Questions

I am a seasoned tech professional who has had a reasonably successful fin-tech consulting firm with contractors and strategic development partnerships. I want to bootstrap as long as possible to maintain control, and have self funded to date through a low volume high margin businessmodel. I realize that to grow this product successfully it will take a decent support and dev staff. My strong suit is product development and user experience. Raising capital and sales and marketing are not my strengths and I have been reluctant to partner or take capital due to bad experiences in prior startups. Maintaining control has become a major mantra and I want to continue to grow as a business and as an entrepreneur.

Hi there,

I have been scaling software as a service products for the past 10 years and I totally get where you are coming from. My current company is bootstrapped and on track to crack 10mil in ARR. Never had to get any VC money!

Now to answer your question about scale... Most experts will agree with me when I say that you need to get to 100 paying clients before you can really say you have a viable product (i.e. that has market value and fair potential).

Where do you start? By getting the first 10

Right now, as you are probably experiencing already, it is all about hustling, talking to ideal customers, showing your product, getting their feedback, implementing their ideas into your MVP, and doing this over and over until you get to 10 paying clients. Then you can start growth hacking and content marketing activities based on this early success.

Also, selling over the phone is great, but if you can meet these customers face to face, that's even better. You can't really build a relationship over the phone, at least not as good as in person. This step will help you build champions/ brand ambassadors, that will hopefully spread the word about your product, give you great testimonial, and agree to a case study (maybe a video one next time you meet them in person)

Nobody wants to be a guinea pig and most buyers will want to see demonstrated value before buying a newish product/service. Use these early customers as your social proof, and let their success stories do the selling for you.

Not sure about your price point, or even if you have a SaaS product. If you tell me more I can give you some quick metrics and pointers to help you along the way.

Best of luck!
- Loic


Answered 7 years ago

Unlock Startups Unlimited

Access 20,000+ Startup Experts, 650+ masterclass videos, 1,000+ in-depth guides, and all the software tools you need to launch and grow quickly.

Already a member? Sign in

Copyright © 2024 Startups.com LLC. All rights reserved.