Hello ! Who are you and what are you working on?
Hi I'm Sumit. I'm working on a portfolio tracking solution
in the German market to lower the barrier of entry to building wealth for retail investors.
What motivated you to get started with? How did you come up with the Tresor One Idea?
Well we have very bad tools here in Germany from brokers and there is a shortage of proper tools to track portfolios across brokers. I wanted something fun and super easy to use, yet powerful, with a great UI and always available from desktop to phone. It did not exist. So I built it.
Can you tell us the story of Tresor One from idea to where you are now?
I started Tresor One on the side for myself first to see if it's feasible. After an alpha version that worked good for me I invited some people to beta test. In April, I launched officially and it has been growing ever since. I took some more people on board but we all still work on this in our spare time. We are now at over 5000 signups with 300-400 signups per week. Revenue reached 6000€ per month while MRR is now at over 1300€. All metrics go up and grow significantly month over month. It's hard to keep up as a side project - especially on customer support. But it's really fun and motivating to see and we are just getting started. Lots of amazing things to come.
What has been your biggest failure or struggle?
Putting out fires in production is a lot more stressful when you have thousands of users instead of just 10. That struggle is real - but also necessary sometimes. I don't think there are any big failures but we have challenges everyday, everywhere. That's part of the fun :)
How many hours a day do you work on average & can you describe/outline your typical day?
So I get up at 7am and work on T1 until around 9am. Then my regular day job starts. I occasionally check some customer support mails during lunch time. 6pm to 9pm is family time and when the baby is asleep I usually work on T1 until midnight. Due to COVID, there wasn't much else to do this year so my year was LOTs of hustling on this project - a bit too much if I'm honest.
And what has been your biggest achievement or success?
The culture and community we build around the product is definitely the best part. They do whatever they can to make this project succeed. It wouldn't be where it is without them
Since launch, what has worked to attract and retain customers for Tresor?
From what I hear, customers love the quick and easy support and the fast improvements on the product. We usually fix their issues within a few days.
Describe the process of launching the business.
I did not launch on Product Hunt and the usual platforms. I looked where my audience hangs out and wrote a few posts in these forums. I live-streamed all of that on YouTube. It worked for some initial traction and testers but I was also ripped apart in one forum. From then on growth has mostly been organic.
Did you use Betalist or PH or other Startup Launching Platform for Launching ? How was that experience ?
Nope, haven't used them at all.
What’s your business model, and how have you grown your revenue?
It's a subscription model and customers can bay monthly or yearly. Revenue grows by gaining more users and giving them more reason to upgrade.
What are the biggest challenges you’ve faced and obstacles you’ve overcome? What are your goals for the future?
My goal is to create an awesome, bootstrapped company that serves customers and employees with a great product and life. My current goal is to grow Tresor One to be able to hire a 5-person team full-time.
Let’s talk about your marketing strategy -- how do you market Tresor One and grow the service?
We focus on building in public, build "sharing" right into the product and use blog posts for SEO. We start using email now for more retention / engagement. As I mentioned most of the growth is organic so I'm not focused on marketing too much but more on the natural ways for users to spread the product.
Do you have a model to get product feedback? What’s your favorite way to get product feedback? Did product feedback help you get the results you hoped for ?
Yes I tried multiple. At first I had a feedback box that sent me an email from which I was able to immediately jump into email conversations. After that, I tried Crisp which included facebook messenger and so on. But as hundreds of messages per day mounted and lots of it was repeating, I chose to establish a community portal where users can help each other and find answers to problems of previous users. Helps me A LOT in customer support.
Through starting the business, have you learned anything particularly helpful or advantageous?
Too many things to mention here 😅. Starting a business requires so many different skills, it's insane what we learn from it. Team building, recruiting, finance, product building, customer support... it's so much that I have a dedicated YouTube Channel just for my learnings of it.
What platform/tools do you use for your business?
Mhh many, the big ones are Stripe, Mailchimp, Circle, Auth0 - the usual suspects.
Who’s your most inspirational CEO or founder?
Jason Fried from Basecamp, Elon Musk and Satya Nadella
What have been the most influential books, podcasts, or other resources?
Also way too many to list here. I listen to 15 to 20 audio books per year since a few years. All of which shape how I think and grow. I can really recommend to pick some books on the problems you are currently facing: product validation, team building, leadership, personal finance - whatever it is - pick up some books, get inspired, learn and start solving these problems. It's great!
What’s your advice for fellow aspiring entrepreneur who are just starting out?
One step after the other. And don't stop. Showing up everyday is more important than overnight success. And don't forget to take care of yourself with breaks, workouts, etc. Seriously!