Competing With Players Like Calendly, That Too Bootstrapped! [Update]
This is a follow up story for SoPlan . If you're interested in reading how they got started, published over 3 years ago, check it out here.
Hello again! Remind us who you are and what business you started.
Hi there!
Allow me to reintroduce myself. I'm Mike Lameree, the Founder of SoPlan, which happens to be the easiest appointment-scheduling tool available in Europe.
We have some exciting updates to share with you since our first update.
Firstly, we made a strategic pivot from serving consumers to exclusively catering to businesses. This shift prompted us to reevaluate our approach from the ground up. As a result, we found ourselves facing new competitors and embarked on thorough research to determine how we could set ourselves apart.
Our primary focus is to establish ourselves as Europe's leading appointment scheduling tool, catering specifically to European users. This entails incorporating payment methods and currencies commonly used across Europe.
As a newly launched business, our revenue is still below 1k MRR (monthly recurring revenue). However, we are optimistic about our growth prospects and are dedicated to providing exceptional service to our valued customers.
Tell us about what you’ve been up to. Has the business been growing?
Our previous business model faced significant challenges and did not yield the desired success. Our revenue model relied heavily on assumptions that ultimately proved to be unsuccessful. Convincing consumers to pay for an app proved to be a daunting task, as it often requires a large user base or alternative sources of revenue such as ads or affiliate links.
Generating substantial profits from ads and affiliate links typically necessitates a user base in the millions. Bootstrapping without the support of venture capital funding can make this endeavor nearly impossible.
As a result, we decided to shift our focus to becoming a B2B appointment scheduling tool, directly competing with established players like Calendly and other similar tools. This transition required extensive product research and analyzing user complaints to identify areas where we could excel in comparison.
One striking observation was the lack of a comprehensive European appointment scheduling tool that caters to a wide range of professionals such as coaches, marketers, IT agencies, and more. Although specific tools exist for salons and other businesses, there was a gap in the market for a versatile solution.
Our primary goal became creating an improved user experience that minimizes the learning curve for new users. We also made it a point to tailor our services to European users and prioritize exceptional customer support, aiming to become the industry leader in this regard.
Due to the absence of VC funding, we are unable to allocate a budget for paid advertising. Consequently, our primary acquisition channel relies on cold outreach and forming partnerships with relevant associations. Embracing the Product Led Growth approach, we built our product from the ground up with a strong emphasis on its intrinsic value and user experience.
It's worth noting that our paid customer churn rate is currently quite low, indicating a positive trend. However, it is still too early to definitively determine if this rate will be representative of our future customers' behavior. We remain committed to closely monitoring our customer base and making informed decisions as we progress forward.
We take great pride in the user experience (UX) we have developed for booking meetings. In our opinion, it surpasses Calendly by providing a seamless and efficient process. One of our standout features is the ability for invitees to connect their calendars directly within the browser, allowing for an overlay of available options.
It's crucial to surround yourself with individuals and agencies that truly believe in your business, share your objectives, and are genuinely committed to helping you succeed.
This eliminates the need for invitees to tediously switch between time slots and their calendars, significantly reducing their effort and streamlining the booking process.
Unlike Calendly, where the invitee bears the burden of navigating through various time slots and their calendar separately, our approach simplifies the entire process. By integrating the invitee's calendar directly into the browser, we empower them to make informed decisions by viewing their availability in real time alongside the proposed meeting options.
We firmly believe that our innovative approach to UX sets us apart and delivers a superior booking experience for both organizers and invitees.
In addition to enhancing the booking experience, we have incorporated the capability to add files and attachments to appointments. This valuable feature sets us apart from Calendly, as it provides a convenient way for users to exchange relevant documents and information within the appointment scheduling process.
By allowing users to attach files directly to appointments, we empower them to share important materials, such as presentation slides, contracts, or any other relevant documentation. This functionality streamlines communication and ensures that all necessary information is readily available to both parties involved in the appointment.
The ability to seamlessly integrate file attachments within our scheduling tool not only saves time but also enhances collaboration and productivity. It eliminates the need for additional communication channels or the hassle of sending files separately, making the appointment scheduling process more efficient and comprehensive.
We are committed to continuously improving our features and providing a robust and user-friendly platform that caters to the diverse needs of our customers.
As we prioritize serving European customers, we have gone above and beyond to accommodate their specific payment preferences. To ensure a seamless and inclusive experience, we have integrated over 40 different payment methods into our platform.
By offering such a wide range of payment options, we empower our European users to choose the method that best suits their needs and preferences. We understand that different countries and regions within Europe have their own preferred payment methods, and we aim to cater to this diversity.
Whether it's traditional methods like credit cards and bank transfers or newer digital payment solutions such as e-wallets or local payment providers, we have worked diligently to integrate a comprehensive selection of payment methods into our system.
This allows our European customers to transact conveniently and securely, using the payment option they are most comfortable with.
We believe that providing this extensive range of payment methods demonstrates our commitment to delivering a user-friendly and inclusive experience for our European user base.
What have been your biggest challenges in the last year?
In the past year, we made the difficult decision to discontinue our consumer-focused app and instead built an entirely new platform from the ground up. This shift meant entering a market already saturated with competitors, presenting us with the daunting task of finding ways to differentiate ourselves effectively.
