Here's a spreadsheet of the 50+ projects/businesses I've started/built/sold/shut down over the past 15 years, along with what happened to them and links to Wayback to see how terrible they were. 😛
I sold
@Baremetrics
! After 7 years of work building this little company, Baremetrics has a new home.
See the numbers, how we got here, what's changing (and what's not), what's next and more!
1/ It's fun (or, more specifically, "therapeutic") to reflect on learnings over the years for businessing.
15+ years in to all this, I'm still winging it on just about every level possible, so take these insights/observations for what they're worth.
We're moving
@maybe
to
@rails
.
We'll be creating a new "rails" branch on the main repo by the start of next week & then move it to main by the end of February.
The React codebase will be moved to a new repo then.
...and you thought things were moving fast before. 🎉
1,000 people on your mailing list is not validation.
1,000 people on your free plan is not validation.
1,000 people following you on Twitter is not validation.
1,000 people paying you actual money? Validation.
After some 18 months of design, development & regulatory rap battling,
@maybe
has launched!
The team has worked so hard to build the greatest modern financial planning & wealth management platform w/ tools & resources you can't get anywhere else. 🧵👇
Hi potential investors! I'm Josh, CEO of
@maybe
. And this is a pitch thread as we're working on raising a $5m seed round!
Interested? DM, josh
@maybe
.co or 205-470-4803
🧵👇🎉
29/ Everybody is winging it. Every. Single. Person. Nobody actually knows what they’re doing. Sure, they may have hindsight on things that worked in the past, but right now? Nope. They have no idea.
the introvert entrepreneur's dilemma:
i want to build products used by 100's of millions of people.
i also want to live off the grid in a cabin and never speak to another human again.
First market day! My 10 y/o daughter has been working for *months* getting this business off the ground.
So proud.
Her online shop will launch next week!
Sending cold email followups is the perfect way to get you and your entire company domain blocked from ever sending me an email again.
Yes, I got your previous email. My lack of response is a response.
I feel like I need to clarify: I'm not complaining about $20 nor am I interested in figuring out how to save a few bucks.
It's an observation on YouTube doing a 45%+ price increase and questioning where the line is because they absolutely won't max out at $18.99.
Something I’ve realized over the past couple of years is that I don’t want to be an entrepreneur, I want to be an inventor.
I don’t want to build companies, I want to build products.
"Anyone working at a big tech company could have made $3.7m in 7 years!"
That's cute that so many people think any tech company would even hire me.
I have almost no marketable skills. Certainly none specialized enough to earn me $500k/year or even half that.
PEOPLE OF THE EARTH. Figured out how to ask natural language questions of current financial data and get back a natural language response...with correct/relevant numbers! 🤯💰✨
So. Freaking. Cool.
1. Send database schema along with the question and relevant scope/parameters…
1/ Despite Baremetrics being the "first-mover" and arguably inventing 1-click SaaS analytics back in 2013, ProfitWell (just sold for $200m!) and ChartMogul (who passed us in revenue early on and will almost certainly sell for 8-9 figures) became much larger.
Why? 🧵👇
“At that sort of scale, small changes in ad click-through rates could end up having a huge effect on Alphabet’s bottom line, even if it means tricking users for cheap clicks”, gotta juice that growth yo!
$1M ARR doesn’t go nearly as far as you think it will.
In my head I imagined having a team of like 25 people and straight swimming in cash.
Turns out the math doesn’t really work out. 🤪
Frequent advice to indie hackers is “do more marketing.”
That’s vague and impossible to act on.
So, what’s one *actionable* marketing item an indie hacker can do today?
Folks who've gone through an acquisition: "This is a fantastic outcome!"
Folks who've never built anything: "This multiple is stupid and you got taken advantage of."
5/ “Busy” does not equal “productive”. You shouldn’t be doing 1,000 different things. Business isn’t that complicated. Very few things are urgent. Very few things actually even need to get done. As a founder, pick just 1 or 2 “must do” things each day.
Seems like, on some level, Medium contributed quite a bit to the death of the personal blog.
Now it seems there's beginning to be a shift *away* from Medium and hopefully *back* to the personal blog.
Think we'll see a resurgence in feed readers?
I may or may not be diving deep down a rabbit hole exploring building a small community of tiny homes all optimized for deep work and/or deep relaxation.
Places where the destination for 1-2 people is the home itself and not just a place to sleep.
Dedicated, comfortable work…
February was
@Baremetrics
best month ever for both revenue and profit!
$135k in revenue & over $30k in profit!
Historically we've tried to operate right at breakeven (putting all profit back in to the business), so having that much profit was nice.
Go team!
I want a podcast app that lets you “bookmark” as you listen.
