A stone. A joke. Millions of dollars.
Gary Dahl once sold an ordinary stone โ literally. What started as pure fun turned into Pet Rocks, selling millions and earning millions.
Proof again: people donโt buy products.
They buy stories.
Story selling > product selling.
I got to $5,000 in monthly revenue, but it took me 3 years & a burnout
I started a business in 2021 as a naive 23-year-old with 0 experience
My family comes from a middle-class background, so I learned everything about running a business from other entrepreneurs & books
I've seen a lot of people achieve overnight success. For me, this was never the case.
In the country I live in, $1,000 MRR was sufficient to get to ramen profitability.
So I set that as my goal after quitting my job and continued to live off my savings
The primary goal of me wanting to start a business was to achieve financial freedom.
I didn't want to rely on a job that I didn't like just to make money
๐ ๐๐๐ข๐ฅ๐๐ ๐ข๐ง ๐ฆ๐ฒ ๐๐ข๐ซ๐ฌ๐ญ ๐ฒ๐๐๐ซ ๐ฐ๐ข๐ญ๐ก ๐ ๐๐ฎ๐ฌ๐ข๐ง๐๐ฌ๐ฌ๐๐ฌ
I got a cofounder who was a long-time friend of mine. In my first year as a founder, I was too excited.
I initially started a business that helped startups hire engineering graduates.
I made $300 for the first time in my life from this business after sending 40 cold emails. * This was the best feeling *
But I didn't continue on this business as it required me to rent a lot of my time to find engineering grads & startup recruiters
We pivoted and worked on building a community-based platform for software engineers, with the thinking that this would solve our distribution problem of getting devs hired at companies
To make things work, I blindly followed a lot of advice given out by "gurus" online, but that was a costly mistake
To be honest, a lot of advice on the internet was fluff. You can't apply advice directly to your business without understanding the context first
Eventually, the product failed miserably.
It was the end of 2021, my cofounder left as he felt exhausted & I had a severe burnout, which took me almost 2 months to recover
Now I was all alone. A depleting bank balance. But the will to become financially independent stayed strong
๐ ๐ง๐๐ฐ ๐๐๐๐
I was clear with my goals.
Reach $1,000 MRR as a solo founder.
Build a subscription-based product so that it's easier to maintain a steady cash flow
Sell a solution for a problem that I was familiar with
So in 2022, I fixed on the idea of building a software product that would charge a subscription fee every month to users
And I chose a problem I faced in my previous venture, which was that there wasn't a reliable and affordable tool to collect testimonials & display them on a business website
The tools that existed in the market were either too overpriced or too complicated to use, and offered no support
I launched Famewall to solve this exact problem
๐๐๐ฎ๐ง๐๐ก๐ข๐ง๐ & ๐ ๐๐ญ๐ญ๐ข๐ง๐ ๐ฆ๐ฒ ๐๐ข๐ซ๐ฌ๐ญ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐๐ซ
It took me 1 month to build the product. I was hell bent on getting my first customer.
I went after small businesses & creators as customers.
I didn't want to sound sales-y.
So I sent a DM via Twitter to potential customers, asking if they had faced the problem of testimonial collection, and only if they answered yes, I would share my tool and ask for their feedback
Finally got my first paying customer after 1 month
Strategies that helped me grow
In the beginning, X worked the best in terms of a marketing channel for me.
I'd share what I was building & interesting situations I encountered with my customers (For instance, I had an hour-long conversation with an 80-year-old entrepreneur who liked my tool a lot)
People found such stories interesting, and I finally got to $1,000 MRR
Ever since then, I tried a lot of strategies like writing cold emails (didn't work at all).
Ran Facebook Ads (didn't work either).
Influencer partnership (They mocked me and turned me down)
SEO & word of mouth were the best channels that worked.
Customers found the tool to be very affordable and recommended the tool to their friends.
In terms of SEO, I'd write articles on pain points faced by my potential users rather than going for keywords suggested by keyword research tools
For instance, I'd focus and write more on "how to collect testimonials" than "what is a testimonial". I didn't use any fancy AI tools.
I do customer support myself.
This stood out a lot from the competition that most of the testimonials you'd see on Famewall's landing page is customers liking the experience of the founder helping them out when they get stuck
๐ ๐ญ๐ฎ๐ซ๐ง๐๐ ๐ญ๐ก๐ข๐ฌ ๐ข๐ง๐ญ๐จ ๐ ๐ฅ๐ข๐๐๐ฌ๐ญ๐ฒ๐ฅ๐ ๐๐ฎ๐ฌ๐ข๐ง๐๐ฌ๐ฌ
This month, I hit $5000 MRR
The reason I didn't grow fast was that it was a conscious decision.
To be honest, I became a bit more philosophical.
I was making 3 times more money than what my first job ever paid.
I didn't want to keep chasing money for some pointless MRR milestone
So I took the time to enjoy the other things in life as well.
