My SaaS Application FAILED. Here’s 6 Things I Learned ?
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The community I was taking about: Indiehackers
If you’re watching this, you probably fall into two camps – you’re an entrepreneur looking to get that recurring revenue.
Or you’re a web developer, frontend dev, backend dev, full stack developer, programmer, coder, that wants to monetize your skill and again – get that sweet monthly recurring subscription revenue.
I was a web developer and was hyped about entrepreneurship and starting a app business. And thought that SaaS apps we’re going to be my ticket to make billions.
That didn’t happen and after months of coding, fixing bugs, I had ZERO paying customers.
I’m going to everything that I wish I would’ve known before I invested all that time into it so that you can potentially save yourself from months of work, and to see if building a SaaS app is right for you.
What is a SaaS app?
Software as a Service – Apps that charge users usually on a monthly basis.
Why are SaaS apps the hot thing right now?
– Predictable revenue, if you know your churn rate, you know how many sales you need to maintain the same earnings and grow.
– Super scalable – need to support more users? Just upgrade your virtual servers like on Digital Ocean, AWS, Cloud9, WP Engine, etc and you're good to go.
– Low overhead: no real estate, team can stay small if you want
– Easier than ever to make one – still difficult tho
What was my SaaS app?
Beautiful Stocks – I created it to scratch my own itch. I used swing trade stocks a lot and I created it to automate some of the technical analysis with custom alerts.
What I wish I would’ve known
Validate the business idea / invention first
This is literally all that matters. If you don’t know what I’m talking about, read or listen to The Lean Startup.
Before you invest months into development, you want to prove that people are willing to pay for something like this.
Use an MVP, a minimum viable product, a super bare-bones, simple version to see if people are interested.
If it’s not validated, you’ll waste your time coding.
It doesn’t matter if you think your idea is good, your potential customers will decide.
As a developer, you don’t think about the business side
If you’re a developer getting into this, the coding side and the business side are 2 totally different things.
You can make the best app ever, but if you don’t know
Marketing, copywriting, sales, you’re going to have a hard time.
Either start learning it now or partner up with someone that already knows it. If you’re an entrepreneur that’s going to outsource it, great, it’s gonna cost a lot though
Steep learning curve on both the business and tech side
On the tech side, you have to know the frontend and backend
If you’ve only specialized in one area, it will be a little overwhelming
There’s a lot of competition
SaaS’s are the hot thing right now. Lots of entrepreneurs are starting SaaS’s after succeeding in their service businesses
That means they have money to spend on development and marketing.
Based on Elon Musk’s quote – Because there’s a lot of competition, to succeed, you have to be a lot better than the rest or you’ll blend in.
It takes A LOT of work – 10x more than you think
Technician vs. Entrepreneur
Are you doing this because you just want to code?
Or are you actually solving a legit problem in a profitable way?
If you just want to code, just get a high paying remote work from home job.
I’d build a service business or get a high paying tech job first
Both will give you some insight on the industry and give you needed skills
Build an audience first or while you’re starting it
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Copyright © 2019 Jake Tran. All rights reserved.
DISCLAIMER: These videos are for entertainment purposes only. This is not meant to be financial advice. Please always do your due diligence and never stop learning. Best of luck!
Elon musk is full of it. Love the video though
? Who else came here cos of their dream of that sweet sweet revenue
I
lol
Starts on 4:00
Thank you.
The route I’m gonna go is hire Jake Tran for my SaaS app ?
1K ?Well deserved! Now I know who to speak with for making a SaaS app
This video is great man! Love how authentic you were!
Hands down one of the most benificial SaaS videos I have seen on youtube.
THANKS DUDE!!
I love how transparent you are and how you’re still kind of just starting out so you’re super relatable and your videos are also really well done
I am literally going through this exact thing at the moment lol…it’s not easy!..great video
I will check out the book!! thank you for such a great video
thanks for watching!!
Great video! Thanks for the info!
or you know….binge Silicon Valley lmao.
found my new fav youtube channel! keep up the good work
thanks!
Saw your channel after almost a year… its love watching you ?
Geez bud, how many things are you doing? ? you’re as bad as me
I knew you in middle school at Western Sky. Keep doing good bro!
@Jake Tran you guys seem like great friends
ayyy it’s been a while haha
Congrats on 1k subs, I’m going to cry ?
Very interesting! thank you
THANKS!!
I stayed until the end and I will continue the road of Building a SaaS app, I realy appreciate all Your recommendations
If only he knew about Django…