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Creative Tim: Growing a side project into a $17k/month business

indiehackers.com

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Re: Creative Tim: Growing a side project into a $17k/month business

#51

Post by jxm262 »

senko wrote: post #47
limelight wrote: post #36

I really love these IndieHackers interviews but surprisingly find them somewhat demotivating. Even the more successful interviewees make less revenue per month than I can make through straight consulting. And they're the success stories—most people (including myself) make far less per month from their products. How do people keep motivated to work on side projects when consulting is so much more profitable?

They're (at least somewhat) passive income, while your consulting work is not. Once up and running, these projects typically require far less time and effort to maintain, and majority of time is spent in improvements so the revenue grows in the future. Or the owner can just sit back, relax, and enjoy the Four Hour Work Week [tm]. As a contrast, consulting gig is good money while you're working. When you stop (vacatio…

Thanks for mentioning. This is something I needed to be reminded of myself. As part of my new year's resolution, I want to get serious about building a product from one of my seemingly endless ideas that I never execute on. I often give up part way through when I notice that my consulting pays exponentially more, but neglected to consider the passive side of the equation

Re: Creative Tim: Growing a side project into a $17k/month business

#52

Post by pilsetnieks »

webmaven wrote: post #39
emerongi wrote: post #30

Earlier quoted context omitted.

Rent most likely ~200, food ~100-200, misc ~100. You can get by with 300-500/month in eastern Europe, but you will have to monitor your expenses really closely. 300 if you live with friends/parents, cook at home and don't really do much else other than eat, sleep and work. Get a decent apartment, have some fun in your free time and 1000 does turn into a "barely getting by"-wage. 1.5k-2k is comfortable wage, but media…

How much for a decent high-speed Internet connection?

In Romania? $5 for 1Gbps, I'd wager. That is really not the problem there.

Re: Creative Tim: Growing a side project into a $17k/month business

#53

Post by csallen »

20years wrote: post #46
limelight wrote: post #36

I really love these IndieHackers interviews but surprisingly find them somewhat demotivating. Even the more successful interviewees make less revenue per month than I can make through straight consulting. And they're the success stories—most people (including myself) make far less per month from their products. How do people keep motivated to work on side projects when consulting is so much more profitable?

Don't get me wrong, I think IndieHackers is cool and enjoy reading these stories but I also think people who are running very profitable SaaS businesses may be hesitant on doing an IndieHackers interview. We don't think of our projects as "side projects" and don't really want to be grouped in as an Indie Hacker.

Interesting, I haven't spoken to anyone from a bigger company who's given me this feedback before. Usually if they decline to be interviewed, it's because they're not comfortable sharing their revenue. I've had a lot more success getting interviews for people in this category for my upcoming podcast, where I don't require revenue to be shared. Hopefully their interviews will help make it clear that the Indie Hackers label isn't only for side projects.

(The tagline on the homepage does say "profitable businesses and side projects, after all.)

By the way, I'm not sure what company you're from, but if you're interested in appearing, feel free to get in touch :D

Re: Creative Tim: Growing a side project into a $17k/month business

#55

Post by ffumarola »

merpnderp wrote: post #38
limelight wrote: post #36

I really love these IndieHackers interviews but surprisingly find them somewhat demotivating. Even the more successful interviewees make less revenue per month than I can make through straight consulting. And they're the success stories—most people (including myself) make far less per month from their products. How do people keep motivated to work on side projects when consulting is so much more profitable?

If you can make more than $17k/month from straight consulting, I would like to subscribe to your newsletter please.

At a modest $200/hr, that's 85 hours. It definitely can be hard to line up that much work month after month, but I've had a few months in a row where I achieved that level of consulting revenue.

The key is to keep raising your rates.

Re: Creative Tim: Growing a side project into a $17k/month business

#56

Post by callmeed »

morgante wrote: post #43
callmeed wrote: post #42

Earlier quoted context omitted.

Because the common perception is that a software product has a marginal cost of near zero and can scale, whereas consulting limits you to your billable hours and requires constantly chasing down new clients. You may debate the merits of that argument and it doesn't take into account product maintenance and support–but I think there is some validity to it. Also, some SaaS/product success stories take the path of CONSU…

> You may debate the merits of that argument and it doesn't take into account product maintenance and support–but I think there is some validity to it. That's very true, but I'd also speculate that the vast majority of software products never pay back the flat cost of development. IndieHackers is a compendium of founders who were successful enough to be worth interviewing, and even the vast majority of them make less…

All fair points. Although IMO saying "the vast majority of software products never pay back the flat cost of development" is unfair. Remember, these are "side" projects usually being built as a personal scratch-your-own-itch, learning exercise, or hobby. An exact opportunity cost equation doesn't always work.

Different people are motivated by different things I suppose.

Re: Creative Tim: Growing a side project into a $17k/month business

#57

Post by pryelluw »

limelight wrote: post #36

I really love these IndieHackers interviews but surprisingly find them somewhat demotivating. Even the more successful interviewees make less revenue per month than I can make through straight consulting. And they're the success stories—most people (including myself) make far less per month from their products. How do people keep motivated to work on side projects when consulting is so much more profitable?

You, not others. Im happy your business is profitable. Bit others dont have the same options. We just play the hand we were given. :)

Re: Creative Tim: Growing a side project into a $17k/month business

#58

Post by GoToRO »

webmaven wrote: post #39
emerongi wrote: post #30

Earlier quoted context omitted.

Rent most likely ~200, food ~100-200, misc ~100. You can get by with 300-500/month in eastern Europe, but you will have to monitor your expenses really closely. 300 if you live with friends/parents, cook at home and don't really do much else other than eat, sleep and work. Get a decent apartment, have some fun in your free time and 1000 does turn into a "barely getting by"-wage. 1.5k-2k is comfortable wage, but media…

How much for a decent high-speed Internet connection?

9$. VAT, 24%, included.

Re: Creative Tim: Growing a side project into a $17k/month business

#59

Post by proee »

limelight wrote: post #36

I really love these IndieHackers interviews but surprisingly find them somewhat demotivating. Even the more successful interviewees make less revenue per month than I can make through straight consulting. And they're the success stories—most people (including myself) make far less per month from their products. How do people keep motivated to work on side projects when consulting is so much more profitable?

You need to consider the fact that Tim is creating a real asset that has a market valuation based on a multiplier of revenue and/or profits.

In the business I created with my cofounder, we never made that much on a monthly basis, but when we finally sold the company, we did very well.

So to motivate yourself, just ask yourself how much would you like your business to be worth if you ever decide to sell it?

Re: Creative Tim: Growing a side project into a $17k/month business

#60

Post by beambot »

jxm262 wrote: post #51
senko wrote: post #47

Earlier quoted context omitted.

They're (at least somewhat) passive income, while your consulting work is not. Once up and running, these projects typically require far less time and effort to maintain, and majority of time is spent in improvements so the revenue grows in the future. Or the owner can just sit back, relax, and enjoy the Four Hour Work Week [tm]. As a contrast, consulting gig is good money while you're working. When you stop (vacatio…

Thanks for mentioning. This is something I needed to be reminded of myself. As part of my new year's resolution, I want to get serious about building a product from one of my seemingly endless ideas that I never execute on. I often give up part way through when I notice that my consulting pays exponentially more, but neglected to consider the passive side of the equation

If your goal is truly to build a business rather than just "side project for its own sake", then you might be trying to launch with too many features.

Best advice I've ever seen on this topic: https://news.ycombinator.com/item?id=13213871

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