HN, I've been trying to bootstrap my startup for the past 3 years, with little or no success, and I don't know what to do next.
I host a SaaS for churches that provides a walled online directory and social network for their members. The product is fairly mature, being in use at my own mid-sized church since 2006.
The problem is, my customer churn rate is horrendous, and growth is almost non-existent. Most churches cancel within a year of signing up.
It turns out that getting churches to initially part with their money isn't nearly as hard as convincing them that the investment of TIME is worth it for them and their members. Building an online community takes effort on the part of the church to promote it, and most give up within months. It's not unlike a forum or Facebook group; just sticking something out there doesn't draw in anyone.
So, the bad:
- Little or no significant growth.
- Product doesn't provide enough immediate value to customers.
- It's a time sink in support and I'm getting burned out, considering there isn't a viable business at the end of the tunnel.
Now, the good:
+ The business is in the black (barely), and it doesn't have any debt.
+ I still have my day job, which pays the bills.
+ The product does have a (tiny) bit of name recognition among church techies.
I see my options as:
* Pivot the product toward something less social that provides immediate value to church staff/leaders (rather than members), e.g. Church Management Solution (database).
* Provide some notice, and shut down the service. Keep my day job and find some other hobby.
...and maybe there's an option I'm overlooking...
HN, give me some advice. What would you do if you poured every spare hour into something for an Internet eon, and came to the realization that what you're doing isn't going to pay off?
[edit: formatting]
(1) Talk with / survey your customers to find out what's actually going on. Based on your description, it doesn't seem like you've actually talked with them. You should find out why they're not spending the required time on the site, and / or why they're not renewing their subscriptions.
Figure out why they initially used the site, and what value they thought they'd get; and also why they don't feel that they're getting that value any more.
Base your questions on the one found at http://survey.io .
(2) Figure out the root of the problems that are causing these support requests, and fix them. (E.g. could you clarify the wording on some pages? Are people not using the site properly?). This way, you don't have to spend so much time on support.
But I do agree with some of the others, a pivot of some sort sounds like it could help. Otherwise, if _after_ you've talked with your customers, you don't feel that you should keep this going, move onto something else.
Edit: Also, remember that the growth really comes down to the marketing. Have you been in touch with bloggers? How are you advertising it? Doing any SEO? Or is it purely word of mouth? And if it's word of mouth, do you have any viral components in there to help people spread the word?