A month to celebrate: record revenue, record profit, record margin. Welcome to our Open Startup Report for November 2024.
Contents
November at Friendly in numbers
- 🤖 Software revenue: 21 915 CHF (+10%)
- 🧠 Consulting revenue: 14 427 CHF (+21%)
- 💰 Total revenue: 36 342 CHF (+14%)
- 💸 Costs: 28 309 CHF (+1%)
- 🧾 Profit: 8 033 CHF (+114%)
- 🍰 Profit margin: 22.1% (+87%)
- 👩 Active customers: 152 (+1%)
- 💔 Churn Rate (lost customers): 1.3% (+95%)
- 👋 New trials: 7 (-22%)
- 🔎 Website visits: 3 065 (-28%)
These were the key developments in November:
Revenues: Software revenue, consulting and ARR fantastic
November was a month to celebrate for us: our monthly recurring revenue (MRR) from software subscriptions rose by a full 10% to CHF 21 915.
This means that our ARR, the extrapolated annual recurring revenue, has exceeded a quarter of a million 🎉 and now stands at CHF 262 980! This is an important milestone for us, which we have finally earned with patient, diligent work.
Consulting revenue also achieved another strong result at CHF 14 427. We are proud of our Lukas, who has built up our consulting business and works with Joey and Peter to provide our customers with dedicated support.
This brought our total revenue in November to CHF 36 342, an increase of 14% on the previous month and the highest monthly revenue in our company’s history.
Costs: Moderate cost increases for salaries and hosting, savings in advertising
Our costs rose by a moderate 1% in November.
We recorded slightly higher costs for salaries, as our permanent freelancer Peter Boehlke once again carried out multiple customer projects for us. Our hosting costs also increased slightly.
On the other hand, we spent less on advertising in November as we made our targeting more efficient. Following the major public events in October, we also incurred lower costs in the area of events.
And as we reported last month, we are now donating 1% of our revenue to charitable organizations every month.
Here are all our costs including salaries for November 2024 in detail:
Conclusion
This was a really good month for us financially. At CHF 8 033, we even posted the highest profit* in our company’s history!
A good time to include our profit margin in the report: We are now including it in the key figures at the top.
Over the last 12 months, our profit margin has averaged 8.6%. In November, our profit margin reached a wonderful 22.1% and was temporarily even above our target margin of 20% – however, Stefan is not yet paying himself a full salary.
So it’s also a good time to announce that Stefan will be increasing his salary to CHF 1 000 a month from January.
* Profit with the restriction that Stefan is not yet paying himself a full salary for his work and, as the sole founder without investors, still has to make up for the loss so far.
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