Projection Lab

How Kyle Built A $50K/Month Financial Planning Tool

save

About
Business

Kyle Nolan

Founder, Projection Lab

$50K

revenue/mo

Founders

Projection Lab

projectionlab.com

from

started January 2021

$50,000

revenue/mo

Founders

Discover what tools recommends to grow your business!

Discover what books Kyle recommends to grow your business!

Want more updates on Projection Lab? Check out these stories:

Monthly Revenue

$50K

Founders

Profitable

Yes

Year Started

2021

Customer

B2B & B2C

Founders

Profitable

Yes

Year Started

2021

Customer

B2B & B2C

Who is Kyle Nolan?

Kyle Nolan, the founder of Projection Lab, is a software engineer from Boston who discovered the financial independence movement and was motivated to create a nuanced financial planning tool. With a background in engineering and a passion for creating projects from a young age, he has successfully bootstrapped the software as a side project while managing a full-time job, embodying both the DIY ethic and a commitment to community engagement.

What problem does Projection Lab solve?

Projection Lab solves the problem of understanding complex financial planning by providing a user-friendly platform that allows customers to visually simulate and adjust different financial scenarios, making future planning clear and less overwhelming.

How did Kyle come up with the idea for Projection Lab?

Kyle Nolan's journey to creating Projection Lab began with a personal quest for financial independence. As he learned more about the FI community, he realized that existing financial planning tools didn't meet his needs for hands-on, visual planning. This dissatisfaction sparked his determination to create his own solution. Leveraging his background in software engineering, Kyle started developing Projection Lab as a side project, initially without monetization in mind.

Kyle's thought process was fueled by a blend of inspiration and necessity; he wanted to visualize financial scenarios beyond the pre-packaged options available. His engineering skills, combined with a deep dive into FI concepts, allowed him to build this detailed financial simulator. Despite the challenge of balancing a full-time job and side project, Kyle's passion for creating something useful drove him to devote nights and weekends to coding.

The journey wasn't straightforward, with hurdles like time management and the decision of what features to prioritize. Kyle's story exemplifies how personal need and a deep understanding of a problem can lead to innovative solutions. His dedication helped him create a tool that not only served his own needs but also resonated with a wider community.

How did Kyle build the initial version of Projection Lab?

Kyle Nolan built Projection Lab, a financial planning tool, over a span of approximately 2.5 years, mostly as a side project while maintaining a full-time job. He employed a tech stack that included Vue.js, Vuetify, Firebase, Paddle, and Google Cloud Platform (GCP) to develop the software. With a product-first approach, the creation of the initial MVP (Minimum Viable Product) took several months before being launched publicly on platforms like Hacker News. The early prototype's success, especially among a critical audience, motivated Kyle to enhance the app significantly. Despite a lack of marketing efforts, focusing nearly solely on the product allowed him to refine and iterate it based on user feedback. Challenges included working 80+ hour weeks and sacrifices like giving up personal time for activities such as playing video games. Nonetheless, his dedication to building a product largely driven by personal passion and user community feedback played a crucial role in Projection Lab's development.

How did Kyle launch Projection Lab and get initial traction?

Hacker News

Projection Lab gained initial traction when Kyle Nolan posted about it on Hacker News. Initially zero, more than a dozen people signed up for premium shortly after the post made it to the front page. Submitting it as a "Show HN" (Show Hacker News) post let Kyle showcase his product to a tech-savvy audience that is known for being critical yet influential when they find products compelling.

snapshot of Kyle's post on HN

Why it worked: The Hacker News community, while known for their critical feedback, is also a hotspot for tech enthusiasts looking for innovative products. The post received attention, piquing the interest of potential users who were likely to spread the word further.

Word-of-Mouth and Community Building

Kyle has spent considerable time nurturing a community of users who are passionate about the tool. By actively engaging with these users, responding to feedback, and encouraging interactions via a public roadmap and a Discord server, Kyle built a supportive user base that naturally spread the word about Projection Lab.

Why it worked: Focusing on building a great product first and treating initial users like royalty helped in gaining trust and respect, which in turn fostered organic growth through word-of-mouth.

Reddit and r/SideProject Postings

In addition to Hacker News, Kyle made occasional posts on relevant Reddit communities such as r/SideProject. These posts were infrequent but effectively targeted the niche audience interested in side projects and personal finance.

