Exposing My 2024 Financial Data

This article reveals the financial performance of a solo founder in the software engineering space. It showcases their commitment to transparency by exposing their revenue streams, key performance indicators (KPIs), reviews, and future plans.

Context and Mission

The author faced unexpected challenges in 2024Q1 due to cost-cutting measures and layoffs within the software industry. Despite these obstacles, they remain dedicated to their mission: to create a mini Silicon Valley in Central Europe by empowering engineering leaders.

Revenue Streams and Overall Performance

The author has established three distinct companies to cater to their diverse revenue streams:

• Engineering Leaders Community (ELC): This community provides valuable resources and networking opportunities for aspiring and established engineering leaders.
• Mentoring and Coaching: The author offers individual coaching sessions and workshops designed to enhance the leadership skills of software engineering managers, directors, and CTOs.
• Fractional Advisory: The author provides strategic guidance and execution support to software companies, helping them optimize their technical strategies, talent acquisition, and organizational structures.

Their overall revenue for 2023–24 reached approximately $270k USD. While they fell short of their target of $300k+ USD, they have identified growth opportunities for the upcoming year.

Stream #1: Engineering Leaders Community (ELC)

The ELC stream is a vibrant community for engineering managers, directors, and CTOs, providing a platform for knowledge sharing and professional development.

ELC Stream KPIs

• The community is on track to reach 600 members by the end of 2024.
• The author aims to organize 10 high-quality meetups in 2024.
• The community is actively seeking partnerships to ensure its financial viability.

ELC Stream Review

The ELC is a spin-off company that enables the author to control costs, secure potential sponsorships, and share future equity stakes with deserving contributors.

• The author highlights the importance of content quality over lavish catering at ELC meetups.
• The community serves as an excellent lead generator for mentoring and advisory services.

ELC Stream Plan

• The author aims to reach 2048 unique members by the end of 2025.
• They plan to secure 4 supporting companies aligned with the ELC's mission.
• The ELC is projected to become financially profitable and secure.

Stream #2: Mentoring and Coaching

The author offers individual coaching sessions and workshops tailored to the unique needs of software engineering managers and leaders.

Mentoring Stream KPIs

• The author has mentored 27 new individuals in the past 12 months, bringing the total to 92 mentees.
• They have conducted 311 mentoring sessions in the past 12 months.
• The average number of sessions per mentee is 17.
• The author maintains a Net Promoter Score (NPS) of 84.

Mentoring Stream Review

The demand for mentoring services decreased significantly in 2024Q1 due to cost-cutting measures, but has since rebounded, with the author's capacity fully booked.

• The author emphasizes the satisfaction they derive from witnessing their mentees' growth and achievement.
• They believe mentoring is a mutually beneficial process, allowing them to learn and grow alongside their clients.
• Mentoring also helps the author build strong friendships with their clients.

Mentoring Stream Plan

In 2025, the author plans to reduce their direct involvement in mentoring by 15% and delegate some sessions to their partners.

• They are focusing on developing quarterly 2-day workshops designed for Engineering Leaders, catering to the growing demand for tailored training programs.
• They invested $15k to create a new Engineering Leaders Training Academy website, with the fifth run scheduled for October 2024.

Stream #3: Fractional Advisory

The author provides strategic guidance and execution support to software companies, offering a range of advisory services to address their specific needs.

Fractional Stream KPIs

• The author billed 79 man-days for their fractional advisory services in 2023–24.
• They have provided advisory services to 35 software companies.

Fractional Stream Review

The author experienced a temporary dip in demand for fractional services in 2024Q1, which they used to develop a new revenue stream.

• They are now experiencing high demand for fractional services, exceeding their capacity.
• The author highlights the value of their combined expertise in software development, architecture, leadership, and business.

Fractional Stream Plan

In 2025, the author plans to dedicate more of their effort to advisory services, believing they can have a significant impact on companies.

• They have successfully implemented various advisory initiatives, such as improving team productivity, establishing real-time metrics, optimizing organizational structures, and conducting technical architecture audits.
• They emphasize the importance of going beyond technical expertise and incorporating communication skills, navigating office politics, and understanding client needs.
• They are set to sign a long-term advisory contract with a mid-size Central European bank in September 2024.

Stream #4: Backoffice

The author acknowledges the importance of backoffice operations, which, while not directly generating revenue, are essential for ensuring the smooth functioning of their revenue-generating streams.

They invest time and effort in activities such as:

• Continuous learning and reading.
• Writing blog posts.
• Speaking at meetups and podcasts.
• Networking and expanding their influence.

2024 Rollercoaster Highlights

The author reflects on the highlights of their 2024 journey, emphasizing the importance of adaptability, strategic thinking, and community building.

• They successfully adapted their business to changing market needs, course-correcting their strategy and remaining focused on their goals.
• They have established positive constraints, consciously avoiding distractions and focusing on their core competencies.
• They have witnessed growing recognition for their personal brand, with invitations to speak at numerous meetups, podcasts, and conferences.
• They launched a mentoring program for CTOs in collaboration with the TechExecs community.
• They forged partnerships with other communities, leading to successful meetups with over 100 attendees.
• They found a valuable partner in Any, who manages the ELC community.
• They are launching the fifth training run of their Engineering Leadership Academy.
• They are collaborating with the University of Economics in the Czech Republic to launch an MBA program in 2025.
• They are transitioning to a model that emphasizes partnerships over employees, creating the Engineering Leaders Hub.

2025 Prediction

The author expresses optimism for 2025, predicting a revenue of $440k USD. They believe the market is recovering, with a resurgence in tech startups and a shift away from self-proclaimed "bootcamp developers."

They are confident that the ELC community will play a crucial role in their future success, and they are excited about new partnerships and opportunities.

About Marian

Marian is a seasoned professional in the software engineering space, providing coaching and mentoring to engineering managers and leaders. He is the founder of the Engineering Leaders Community and has a strong passion for empowering tech leaders and contributing to the growth of the Central European tech scene.

He believes in transparency and has publicly shared all financial data on his website.

He acknowledges the importance of support and expresses gratitude to his wife, Kate, for her unwavering support.