Do you feel like you’re making slow progress, grinding it out through trial and error? So did Nathan Barry who, as a solo founder, took ConvertKit from near failure to $1M in revenue in three years.
In this week’s edition, we’ll share exactly how he did it and give you a few strategies you can use as well to help you start generating revenue with your online business with no budget and no existing audience.
Nathan Barry, a designer and blogger, found that existing email marketing tools didn’t meet the needs of creators like him.
He envisioned a platform that would simplify email marketing for creators, allowing them to focus on their content rather than the detailed ins and outs of email campaigns.
He created a barebones MVP to solve this problem, which would later become ConvertKit.
After a year, ConvertKit was earning only $1,000 a month. Nathan invested $50,000 of his own money and was close to giving up.
The initial product didn’t resonate as expected, and growth was painfully slow. Nathan faced a tough choice: continue to invest time and resources into a struggling venture or cut his losses.
Determined to make it work, Nathan doubled down.
He reached out to potential customers directly, and improved ConvertKit’s features based on user feedback, eventually transforming it into a tool creators loved.
Sharing updates openly every step of the way, he began building trust in the community around him.
By partnering with influential bloggers and creating valuable content about email marketing, ConvertKit’s growth started to make greater gains.
Nathan leveraged his existing network and built new relationships with influential creators. These partnerships helped spread the word about ConvertKit, lending it credibility and attracting new users.
He also wrote detailed blog posts and guides on email marketing that drew in a broader audience, establishing ConvertKit as an authority in the space.
Nathan’s transparency and educational content not only drove traffic but also converted readers into loyal customers. By focusing on providing value, ConvertKit built a strong, engaged community around its product.
ConvertKit reached $1 million in annual recurring revenue within three years by focusing on building relationships with creators, further developing the product based on feedback, and creating valuable content to help his audience improve their email campaigns.
Today, ConvertKit earns over $36M in annual recurring revenue. Proving that just because a project is bootstrapped, that doesn’t mean it’s going to stay a side-project forever.
We’ve taken a look at how Nathan Barry bootstrapped his business. Now, let’s summarize exactly what led him to success, and how you can start doing the same thing today:
Solve a Specific Problem: Address problems you understand deeply, and continue to further your understanding by talking to the market and answering their questions.
Persevere Through Slow Growth: Early struggles are normal, the greatest companies out there have been through the same thing. Keep developing the product and have faith.
Listen to Feedback: Direct user feedback is the most valuable asset you have early on. This will guide you to create a product your market truly loves. Furthermore, transparency into the roadmap, challenges, and vision builds loyalty among your customers and viewers.
Leverage Your Network: Relationships with content creators, other solutions who deal with your target audience, and more have yielded great results for Nathan. Keep expanding your network and look for ways to collaborate with others.
Content is Key: Consistent content marketing establishes authority, helps you understand your market and their questions and challenges, and helps attract and convert new customers. This is a strategy that works universally, and since it takes some time, it’s better to start sooner rather than later.
Celebrate Wins: Clear goals keep you focused and on the right track, and celebrating the small wins helps keep you motivated and aware of the progress you’re making.
Thank you for reading this week’s edition of the Early Stage Founders Newsletter!
As you go forward, think about ways you can start creating authority in your target audience and collaborate with others in the same space.
It worked for Nathan and many, many more - it can work for you too.
Until next time,
Avery
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