Insight certainty 4/5 debate potential 2/5

Grzbowski: Unlimited design businesses require minimal upfront capital

Jonathan Grzbowski · Penji Hits $4m Revenue Helping 1000 Customers With Unlimited Design Work · Nov 4, 2020 · at 24:11

Jonathan Grzbowski, co-founder of Penji, describes the low barrier to entry in productized design services.

0:00 / 0:28exact quote · 28.9s
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“The thing is, this is a super easy to understand this is a super easy to set up type of market where it doesn't necessarily require a lot of straight up investment. You know, on your end, you can literally start a business like this with a website and a funnel in order to just drive to drive them through. So you could use it through Trello. You could do it through email if you really wanted to, you could do it through Slack. So the cost of starting this up isn't necessarily all that high.”

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More from Jonathan Grzbowski

Assertion Not checkable as stated
Founders fired entire agency staff to instantly rehire them for Penji
“We actually did something very interesting. We fired every single person on Waterfront Media, and then rehired them under Penji.”
Jonathan Grzbowski Nov 4, 2020 ▶ 7:05 Penji Hits $4m Revenue Helping 1000 Customers With Unlimited Design Work
Assertion Not checkable as stated
Penji maintains 60% to 70% net profit margins on design subscriptions
“Oh, absolutely. We're definitely profitable. You know, I'd say somewhere in the realm of 60 to 70%, depending on the month.”
Jonathan Grzbowski Nov 4, 2020 ▶ 16:39 Penji Hits $4m Revenue Helping 1000 Customers With Unlimited Design Work
Insight
Grzbowski: Founders are better off bootstrapping than taking early capital without MVP
“If you can go as long as possible and eat as much dirt, if not more dirt than we did I think that you'd be far better off as a business and as a human being than just succumbing to capital right out the gate without an MVP or initial idea.”
Jonathan Grzbowski Nov 4, 2020 ▶ 27:49 Penji Hits $4m Revenue Helping 1000 Customers With Unlimited Design Work
Prediction Not checkable as stated
Venture-backed competitors cannot defeat Penji with paid ads due to SEO
“I don't think that that would work because at the end of the day our SEO in particular and our just brand recognition is going to speak for itself.”
Jonathan Grzbowski Nov 4, 2020 ▶ 28:49 Penji Hits $4m Revenue Helping 1000 Customers With Unlimited Design Work
Disclosure
Penji is completely bootstrapped and plans to never seek outside capital
“So we're actually bootstrapped. We've never received an ounce of funding. We've, don't plan on ever looking for funding, et cetera.”
Jonathan Grzbowski Nov 4, 2020 ▶ 4:41 Penji Hits $4m Revenue Helping 1000 Customers With Unlimited Design Work
Disclosure
Grzbowski took no formal paycheck for six years while building Penji
“There was a time where I didn't receive a paycheck for close to six years of just of saving and just driving it back into the business.”
Jonathan Grzbowski Nov 4, 2020 ▶ 8:51 Penji Hits $4m Revenue Helping 1000 Customers With Unlimited Design Work
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