This is the second open update for InvoiceRecover. I'll be posting these updates every 2 weeks with my progress in building and selling this SaaS product.

Intro

Consistency is hard.

Twelve weeks have passed since my first update. Yes, I set out to do these updates every two weeks. So, what's the excuse?

I'm sure I could make one. Family; I have a wife and three kids. Or work; I have a full-time job at a startup. Or travel; I went to Jackson, Denver, Los Angeles, and the USVI since my last update. Or maybe it's just ski season? ⛷️ Honestly, there are endless excuses.

The reality is that the most challenging part about starting something new is being consistent.

It sounds simple. Show up every day and do the work. But, the work is hard. The work can feel endless. The work can be tedious and frustrating and is filled with doubts.

But showing up and doing the work is the only thing that builds momentum. And momentum is the only thing that matters when you're trying to build a new software business.

Luckily, despite the lack of updates, I have made some progress that I'm excited to share.

Product

I'm 99% done with an MVP!

Even better, I'm incredibly excited about it.

I simplified the initial feature set, focusing on automated debt collections via email. I also changed to a one-time pricing model of $29 per invoice. 

These changes led to a breakthrough in the main workflow, getting an invoice added and starting recovery. Here are a few screenshots:

Dashboard
Get Started and Success Confirmation


What's next in the Product?

  • By the next update, I'll have launched my MVP. I'm hoping to have at least a few sign ups and maybe a paying customer🤞
  • I'll be adding recovery email event tracking. This will allow me to see when recovery emails are opened, clicked, marked as spam, etc.
  • I'll be adding automated SMS and phone calls. This will add significant value to the product expanding it from just email and making it a multi-channel recovery.

Marketing

I launched a new website using Webflow. You're actually on it now.

The website was built using Webflow (I love Webflow). This website is a significant upgrade from the landing page I had before and will set me up to scale indefinitely.

The website includes a new blog, and I published two blog posts:

The blog will be a big part of my long growth strategy using content marketing and SEO. I'll be seeding the blog myself but have also engaged a content marketing agency, Scribly, to accelerate my efforts. They are just getting started, so more to come on that in my next update.

I tried some cold sales outreach. I used Hunter to set up an email campaign targeting one niche customer segment. Ultimately, it was not a good response. Over two weeks, I sent a series of four emails to ten people and got zero replies. Not a big deal. I'll tweak it and try again with a new group.

What's next in Marketing?

  • Keyword research and accelerating content marketing
  • Iterate on cold sale and outreach to 10x the number of people contacted

Business

Not much has changed on the business side.

I launched a new Open Startup page as part of my website, and you're reading this update there. You can even sign up to receive these via email below.

Expenses are increasing as I ramp up 💸. For example, I set up the production application on Heroku, and it's currently estimating $150 per month. I'll also be adding Intercom for email, chat, and help center at $65 per month (discounted using their early-stage program). Finally, I added Webflow at $20 per month. 

I expect a few more expenses as I launch, and I'm ok with investing in InvoiceRecover at this rate. Still, I'll keep an eye on the P&L. For reference, I spent $3,388.56 over 13 months building Betterlance before selling it. I expect to spend 2-3 times that on InvoiceRecover.

What's next in Business?

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Get your overdue invoices paid.

“I got an invoice paid that was six months past due. I thought it was lost, but InvoiceRecover collected!”
Ben De Rienzo
Freelance Designer