GrowthHackingIdea - From 0 to $7M/year (bootstrap)

In 2012 Patrick Campbell (not an engineer) founded the first company in his life, having 0 experience.

In 5 years he grew it to over $7 million in annual revenue without investment.

Here's his path:

1. In 2012, Patrick was tired of working for other people and quit.

2. He noticed that companies spend immense resources on product but when it came to pricing, they’d just guess.

3. He decided to solve the “we’re just guessing at pricing” problem alone, investing 18 hours/day by analyzing data and providing consulting.

4. Focused 100% on selling this service 1-on-1. Made $130k in 6 months. In 2 years - $500K/year.

5. While in the boardroom of a client preparing for an IPO he realized that this client wasn’t calculating their financial data correctly.

6. He decided to build a scalable software product that would collect financial data for SaaS companies by plugging into Stripe, and display key financial metrics (like MRR, LTV, churn, etc.).

7. Cut his salary to hire technical talent and create the product called ProfitWell.

8. He launched ProfitWell but realized that customers don't use and don't pay for analytics products that often. Bummer.

9. He decided to provide ProfitWell for free and use it as a lead generator for 2 other paid products starting at $1000/month + consulting.

10. Free detailed analytics by ProfitWell let them see when to approach a client by saying: "Hey you have a problem with this, we have a product that helps with that problem, do you want us to hook that up?"

Result: in 5 years they achieved $7M in annual recurring revenue.

Source: growandconvert.com


Cheers,
Charlie Patel ;)



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