Got married & then in these 2 years I travelled to countries like the United States, UAE, Singapore, Vietnam & Thailand while building my business
I couldn't even believe that I got to experience all this.
I'm grateful to the customers of Famewall for this.
๐๐ก๐ ๐๐ข๐ ๐ ๐๐ฌ๐ญ ๐ฅ๐๐ฌ๐ฌ๐จ๐ง๐ฌ ๐ ๐ฅ๐๐๐ซ๐ง๐๐
1. ๐๐ฐ๐ด๐ต ๐ฐ๐ฏ๐ญ๐ช๐ฏ๐ฆ ๐ข๐ฅ๐ท๐ช๐ค๐ฆ ๐ธ๐ช๐ต๐ฉ๐ฐ๐ถ๐ต ๐ค๐ฐ๐ฏ๐ต๐ฆ๐น๐ต ๐ช๐ด ๐จ๐ข๐ณ๐ฃ๐ข๐จ๐ฆ.
Everyone wants to give you the "one weird trick" but won't tell you about their specific situation.
eg. increasing your prices will not work if it's a saturated space and competition already has the same features as you do at a lower price
2. ๐๐ข๐ญ๐ฌ๐ช๐ฏ๐จ ๐ต๐ฐ ๐ค๐ถ๐ด๐ต๐ฐ๐ฎ๐ฆ๐ณ๐ด > ๐ฆ๐ท๐ฆ๐ณ๐บ๐ต๐ฉ๐ช๐ฏ๐จ ๐ฆ๐ญ๐ด๏ฟฝ๏ฟฝ.
I wasted 1 full year building products nobody wanted because I was afraid to actually ask people what they needed.
3. ๐๐ฐ๐ฏ๐ด๐ช๐ด๐ต๐ฆ๐ฏ๐ค๐บ ๐ค๐ข๐ฏ ๐ฅ๐ฐ ๐ฎ๐ฐ๐ณ๐ฆ ๐ต๐ฉ๐ข๐ฏ ๐บ๐ฐ๐ถ ๐ต๐ฉ๐ช๐ฏ๐ฌ
When I used to work 16-hour days for weeks without taking weekends off, I burned out.
Since then, I worked 5-7 hours at most daily for 2.5 years, and that worked.
4. ๐ ๐ฐ๐ถ๐ณ ๐ง๐ช๐ณ๐ด๐ต ๐ช๐ฅ๐ฆ๐ข ๐ฎ๐ช๐จ๐ฉ๐ต ๐ฑ๐ณ๐ฐ๐ฃ๐ข๐ฃ๐ญ๐บ ๐ด๐ถ๐ค๐ฌ & ๐บ๐ฐ๐ถ ๐ค๐ฐ๐ถ๐ญ๐ฅ ๐ง๐ข๐ช๐ญ.
Several ideas of mine did in 2021.
6. ๐๐ฉ๐ฆ๐ฏ๐ฆ๐ท๐ฆ๐ณ ๐บ๐ฐ๐ถ ๐ญ๐ฆ๐ข๐ณ๐ฏ ๐ด๐ฐ๐ฎ๐ฆ๐ต๐ฉ๐ช๐ฏ๐จ ๐ฏ๐ฆ๐ธ, ๐ฆ๐น๐ฑ๐ฆ๐ณ๐ช๐ฎ๐ฆ๐ฏ๐ต ๐ข๐ฏ๐ฅ ๐ฎ๐ฆ๐ข๐ด๐ถ๐ณ๐ฆ ๐ต๐ฉ๐ฆ ๐ณ๐ฆ๐ด๐ถ๐ญ๐ต๐ด.
You'd never know if something would work great for your business until you test it yourself and measure the results.
But make sure that you test quickly or procrastination will kill it.
@wadhwa_pankaj Hiiyo,
Let's connect
I gets starry eyes, just in the name of thinking business ideas and what all sorts of opportunities this can get me.
So looking forward to discuss all sorts of startup idea.
Land every dream job, sounds impossible?
There are countless remote jobs available.
The following 27 websites provide remote employment with $ USD pay:
Ever had this happen?
You make a payment.
Money is deducted.
But the app shows โfailedโ.
Thatโs not random.
Itโs a real distributed systems problem โ and thereโs a reason retries + idempotency exist.
I broke it down step by step here ๐
https://t.co/KoXlyLX8BF
Since Hacktoberfest is in full-swing, @medusajs had organized its Hackathon
It took 2 sleepless nights to complete our project alongside @Manisha87672782
You can check it out here:
https://t.co/hSLpl8GGLA
And also many more interesting applications here:
https://t.co/Afh8Y1npV6
Last day of #APIFest;
It was fun to connect with the hardworking Team Leads who played a major role in API Fest and helped their Teammates round the clock!
Thanks, folks;
#PostmanStudent