Tom Hunt
@tomhuntio
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Bootstrapping a tech-enabled productized service to $10m ARR (currently $3.8m). Sharing EVERYTHING as we grow:
London, England
Joined April 2014
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Amazon has one.
Apple has one.
Fame has one.
Your business has one.
It’s the thing driving your growth, or accelerating your demise.
It’s called a Flywheel.
Invented by Jim Collins, and popularised by Jeff Bezos, the Flywheel is a business concept you can’t ignore.
Here's
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Full transparency:
We currently have about $500,000 cash.
My intuition tells me to invest it into
#Bitcoin
until I find another worthwhile venture.
For those with more knowledge than myself, is this a bad plan?
1K
44
2K
I fired someone who had been with us for 2.5 years.
He started well.
But from year 2 his performance dropped.
He was a great person.
But he stopped being great at his job.
The team loved him.
But we weren't the right team for him.
He was great at some parts of the role.
But
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24
819
Update:
Thanks to awesome advice from
@woonomic
@realEstateTrent
@mikealfred
and
@stephanlivera
I'm happy to share that our business now owns 3.421
#Bitcoin
The rest is being kept as a cash buffer.
Full transparency:
We currently have about $500,000 cash.
My intuition tells me to invest it into
#Bitcoin
until I find another worthwhile venture.
For those with more knowledge than myself, is this a bad plan?
1K
44
2K
85
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412
It took me 4 years to build a $3m business that operates without me.
Stay in the game.
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257
We rejected a candidate.
We had two final interviews and made the choice.
The rejected candidate took it well.
They:
- Accepted the decision
- Asked for feedback
- Kept in touch
We kept noticing them engaging with us on LinkedIn.
A few months later, the chosen candidate
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Wild idea.
Instead of sending out low-quality company hoodies and poorly designed logo mugs to new joiners, consider:
- Allowing remote work
- Enabling career progression
- Providing opportunities for flexible work
I’m sure they are happy to buy their own clothes and crockery
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We back to 1.5m impression days on LinkedIn.
How?
Hit like and I'll DM you the 3 secrets 😝
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Employees don't quit their jobs.
They quit their manager.
A poor manager who can't:
- Run a productive 1-1
- Have hard conversations
- Resist the urge to micromanage
Will drive away the top talent they are supposed to nurture.
Most people get training for their role.
But
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35 years old today.
And I'm testing the "ideal day":
- Wake up
- Work for 2-3 with black coffee
- Run/gym/shower
- Work for 2-3 hours
- Eat lunch (60g protein, no bread)
- Spa
- Chill/walk with Bear
- Dinner with a friend
- Watch the football
What's missing?
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11 brutal truths your manager needs to read:
1. Praise in public
2. Give constructive feedback in private
3. Define the “what”, and leave the “how” to them
4. Immediately approve all holiday request
5. Remember their dog/child/partner's name
6. Micromanagement destroys long-term
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131
You’ve been featured '19 Mind-Expanding Alternative Media Sources'
@joerogan
@tweetsauce
@brianbrose
@LondonRealTV
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I used to be a horrendous manager.
Working as a supervisor at Starbucks in 2010, I had no idea what I was doing.
Now… we have over 70 team members.
Here are 7 things I’ve learnt:
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The harsh truth about bootstrapping:
- You can’t afford an office
- You need to learn numbers
- You never have enough money
- You don’t have anyone to talk to
- People look down on your “lifestyle business”
- People (rightfully) ask for pay raises you can’t give
- Businesses
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A team member wanted move to another country for a few months.
Our HR person came to me to sign it off...
My initial thoughts were:
- "What about the clients?"
- "What are the legal implications?"
- "What about the Christmas party?"
Then I stopped myself.
Why can't she work
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Raise if you stay: 1-3%
Raise if you go: 10-15%
Managers, listen up.
Either you provide:
- Progression
- Flexible work
- An awesome culture
Or you pay people more.
If you don't, someone else will.
And it costs a LOT more to replace someone than it does to keep them.
Don't
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A group of team members asked to go to an event during work hours.
My first thoughts:
"Will they be able to work at the event?"
"How is this going to help our clients?"
"Is it even relevant to our work?"
But then I remember how we like to work...
Our principles.
I told their
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11 brutal truths your employer needs to read:
1. Management must collect feedback, if not, you're blind
2. A toxic culture leads to employee churn, which leads to customer churn
3. Gossip kills. Stamp it out
4. Rewarding overwork is the same thing as asking for overwork
5.
