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I Created a $60K/Month App That Collects In-Person Payments Through Stripe

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Re: I Created a $60K/Month App That Collects In-Person Payments Through Stripe

#51

Post by rscherf »

scottmcf wrote: post #32
jliptzin wrote: post #29

Couldn't stripe just add this feature in their mobile app? Why haven't they done so?

That would be my concern for this business. It'll disappear instantly when they do (and it's got to be a when, right?) but he's getting good value for moving quickly. Or maybe they get acquired.

Why instantly? Is there not a market for more than one third party app with separate features? Does Stripe want to compete with Square, or are they focused on larger things? And if they do, I got nearly 5 years out of it, which is the longest job I’ve ever had, ironically.

Re: I Created a $60K/Month App That Collects In-Person Payments Through Stripe

#52

Post by rscherf »

ttraub wrote: post #23

He's getting 80% of the gross = 48,000/month. That's impressive income, half a million a year for what amounts to a good idea implemented at the right time. I love reading stories like this, and it demonstrates that there are still many opportunities out there. I don't understand some of these comments which seem to resent his success or belittle his company as "not a unicorn". That's good money, he works for himself…

Thank you! I’ll be first to admit it was perfect timing (which wasn’t planned at all). The freedom is what I was looking for; if nobody buys it, I’ll happy just keep running it. If Stripe launches the same features, I’ll figure out how to pivot. Or, build something completely new. Who knows what the future holds.

Re: I Created a $60K/Month App That Collects In-Person Payments Through Stripe

#53

Post by rscherf »

taneq wrote: post #44
filleokus wrote: post #9

Earlier quoted context omitted.

Well, isn't that advice also mostly given to founders aiming to create a potential ≈unicorn and not a lifestyle business like this? Don't get me wrong, what this guy has done is impressive. Growing a company while staying profitable all the way, and being able to support himself is great. I would switch places with him (ex post facto) in a heart beat. But still, this company will probably never be bought by anyone (b…

$60k/month is a hell of a “lifestyle”.

Agreed, but spent most of it on the business and buying out my partner in the first 4 years.

Re: I Created a $60K/Month App That Collects In-Person Payments Through Stripe

#54

Post by rscherf »

dimino wrote: post #19
dvt wrote: post #4

It's interesting how a common tenet of startups is "build products, not features" -- and yet here's a very clear example of a "feature" that can be very successful.

It seems like startup advice is based on the repeatable observations that people who've worked with a lot of startups have discovered. That means there are a bunch of situations that don't get covered because they don't come up a lot. When playing an odds game like startups, you want to do all the maximally viable things possible, but that doesn't mean other decisions aren't also viable, they're just not observed to…

I’m definitely not trying to peddle advice, I was just approached about my story. I think there are tons of micro niche things like this that can be built to earn a living (I have a list of 5 I’d build on top of just Stripe if I had the time). Large companies can’t do everything, and I think Stripe owns that. Not to mention, they still get all their same fees and don’t have to maintain the app.

Re: I Created a $60K/Month App That Collects In-Person Payments Through Stripe

#55

Post by buzzkillington »

taneq wrote: post #44
filleokus wrote: post #9

Earlier quoted context omitted.

Well, isn't that advice also mostly given to founders aiming to create a potential ≈unicorn and not a lifestyle business like this? Don't get me wrong, what this guy has done is impressive. Growing a company while staying profitable all the way, and being able to support himself is great. I would switch places with him (ex post facto) in a heart beat. But still, this company will probably never be bought by anyone (b…

$60k/month is a hell of a “lifestyle”.

You can get that sort of money as a developer if you're lucky and in the right place. I just finished a contract with an Evil Inc that was paying pretty close to that. From my personal sample getting a job that pays that well is a lot easier than getting a business to be successful enough to have that much profit.

Re: I Created a $60K/Month App That Collects In-Person Payments Through Stripe

#57

Post by rscherf »

hackermailman wrote: post #38
scottmcf wrote: post #32

Earlier quoted context omitted.

That would be my concern for this business. It'll disappear instantly when they do (and it's got to be a when, right?) but he's getting good value for moving quickly. Or maybe they get acquired.

When Stripe eats his lunch, he'll just find something else to simplify/solve they offer that's too complex, and probably still make money. They may even try and hire him as a product manager or something.

I guess it’s possible they’ll eat it, but they sort of already are. They get the benefits of my work on growth as they get their same fees and don’t have to dedicate anyone to an app.

Re: I Created a $60K/Month App That Collects In-Person Payments Through Stripe

#58

Post by SpicyPico »

rscherf wrote: post #52
ttraub wrote: post #23

He's getting 80% of the gross = 48,000/month. That's impressive income, half a million a year for what amounts to a good idea implemented at the right time. I love reading stories like this, and it demonstrates that there are still many opportunities out there. I don't understand some of these comments which seem to resent his success or belittle his company as "not a unicorn". That's good money, he works for himself…

Thank you! I’ll be first to admit it was perfect timing (which wasn’t planned at all). The freedom is what I was looking for; if nobody buys it, I’ll happy just keep running it. If Stripe launches the same features, I’ll figure out how to pivot. Or, build something completely new. Who knows what the future holds.

I foresee a potential scenario where Stripe hires you if they deem what you have created, and more importantly the person behind its creation, is worth integrating. I would be surprised if you do not see formal contact from them (if you haven't already)!

Great work.

Re: I Created a $60K/Month App That Collects In-Person Payments Through Stripe

#60

Post by rscherf »

SpicyPico wrote: post #58
rscherf wrote: post #52

Earlier quoted context omitted.

Thank you! I’ll be first to admit it was perfect timing (which wasn’t planned at all). The freedom is what I was looking for; if nobody buys it, I’ll happy just keep running it. If Stripe launches the same features, I’ll figure out how to pivot. Or, build something completely new. Who knows what the future holds.

I foresee a potential scenario where Stripe hires you if they deem what you have created, and more importantly the person behind its creation, is worth integrating. I would be surprised if you do not see formal contact from them (if you haven't already)! Great work.

Thanks! I work closely with several people at Stripe already across many different teams, so not really holding out hope for anything. Very happy and content with where I’m at.
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