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Update #4 - November 2022 - Ocho

Update #4 – November 2022

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Update #4 – November 2022

Yoooo —

November was fuego. Tbh, it kind of had to be since we’re launching on December 8 so anything short of a very good November would have left us in a deep hole. But the team is absolutely crushing rn

And drumroll… we’re no longer pre-revenue. It took us ~2.5 months from starting up to first dollar, which we can feel pretty pretty good about

Though candidly, if we were not building a product tied to the calendar tax year, I would have ~loved~ to take longer to polish everything and ship a meatier product.

But alas, here we are: 7 days to go

Metrics

(These are all customers for the Solo401k product)
Revenue: ~$3,300 (cash basis)
MRR: $282
Customers: 17

November Updates

Lots of things happening in parallel, been frenetic:

  • Our entire founding team is now in place – welcoming Amol who joins us as a full-stack developer, and Jaiya on social and brand. We’re now 10, and I don’t anticipate hiring anyone for at least a quarter.
  • We have a minimal Solo401k product that’s good to go – it allows someone to spin up a new Solo401k and make an election for how much they want to contribute for the tax year. This needs to be completed by December 31st to get a tax deduction this year. We are not handling money and investments yet, but expect that to be a fast follow once we get past this launch.
  • We manually onboarded 17 customers – and hope to have the entire flow be self-serve by Monday. We should launch with around 25-30 customers manually onboarded.
  • We have been working on a new marketing site to replace my handmade Webflow monstrosity, and expect to push that live by Monday. Also have a free course on Retirement Accounts for Business Owners dropping then.
  • We started recording the first of three paid courses for our education product, and expect that to launch the last week of January.

What’s Happening This Month

  • We’re launching in a week, baby! December 8 – save the date. Our product becomes self-serve, we’ll have launch press as well as a ProductHunt launch. We’re terrified and excited, lfg.
  • If we survive, we’re having a launch party on December 9th in Brooklyn – if we know each other and you wanna come, lmk and I’ll send you an invite!
  • Continuing to take small checks from value-add investors. However: we are not announcing any fundraising as part of this launch.

How You Can Help

  • Nothing today, but I will email you in exactly one week to ask for your help to amplify our launch. You have zero obligation to help btw, only if you feel so inclined.

Reminder: What We Do

Ocho helps business owners (creators, consultants, freelancers, independent workers) build wealth. The first product we are launching on December 8 is a Solo401k retirement account. The second product is a membership site to educate business owners on personal finance. Our manifesto.

Talk to you in a week fam

Ankur