March 2018 Income Report

04 Apr 2018

This is part 39 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.

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:

The Figures

  This Month (March 2018) Last Month Change
Monthly Recurring Revenue $4,103 $4,133
Income £2,534.92 £2,602.94
Expenses £2,651.86 £2,387.05
Paying customers 62 62
- Personal Plan 21 20
- Startup Plan 32 33
- Corporate Plan 9 9
Unique users on landing page 1,743 1,833
New Free Trial sign ups 26 24
Free Trial sign up rate
New Paying customers 1 2
New Freemium Customers 6 0
Lost Paying Customers 1 6
Free Trial to Paying conversion
Free Trial to Freemium conversion
Profit

As you can see, not much happened in March. One stand out figure is the lack of profit, March was however an unusually expensive month, as I renewed BugMuncher’s wildcard SSL certificate, which was an extra $100 or so, I had some more translations done for BugMuncher, and I paid sizable accounting bill.

I was mostly focused on trying to improve new user on-boarding this month, and most of my changes were deployed towards the end of the month, so it’s still too early to see what, if any, effect they’ve had, so that may explain why it was such a dull month.

I mentioned last month that I was planning to re-introduce the free plan, which I have done. So now there are freeloader related rows in the table above.

Revenue

A very slight drop on last month, still very much stuck around the $4,000 mark.

Plans for April

Much like last month, I feel like March was a productive month, even if my figures disagree. I’ve got some more improvements I’m planning to make to onboarding, but mostly April will be focused on increasing sign ups.

The live chat widget I installed at the end of last month has seen pretty much zero use, so I’m not sure whether I’ll keep it.

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 😀


comments powered by Disqus