Things I’m thinking of doing differently from now on
I started to see that my time spent on operation tasks has started to take up quite a lot. And I have less time for innovating.
“Operation tasks” include checking emails, answering questions, fixing bugs, implementing “boring but necessary” features, etc.
I like to do “innovative tasks”, like writing new content (tweets, this newsletter), building new exciting features, and experimenting with other aspects of the products.
Operation tasks are necessary for a functioning business. But it’s the innovative tasks that make the business different and give it the edge to compete in the market.
I also think I’m somewhat good at innovative tasks, and I’m more productive when doing them.
In the previous newsletter issue
, I shared that I started working with a freelancer. Things are working out quite well! I’ll start to onboard them to work on some parts of Black Magic.
My mindset has started to shift around hiring:
- I’m no longer trying as hard to avoid hiring, but I’ll do it very slowly and carefully.
- The goal is to enable me to have more innovating time and less operating time.
Automate everything that can possibly be automated.
Reinvesting the revenue
As I shared on Twitter
, I’m a cheap ass, and I never reinvest any of the revenue I have got so far 😂
Well, at least I pay for servers and domains and other costs of the absolute essentials things to run the products 😬
But other than that, I didn’t reinvest much.
This is the first time I have built and run a business, the first time seeing it gain paying customers and reach profitability, and the first time having a business bank account with real $$$ in it.
So I just want to save it for a rainy day. Who knows 😂
I guess I still have that imposter feeling, and one day all of this will disappear.
But now, since I have reached $100K ARR, I feel more confident.
Even if all of my products go to zero, which is unlikely, I will still have enough to survive for a loooong time. That feels great 💪
So, a few other things have changed in my mindset:
- I’ll start to reinvest more, gradually.
- After I reach $10K MRR, I’ll reinvest all the exceeding revenue back into the product, like hiring, buying tools, marketing, etc. Hopefully, I’ll make good decisions on the investments. 😂