My SaaS Application FAILED. Hereโs 6 Things I Learned ๐ญ
๐๐ก๐๐ญ ๐ญ๐ก๐๐ฒ ๐๐๐'๐ ๐๐๐๐ ๐๐๐ ๐๐๐จ๐ฎ๐ญ ๐๐ฎ๐ข๐ฅ๐๐ข๐ง๐ ๐๐๐๐ ๐๐ฉ๐ฉ๐ฌ
๐ ๐๐๐๐ ๐ ๐๐ข๐ฆ๐ฉ๐ฅ๐ ๐๐๐ฌ๐ฎ๐ฆ๐ ๐๐๐๐ซ๐๐ญ๐ฌ ๐ ๐๐ฌ๐๐ ๐๐จ ๐๐๐ง๐ ๐๐ฒ $๐๐/๐ก๐ซ ๐๐ซ๐๐๐ฆ ๐๐จ๐:
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๐ The Lean Startup
๐ The E-Myth Revisited
The community I was taking about: Indiehackers
If youโre watching this, you probably fall into two camps – youโre an entrepreneur looking to get that recurring revenue.
Or youโre 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 weโre going to be my ticket to make billions.
That didnโt happen and after months of coding, fixing bugs, I had ZERO paying customers.
Iโm going to everything that I wish I wouldโve 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 wouldโve known
Validate the business idea / invention first
This is literally all that matters. If you donโt know what Iโm 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 itโs not validated, youโll waste your time coding.
It doesnโt matter if you think your idea is good, your potential customers will decide.
As a developer, you donโt think about the business side
If youโre 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 donโt know
Marketing, copywriting, sales, youโre going to have a hard time.
Either start learning it now or partner up with someone that already knows it. If youโre an entrepreneur thatโs going to outsource it, great, itโs 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 youโve only specialized in one area, it will be a little overwhelming
Thereโs a lot of competition
SaaSโs are the hot thing right now. Lots of entrepreneurs are starting SaaSโs after succeeding in their service businesses
That means they have money to spend on development and marketing.
Based on Elon Muskโs quote – Because thereโs a lot of competition, to succeed, you have to be a lot better than the rest or youโll 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.
Iโd 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 youโre starting it
—————————————
๐ท Instagram: @jaketran33
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Copyright ยฉ 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
๐ Who else came here cos of their dream of that sweet sweet revenue
I
lol
Starts on 4:00
Thank you.
The route Iโm gonna go is hire Jake Tran for my SaaS app ๐
1K ๐ฅWell 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 ๐
Geez bud, how many things are you doing? ๐ youโre 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 ๐ฅ
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…