🚪 How Katt started, grew and sold No-Code Exits

No-Code Exits is acquired!

Hello,

Katt here.

I’m sorry that this newsletter is turning into a big Katt show. Last week it was about how I’m building and growing Build The Keyword with Lee. And this week it is the full story of No-Code Exits because… No-Code Exits is acquired!

🤯 How?
😨 Who?
🙀 How much?
😱 Now what?
😿 Is this goodbye?

To come full circle, let me share the story of No-Code Exits from idea to acquisition.

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The talking animals

For the beginning of the story I need to take you back to when the animals could talk and X was still Twitter.

I was still working at a big European Tourism Cooperation. I didn’t enjoy my work anymore but I was also in doubt of what was next. I always felt like a generalist and when I checked the job market it seemed they were only looking for specialists.

I wasted too much time on Product Hunt, dreaming of starting my own internet company one day. But I didn’t have the skills.

Long story short:

• On Product Hunt I discovered No-Code tools

• I started using them at work

• They had a huge impact

• I decided I wanted to learn more about No-Code (with this bootcamp)

• I finished my first tiny project during that bootcamp (No-Code Guru)

• That project was acquired (I shared that story here, it was the very first issue!)

Tiny rocket ship

When I announced in August 2022 that No-Code Guru was acquired the reactions were nuts. I only had a few hundred followers on Twitter and I received so many likes, comments and DM’s about it.

“This might be an interesting newsletter topic” I thought. In 30 minutes I set up a Substack account, picked the first name that popped up in my head and downloaded a logo from a free icon website. That post did really well too: content market fit?

PS: do you still remember that first logo? It was this one. If yes, thanks for sticking around so long ❤️.

Binge readers

What then followed was a dive into the fascinating world of newsletters: open rate, CTR, DKIM, subscribers, ESP, deliverability,… I learned so much. In 2 years I published 75 issues, connected with a lot of makers I looked up to and received so many messages from people thanking me for inspiring them with the stories I shared. My favourite messages were when they said they had been binge reading all the issues.

Here are some of the learnings that helped me get to 10,000 (now at 11,400!) subscribers.

1. Focus on a micro niche

Instead of being a general no-code newsletter (niche), I focused specifically on going from 0 to $ with no-code (micro niche).

This focus helped me to stand out (because there were already many no-code newsletters) and get traction in this crowded space.

2. The work only starts after hitting publish

Running a newsletter is so much more than writing the issue and hitting publish. To grow you have to get your content out there. Some things I did:

• Republish issue to Indiehackers: I copy pasted the content of the newsletter and posted it on the IndieHackers forum. There were a lot of issues that received 0 views. But after they introduced the ‘series’ my posts were featured more often on the homepage and in the newsletter. Example

• Republish issue on Medium: I copy pasted the content of the newsletter and posted it on Medium. The results were mixed but some did really good. Example

• Republish issue on Reddit: I copy pasted the content of the newsletter and posted it on relevant subreddits. This didn’t work well, I got more banned than I got views.

• Post teaser on Twitter and LinkedIn before newsletter drops. Example

• Summarize issue on Twitter and Linkedin: I wrote short summary of every issue and tagged the maker and the tools that were used. This often led to retweets. Example

• Share issue in no-code / entrepreneur communities: This worked well but it also felt a bit spammy of me so I stopped doing it after a while

• Turn interviews into listicles: I tried to reuse the the content by transforming it into other formats Example

3. Be active in relevant communities:

This was probably the best way to build brand awareness without being spammy. I added my website in my usernames and just tried to be helpful and active. I genuinely enjoyed spending time in those communities so it was a win-win.

4. Help each other grow

In the first year I spent a lot of time on finding other publications with similar readers. By giving each other a shoutout in our newsletter we could gain new subscribers. This doesn’t only work with newsletters but also with companies (for example no-code conference: I give their event visibility and they my newsletter, no-code platforms: they give me a backlink and I give them a shoutout, …

5. Build in Public

Building in public unlocks so many things:

• You feel less lonely as you are surrounded by these like-minded internet geeks

• You get free advice or can brainstorm with other makers

• It unlocks partnerships (for cross promotions, for sponsors, for interviews, …)

• You can chat with your users or readers

And it is so fun to make internet friends and geek out over a cool new tool, a new viral tweet from an indiehacker god, the newest shitpost drama and celebrate the wins. My irl friends don’t get it :).

Bank account status

In total I made around $33,000 with No-Code Exits. I tried a lot of things but I also learned a lot about myself (what are my strengths, what gives me energy,..). Let’s break that down:

1. Info Products

Oh boy, I love going into the rabbit hole and turning a tsunami of content into a structured/actionable overview. Info products are totally my jam.

From the beginning I had an info product (about finding business ideas, $19) and 1 year later another one (a no-code maker step by step guide, $50). I promoted them now and then in the footer of my newsletter and sometimes in one of my build in public updates.

Learning: If I look back on it now, it is a missed opportunity for ‘passive’ income that I didn’t promote these info products more. Especially because the issues keep getting read, even after they are published, thanks to this archive. Next to that I should have tried to offer a high-ticket info product (boilerplate, in-depth video course, …) or a high-ticket service (MVP service). However I don’t have the right skills for that. I do write about no-code but I’m just a beginner no-code maker.