However, our greatest challenge lies ahead: achieving product-market fit. We must determine if there is a substantial number of European users who recognize the value of optimizing their appointment scheduling processes and are willing to embrace our solution. Additionally, convincing existing European Calendly users to switch to our platform poses its own set of challenges.
To tackle these challenges, we have developed strategies to showcase the unique advantages and added value our platform offers. By emphasizing our superior user experience, the ability to overlay available options by connecting calendars in the browser, the convenience of file attachments, and the integration of over 40 payment methods, we aim to demonstrate why our platform stands out in the crowded market.
Our focus on European users and our commitment to exceptional customer support further differentiate us from our competitors. We will leverage cold acquisition methods and seek partnerships with relevant associations to reach our target audience effectively.
While the task ahead is formidable, we remain optimistic and dedicated to continuously improving our platform based on user feedback. By staying agile and responsive to the needs of our European users, we believe we can ultimately achieve the product-market fit we aspire to.
What have been your biggest lessons learned in the last year?
You raise an important point about the challenges of finding the right professionals to support your business. It is crucial to align their objectives with your own goals for success. While many individuals and agencies are offering their services, it's important to carefully evaluate their motivations and ensure they are truly aligned with your business objectives.
Some professionals may prioritize their financial gain by invoicing as much as possible, which may not necessarily be in line with your business's immediate needs. It is essential to consider the potential mismatch between their objectives and the goal of making your business thrive.
During times when you are seeking assistance, you may feel more vulnerable and inclined to accept external offers without thorough evaluation. However, it is precisely during these moments that making hasty decisions can lead to costly mistakes.
It is crucial to remember that ultimately, you are the driving force behind your business, and you must be mindful of aligning yourself with individuals who genuinely believe in your vision and are willing to support your business without solely focusing on monetary compensation. Finding people who share your objectives and are willing to contribute for free or in exchange for equity can create a more harmonious partnership where everyone is invested in the success of the business.
Additionally, when seeking external help, whether it's from marketing agencies, development teams, or sales professionals, it's important to be aware that their objectives may not perfectly align with your own.
Even a one-stop development shop that helped build your product might have different priorities and motivations. Conducting thorough research, seeking recommendations, and establishing clear expectations can help mitigate the risks associated with bringing external parties into your business.
Ultimately, it's crucial to surround yourself with individuals and agencies that truly believe in your business, share your objectives, and are genuinely committed to helping you succeed.
What’s in the plans for the upcoming year, and the next 5 years?
Our primary objective for the upcoming year is to establish a solid base of paying customers, enabling us to meet our financial obligations. We have made a deliberate decision to forgo seeking venture capital (VC) funding, as we aim to maintain our independence and freedom.
Achieving a monthly recurring revenue (MRR) of 20k would not only meet our expectations but also bring us great satisfaction.
Initially, I actively pursued various VC firms for investment. However, I have realized that I value my personal life and the ability to spend time with my family above meeting the targets and expectations imposed by external investors.
If it is possible to succeed without external funding, I strongly believe in pursuing that path. After all, is it truly necessary to build a unicorn company? According to my research, an income of 20k alone can provide a comfortable and luxurious lifestyle akin to royalty.
What’s the best thing you read in the last year?
Nothing. In retrospect, I realize the importance of familiarizing myself with failed start-up stories. While there is an abundance of literature celebrating successful ventures, there is a scarcity of information about the challenges and difficulties associated with starting a business from scratch.
It is crucial to expose ourselves to more accounts of failed start-ups to gain a realistic understanding of the immense difficulties involved in this journey. By acknowledging the struggles faced by others, we can better appreciate the level of determination, perseverance, and resilience required to navigate the entrepreneurial path.
Advice for other entrepreneurs who might be struggling to grow their business?
Be brutally honest with yourself. The truth is, success stories in the startup world are few and far between, with the majority of ventures failing. It's easy to hear people talk about their accomplishments and plans, but what they often fail to mention is that these achievements are only attainable if you have substantial financial resources.
Take, for instance, the concept of Product Led Growth. While it may seem like a fantastic strategy, it can backfire on you. Product Led Growth and other marketing tactics advocate for offering a free version of your product or making your app completely free.
Sure, this approach can attract a larger user base to your platform, but the reality is that free users don't contribute to covering your operational costs. There's only so much you can grow with free users before your financial resources run dry. Therefore, I strongly believe this advice can be misleading if you don't have significant venture capital funding. You'll either have to invest your own money or forgo the free version altogether and convince people to pay for your product right from the start.
Otherwise, you'll find yourself providing a top-notch application to users who simply aren't willing to pay for it, and let's face it, you're not Santa Claus.
Instead, focus your efforts on finding paying customers and concentrate on developing new features only if these customers are willing to pay for them. Far too often, I've dedicated my time and resources to accommodate free customers, only for them to abandon our product in favor of a competitor, leaving me with nothing to show for it.
Are you looking to hire for certain positions right now?
I'm a highly skilled technical professional, dedicated to delivering top-notch solutions. However, when it comes to sales and marketing, I recognize my limitations. That's why I'm actively seeking a talented individual to join our team on an equity-based arrangement who possesses the expertise to attract the coveted paying customers we desire.
By combining our strengths, we can achieve remarkable success in both product development and revenue generation.
Where can we go to learn more?
If you have any questions or comments, drop a comment below!
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