We set new records for both income and expenses, resulting in only a small loss: Welcome to our Open Startup Report for January 2023.
Contents
January at Friendly in Numbers
- 💳 Software revenue: 14 295 CHF (+3%)
- 💵 Consulting revenue: 5 507 CHF (+16%)
- 💸 Costs: 20 127 CHF (+10%)
- 🧾 Loss: -325 CHF (–)
- 👩 Active customers: 89 (+6%)
- 💔 Churn Rate (lost customers): 3.6% (+29%)
- 👋 New trials: 14 (+180%)
- 🔎 Website visits: 3 465 (-15%)
These were the key developments in January:
Revenues: Recurring software revenue increased slightly, consulting revenue at record level
Our monthly recurring revenue from software subscriptions increased for the third time in a row. Compared to December, it increased by a pleasing +3% to CHF 14 295. This is the highest software revenue in our history and the first time we have exceeded the CHF 14 000 threshold:
Our consulting revenue rose to a new record high of CHF 5 507 after the previous record in December. This is +16% more than in the previous month. This included setups of enterprise instances of our software, consulting on marketing automation and web analytics and the creation of email templates and landing pages.
Our total income therefore amounted to CHF 19’802 – another record to date.
Costs: increased due to higher salaries
Unfortunately, our costs rose by +10% compared to the previous month to CHF 20 127. This is also a “record” for us.
The main reason is increased salaries. Our Lukas increased his workload from 20% to 30%. This was necessary as he takes on a large part of our consulting services and we had and still have many orders. As these activities generate direct revenue, the increase in his workload also makes direct economic sense. We also increased Joey’s salary slightly, thus reversing at least part of the salary reduction.
Another reason is the slight increase in marketing costs. This is because we are amortizing the costs of registering the Friendly brand in Switzerland over the next 24 months. The fees and legal costs for the registration amount to CHF 7 592 – divided over 24 months, this is an additional CHF 316 per month, which is a burden on our marketing budget.
Here are all our costs including salaries for January 2023 in detail:
Conclusion: not there yet, but heading in the right direction
After the second profitable month in our history in December 2022, this resulted in another (at least small) loss of CHF -325 for January 2023.
We have therefore still not reached our goal of long-term profitability. However, we are heading in the right direction and we are confident that we will achieve this goal this year.
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