SaaS Interviews with CEOs, Startups, Founders
Edusign Launches During COVID, Hits $10k MRR, 300 Customers for Signing Tool
07 Sep 2020
Chapter 1: How did Edusign adapt to the pandemic?
Two days before the global pandemic containment in France, we didn't have any solution for signing online. So we were focused on offline business. And so we had to develop something in two days. And that's our main business right now.
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Now look, I never want money to be the reason you can't listen to episodes. On the checkout page, you'll see an option to request free access. I grant 100% of those requests, no questions asked. Hello, everyone. My guest today is Elliot Boucher. He's the co-founder of EduSign, a SaaS that makes attendance sheets manageable, simple online and offline.
He's the founder of e-commerce RTM, former Capgemini consultant and bestseller of online courses on Udemy. All right, Elliot, you ready to take us to the top? Yeah, great. So what is EduSign? The website is edusign.fr.
Yeah, right. So our goal is to digitize Ethernet sheets. So you know, you have sometimes training courses where you have paper to sign. So we were in 2020. And why do we still have paper? So we figured out that we don't have any solution right now in the market that solves this problem. So
We have a SaaS that allows you, allows training organization to upload information online, make digital attendance sheet and makes the student sign online or offline.
Yeah. And how many customers do you have today?
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Chapter 2: What is Edusign and how does it work?
So we are very focused on our cash flow right now. Uh, we don't want to spend too much, uh, go too fast. Are you profitable?
We are profitable. That's great. How much, like a thousand, 2000 a month, or is it about breakeven?
Uh, no, actually it's, uh, like, uh, 80% of, uh, what we, we earn, uh, is, uh, profits. So we could, uh, we, we don't pay ourselves and, uh, we just keep the money on the bank accounts for the moment, but yeah.
Yeah. So how are you paying for like your rent and your food and all that?
For the moment, we still have other revenues. And for example, I have a passive income from my online courses that you mentioned at the beginning.
That's great. How much do you make from Udemy courses? I have a Udemy course too, and it did terribly. So I'm sure you're doing better than me.
Yeah. No, actually it's in French. So the French market for Udemy is not that big. So I'm making around $1,000 per month. Okay. That's better than nothing. It's okay. Yeah, that's that's actually it's a bestseller in France. But well, for for for U.S. markets, it would be really small.
Yeah, that's interesting. OK, and what's the team size today? How many people?
So we are three co-founders and we have three people that are joining us.
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Chapter 3: How many customers does Edusign currently have?
So we have one guy that is really focused on Edusign and that we are paying. There is another person that is an internship and there is another person that is here for the visioning.
Okay, how many engineers are on the team? One.
One, okay. Yeah, he's really good.
Yeah, that's great. What about churn? Obviously, it's early, but you have enough customers. What's monthly churn look like?
I think for the moment, we have maybe five customers that... that went off. So, um, yeah, and that's much, but it's hard to say because it's a beginning. So, yeah.
Yes. It's like one or 2% churn per month, something like that. Yeah. Yeah. Something like that. That's very good. Very good. Well, what, so what am I missing about the story? We hear how you got your first customers. A lot of it's SEO. We hear churn. We, we see, you know, we know you're profitable. What am I missing?
Yeah, so there is something that we are trying to do. We are trying to build strong partnerships. So we are trying to not be something that is very expensive, and we are trying to scale as fast as possible. without paying a lot. So we are relying on existence, strong businesses.
So for example, in training organization, you always have bigger softwares as on what we have, and we're going to make partnership with them, give them some money and make that happen. So that's something big.
What will you pay your partners in exchange for them promoting you?
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Chapter 4: What is the average revenue per customer for Edusign?
But sometimes it's just a partnership where we're going to give them some clients and they're going to give us some clients and they're happy to help. And sometimes it's around 20%. I see.
20% recurring?
Yeah. Yeah, for 24 months. And it depends. But yeah, approximately.
All right, Ali, we're rooting for you, man. Let's wrap up here with the famous five. Number one, favorite business book? Made to Stick. Number two, is there a CEO you're following or studying?
Well, actually, not really.
Number three, what's your favorite online tool for building the company?
Hard to say. I think we use a lot Trello and Pipedrive.
Number four, how many hours of sleep do you get every night? Seven. And what's your situation? Married, single, kids? I'm single. Okay. No kids? No kids. All right. And how old are you, Elliot? 21. Okay. There you go. Early. I like it early. All right. Last question. What's something you wish you knew a year ago?
Well, I wish I knew that there was going to be a pandemic, so we could have go faster and stronger. Definitely.
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Chapter 5: What marketing strategies are driving customer acquisition?
EduSign, really strong in the French market. They've got 300 customers over the past just two or three months, launched during the pandemic, doing 10 grand a month in revenue. They are profitable. They're doing about 5 to 6K in profits per month as the three co-founders essentially work for free. They pay for their meals with side gigs and Udemy courses.
They're only turning about 1 to 2% of their customers per month right now as they look to continue to scale using partnerships and an SEO strategy. Elliot, thank you for taking us to the top.
Thank you very much, Nathan.