst part of November was losing one of the top level $199 / month subscriptions, but I actually knew that was coming, this customer said from the beginning they only wanted to use BugMuncher for 6 months. I’m actually pretty happy that on a month where I spent half of it away from my laptop, BugMuncher still grew enough to (very nearly) make up the $200 deficit left by that lost subscription.

Unique users on the homepage was down a little bit, as once again I did zero marketing. I did start building a Google Adwords campaign at the beginning of the month, but I chose not to run it yet; If the campaign proved successful, I didn’t want to be dealing with a bunch of new customers and enquiries while on honeymoon :)

I will be running the campaign this month though, so I should have some results for next months income report.

Expenses

Supplier Expense Amount USD
Total £2,444.45
Me Salary £2,142.93 -
Me Home office allowance £57.07 -
Linode Hosting £38.80 $50
Digital Ocean Hosting £11.70 $15.00
SauceLabs Selenium Servers £54.35 $69.00
Pingdom Uptime monitoring £9.95 -
Plusnet Internet £12.01 -
O2 Mobile Phone £15.00 -
Xero Accounting Software £33.00 -
Snappa Annual Subscription £69.64 $90

Once again, expenses was pretty standard, I’m not sure I’m going to keep detailing full expenses like this, as it doesn’t change much each month. Instead I may just list a total and detail anything unusual.

Revenue

The revenue graph has once again leveled off. For the last six months I’ve been stagnating around $4k - $4.5k mark, which coincides with my putting less time in to BugMuncher. As I keep saying, more effort = more growth, if only could follow my own advice.

Plans for December

Unsurprisingly the honeymoon got in the way of finishing the custom survey questions update, not that I’m complaining, the honeymoon was awesome. But back to reality now, in December I’m going to be getting that live and trying some PPC advertising.

Thanks for reading

- Matt

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