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Mistakes on Our Way to $88k in Revenue
- npereslu 7y ago13 is super crucial. It doesn’t matter what you’re doing, making your entire identity revolve around one thing is always a bad idea. Growth is all about branching out and trying new things. Maybe some of those new things are dead ends, but I find trying new things or hobbies always helps me learn about the things I’m already passionate about. The stress relief and mental break ain’t bad either!
- justingreet 7y agoThat's so true. It's probably the point that resonates most with me.
- mac_was 7y agoGreat article, thanks!
- whsheet 7y agoClick-bait. Imagine you made a way to make 88k a month and keeping growing, why tell anyone? Exactly: You tell once growth has stopped and you need a quick fix.
- ska 7y agoWhy are you comparing all time gross revenue to some sort of putative MRR ?
- 0_gravitas 7y agoDo you never tell another human anything unless it results in a direct financial benefit for yourself? You're friends must be fabulously wealthy if they spot you a benjamin for every factoid you throw their way.
- qntty 7y ago> To date we’ve made around $88,000 in revenue via our recruiting services, $78,000 of which has come in 2019 so far. Total, not monthly.
- ganeshkrishnan 7y ago88k a month is absolutely nothing.
- benburleson 7y agoI'm happy to take your 88k/month "nothing" from you, that would be life-changing for me.
- ska 7y agoDon't forget it is quite easy to end up losing money on 100k MRR.
- jenIsOnHN 7y ago14 - LOL. One of my friends in SF got locked on the roof of his startup--with his dog!
- justingreet 7y agoHaha that's great. Stephen's dog Lila was right there with us too!
- srameshc 7y ago3. Start your company as an LLC No matter what anyone tells you, don't start as a C-Corp, unless you are sure that VC is investing in your company right away. Even the cost of winding down a C-Corp is substantial.
- justingreet 7y agoCould not agree more!
- zarro 7y agoWhat about forming an LLC using stripe atlas? Is it better to do it in Delaware or your own state?
- nakodari 7y agoHow much does it cost to switch from C-Corp to LLC? What are the Pros and Cons of moving to LLC?
- ganeshkrishnan 7y agoSecond biggest mistake I did for my startup; creating a c-corp and the major headaches that came with it. First mistake was reading startup glories and successes and pitching to investors and killing my time. I heard the term "toxic positivity" to describe this. And also the blog that was posted here about not focusing on revenue but making software "bigger" and "better". No offense but it's wrong: focus on the revenue. If people are not paying, your software is worthless.
- dumbfoundded 7y agoUnless you're in the Cannabis industry and you don't want to worry about 280e
- deleted 7y ago[deleted]
- cannaceo 7y agoHow does being a C Corp protect you against 280e?
- zarro 7y agoWhat about IP agreements? After reading "Venture Deals" you get the idea that if you to talk about your project and bounce ideas off of them during the development phase they could have implicit "rights" to IP. What do you have to have everyone you talk to about developments sign an IP agreement?
- justingreet 7y agoThat's honestly something he haven't considered. We generally tend to believe that ideas aren't worth much on their own, so we're happy to talk about our company/experience with anyone. At our size, the downsides to protecting most of our ideas are outweighed by the value we get from practicing our pitch.
- Exuma 7y agoUse a Retina logo!
- alexdumitru 7y agoI'm pretty sure most logos are retina. https://en.wikipedia.org/wiki/Retina https://en.wikipedia.org/wiki/Retina
- ThrowMeAwayOkay 7y agoI really liked #8. Don't Engineer Too Early. If customers are asking for features, processes, (your time), etc...then don't give that to them. Sell that to them. They'll pay if they really want it. If a restaurant owner is asked why a certain thing is not on their menu enough times, the smart ones will get that on their menu. Is that new menu item free? Hell no.
- eahm 7y agoWhile those points can be seen as very subjective points it was still a good article with real life experience behind, thanks for that and good luck!