Random, but it seems that @DanCrenshawTX is a member of a group founded by Klaus Schwab, who is the architect of the "Great Reset" initiative. https://t.co/4FcAwqw7PQ

Let's talk about defining a price for one-time payment products.

When I saw that @gumroad supported Pay What You Want, I had no doubt that this would be the pricing strategy for CSS Scan.

I'd always recommend PWYW with a minimum price instead of a fixed pricing. Why? [...]

It turns out that some people just value your product more than others!

👉 With PWYW you're not only receiving the value that you expected but also donations for a good work.

Plus, with a minimum price, you'll at least earn the same amount you were supposed to if it was fixed.

💡 You only need 1 person paying more to already make it worth.

It's not easy, though. CSS Scan started at $1.99. It was selling like water, so I raised the price to $2.99, and after that, $3.99 - in about 3 days.

❗️ What I didn't expect was that 30% of people were paying more!

I realized that the price could still be higher by looking at the average of the sales prices. E.g., when it was $3.99, the average price of it was actually at $4.69!

I left it at $3.99 for 3 months. Based on the $4.69 average, 1 week ago I decided to raise it again to $4.99.

🧐 Now let's look at the data!

📈 Previous conversion rate: 6,5%
📉 Current conversion rate: 5,7%

It received 1403 views this month. Doing math:
(1403*6,5%)*3,99 = $363
(1403*5,7%)*4,99 = $399

🤔 So there's actually a growth in revenue
⬆️ $363 to $399
🎉 +$36 or +10% per month

Starting a startup is hard. This thread will contain some key advice I think are particularly noteworthy:

1. “If you’re not embarrassed by the first version of your product, you’ve launched too late.” - @paulg The first version of my product was not great, but hey, it worked.

2. Don't build in a vacuum. You should build your product out in the open for the world to see. You will gain valuable feedback from users if you build publicly, and provide insights which ensure you are building a product users truly want. cc @rrhoover @sama

3. As a young founder, a massive weakness is age and the lack of credibility. Developing partnerships, trying to acquire customers. etc have all taken so much longer. In fact, when I mentioned my age, a few investors just walked away. cc @Jason

4. Work on what makes you feel excited. Working on something that you don't believe in will cause you to make rash product decisions, resulting in loss of user loyalty. @fredwilson

5. Take care of yourself. While doing the occasional code sprint can be incredibly useful, working 24/7 and disregarding your health just to build a great product is not a wise choice.

A few things I've learned this year from building a small, profitable internet business from zero to $100k ARR in 8 months.

Ride the wave:

People often ask what we do for marketing, and I don't really have a good answer. You don't have to push your product as hard if you're building for a vocal community of passionate people within a growing market. They'll do most of your marketing for you.

Scratch your own itch:

If you don't experience the problem you've set out to solve, you’ll have a slight disconnect between what your problem actually is, who’s experiencing it, and how to reach them. I’ll probably never do another user test in my life.

Get specific:

The web hosting space may be crowded, but the web hosting space for Notion is not. I used to think a niche would limit the total size of my business, but If we capture 1% of all Notion users, we'd be making at least $720k/month—far beyond what's enough for me.

Use side projects as marketing:

Some of our record signup days came from one of my side projects. The only mention of it was a link to it in the footer of the page. Your side projects don't have to be clearly correlated in order to still correlate.