My Fractional Journey. How Did Q1 2023 Go and What's Coming
Hello Friends,
As we enter half-Q2, I wanted to pause and reflect on the progress of my fractional consultancy business.
Since launching my consultancy in January 2023, I've been dedicated to helping early-stage founders establish and scale their initial sales teams. Those who may have missed last year's developments can catch up here.
My services currently support two primary types of startups:
Founder-led startups generating less than €1M are typically bootstrapped or at the pre-seed stage without an existing sales team.
Founder-led startups with revenues between €1M and €5M with a sales team but lack a dedicated sales leader or require restructuring to enhance scalability.
This year, thanks to the foundations I laid last year, I started strong, with an increase in revenue and a reduction in the hours I needed to work.
In 2023, I invested considerable effort in building solid processes, documentation, and supporting content. I now see the benefits as these systems streamline much of my work.
Q1 Performance Overview:
The first quarter was quite successful, showing a revenue increase of 15% while I significantly cut down on my working hours.
(Sorry, but I'm now showing the whole figures because while I appreciate those who do it, I'm a bit reserved on this aspect 😅)
Revenue Q123 vs Q124
This is the Pipeline breakdown:
Pipeline Created and Pipeline Won, by Month
This is the month-over-month comparison:
Month vs Month Revenue
I've restructured my daily schedule to reclaim nearly three hours each day for personal use - time spent on fitness, focused work, writing, and tackling high-priority business tasks not directly linked to client engagements.
This new routine has transformed my work-life balance, allowing me more time for personal growth and family - crucial aspects of why I do what I do.
Q1 Highlights:
Decision to Focus: After three cohorts, I discontinued the Fractional School. While it was a successful initiative, it distracted me from my core mission. This difficult decision has allowed me to focus more intensively on my B2B consultancy, streamlining my efforts and resources.
Brand Development: I've taken significant steps to build a brand around my services; thus, MP Consulting was born. While the name isn't fancy, it marks a crucial evolution from being a solopreneur to establishing a recognizable business entity.
Team Expansion: The search for a GTM Partner has been promising. Out of over 50 applications, two candidates are now in the final stages of the selection process. Expanding our team will enhance our capabilities and allow us to serve more clients effectively.
Inbound Strength and New Clients: Our strategy continues to prove effective, with inbound and referral channels driving 90% of our business. Excitingly, this quarter also marked our entry into the US market with a new client, a promising startup backed by notable investors like Y Combinator and Reid Hoffman.
Q1 Lowlights:
Website Overhaul Delays: Progress on our website revamp has been slower than expected. I underestimated the time needed for content creation, causing delays. However, the design is ready, and we aim to finalize the new site soon.
LinkedIn Engagement: My engagement on LinkedIn has decreased as I focused less on content innovation. This is a wake-up call to reinvigorate my LinkedIn strategy, ensuring we maintain and grow our presence on this critical platform.
The Path Forward:
As we move into Q2, I am optimistic about our revenue growth and am committed to completing the projects underway. Including:
Launching our SEO-friendly website.
Revamping our content calendar.
Launching more community-oriented initiatives such as free sessions or webinars for early-stage founders.
I enjoyed working with over 40 founders at a prestigious Italian accelerator pre-market, and I am keen to extend this support through pro-bono work.
There are plenty of pre-PMF startups that cannot afford consultancy fees, and I'm going to allocate some time to them.
Lastly, I want to express my deepest gratitude for your ongoing support. 😍
Our subscriber base and engagement rates continue to climb. Your support and messages are greatly appreciated, and I am equally thankful for my family's understanding and support of the hectic pace of entrepreneurship.
Thank you for reading this far; see you all next week!