Why it worked: These platforms have users who are keen on discovering and supporting emerging projects. Posting in those niches allowed Kyle to reach an audience that was aligned with his product's purpose and ethos.

Influencer and Podcast Shoutouts

Over time, Projection Lab gained mentions from popular figures in the financial independence community. For example, Pete Adeney (Mr. Money Mustache) mentioned the tool on Twitter, and Kyle was invited to share his journey on podcasts like The FI Show.

Why it worked: These mentions lent credibility and introduced the tool to a larger audience already interested in financial planning and independence, driving additional signups and user engagement.

What was the growth strategy for Projection Lab and how did they scale?

Word-of-Mouth and Community

Projection Lab, built by Kyle Nolan, relied heavily on word-of-mouth marketing and nurturing a community of loyal users. This strategy has been highly effective, as Kyle focused almost entirely on developing an exceptional product that users felt compelled to share with others. Key influencers in the financial independence space, like Mr. Money Mustache, and podcasts offered organic exposure, significantly boosting the tool's visibility.

Why it worked: Kyle's emphasis on building a community and treating first users like royalty fostered loyalty and advocacy. His close interaction with users through Discord and integrating their feedback into product improvements created a sense of ownership and partnership, encouraging them to recommend the tool widely.

Hacker News

Posting on Hacker News served as Kyle's initial breakthrough. Despite being notoriously difficult, his submission captured interest, leading to the first wave of sign-ups and validation of the product.

Why it worked: The audience on Hacker News values innovative and well-engineered products. Kyle's product met these criteria, gaining traction in a community known for its critical nature. A strong emphasis on product development over marketing ensured the software was robust and met users' needs, spurring positive reviews and recommendations.

Content Mentions by Influencers

Influential figures in the financial independence space played a significant role in the exposure of Projection Lab. These came in the form of shout-outs from notable personalities like Pete Adeney (Mr. Money Mustache) and video reviews, as well as podcast features on shows like The FI Show.

Why it worked: Influencer mentions brought credibility and reached potential users directly interested in financial planning tools. Since these figures have built-in trust and authority among their audiences, their endorsements acted as a powerful growth lever, encouraging new users to try Projection Lab.

Supportive Online Communities

Kyle actively engaged with communities such as Reddit and SideProject. Occasionally posting about Projection Lab here helped maintain a steady flow of new users and kept the conversation around his product going.

Why it worked: These forums are populated by tech-savvy users who appreciate transparency and authenticity. By sharing updates and engaging with these communities, Kyle was able to garner support from potential early adopters who value innovation and are eager to try out promising new tools.

What's the pricing strategy for Projection Lab?

Projection Lab offers a free sandbox to test the platform with paid tiers starting at $60/year, focusing on a detailed and visual financial planning experience without linking financial accounts.

What were the biggest lessons learned from building Projection Lab?

Focus on Product Quality: Kyle Nolan prioritized building a high-quality financial tool over marketing efforts, leading to steady growth and user satisfaction. By concentrating on features and user needs, he created a product that speaks for itself.
Build a Community: Engaging directly with users and treating them like royalty helped build a supportive community around Projection Lab. This approach has been instrumental in gathering feedback and driving word-of-mouth growth.
Persistence is Key: Despite initial doubts and setbacks, Kyle's persistence in developing Projection Lab over several years paid off. His commitment to continuous improvement and community engagement has been crucial to its success.
Bootstrap to Maintain Control: By bootstrapping the business, Kyle avoided the pressure of rapid scaling common with venture funding. This allowed him to maintain control over the product's direction and focus on sustainable growth.
Balance is Essential: Kyle learned the importance of balancing work, health, and personal life. Initially burning out from excessive hours, he recognized the need for exercise and downtime, which ultimately improved productivity and creativity.

Projection Lab Acquisition: How much did Projection Lab sell for and what was the acquisition price?

Projection Lab, founded by Kyle Nolan, has grown to $200k ARR while being bootstrapped as a side project without any major mention of an acquisition or exit.

Discover Similar Business Ideas Like Projection Lab

We Raised $1.4M To Build An API Management Tool

Treblle is an API management tool that provides real-time API monitoring; with 200 clients to date and a Seed investment round that raised $1.4 million, Treblle is providing developers everywhere with a solution to API discrepancies.

$5K Monthly Revenue

Read by 4,758 founders