2. Community

I love hackathons. I thrive under pressure. So it made sense to start a No-Code Exits build challenge, together with my forever partner in crime Harold (and best accountability buddy anyone can wish for). It was fun and I met amazing people but pfhew, it was intense.

Learning: Running a (paid) community requires a lot of work. It’s a puzzle through timezones and people do this most of the time next to their 9-5 so it is a battle for attention. If I would do this again (I did for Build The Keyword), I would go more for async challenges.

3. Ads

The ads started as classified ads for $50 when I was at 1,000 subscribers. Most of the advertisers found me through my build in public updates on Twitter and through the link to my ad page in the footer of the newsletter. Over time, I added more options (Premium sponsor, featured spot on website).

Some things that worked:

• Always be upselling: they ask for 1 ad, offer them a package of multiple ads spread out over time. You can 10x your price with that.

• Magic in DM’s: you see a build in public update from a growing product, DM right away and ask if they want to sponsor.

• Offer different prices: the big cooperate SaaS has a different budget than the ramen profitable indiehacker.

• Tap into the weak point: Marketing on auto-pilot is every founders golden dream. Offer them a package that they have to pay once, provide copy once and you take care of the rest.

• Don’t say yes to everything: focus on companies that you like yourself or think your readers will like. It’s a win win when readers find it interesting which results in better click rates.

• Try to write the content from a personal perspective (Only works well if you work with companies you truly like): this always gave the best results and and it made sponsors very happy because you put so much effort into it.

• Spent time on creating a partnership page with social proof

• Go beyond the inbox: On my website, I added spots where tools could get featured for even more visibility.

A big learning here for me was that I didn’t like this part of the ‘business’. Even when it was clear that it was a good revenue model if I put in the work. But the reaching out, selling and everything turning around clicks… It’s not for me. But there is huge unlocked potential.

I strongly believe that we need to do the things we don’t like as entrepreneurs. I would have probably continued doing the ads and tried to level it up (even when I didn’t like it), if Build The Keyword wouldn’t have gotten traction. But I was suddenly in a position where I could be picky.

4. Affiliates

In my emails and on my website I used affiliate links to the tools that were mentioned. To be honest that was not worth the effort. Setting up the account, doing the paper work to get a pay-out, all that for $5 dollar…. There is an exception. Companies that offer a lifetime deal (you get a % that is worth it) or a one-time price (increases the chance of conversion) so I would recommend to be selective.

Just grind harder Katt

The last couple of months revenue has been decreasing. As I’m spending more and more time on Build The Keyword (and still freelancing on the side) No-Code Exits was always at the bottom of my to-do list. A regular publishing frequency, turned to a ‘when I found the time’ frequency. And when I found the time, it was just publishing the newsletter. No promotion and no actions towards improving revenue, open rate, .... Miracle is that it kept growing nonetheless! I kept doubting what to do.

“It just takes a few hours per week, you love writing those stories, just grind harder Katt”.

But I had to be honest with myself. I was trying to keep too many balls in the air: publishing No-Code Exits, growing Build The Keyword, freelancing and keeping my 2 toddlers healthy, happy and alive (isn’t that a full-time job already? 😅). I started sacrificing sleep or workouts. I realized this was not sustainable and also not why I had chosen (to try) to become a solopreneur. The “work whenever I want” dream became a “work all the time” nightmare.

If it would have come at a different time in my life, I would have loved to keep No-Code Exits as a passion project. But at this moment I need to focus on projects that bring in money.

No-Code Exits going for an exit

The decision was made… I talked to some newsletter exit experts for selling price advice (Thank you Duuce, Paul, Anthony and JR) and set the price at a 2.5 multiple of TTM revenue: $42,500. I listed it on Duuce , Acquire, BuySell and Microns and prepared a detailed doc with all the stats, the good, the bad, the main processes and the opportunities.

This tweet alone resulted immediately in a few interesting conversations in my DM’s and inbox. And 1 popped out from the start: Jeremy Redman, passionated entrepreneur from Los Angeles. Founder of a solution the no-code world desperately needs: a forever free Zapier alternative aka TaskMagic.

A few months earlier, we met through this email. We tried to set up a call but we both don’t have a Calendly (great sign!) so that kind of failed.

Now, we emailed back and forth about a possible acquisition and it didn’t take long to convince me:

• He wants to continue No-Code Exits as it is now

• TaskMagic and No-Code Exits are a good match

• He wanted to close the deal fast (as in: I will wire you the money tomorrow)

• He wants to pay me to keep writing No-Code Exits for now (this means I can ditch 1 of my cooperate freelance gigs and keep doing this)

• He offered a fair price: $35,000

• It’s amazing that I might work with a founder as Jeremy and learn from him & Taskmagic

We signed an agreement on 10 August, part 1 of the money was wired on 12 August, assets were transferred on 13 August, part 2 of the money was wired on 13 August. And here we are. I still can’t believe it myself.

It is bitter sweet as it feels like the end of an era. But this is not goodbye. It’s more ‘hello again’ because No-Code Exits will drop more frequently again in your mailbox. I hope you are ready for that!

Thank you for the reading No-Code Exits for so long and making this possible. 🙏

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