Get into the profitable WordPress plugin business! Sliced Invoices is a free WordPress plugin (at wordpress.org) plus a range of premium/paid plugin extensions. Huge growth w/ more opportunity!
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Sliced Invoices is a free WordPress plugin that is available through the wordpress.org plugin repository and the whole business revolves around this free plugin. The free plugin has a rating of 4.9 out of 5 from 22 reviews, which is an extremely strong rating.
Users download the plugin and install it on their WordPress website. They use the plugin and may decide that they need more features such as being able to PDF the invoices, create recurring invoices or have Stripe as a payment gateway.
This is where the revenue comes from - selling extensions.
The Extensions (and Bundles) are sold directly from slicedinvoices.com using WordPress and the Easy Digital Downloads plugin as the ecommerce solution.
The plugin has only been available in the wordpress.org plugin repository since Dec 22nd 2015 and since then there has been huge growth, as you can see! I believe there will be more growth and there is still so much more potential.
Sliced Invoices was born in November 2014 and Version 1.0 of the plugin was originally sold as a premium plugin direct from slicedinvoices.com for $39 and included all features. I soon realized that this was a bad business decision as sales were very slow and 100% of the marketing effort had to be done by me.
Version 2.0 of the plugin was released into the WordPress plugin repository on December 22nd last year and the number of downloads, traffic to the site and extension sales took off. I wish I had done this from the start!!
All income is derived from the direct selling of Extensions and Bundles. All extensions and bundles are a one-time fee, with no ongoing costs for the users. This business model could be changed or a different model explored by the buyer - licenses are already in place to allow automatic upgrades, so changing to a license type fee structure would be simple.
There are currently 8 Extensions and 4 Bundles available at slicedinvoices.com that range in price from FREE up to $195. The breakdown of extensions is as follows, with the selling price and (no of sales / total income):
Extensions - https://slicedinvoices.com/extensions/
Bundles - https://slicedinvoices.com/bundles/
There are also 3 other Extensions that are available for free download in the wordpress.org plugin repository. These extensions connect Sliced Invoices to other popular WordPress plugins. This is a business decision to make these available for free in the WordPress Plugin repository as these 3 plugins 'piggy back' off the success of other successful WordPress plugins.
This makes for a grand total of 11 extensions (7 are income producing) and 4 bundles (all income producing). All sales are handled directly through slicedinvoices.com and currently accepts PayPal as the only payment method.
* Discounts & Partial Payments is a new extension created by Justin Sternberg and he is to recieve 100% of all sales of this extension only. The Sliced Invoices plugin uses the CMB2 meta box framework that Justin created, and he has kindly contributed some code to the plugin and also helped with some of the extensions.
The ongoing costs are $20 for web hosting and whatever I decide to spend on Adwords advertising.
Another cost was $91 for a Comodo EV SSL certificate for 1 year.
I have had no other costs associated with the site or the plugins as I do all the support and maintenance myself. If you do not know WordPress, then you may need to factor in development and support costs.
Monthly time requirement
There is basically 4 ways that my time has been split in getting this business off the ground:
The first 2 tasks have been successfully completed and the last 2 will be ongoing.
Marketing - this is definitely not my strong point and the marketing effort so far has been minimal and sporadic.
My ongoing marketing per month would be around 1 hour per week - total of 4 hours per month.
I'm sure if you were to increase this, you would see more revenue gains. There is more info on Marketing further down.
Support - initially there was a reasonable amount of support requests as the plugin started out, which is only natural for software to get the bugs ironed out in the early releases. But now that the plugin is stable, the support requests are significantly less and there is not a lot of time spent on this.
The main reason for support seems to be when I make a new update and I haven't been thorough enough in my testing and I inadvertently make a typo or some other silly mistake.
Support for the free plugin is handled through the wordpress.org support forums.
Support for the paid extensions and bundles is handled through slicedinvoices.com/support which has a support ticket system that has only been set up since the start of June. It uses the Awesome Support WordPress plugin as the support system and it really is pretty awesome so far.
