Indie Bites Bootstrapping EmailOctopus to $3m+ ARR - Jonathan Bull & Tom Evans
Nov 8, 2023
Jonathan Bull and Tom Evans from EmailOctopus, a bootstrapped email platform, share their journey to over $3m ARR. They discuss losing 99% of their users, competing on price in a crowded market, and their commitment to staying bootstrapped. They also explore their decision to launch for free, improving customer service, differentiating their product, and the urge to build and tinker as developers.
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Free Launch Then Sudden Churn
- Jonathan launched EmailOctopus as a completely free product to attract users quickly.
- When they started charging, they lost about 99% of users overnight but kept enough to validate the business.
Low-Risk Hire With Revenue Share
- Tom joined initially as a low-paid contractor with revenue-based pay.
- He was paid a small flat fee and a share of revenue, which reduced hiring risk.
Turn Support Into Product Feedback
- Prioritize customer support early to convert feedback into product improvements.
- Tom implemented a support process and used incoming emails to inform development and drive revenue.