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Yesterday I spoke to a friend who works at a +2,000-person SaaS business.
The CEO still has to be cc’d on every sales email.
Two weeks ago, I was speaking to another friend who is a VP at a big B2C app.
Their CEO articulates the goal, then leaves the “how” to the VP’s.
Maybe
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They don’t want you to get involved.
You don’t want to get involved.
(That’s why you hired them).
So why do you "meddle" in what your direct reports are doing?
I suspect it’s a lack of confidence in them.
This often stems from a lack of clear expectations.
The best way to
8
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Calling all hiring managers.
You are sleeping on entry-level talent.
For the first 3 years at , we didn’t require any experience for our core roles…
These team members make up our leadership team today.
But why bother?
They are cheap.
They are hungry.
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Let's be real:
Solopreneur = freelancer.
Want multiple bosses and to work 8 days a week?
Become a "solopreneur".
Want long-term wealth?
Build a business.
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“I do need the cash, but I don’t feel like leaving right now”
A friend shares that they have another job offer.
“Why not? This is a 25% increase…”
I ask…
“Well, I love my boss, it seems they really care about me.”
Wow, I thought…
A good manager over a 25% salary bump.
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Many things that matter in business.
Job titles aren’t one of them.
They don’t matter.
What matters is how you act.
Do you:
- Praise people publicly
- Create a safe work environment
- Support the growth of your team
- Share improvement points privately
- Understanding how
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Jan 2024 MRR: $225k
May 2024 MRR: $303k
December 2024 revenue goal: $376k
We on track.
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We've hired 100+ people in the past 4 years.
And I've read 0 cover letters.
Reviewed 0 CV's.
And never hosted an interview longer than 30 minutes,
Let's end:
- CV's
- Cover letters
- Unnecessarily long interviews
Treat future employees like you would treat future customers:
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He edited the first podcast I ever released.
It’s 2016.
And he delivers note-perfect audio each time, with a smile.
That business (and podcast) died and I moved to a new role, started another pod, and brought Spartak along.
Again, perfect audio, delivered every time.
But
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Team member: “That’s it, I resign.”
Manager: “Really? Why?”
Team member: “You said I could move into a different role 6 months ago.”
Manager: “Ahh I see, how about we move you into that new role now? Plus we’ll give you a raise…”
Team member: “It’s too late now I’m afraid.”
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Gossip.
-1 EH point.
Erratic leadership.
-7 EH points.
Negative feedback.
-4 EH points.
Micro-management.
-5 EH points.
Untrained managers.
-3 EH points.
In-efficient processes.
-3 EH points.
Meetings about meetings.
-2 EH points.
Mandated return to office.
-9 EH points.
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You have two possible routes in business.
With one, you get:
- Board meetings
- Endless pitch decks
- Unrealistic valuations
- Expensive booths at conferences
With the other, you’re free to focus on:
- Building an awesome product/service
- Marketing that adds value
-
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“Excuse me… how do you guys know each other?”
Asks a random lady as the team arrives at our Summer Picnic.
I explain that we work together and start and grow podcasts for B2B brands 🤣
I’m not sure she understands, but continues:
“Why do you all seem so happy to see each
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Everyone hates micromanagement.
Yet, only some have a concrete strategy to stop themselves from doing it.
@dklineii
is one of them.
His strategy:
Get each direct report to operate as the CEO of their area.
They:
- Hire their teams
- Propose their targets
- Run their own 1-1
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The hidden benefit of remote work.
It’s fair for families.
“Working” used to mean that you would have to leave your family for 10 hours a day.
But not now.
Work is:
- At the coffee shop round the corner
- On your phone as you walk the dog
- Down the corridor from your
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Things doesn’t do:
- Pay for a CRM (or Slack)
- Hire for experience
- Have an office
- Track time
(Most bootstrapped businesses do these)
Things I don’t do:
- Take investment
- Have a coach
- Micromanage
- Network
(Most entrepreneurs do these)
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$24m ARR.
$8-9m EBITDA.
CEO owns 70%.
He spends 25% of his time on personal brand.
He aspires to spend 70% of his time on personal brand.
WTF.
Doesn’t he have anything “higher leverage” to do?
Find out why in this episode of Confessions of a B2B Marketer with
@GuillaumeMbh
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105 proposal requests.
