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My SaaS Application FAILED. Hereโ€™s 6 Things I Learned ๐Ÿ˜ญ

๐–๐ก๐š๐ญ ๐ญ๐ก๐ž๐ฒ ๐–๐Ž๐'๐“ ๐“๐„๐‹๐‹ ๐˜๐Ž๐” ๐€๐›๐จ๐ฎ๐ญ ๐๐ฎ๐ข๐ฅ๐๐ข๐ง๐  ๐’๐š๐š๐’ ๐€๐ฉ๐ฉ๐ฌ
๐Ÿ“ƒ ๐™๐™๐™€๐™€ ๐Ÿ” ๐’๐ข๐ฆ๐ฉ๐ฅ๐ž ๐‘๐ž๐ฌ๐ฎ๐ฆ๐ž ๐’๐ž๐œ๐ซ๐ž๐ญ๐ฌ ๐ˆ ๐”๐ฌ๐ž๐ ๐“๐จ ๐‹๐š๐ง๐ ๐Œ๐ฒ $๐Ÿ’๐ŸŽ/๐ก๐ซ ๐ƒ๐ซ๐ž๐š๐ฆ ๐‰๐จ๐›:
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๐Ÿ“˜ The Lean Startup
๐Ÿ“™ The E-Myth Revisited

The community I was taking about: Indiehackers

If youโ€™re watching this, you probably fall into two camps – youโ€™re an entrepreneur looking to get that recurring revenue.

Or youโ€™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 weโ€™re going to be my ticket to make billions.

That didnโ€™t happen and after months of coding, fixing bugs, I had ZERO paying customers.

Iโ€™m going to everything that I wish I wouldโ€™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 wouldโ€™ve known

Validate the business idea / invention first

This is literally all that matters. If you donโ€™t know what Iโ€™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 itโ€™s not validated, youโ€™ll waste your time coding.

It doesnโ€™t matter if you think your idea is good, your potential customers will decide.

As a developer, you donโ€™t think about the business side

If youโ€™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 donโ€™t know
Marketing, copywriting, sales, youโ€™re going to have a hard time.

Either start learning it now or partner up with someone that already knows it. If youโ€™re an entrepreneur thatโ€™s going to outsource it, great, itโ€™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 youโ€™ve only specialized in one area, it will be a little overwhelming

Thereโ€™s a lot of competition

SaaSโ€™s are the hot thing right now. Lots of entrepreneurs are starting SaaSโ€™s after succeeding in their service businesses

That means they have money to spend on development and marketing.

Based on Elon Muskโ€™s quote – Because thereโ€™s a lot of competition, to succeed, you have to be a lot better than the rest or youโ€™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.

Iโ€™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 youโ€™re starting it


๐Ÿ“ท 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!



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