$1M in annual revenue, B2B sales, SOC 2, resellers, grow team, and other updates in November 2024.
The article "Nov 2024: My first million!" from Tony Dinh’s newsletter shares his journey to reaching $1 million in revenue in the past 12 months with TypingMind. Tony, an indie developer, launched TypingMind in March 2023, and after 20 months, he has hit this major milestone.
Key points from the article
1. The journey to $1M revenue
- TypingMind was launched in March 2023 and generated $22,000 in its first 7 days.
- After 20 months, the product reached $1M in total revenue.
2. Shifting to recurring revenue
- Initially, TypingMind was sold as a one-time purchase.
- Over the past year, Tony has focused on converting customers to the Team version, which provides recurring revenue.
- Currently, one-time purchases still make up around 50% of monthly revenue.
3. Learning about B2B sales
- Tony engaged in multiple video calls, navigating longer sales cycles and securing large contracts.
- Some deals include 3,000-user licenses and multiple 1,000-user contracts.
- He realized the importance of relationship-building in enterprise sales and is considering hiring a sales professional or partnering with an experienced sales team.
4. Partnering with resellers
- To expand into more companies, Tony partnered with resellers who buy licenses at a discount and sell them to their clients.
5. SOC 2 certification
- To meet the security and compliance requirements of large enterprises, Tony is undergoing the SOC 2 certification process.
6. Expanding the team
- Tony has hired more team members to handle customer support, product development, and sales, ensuring the company can scale effectively.
Conclusion
Tony Dinh’s journey to $1M in revenue with TypingMind highlights the power of recurring revenue, B2B sales, reseller partnerships, security compliance, and team expansion. His story is a great example of how a solo indie developer can scale a SaaS business to enterprise-level success. 🚀
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