40 MQL’s.
23 SQL’s.
5 deals.
This is our average acquisition funnel over the past 12 months.
Total team size?
3 FTE.
Ad spend?
$2k per month.
How?
With Fame’s Growth system.
Here’s how it works:
Every activity must be assigned to a Growth
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6 months…
Yep, I’ve been trying to transition to the CEO of Fame since the start of 2024.
Why?
I was doing to much.
What do I mean?
I mean, that when you are a CEO, e.g. not involved in the day to day, you can no longer impact things by doing stuff yourself.
You need other
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PLEASE RT
@VirtualValleyio
Is Looking For A
#Technical
#CoFounder
And Is Willing To Give Up To 40%
#Equity
#Startup
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VCs/startup founders: part of the establishment and want to get rich.
Indiehackers/solopreneurs: are anti-establishment and only want $10k per month.
How about a new class:
Bootstrappers: anti-establishment and want to get rich.
Who's in?
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Manager: I didn't see you online at 2 pm.
Employee: I was on a break.
Manager: You are not supposed to take a break at that time.
Employee: But I'm doing my work.
Manager: I need to see you online and know where you are.
Employee: Okay…
Two months later:
Employee: Here’s my
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I started with just $400 in my business.
In 2024, we have $3.5 million in revenue.
Here’s how we did it:
- We use marketing to grow quickly
- We offer great quality at lower prices
- We focus on top-notch service and happy clients
It may sound basic, but it’s our foundation.
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And we are still hiring for fully remote roles, all here:
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It took Fame 15 months to get to $20k MRR.
We added $20k MRR in May (so far).
Growth compounds.
Stay in the game.
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Build boring service businesses.
Leverage with international labor and AI.
Get to +$100k per month cashflow.
Buy
#Bitcoin
.
Decide where to buy your holiday homes.
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To all my brothers and sisters getting rejected from YC this week:
Congratulations.
Now you have the opportunity to build a real business 🤣
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I let someone go who had been with us for 2.5 years.
He started well.
But from year 2, his performance dropped.
He was a great person…
But he stopped being good at their job.
The team loved him.
But we weren’t the right team for him.
He was great at some parts of the role.
11
0
42
A new team member asked me to approve his holiday.
I immediately approved it.
He then went on to explain why he was taking the holiday.
My reply:
"I don't need to know the details. I hired you to do a job and I trust you to get it done.”
You choose how to get your work done:
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0
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I have one regret:
Giving up too soon on a business because I thought it wasn't “scalable”.
The VC brainwashing worked on me.
Every business has challenges.
You just need to:
- Listen to customers
- Iterate
- Stay in the game
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“Excuse me, are you Tom?”
“Errrr, yes”
“Tom Hunt?”
“Yes”
“Ahhh I follow you on LinkedIn, this is crazy.”
England just beat Holland and we were walking out of Lisbon’s Euro 2024 fan zone when it happened.
For the first time, someone from real life…
Recognised me from
8
2
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I'm gonna raise a fund to:
Buy US service businesses that have an office and only in-person staff.
Get rid of the office, fire half of the team, and replace them with the Filipinos that cost 60% less.
Keep everything else the same.
Who's in?
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An employee handed in their notice.
Two days later we had a 1-1 scheduled.
I was nervous:
- Did we mess up somehow?
- Was I going to get some harsh feedback?
But it wasn’t:
- Awkward
- Accusatory
It was just two humans chatting about work and life.
I asked a load of
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Bootstrapping = control.
Don't want to go to that board meeting?
Don't.
Don't want to rush that new feature?
Don't.
Play the game your way.
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Some businesses can’t bootstrap.
That's ok.
But if you can?
Do it.
Don’t let VC's ego get in the way of you building wealth.
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1
1
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The chief cause of failure and unhappiness is trading what you want most for what you want right now -
@ZigZiglarQuotes
#quoteoftheday
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Day 2 of annual leave:
“Hey, quick one, did you send that report?”
Day 4 of annual leave:
“Do you have a second?”
Day 7 of annual leave:
“Can we jump on Zoom please?”
This employee had had enough.
Holiday = ruined
Trust = lost
He returned and immediately handed in his
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VCs are focused on exit.
Not:
- Vision
- Your freedom
- Employee wellbeing
They will slowly grind you down, focusing on their incentive over everything.
Can’t blame them.
