Open Startup Report - March '23
Bubble is yet to burst 🫧
We reached our highest ever MRR this month thanks to new customers coming from the Bubble community. Sponsoring two newsletters, a hackathon and content creation also helped this month.
KPIs
Revenue Growth
-4.85% (last 30 days)
Churn Rate
23.3% (February)
Burn Rate
Cash: £1085.56
Monthly Expenses:
Hosting: £54.75 (got $2k credits from Google Cloud Startup Program so we’ll have $0 hosting costs for 14 months)
Twitter Blue: £9.60
Bubble: £24.34 (paid for a Bubble subscription again as we’re actively working on the plugin)
Burn Rate: 12 months
How we're going to improve the numbers
Our churn is >20% at the moment which indicates we still don’t have product-market fit. We’re getting closer as many of our new customers are coming from bubble and staying much longer.
I recently found an insight on offering yearly plans which involves finding the point at which customer churn rate levels off (if yours doesn’t then you’ve a different problem). At this point customers are onboarded and happy with the product. This is the optimal time to offer them an upgrade to the yearly plan. For us it’s around 6 months which means after customers have been with us for 6 months they’re unlikely to churn and offering them a yearly plan (with a discount baked in) will be valuable for both the customer and us. We plan to put this into action this month.
Other things we’re working on are more YouTube content, specifically tutorial videos on integrating Stripe with tools such as Bubble and Webflow.