Reflecting on my first 2 years bootstrapping!
In July 2018 I quit my job and tried to build a profitable SAAS with a lifelong friend of mine.
The first time we failed, hard: $600 MRR after 1 year.
We tried again and had a bit more luck: $75k ARR within 12m.
The reddit link is here: https://www.reddit.com/r/startups/comments/hnfdhe/reflecting_on_my_first_2_years_bootstrapping/
1. This thing takes time
Bootstrapping a SAAS is long, very long.
Of course, you'll hear about fast growth but real overnight successes are very rare.
Most of the time, when you look behind you'll find:
- years of building an audience
- several failed attempts
Talk to your users early
One easy way to do it is by offering 10x what your free plan offers to people willing to spend 15 minutes on the phone with you.
You'll get feedback from people who really want to use your product. We did it and really had amazing insights.
For every customer giving you feedback, assume that 10 others felt the same way but did not care enough to tell you.
"3" is a number I like.
We start talking about implementing a new feature every time 3 users ask for the same thing.
Clues that you're doing something wrong:
- You had a 3 days down-time and no one bat an eye
- You have < 1% conversion rate on your landing page
- People love to talk with you but never pay you
Question asked by
July 8, 2020 at 11:49:13 AM