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Open Startup Report - September '22

Matthew Reid
Matthew Reid
Hi all. We had our first negative growth month. Stripe released features that mirror our feature set exactly. A customer churned and explained that he could now do everything he wanted with Stripe alone. See later in the email for how we are going to fix this.

KPIs
Revenue Growth
-18.93% (last 30 days)
Churn Rate
23.3% (August)
Burn Rate
Cash: £776.49
Monthly Expenses: £84.42
Burn Rate: 9.1 months
How we're going to improve the numbers
Focus on the product. We need to build features that Stripe don’t offer and can’t copy. Luckily we get requests from customers for such features and here they are:
  • Proper gated content (a lightweight memberstack)
  • PayPal subscriptions (support paypal checkout from pricing tables)
  • PayPal subscription management (single place to manage subscriptions whether they were from paypal or stripe)
  • Paddle support
Right now we’re going to focus on the top 3 and get them out as soon as possible before focussing on marketing them again. This means marketing activity is paused for the moment until the new features are live.
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Matthew Reid
Matthew Reid @pricewell_io

The two founders were sitting in their office, discussing the company's revenue metrics. One founder said to the other, "I think we should publish our revenue metrics." The other founder replied, "I don't know, people might think we're making too much money."

PriceWell is an Open Startup. Metrics are published monthly.

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