The Pain of Not Getting Ahead of YourselfPosted: June 26, 2010
It’s been a tough and trying four to six weeks around here. We’ve got a new developer who’s getting himself set-up and our beta continues to sit on hold as our contract development company is overloaded working on other projects right now (which is good, because the bank account is not bursting at any seams). I’ve been working on a dozen different things, but none of them have moved along easily. Everything seems inter-dependent and incremental.
I’ like to start experimenting with some new ad campaigns, but without some new features, and limited cash on hand, it’s better to wait until we can convert users and hopefully see some income from them. I could work on the design for the next product, but that’s far enough away that it will be a waste of time. I could try and track down funding, but I’ve been avoiding this for a while waiting to have some traction (I want to make sure we’re on a close enough path to not waste other people’s money). Realistically, we have enough traction and happy beta customers that I just need to get on this now. I could look into benefits for employee(s), but we can’t afford them yet anyways. I could look at office space, but we’re not getting space for at least 6-10 months. This list goes on and on.
Everything seems to be ‘hurry up and wait’ right now. When it starts to happen, I’m going to be incredibly busy. For now, I have to let things roll more slowly. My bookkeeping is up to date and impeccably clean. There has only been five support requests in the first 100 days (2 forgotten passwords, one password issue when we first launched and two poorly messaged, but properly functioning parts of the invoice, both kind of edge cases). All have been taken care of.
The keystone to everything right now is getting Recurly hooked up so we can start charging for the service. Along with this comes a few added features that I think are integral to Molloy, but we need to get this done very soon. Of course, this relies on my finishing and submitting the Beanstream application for merchant accounts and a payment gateway. I should have this completed and faxed by Tuesday evening. It would have been done already, but I’ve had some creative avoidance and will be out of town for a couple of days.
Managing our cash flow, keeping an eye on our ‘runway’ is still the biggest challenge. While there are plenty of ways for a small company to spend money, I’ve been really careful not to spend on the frivolous so far. No office space, pay as you go mobile, eating some costs personally, etc are all part of the game right now. Once we start charging for the service and start seeing some income, the game will stay mostly the same. Financially responsible with a long term view of what is required and not spending on anything we’ll regret later.
In other words, the continued pain of not getting ahead of ourselves.
Thanks for stopping by,