Open Startup Report - June '22

Hey all, our growth from last month continued in June.

We had our first customer cancel through the new flow and seeing the cancellation reason is great insight and enabled us to start a conversation with them to find out more. We also started with cold outreach this month, targeting fitness coaches (1 person businesses with a WordPress website)

---

KPIs

Revenue Growth

22.01% (last 30 days)

Churn Rate

13.24% (May)

Burn Rate

Cash: £284.72

Monthly Expenses: £79.57

Burn Rate: 3.5 months

How you can help

We are struggling with cold outreach, the reply numbers aren't great for the fitness niche. Should we target a different niche? Maybe the copy is bad? Maybe this channel won't work for us?

Below are some hypotheses and ideas that I will try over the next month.

Cold email campaign stats (just 1.9% open rate)

• Try Webflow sites instead. WordPress businesses are too old (we need younger businesses more willing to change).

• Pick a different niche from our existing customers like Design Agencies. The fitness coach customers we have might not be an indication that the rest of the industry needs our product.

• Improve cold email copy. The copy was based on Nathan Barry's template but maybe it's not the best for our industry or it's missing something.