I checked my bank account...

Hey, hey - it’s Mike! 😁

Last week, I checked my bank account and made a radical decision.

It turned out I had some spare budget left.

So I asked my dev:

The green light followed soon after:

6 weeks (!)

This means that I’ll invest/pay 10 times more than I normally do every month, building out my SaaS product Upvoty.

I agreed immediately.

Why?

If you’ve seen the previous vlog, I’m currently building a whole new Upvoty; internally, we call it Upvoty 2.0 (preview here).

Since we have to start from scratch, we literally have to rebuild the whole platform.

So, here’s the deal.

I already invested a significant amount each month, but if we stay on the same trajectory, we’d be finished somewhere in 2025.

My entrepreneurial brain says NO to this for 2 reasons:

1) I’m just too impatient for this (lol)
2) From a financial standpoint, it doesn’t make sense

Let me explain.

Even though Upvoty (1.0) is still growing, it does have a higher churn rate and a lower trial-to-paid conversion rate than a couple of months ago.

This is mainly because of stale development.

Rebuilding the software and adding some new features will definitely fix this.

So, my decision is based on this math:

Investment vs Outcome

More upfront investment means a quicker positive outcome.

In this case, it means we can go to market with a whole new (better) product (2.0) and get back to healthier trial-to-paid conversion rates and lower churn rates.

Meaning: WE’LL (SOONER) MAKE & SAVE MORE MONEY!

A no-brainer to me.

So, the lesson of this week.

Dare to invest.

Plant the seeds.

The crop WILL come.

Breakdown video: I’m breaking down how Hypefury converts more trial users to paid customers with their onboarding “hack.”

• Product: The topic of this video is measuring and tracking your numbers; I do this with a tool called Baremetrics.

• Podcast: A 23-year-old who made $2.4M (yes, with an M) with an AI startup. Listen here.

• Video: Nice morning routine by Sahil Bloom (brilliant entrepreneur).

• Tweet: Give your gf (or bf) a Calendly link (lol).

• LinkedIn: Get yourself a CEO when you’re working with a team.

I’ve created a new newsletter specifically dedicated to the SaaS Breakdowns (it’s live up here subscribe!) 🥳

That’s it for now 🙌

Until the next one!

Mike

PS: Get my Free SaaS Masterclass Course!