Why My Startups Have Open Metrics
More and more startups are finally sharing their revenue stats. Startups like Buffer and Ghost paved the way to this, and thanks to Baremetrics, we are able to dive into the real numbers of some of the best startups out there. Of course, Latka’s SaaS database is also headed in this direction.
I, too, embrace transparency and openness by sharing stats with everyone for each startup I run. In particular, I share:
- Revenue Metrics
- App Metrics
All of the stats are updated in real-time.
If you are curious, you can find links to the different open pages here.
I do this for different reasons:
1 - To inspire other makers
This is my way of giving back, in a way, and letting people know that it’s possible to build something and make it profitable. By no means do I consider my startups to be successful. One startup, for example, is only generating $60 in profit. Despite this, I share the stats. It’s a way for me to inspire other makers, and to show them that it’s a journey--one that often starts from nothing.
2 - To remind people that hard work is required
This is another reason why I also share expenses, and am potentially thinking about sharing time stats (i.e. How many hours I work on the project). It's important that people understand that you have to put in the work in order to make something successful. Money is only one outcome of hard work.
3 - To treat my customers like my real investors
If you know me, then you know that I don’t take outside investments for my startups. I consider my customers to be my real investors, because they are funding me and my work with their subscriptions.
I prefer that my customers know where their money goes, which is towards:
- Expenses, to keep the startup running
- Time, which I put into making the product better
- My lifestyle and goals
Also, because I have a public roadmap for each startup, customers can see exactly what I’m working on at any point in time. They can also request features that contribute to improving the product, making customers an active part of the process.
Because I’m a solo founder and because I do everything myself, I can usually ship a new feature or request within 10 minutes, if needed. This keeps customers happy and, in turn, allows them to get back to using the app.
About the author: Mike Rubini is a smart entrepreneur, maker, and a great jazz musician. He runs a portfolio of software companies which he completely bootstrapped. Additionally, Mike runs multiple digital marketing brands that focus on helping businesses in different niche markets. He is currently managing and helping more than 100,000 people on different channels for clients. http://rubini.solutions