Website Performance - Monthly Updates

Hi,

In the interest of transparency, this thread is to share information with the community on the monthly website performance.

Would be happy to answer any questions you may have!

Since this is the first post, sharing data from launch till January 31, 2020. Going forward will share monthly updates.

How many people use this site?
From 669 unique users in the first month (July 2018), we have now reached 1,973 users for January 2020 with the total number of users over this period being 18,450. Steady growth has been seen since July 2019, when the first set of advanced templates was launched.

Who are these users and where are they located?:
60% of users are in the 25-34 years age bracket. Male:Female split is 74%:26%.


All major cities in India are represented in the top 10. This mostly matches the top 10 cities in India by population, however Coimbatore is a surprise inclusion! 41st in population but makes it in the top 10 here. A big thank you to our users from there! Please say hi on this thread.

How do users hear about the site?

Unfortunately over 60% of the traffic has been coming from paid ads on google. This is a very expensive channel as each ad click costs between 5-10 rupees and at the moment there isn’t enough revenue being generated to service that cost apart from others.

Sales:

We started paid plans only in September 2019. Initial growth was decent but it has since dropped off. The cumulative revenue generated so far over the last 5 months is Rs. 17,600 which averages works out to ~ Rs. 3,500 per month.

Costs:
Monthly costs include the following:
Paid Ads on google: Currently Rs. 250 a day = Rs. 7,500 per month
Server Costs: Currently using a server costing $5 a month, however will need to soon move to a $10 server to handle growing traffic.
Total Cash costs: ~Rs. 8,200 per month.

Over the past 18 months, total spend on google Adwords is Rs. 78,200 :

Server costs for the last 18 months is another Rs. 6,300. (5$ a month converted at Rs. 70 for 18 months.)

So in cash terms, so far this project is currently in a deficit of Rs. 84,500 - Rs. 17,600 = Rs. 66,900 or ~Rs. 3,700 a month.

Of course, there are also non-cash costs associated with keeping the site running (basically my time) :
Support:
On average I spend 1 hour a day answering questions about the product and how to use it and debugging of errors. A lot of the questions are common, so one of the aims of this site is to help users find answers on their own or have more experienced users help them.

Feature development:
When it launched this site was only able to convert basic entries. Over the last 9 months we have added support for advanced templates - you can see all the available templates here.

This includes support for the following:

  • Entries with Cost Centers
  • Entries with Inventory
  • Bill Wise Receipts and Payments
  • Entries with Foreign Currency
  • Bulk Ledger Creation
  • Bulk Stock Item Creation

Over the course of the last 18 months, I estimate I would have spent about 200 hours on bringing the site up to it’s present state.

My goal is to have this site to be self sustaining. It doesn’t need to be a big business, but just has to cover it’s costs and earn a reasonable profit to justify it’s continued existence. Based on a recent survey done of the paid users, one option is to reduce the free limits for basic template users (currently at 500 rows). If anyone has any other ideas, please let me know!

Thanks for reading so far. Happy to answer any other questions you may have.