Previous to the support ticket system, support was simply through email but this got too hard to track in the end.
Support tickets are probably around 25% feature requests or pre-sale questions, 50% are very simple solutions such as how to actually install a plugin or needing to flush permalinks and 25% are actual 'support' that may require troubleshooting. In this case I usually ask for an admin login to their site and there is also a System Info file that they can generate in the plugin that will tell you their server/hosting setup, plugins installed etc.
Total time spent on support would average out to be around 30 mins per day, so around 15 hours per month. It is mainly just replying to emails with a little bit of troubleshooting and obviously your knowledge of WordPress would help here.
All on-site SEO on slicedinvoices.com has been done by myself which gets a score of 82/100 using this report - http://seositecheckup.com/seo-audit/slicedinvoices.com
There has been no link building efforts or any other off-site SEO so this is an area that could greatly improve the reach of the site and produce a lot more income.
There are Twitter, Facebook, Youtube and Google+ accounts for Sliced Invoices but as you can see they are not used too often. This is another area that could be improved to generate more income.
I have 3 Adwords ads setup (1 display and 2 search) which I turn on and off every now and then. I usually set the budget at $10 per day and average around $100 adwords spend a month.
I'm not sure if it really helps or not and the ads aren't really optimized I don't think. This could be another area with potential.
What is being included in the sale?
There is also another 4 extensions currently in development which will be included. They are:
The biggest challenges I believe are to try to reduce support to almost zero and to be more aggressive with marketing. There aren't really any other issues with the site or the plugin.
I would recommend that the buyer know a bit about WordPress development which would help with support. The more you know the easier support requests would be. Otherwise support could be outsourced.
The 2 main competitors are Sprout invoices (https://wordpress.org/plugins/sprout-invoices) and WP Invoice (https://wordpress.org/plugins/wp-invoice)
Both of these plugins have been around longer than Sliced Invoices and have a lot more downloads/installs but Sliced Invoices is definitely gaining traction and has great reviews (especially compared with WP Invoice).
There are tons and tons of opportunity with this business as I believe it has barely scratched the surface of it's potential. You can see above the huge growth that it is having.
I think that reaching out to various blogs and review sites to try to get links back to the site and get reviews/articles of the plugin would prove to be of huge benefit. This would have been my next plan of attack.
Reason for sale
I've recently started a family so I wish to spend more time with them as well as having other projects on the go that I am more passionate about. I loved working on Sliced Invoices and will definitely miss working on it but it is time for me to sell up and move on.
I hope the new owner can give it as much love as I have and really see it succeed!
About the seller
My name is Brant and I am a web developer/designer in Australia. I have been building websites for around 7 years, mainly just websites for local small businesses.
I have built and sold 2 other websites in the past, the first was a directory of Australian golf courses that was making it's revenue through Adsense and the second website was an SEO reporting website.
I am willing to sign a non-compete contract if required and I will provide 3+ months of post-sale support & training, in order to ensure that the buyer is able to fully take over the business and its operations. I won't leave you hanging!
As you can see from the figures, the revenue for the plugin is growing. Who knows where it will stop?
I believe there is still huge potential for the plugin that has not been explored yet. Things such as more aggressive marketing, social media and off-site SEO could all return significant revenue boosts.
The buyer could also experiment with the licensing strategy to obtain ongoing fees from users for extra support.
The reviews for the plugin are solid, the plugin itself is stable and solid, the revenue is growing and WordPress is not going anywhere in a hurry! So get involved with a top notch WordPress plugin that will continue to improve!
If you have any questions or want access to Google Analytics please don't hesitate to contact me on Flippa or even over at slicedinvoices.com
|Site Established ?||November 2014|
|Built With ?||WordPress|
|Google Analytics Detected ?||Yes|
|Domain Registered ?||11 November 2014|
|Registrar ?||PDR LTD. D/B/A PUBLICDOMAINREGISTRY.COM|
|Content Unique ?||Yes|
|Design Unique ?||Yes|
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|Alexa Rank ?||2,061,183|