February 2018 Income Report

07 Mar 2018

This is part 38 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.

What is it with February? Why does it always seem to be a bit shitty? Well, this year was different, February 2018 wasn’t a bit shitty, it was in fact a huge shit sandwich.

The Figures

  This Month (February 2018) Last Month Change
Monthly Recurring Revenue $4,133 $4,309
Income £2,602.94 £2,566.69
Expenses £2,387.05 £2,493.03
Paying customers 62 66
- Personal Plan 20 22
- Startup Plan 33 35
- Corporate Plan 9 9
Unique users on landing page 1,833 1,695
New Free Trial sign ups 24 22
Free Trial sign up rate
New Paying customers 2 3
Lost Paying Customers 6 3
Free Trial to Paying conversion
Profit

Well there it is, February’s “growth” basically wiped out the actual growth from January. And then some. It’s been a hard month for me, as even though I did spend a week away on holiday, I really feel like I put a lot of time and effort in to BugMuncher this month, only to loose 6 paying customers, and have one downgrade from the middle to the bottom plan.

Revenue

This graph highlights quite nicely how the loss of MRR this month basically erased January.

Plans for March

My plans for this month went well, I added two new field types - Net Promoter Score and Rating. I also made some slight improvements to BugMuncher’s onboarding, but I’ve still got work to do there.

In March last year I killed BugMuncher’s free plan, not because it wasn’t working, but because the new pricing structure left the free plan and the bottom paid plan too similar. The addition of the form builder and new form types means I can now suitably differentiate the bottom plan and the free plan, so I’ll be bringing back the free plan in March.

At the end of February I added a live chat widget to BugMuncher’s website, it’s not seen much use yet, but I’ll be reporting on that next month.

I’ve also found that BugMuncher is surprisingly popular with universities and online learning sites, so I’m going to be looking into how I can better position BugMuncher as the tool of choice for these sites. If anyone reading this has knowledge of marketing to universities they’d like to share, please get in touch.

Thanks for reading

- Matt

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Continue to Part 39 - March 2018 Income Report

It’s quiet, too quiet. Seriously, March was one of the most uneventful months in BugMuncher’s history. One new paying customer, one cancellation, and one downgrade. It’s particularly frustrating as like last month, I really feel like I’ve been putting the time and effort in, but stagnation still reigns:

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