Just a single tap that saves the 15 seconds before and after for you to easily reference and find later on.
bring back personal blogs and RSS readers.
they need rebranding, but having your own space to post for decades is so much better than dumb social networks.
then you just have a really great RSS reader to consume from all the sources.
1/ We're no longer pursuing building
@maybe
around part-time/fractional employment.
Here's the note I sent to the team last week.
While I'm still bullish on the concept, I no longer believe it can work for *new* product/software companies. At least it didn't for us.
🧵👇🏻
This took far too long to actually hit these past few weeks but dangit we did it!
Yes...it'll probably teeter back below a bit more because
#LongSlowSaaSRampOfDeath
, but imma enjoy it while it's there!
Go team! 📈🚀💥
One of the biggest red flags when hiring is seeing many jobs in a short period of time.
If you're switching jobs every 12-18 months, we're not the right fit for you.
Focus over the past ~5 days has been substantially more difficult than I imagined it'd be.
Whether it's Baremetrics, side projects or just learning new stuff...my brain is just refusing to focus on anything for more than a few minutes at a time.
I've just open-sourced the original
@maybe
app! 🫣
Quite a bit of work will need to be done to actually get it functioning locally, but should be doable!
If React/Next.js/etc are your jam...I'd love your help getting it working. 🎉
update on
@maybe
: we're still crushing it.
just a lot of foundational bits that are hard to have the community build, so it's a bit externally quiet at the moment as we're internally heads down. 🙂
at any rate, here's a little taste for you. 🤗
1/ The longer I play the SaaS game, the more my response to "what should I do about X?" is "¯\_(ツ)_/¯" or "just do whatever you want!"
Early on I so desperately wanted answers to be black and white, but they just almost never are.
As an old web "veteran", coming up as everyone was figuring out how to make the web, I was turned off by the
@tailwindcss
way of using so many CSS classes.
But over the past ~2 years it's become an absolutely indispensable part of the way I build. Absolutely love it.
17/ Sales solves all things. Almost any business problem you’re having is solved by selling more of your product. Not by making product improvements or getting company t-shirts and stickers, but by going out and making sales happen.
Want to make $100 today? Will pay the first person who's able to build this button in Tailwind.
(It's fine to use *some* custom CSS as I'll be putting this in a Tailwind component, but want to keep it as "native" to Tailwind as possible.)
Figma:
6/ Focus on your strengths, delegate your weaknesses.
I’m a learner. I love learning new things. If I give myself enough time/space, I can generally learn just about anything on some level. The problem is that I arrogantly think I can make anything a “strength”. False.
15/ A $9/mo customer is an entirely different customer than a $99/mo customer. All price points are not create equal. Low-ARPU customers are not only the most price-conscious, they’re almost universally the neediest. Support costs alone can run you in to the ground.
I'm at the point with Notion where I try everything in my power to avoid opening it.
It's like opening a box of screaming goats. Just pure information overload every time.
1/ Last year I failed to sell Baremetrics for $5m, but I learned a ton, and one of those things was the world of asset sales & stock sales.
This is about to get real nerdy but this is crucial if you’re trying to sell a company. It could literally save you millions of dollars.
16/ Don’t lower prices, raise value. If your gut feeling is that you’re priced too high, then raise the value of your product to make it worth it. There’s essentially no ceiling on raising prices, but you’ll quickly find yourself hitting the floor compete on pricing.
Almost weekly I get some form of, “I can’t believe Baremetrics is only making a million a year! I would’ve thought you’d be doing at least $10M+!”
Ummm...thanks? Or, sorry? What am I even supposed to say to that? Building a profitable company is hard.
My Twitter posts for the next 2 weeks will be nostalgic reminiscing about Baremetrics and then will promptly switch to nothing but weird hobbies.
You've been warned.
Us: “Hi, you mistakenly charged us $4000 this month instead of our usual $180.”
DataDog: “Nice to meet you! Are you up for a call on Friday to discuss how we can work more closely with BareMetrics?”
Us: “🤦♂️”
Are there *any* enterprise-focused companies that aren’t terrible?
1/ Massive lesson learned today regarding running a remote company: you must register as a foreign entity in every state you have employees.
I incorrectly assumed that using a PEO absorbed all the tax nonsense.
Real talk. I've got some 50 pounds to lose.
The last ~8 years of life have been incredibly stressful and I've let those stressors take priority over my own health.
So, I've got changes to make. This 🧵 will be my journey. 👇
I want a service where I can click a button, pay $50-100, and be immediately connected with a seasoned engineer who can help debug whatever obscure programming issue I'm having.
10/ Ignore data early on. If you’ve just launched your product, the phrase “A/B testing” should not be in your vocabulary. You simply will not have enough traffic or conversions for statistical significance.