I have to be honest, I do not feel good by telling you this story. My objective is to look for motivation and support from the members. Also, I want to get actionable advice here. So, here is the story.
June 2017, My cofounder and I start working on a project that we thought will be a sustainable business. It is a SaaS GDPR Software to get companies GDPR compliant. The topic itself was very hyped and we thought this would kick off. People and companies will start caring about the privacy of EU users.
Here are some stats until August 2018,
We had 300 customers in May (250 paid one-time 50€) and rest of them paid 100€ per month. Hence, we have approximately, 4000€ in MRR (inclusive of discounts).
Problems: 1) We do not have enough cash to survive after September 2018 2) We have 5 full-time employees, cost around 12000€ 3) I have stopped believe that we really help companies since they are forced to do some GDPR documentation than they really 'need' to 4) It seems like GDPR was a trend, and it's not making business sense anymore 5) We've tried all channels and ways to acquire leads and close them but we only closed 5 customers after May 2018. 6) We thought at least GDPR specialists would need us, but they are happy with their Excel sheets and their 'IP'.
We could not find a product-market fit :(
Ask: 1) What would you do in my situation? 2) How to know when to stop?
Looking to find out your opinion.