Shepherd needs to make ~$15k a month to be financially sustainable. My goal is to hit that by the end of 2023.
Our costs are divided by…
- 10% - Server, software, and book metadata licensing.
- 40% - The team that runs the day-to-day (I work for free).
- 50% - The cost of our awesome freelance developer and designer.
We are a very lean operation. Goodreads has 347 employees listed on LinkedIn, while we only have 1 part-time freelance developer and me. Imagine what we could do with a team of three developers dedicated to this project? :)
My big focus for the next 3 months is to plan out how we are going to achieve that financial goal by the end of 2023. So I am crunching a ton of data and trying to decide which features will get us to that point fastest. And how I want to increase monetization of the website. I’ve avoided ads so far but those are what will likely get added later this year. I’ll write more on this in a few weeks.