But if you can…
Bootstrap, bootstrap.
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A team member asked if they could work from another country for 6 weeks.
She went on to explain why...
I jump in:
"It's all good, I don't need to know why.”
You decide how the work is done:
Different country each month?
All good.
Work from the garden?
All good.
Couple of
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I got rejected from YC, here's a 🧵
.
.
.
.
.
.
.
.
Oh wait... I actually want to make money, so didn't apply 🤣
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We bootstrap because:
- Funding from customers > funding from investors
- Content marketing > Tech PR
- Culture > growth
- Profit > valuation
What am I missing?
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Someone asked me “what do you do as a leader?”
And I said “I disappoint people at a rate they can handle”.
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Persist.
Keep pushing.
I started 17 businesses before Fame.
0 worked, but I learned a sh*t tonne.
I've stuck with Fame for nearly 5 years.
Why didn't this project fail like the other 17?
Because I learned.
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Does anyone else have an un-controllable urge to buy a coffee shop with the free cashflow from their agency?
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$147 customer:
So I have some questions... can you please help me with this one point? Oh yes, I didn't like how you did this. Can we jump on a call today?
$10,000 customer:
Paid. Thanks.
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Business is about momentum.
I started working 12-hour days running PPC ads to promote affiliate offers.
Now I'm making $80k a month (profit) working way less.
You gotta start at the bottom and work your way up.
Don't try to start at the top.
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1
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23
The secret of entrepreneurship is that there is no secret:
You do fun stuff.
You do boring stuff.
You're over the moon.
You're depressed.
You win some.
You lose some.
All that matters is that you stay in the game.
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1,612 days ago, I founded a business. 100% bootstrapped.
Today, it's doing $304k MRR, growing 5% a month.
Here's the story...
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BIG milestone this week.
The team let someone go without me:
- Making the decision
- Speaking to the person
It sounds obvious but...
Empowering your team = business on easy mode.
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The hidden benefit of remote work:
It’s fair for introverts.
I'm pretty introverted. I love sitting down with a black coffee, noise-cancelling headphones and getting work done. Not struggling to focus in a loud, noisy office.
Not everyone is wired to want to be around
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$2m liquid net worth?
Constantly stressing about money.
$100k monthly cashflow?
I feel indestructible.
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It took me 10 years to get visible abs.
Here's 5 things I wish I knew 🤣
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In the past 18 months, we:
- Added $2m in ARR
- Have doubled the team to 70 people
How?
We built a great culture.
👇
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A new team member asked me to approve his holiday.
I immediately approved it.
He then went on to explain why he was taking the holiday.
My reply:
"I don't need to know the details. I hired you to do a job and I trust you to get it done.”
You choose how to get your work done:
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How to retain your best employees:
- Listen
- Challenge them
- Allow remote work
- Encourage flexible work
- Remember the little things
- Stop talking about yourself
- Have monthly career chats
- Don’t take things to seriously
- Hire, fire and promote based on values
Retention
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Company: “We’re moving from hybrid to back in the office Monday to Friday.”
Also Company: “Oh and this is mandatory.”
Employee: “But I joined because you guys are hybrid. I have to collect my kids from school, will this be an issue?”
Company: “Yes, this is mandatory.”
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The way VCs want you to think founders get rich:
- Do things differently
- Raise VC
- Build a moat
- Innovate
The way founders actually get rich:
- Find something that's working
- Copy it
- Iterate
- Stay in the game
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My average day for the last 4 years:
- Wake up with alarm
- Clean teeth etc
- Get to the home office and start work
- Work for 12 hours
My average day now:
- Wake up when I’ve had enough sleep
- Clean teeth etc
- Focused work (sometimes in bed)
- Run to the gym through
7
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Entrepreneurial burnout is real:
- Low pay
- Long hours
- Sacrificing quality of life
But I love it.
It may be toxic, but seeing Fame where it is today is worth the 3 years of bullsh*t.
Similar to having a child I guess.
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🅰️ $2m cash in the bank
OR
🅱️ $70k per month free cash flow
Which would you choose?
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Should You
#Bootstrap
In
#London
Or
#Bali
? Via
@ggeorgiev
#StartUp
#DigitalNomad
#RemoteYear
#RemoteWork
0
6
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Running a $3,400,000/year productized service can be chaotic.
We couldn't do it without the right tools.
No more secrecy.
Here they are 👇
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