Not all revenue is created equal. What matters is whether it’s real, repeatable, and something you can actually build on.
In the early stages of any business, revenue feels like a win.
Any revenue.
A new client signs. Someone buys your product. A big deal closes. The Stripe email hits your inbox.
It feels like proof.
“We’re doing something right.”
And maybe you are.
But here’s the uncomfortable question I’ve learned to ask, both for myself and the founders I work with:
Where did that revenue actually come from?
Because not all revenue is created equal.
Some is random. Some is borrowed. Some is built on a shaky foundation you don’t even see yet.
If you don’t ask where it’s coming from, and whether you can repeat it, you might be building a business on sand.
The story we tell ourselves
You sell something. You make money.
So you tell yourself, “This works.”
And maybe it does.
But it also might be:
- A one-off customer who found you by chance
- A channel that won’t work the same next month
- A friend of a friend who just wanted to support you
- A corporate client with a unique need you’ll never see again
That’s not real traction.
That’s a test result.
I’ve been there
In one of my earlier ventures, we had a great month out of nowhere. Sales spiked. Word of mouth picked up. Everyone was excited.
We doubled down.
Spent more. Hired. Forecasted based on the “new normal.”
Two months later, it dropped off a cliff.
Most of that revenue came from a single campaign that landed in a niche community. It wasn’t part of a strategy. We didn’t even fully know why it worked.
We didn’t have a machine.
We had a moment.
And we didn’t realize it until we’d already made expensive decisions.
There’s a difference between money and momentum
Making money once is great. But building something repeatable is different.
The real question isn’t “Did we make revenue?”
It’s:
- Why did it happen?
- Can we do it again without luck or hustle?
- Is it tied to something we control or something we don’t?
- Do we understand it well enough to teach it to someone else?
If the answer to those questions is fuzzy, then the revenue doesn’t mean what you think it does.
What makes revenue real?
Here’s what I look for when I’m advising founders:
It’s repeatable. You can do it again. Not just once, but over and over.
It’s traceable. You know where the customer came from. You understand their path. You can explain it.
It’s yours to improve. It isn’t reliant on one campaign or one person outside your team.
It’s stable enough to build on. You don’t need to change strategy every few weeks to chase more of it.
That’s when it becomes something you can grow.
What if your current revenue isn’t unique or repeatable?
That’s fine. Most early-stage businesses are in that spot at some point.
But instead of pushing harder, get curious.
Pull the thread. Ask:
- Where did this customer really come from?
- Why did they choose us?
- Was it timing, pricing, a referral, something we said?
- How would we go find five more of them, and would we do it the same way?
Then test it. Carefully.
Don’t spend more money or time until you’ve done the learning.
Revenue is a clue. It’s not the full picture.
If you’re early, it’s easy to see dollars and think you’ve cracked the code.
But what you really want is something deeper. Revenue that has roots.
Something you can explain.
Something you can grow.
Something you can trust.
Because that’s what you build on.
Everything else is just noise.
Need help navigating the messy middle?
I work with early-stage founders to pressure-test ideas, sharpen plans, and stay grounded while building.
If your startup’s still becoming—Get in touch.