Hello everyone — this is Ankur from ByteSizedBets with another exclusive edition of the newsletter.
I've been pondering on this topic for a while now. My hope is that it sparks a conversation that benefits us all and learn how to build an online business.
If this strikes a chord with you, please ❤️, share, or leave a comment (in simple words, let the Substack algorithm know to spread the word). P.S. Feel free to suggest whom you liked to be interviewed for upcoming stories in comments!
Each month, I write about software engineers, tech founders, indie hackers, software engineering, startups, developer tools, writing, career growth and small bets.
In today’s post, I’ll cover the story of Dmytro Krasun who is an enterprising software developer and entrepreneur.
who has made a significant mark in the tech world with his innovative projects.
With a knack for building in public, Dmytro has successfully developed and grown ScreenshotOne, a tool designed to streamline and enhance screenshot capture processes. This venture has not only showcased his technical prowess but also his business acumen, achieving a remarkable $4.2K in monthly recurring revenue (MRR), a testament to the project's success and market fit.
In addition to ScreenshotOne, Dmytro has also created DamnGood.Tools, a platform that has garnered attention and acclaim within the tech community, securing the silver position on Product Hunt. This recognition speaks volumes about the utility and innovation of the tools he develops. Further demonstrating his entrepreneurial spirit, Dmytro successfully exited DamnGood.Tools for $9.5K, marking another milestone in his journey of tech entrepreneurship.
Dmytro's work ethic, ability to identify and create valuable digital products, and his transparency in sharing his journey, successes, and lessons learned, make him a notable figure in the tech and entrepreneurial communities.
Follow him on Twitter @DmytroKrasun to keep up with his latest projects, insights, and adventures in building for fun and profit.
So let’s jump in:
From here on, Dmytro and I discuss his journey as an entrepreneur.
Each question is followed by answers from Dmytro.
Dmytro, could you share insights into the products you've developed?
ScreenshotOne is a screenshot API for developers—was my first successful product after quitting my job and my current sole focus.
But DamnGood.Tools is a short-lived project for me. I have built it for fun to catch up with the latest AI technologies. Then I made money with one-time payments and eventually, it was acquired for $9500.
How did the initial idea for your products come about?
Can you share the 'eureka' moment that led to the birth of your product idea? What were the key factors that influenced you?
Dmytro:
In the case of ScreenshotOne, it was the realization that I needed to capitalize on my decent skills in API engineering, and not build fancy and trendy stuff.
I didn't know UI/UX, and I couldn't build a decent-looking product, but an API product would give me an edge since I had 10+ years of experience in server-side development.
I had a list of ideas generated based on my experience and the tools I would love to build.
I picked ScreenshotOne on January 5, 2022, bought a domain and started building.
Building the First Product Version:
Walk us through the challenges and breakthroughs you experienced while developing the initial version of your product. How did your vision evolve during this phase?
Dmytro:
In January 2022, I embarked on my venture by purchasing a domain, creating a basic website, and initiating a content strategy focused on the product I was developing.
Despite being a complete noob in SEO, I documented and shared every problem I encountered while building my product, demonstrating how my solution could offer a quicker and more cost-effective alternative.
This approach of using my product's development challenges as content not only helped in driving conversions but also laid the foundations for my SEO success later.
By the time I launched the product five months later, there was already significant traffic ready to be monetized.
The journey from development to launch was not without its challenges, including a two-month break due to personal reasons and starting without officially registering the company until receiving the first payments.
Initially, I hosted the product on Digital Ocean, later moving to Render and then to Google Cloud Platform to scale up, eventually optimizing costs with a Kubernetes cluster.
Reflecting on the experience, I would say—focus on a single core feature and engage directly with potential users early on. Everything else will follow.
Launching The Business:
Describe the emotions and strategies involved in launching your startup. What were the major hurdles, and how did you overcome them?
Dmytro:
I was hustling daily for a month without any results. I posted on Indie Hackers, Reddit, Twitter, and other places about my product launch. It was impossible to get any attention.
I wanted to give up. And even had thoughts to start searching for a job.
And then suddenly one of my Twitter friends needed to automate screenshots and subscribed to my product—that was the happiest day in my life as an entrepreneur.
Growing The Business:
How have you scaled your business from its initial days to its current state? Share some insights on key growth strategies and pivots.
Dmytro:
In the early days, when I got my first paying customers and started to build in public it attracted more customers, mostly indies who needed a screenshot API for automating website screenshots. But I kept investing in SEO and suddenly some companies started to find me through Google and my customer base started to change. Then I stopped marketing on Twitter and focused only on SEO.
I also launched on Product Hunt and it gave me more traction. Recently, I got to 100+ paying customers and I am pivoting again.
I discovered who are my best customers—for them my product is cheap and they are happy. And I want to try to experiment with my positioning and focus only on them. If it goes well, I assume that will be my major growth factor.
That might be finding my PMF. We will see soon.
