April 2018 Income Report

01 May 2018

This is part 40 in my series of blog posts documenting my attempt to take Saber from Side Project to Profitable Startup. If you've not yet read the previous parts, you should definitely start from part 1.
Heads Up Before August 2018 Saber was known as "BugMuncher", so you'll see the name BugMuncher instead of Saber throughout these older posts. You can read more about the name change here - BugMuncher rebrands to Saber.

April was a strange one - it felt to me like a good month, but in terms of revenue growth, it was actually rather mediocre. Especially when compared to April last year. I suspect the reason is that I gained two new middle plan customers near the beginning of the month, which set the optimistic tone. So losing one bottom plan subscriber later in the month didn’t come as such a blow.

The Figures

  This Month (April 2018) Last Month Change
Monthly Recurring Revenue $4,192 $4,103
Income £2,675.76 £2,534.92
Expenses £2,442.91 £2,651.86
Paying customers 63 62
- Personal Plan 20 21
- Startup Plan 34 32
- Corporate Plan 9 9
Unique users on landing page 1,175 1,743
New Free Trial sign ups 35 26
Free Trial sign up rate
New Paying customers 2 1
New Freemium Customers 13 6
Lost Paying Customers 1 1
Free Trial to Paying conversion
Free Trial to Freemium conversion
Profit

Damn, that’s a good looking table, so much green. I’ve not sure I’ve ever seen that many green rows! There were no unusual expenses this month, bringing BugMuncher back into profit. I’ve also decided to drop my salary by £200 / month, so from next month profit should be looking even more healthy. Unless I decide to invest that money in PPC ads (more on that later).

Hits on the BugMuncher website was back down to much more normal amount, as I had no popular blog posts to draw people in. Interestingly, I actually had more free trial sign ups this month, giving me a huge spike in sign up conversion rate. Of course, nearly half of those free trials went on to subscribe to the free plan, but I’m still really happy with how April turned out.

Revenue

Hey look! It’s going up hill again, albeit very slightly, but I’m calling that a win!

Plans for May

I’ve got so much planned, I don’t know where to begin, which is kind of the problem. I’ve been blogging a bit more, and I’m aiming to keep that up. I might start up the PPC ads again, I need to first evaluate the performance last time, to better get an idea of how much I should be bidding, and if it’s worth doing at all.

I’ve got some much bigger plans on the horizon though, including changing the name. I know I’ve talked about doing this before, but now I’m sure that BugMuncher is no longer the right name. I’ve also got a whole new idea for pricing that I’d like to try, and I’m going to have this very website redesigned. Of course the name change needs to happen before the redesign, and I doubt I’ll get all that done in May.

I’m also going to be uninstalling the live chat widget. Since I added it in March, I’ve had two people actually use it, and one of those was asking a question about this blog. Maybe live chat is a good idea for sites with more traffic, but for little old BugMuncher it’s just sitting there using up screen space and bandwidth.

I’ve also literally just realised as I write this that I still haven’t done a 2017 in review post! So that’s another job for May.

Thanks for reading

- Matt

Continue to Part 41 - The Missing Income Report

So this is new low for me, I managed to miss three monthly income reports. I’ve been a little late before, but this is taking the piss. In my defence, I have been very busy rebranding BugMuncher, which you may have noticed is now called Saber.

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