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  • What's your best or worst revenue story?

    Helen Chong
    2 replies

    Replies

    Alan Mwangi
    I was 21, on campus, and my friends and I had an e-commerce sock subscription business from our dorm room. In the early days, our subscription model was a bit hit-or-miss and we had several months with high churn rates. Because our entire accounting system was on Excel - which I couldn't make heads or tails of - we struggled to predict inventory accurately and manage our finances well (we had no idea WTH accrual was). We started losing big money on inventory so eventually, I invested in better e-commerce software and got a registered CPA to build us a reliable accounting process. This was unbelievably expensive for a dorm room sock-packing hub 😂 - but this one decision led to our business growing and getting acquired in less than 9 months. However, not every young founder can afford the $3,000+ a month price tag for a great CPA and robust e-commerce software (thanks Uncle Taz!) Knowing there's now an affordable tool for founders, that allows for customized revenue recognition scenarios and real-time, up-to-date financial reporting makes me excited to see this new crop of first-time founders strapped with jetpacks for their growth 🚀
    Helen Chong
    @alan_mwangi thanks for sharing! believe it or not i’ve been there and at 21 too! i’m pretty sure i’ve had PTSD to excel ever since 🤣