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Show HN: Side project passed $2.5k/mo revenue after 2 years (Phoenix and Vue)

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Show HN: Side project passed $2.5k/mo revenue after 2 years (Phoenix and Vue)

#1
Several years ago, I had a client whose salespeople were using Excel to generate sales proposals. This was inefficient and the resulting documents looked awful, so I developed a new process for them using a no-code platform. It featured a web form that was tied to a workflow engine, and a fancy PDF got emailed to the customer to sign.

When the client loved the solution, I knew I was on to something. However, the no-code platform wasn't very customizable, so I decided to rebuild the process as a SaaS product. The client's CTO wanted in and we became cofounders.

Today, we passed the $2,500/mo. threshold, and couldn't be more excited! (https://pricetable.io)

Things started slow. I wasn't a software developer by trade, so I was constantly "drinking from the fire hose." Also, my cofounder and I had disagreements regarding features, UX, sales strategy... you name it. We never fought, but initially there was a sense of disconnect.

Then one day, everything clicked. His company started to pilot our product, and after a few months became our first customer. Receiving feedback from real users was a breath of fresh air. It was also really eye-opening to see which assumptions we had made were slam dunks and which were hilariously wrong!

Things might have been easier had I picked a more mainstream stack like Rails/Django, but once I got up to speed with Elixir and Vue, development became a Zen-like experience. Both communities are very welcoming and immensely helpful. HN has also been an extraordinary source of inspiration; reading success stories always makes me launch my code editor! Similarly, hearing from companies that didn't make it helps us keep our expectations realistic.

Now we shift focus to finding new clients. We have a very solid success story and metrics to back it up. However, both my partner and I still have day jobs we need the income from, and the product requires a fairly high-touch sales approach. Any advice would be appreciated. :)

Re: Show HN: Side project passed $2.5k/mo revenue after 2 years (Phoenix and Vue)

#2
It sounds like a good time to raise a bit of money. Don't go crazy, but try to get enough of an investment that one or both of you can start working full time on the company. Or, if neither of you are comfortable with sales, try to bring on a third person who is. Congrats and good luck!!

Re: Show HN: Side project passed $2.5k/mo revenue after 2 years (Phoenix and Vue)

#4
post #2

It sounds like a good time to raise a bit of money. Don't go crazy, but try to get enough of an investment that one or both of you can start working full time on the company. Or, if neither of you are comfortable with sales, try to bring on a third person who is. Congrats and good luck!!

Yeh try TinySeed - the help is likely more valuable than the money, which in itself likely helps a great deal.

Re: Show HN: Side project passed $2.5k/mo revenue after 2 years (Phoenix and Vue)

#5
post #2

It sounds like a good time to raise a bit of money. Don't go crazy, but try to get enough of an investment that one or both of you can start working full time on the company. Or, if neither of you are comfortable with sales, try to bring on a third person who is. Congrats and good luck!!

[deleted]

Re: Show HN: Side project passed $2.5k/mo revenue after 2 years (Phoenix and Vue)

#6
Contrary to another commenter here, I would suggest learning a bit about selling to businesses before (or even instead of) looking to raise money.

Go on YouTube and watch some MicroConf videos. Most of the most popular videos are exactly this theme.

Re: Show HN: Side project passed $2.5k/mo revenue after 2 years (Phoenix and Vue)

#7
post #3

May I ask how did you get the consulting gig in the first place?

Hey! So the consulting gig is my day job. I’ve been working with no-code platforms for more than a decade, and this client was for one of the projects assigned to me. I’m grateful because consulting is a really good way to look for new ideas in the marketplace since you’re always interfacing with customers and talking about their issues, sometimes in great detail. PriceTable was born out of one such project.

Re: Show HN: Side project passed $2.5k/mo revenue after 2 years (Phoenix and Vue)

#8
post #2

It sounds like a good time to raise a bit of money. Don't go crazy, but try to get enough of an investment that one or both of you can start working full time on the company. Or, if neither of you are comfortable with sales, try to bring on a third person who is. Congrats and good luck!!

Thank you! Interestingly enough, our first customer also offered to invest in us six months ago. We punted at first, but a few weeks ago they brought it up again unprompted, so I think they are serious. I’m just hesitant because I’m not sure how it would work to have a customer also be a shareholder. What are your thoughts?

Re: Show HN: Side project passed $2.5k/mo revenue after 2 years (Phoenix and Vue)

#9

Contrary to another commenter here, I would suggest learning a bit about selling to businesses before (or even instead of) looking to raise money. Go on YouTube and watch some MicroConf videos. Most of the most popular videos are exactly this theme.

Thank you for the advice. I will check those out!

For me, the challenge isn't really lack of knowledge of B2B sales (I do a fair bit of it in my day job) but rather lack of time. Prospecting and qualifying leads tends to be very time-consuming, and neither of us can dedicate ourselves to it since we both have day jobs. But I think you're right that our focus should be to expand our client base a bit more before looking to raise money.

Re: Show HN: Side project passed $2.5k/mo revenue after 2 years (Phoenix and Vue)

#10
post #2

It sounds like a good time to raise a bit of money. Don't go crazy, but try to get enough of an investment that one or both of you can start working full time on the company. Or, if neither of you are comfortable with sales, try to bring on a third person who is. Congrats and good luck!!

Thank you! Interestingly enough, our first customer also offered to invest in us six months ago. We punted at first, but a few weeks ago they brought it up again unprompted, so I think they are serious. I’m just hesitant because I’m not sure how it would work to have a customer also be a shareholder. What are your thoughts?

I'd be wary of going with a customer/inventor, you might end up building a solution too tailored for them that you can't resell easily; and there are conflicts of interest for them.

Given the growth you're having organically on just two people and not that much time, I'd try to keep on your own a little bit more rather than searching for investors. That will take time, and hiring more people will also take even more time. Maybe it's worth it to put that time into getting new clients, knowing the market (i.e., what's your upper limit, what companies you can't reach, etc) and maybe growing revenue so when you do take investors and hire more people you're closer to breaking even.

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