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.
I know from experience that when I don’t put time into BugMuncher sign ups drop, threatening to take MRR down with them, in fact the aforementioned Patrick McKenzie found the same thing when he put his site Bingo Card Creator into maintenance mode, but I have good reasons for my lack of time investment this month.
Firstly, I’ve started working on that new project that I mentioned last time. I’m going to be building it as a minimum viable product, like I did with BugMuncher, unfortunately this new project is orders of magnitude more complex, so even just an MVP is taking a while to build.
I’ve made a successful proof of concept, and had some positive feedback, and I’m hoping to launch the MVP to the public in August. I’m also planning to write about the whole process of launching a Software as a Service business, so keep an eye out for that.
The other reason BugMuncher is taking a bit of a back seat is I’m getting married in the beginning of September, so wedding planning has been steadily increasing its claim on my cognitive resources. I’m really looking forward to the wedding and being married, but the whole organisation process has made both my fiancée and I understand why people elope 😊
The Figures
| This Month (July 2017) | Last Month | Change | |
|---|---|---|---|
| Monthly Recurring Revenue | $4,521 | $4,420 | 2.51% |
| Income | £2,967.70 | £4,368.56 | 32.1% |
| Expenses | £2,400.87 | £2,341.81 | 2.5% |
| Average Month on Month Growth | 9.0% | 9.3% | 3.2% |
| Paying customers | 64 | 65 | 15.4% |
| - Personal Plan | 20 | 21 | 4.8% |
| - Startup Plan | 33 | 34 | 2.9% |
| - Corporate Plan | 11 | 10 | 10.0% |
| Unique users on landing page | 1,717 | 1,794 | 4.3% |
| New Free Trial sign ups | 28 | 27 | 3.7% |
| Free Trial sign up rate | 1.6% | 1.5% | 6.7% |
| New Paying customers | 3 | 2 | 50.0% |
| Lost Paying Customers | 4 | 2 | 100.0% |
| Free Trial to Paying conversion | 10.7% | 7.4% | 44.6% |
| Profit | £566.83 | £2,026.75 | 72.0% |
July was quite similar to June, a lot of red figures, but mostly green where it really counts. Income and expenses are back to normality, and I’m still making a healthy profit, so that’s awesome.
I’d estimate I spent 5 hours on BugMuncher this month, so that works out at about £405 / hour in profit revenue, not bad if I do say so myself.
Expenses
| Supplier | Expense | Amount | USD |
|---|---|---|---|
| Total | £2,400.87 | ||
| Me | Salary | £1,942.93 | - |
| Me | Home office allowance | £57.07 | - |
| Linode | Hosting | £39.68 | $50 |
| Digital Ocean | Hosting | £7.93 | $10.00 |
| SauceLabs | Selenium Servers | £54.76 | $69.00 |
| Pingdom | Uptime monitoring | £9.95 | - |
| Barnstaple Work Hubs | Co-working Space | £180 | - |
| Talktalk | Internet | £37.95 | - |
| O2 | Mobile Phone | £13.00 | - |
| Accountants | Quarterly RTI Return | £57.60 | - |
Nothing special in expenses this month, no sandwiches and no MacBooks.
Revenue
I’ll be honest here, I’ve stopped caring about that 10% MoM growth target, I only keep it on the graph for consistency. I’m not looking to conquer the world or make a billion dollar exit, as long as BugMuncher keeps paying the bills I’m a happy man 😊
Plans for August
BugMuncher will stay in maintenance mode for August, instead I’ll be focusing on my new project, as well as the wedding preparations.
Thanks for reading
- Matt