Revenue + Financials:
Could you discuss your journey to financial stability? How did you manage funding or if Bootstrap how much initial money you’ve invested and revenue models, and financial planning?
Dmytro:
Today, ScreenshotOne has $4200+ MRR and growing steadily by 10% monthly.
My planning is pretty simple at this stage.
My goal is to reach $10K MRR by the end of 2024. I will do that by bringing 300 customers with an ARPU of $33.
That means for me, bringing around 20 new customers monthly because I have ~130 now.
I do that by increasing growth by doubling down on SEO and reducing churn with tightening my positioning.
Lessons Learned:
Reflecting on your journey so far, what are some unexpected lessons you've learned about entrepreneurship and leadership?
Dmytro:
I don't want to delude the attention of the reader, so let me leave with focus and positioning. It is everything when you start.
Recommended Tools:
What are the essential tools and technologies that have been instrumental in your company's growth and efficiency?
Dmytro:
I use simple tools:
Google Sheets. Monthly, I manually input all my data into a spreadsheet for analysis. I have the option to automate this process but choose not to, as it allows me dedicated reflection time. Also, I've turned off my payment alerts to avoid daily distractions.
Pirsch Analytics. This is a straightforward web analytics tool that is consistently reliable. I prefer not to overcomplicate my data analysis, and Pirsch Analytics meets my needs with its dependable performance.
PostHog. Utilized for Product Analytics and creating conversion funnels.
Better Stack. For uptime monitoring and my status page.
Crisp IM. I opt for the premium version of Crisp IM for customer support. It enables me to communicate with my clients via phone, email, or desktop seamlessly. Additionally, it offers call options and numerous plugins to streamline the support process.
Apple Notes and Trello. Apple Notes is my go-to for unstructured planning, while Trello boards help me manage my tasks in an orderly fashion.
Keep it simple—ensuring customer satisfaction with your service is more important than the complexity of the tools you employ.
Books & Resources:
Share your top book recommendations for aspiring entrepreneurs and any resources that have been pivotal in your journey.
Dmytro:
I would highly recommend getting familiar with Jason Coneh's writings at as early as possible.
Also, "Obviously Awesome" by April Dunford is one of the most important books for every entrepreneur—it is about positioning. It has an impact on everything you do:
What features to build?
What customers to attract?
How to communicate in support chats?
Landing page texts
And many more.
Advice For Founders:
What advice would you give to someone starting their entrepreneurial journey today, based on your own experiences and insights?
Dmytro:
I would recommend focusing on the early stages and not trying to diversify and build many projects in parallel.
Pick one product, one ideal customer profile, and one marketing channel. And try to max it out.
Once you make money and won't do more—do whatever.
Hiring Needs:
Are there specific roles or skills you’re actively seeking to add to your team? What qualities do you look for in potential team members?
Dmytro:
Currently, I don’t plan to hire.
Ankur:
Last but not least, anything special you want to mention.
Dmytro:
I want to thank the build-in-public community on Twitter and the Indie Hackers who helped and supported me. Especially, Daniel Nguyen.
Thanks for having me and for the opportunity to share my experience with you.
This interview is a great reminder that success in online business is not just about technical skills but also about adaptability, continuous learning, and community involvement.
Takeaways
Things I’ve learned from Dmytro:
Embrace Building in Public: Dmytro's transparency in sharing his development process and challenges has not only helped him solve problems but also attracted a community of supporters and customers. This approach can be a powerful tool for growth and engagement.
Leverage Your Strengths: Dmytro capitalized on his expertise in API engineering, recognizing that his skills were better suited to backend development rather than UI/UX. Understanding and playing to your strengths can lead to more successful and manageable projects.
Simple Tools Can Be Effective: Despite the vast array of sophisticated tools available, Dmytro uses a straightforward set of tools like Google Sheets and Pirsch Analytics. This simplicity allows him to focus on what truly matters—building and improving his product.
The Importance of SEO and Product Positioning: Focusing on SEO and refining the product's positioning were crucial in attracting the right customers and scaling the business. These strategies can significantly impact a startup's visibility and growth.
Customer Satisfaction Over Complexity: Ensuring that your service or product meets customer needs is more important than the complexity or breadth of the tools you use. Customer satisfaction is key to retention and word-of-mouth referrals.
Focus Is Key: Dmytro advises focusing on one product, one ideal customer profile, and one marketing channel, especially in the early stages. Spreading yourself too thin can dilute your efforts and hinder growth.
Community Support Is Invaluable: The support from the build-in-public community and platforms like Indie Hackers has been instrumental in Dmytro's journey, highlighting the importance of community engagement and support networks for entrepreneurs.
Plan for Growth: Dmytro's goal to reach $10K MRR by the end of 2024, by focusing on SEO and reducing churn, shows the importance of setting clear targets and planning for the future.
Thanks for reading! I hope you enjoyed Dmytro’s interview.
If you have any questions for Dmytro feel free to drop a comment for him hereand If you found value in this post, I’d be grateful if you shared it with colleagues, batchmates, new grads, friends.
