Should I make Simple Analytics an open source product?

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I started giving this some extra thought when @MelanieRieback confronted me with the question why Simple Analytics wasn't open source. I agree with her that for a privacy perspective it makes a lot more sense.
I don't want to become a consultancy company with a free product like @elastic. More a company like @JohnONolan's @ghost where you still sell the same product but hosted.
This means it will be free when you host it yourself. I don't mind giving it away for free because our mission is bringing privacy to the web. At the same time we want to make a profit with our SAAS to develop our product further.
Some of our code is already open source but not everything. We use Elasticsearch so it would require quite some work for people using it to set it up. Not sure if that is desirable.
Do you have any experience or wisdom on doing this vs not doing this?
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