- Joined
- Oct 6, 2019
- Messages
- 59
Rep Bank
$390
$390
User Power: 119%
Preface
In need to solve a complex problem for DIY investors, I created a very simple software solution for myself. I then found others have the same problem, so helped a few close friends to solve theirs. My "dream" is to automate and scale this solution via SaaS offering. While I have domain expertise in the core business , my weakness in this project is I'm not a developer, so that will be a "crutch" for me during the journey. I have not found an online site that solves my exact problem, while there are 100's of similar solutions in a highly competitive space.
This thread is dedicated to building my SaaS from absolute scratch. Only from an idea that solved a simple problem. I'd appreciate feedback from others, ideas, and simple occasional motivational "pushes" from those who have found success. What I don't appreciate is people commenting about why my idea sucks, or why they would not do this (so please move on) as I don't find that helpful or motivating.
About me
I've been a successful middle level sales exec for the same software company over 20 years. I'm an entrepreneur at heart, have most of my retirement set, and this business will provide my "exit" from the 9-5 world. This site will provide semi-passive income over time. The fear about this SaaS is its a side hustle today, and it's easy to ignore it or put aside with I get busy with my day job, kids, family, hobbies, etc. So my self discipline will be post 1x per week in this thread my journey. There is untapped potential in the business model I'm targeting. Sky is the limit if it scales. Its a matter of week to week execution and discipline. I've committed to invest $10k which is enough to build out the MVP and fund for up to 2 years without any revenue. I have received quotes of $100k from a development shop to build this out overnight, but instead I'm taking a smaller step approach to solve for a handful of users vs. building a massive solution without customers yet (Lean Startup Model). I have a low cost saavy developer who is working with me, at my pace and within my cost structure.
Execution
Fastlane inspired me to buy an existing online business 2 years ago. I spent $55k for an online directory generating $3k profit per month. I flipped it for a sizeable profit within 6 months, after a site revamp which increased revenues and profit. THANK YOU MJ :) What did I learn? 1) I was not passionate about the business I bought, so after a long day at the 9 to 5, it felt like more "work" to keep the directory site moving 2) the business was dependent on SEO, where I have zero expertise so over time it was not sustainable to me. But, it taught me that I can be successful in the online world.
So up next is to build my financial SaaS from scratch. This is my personal passion. I can spend hours talking somebody's ear off about DIY investing, how my solution can help them. I do it for fun. I love helping others solve the problem I solved for myself, even for free. They thank me for for it as its very valuable to their financial success. It's not work. Now its time to channel the passion into an online SaaS with unlimited potential if I can scale it out.
Business Model
2 primary target customers
MVP completed
10 registered beta users providing feedback
2 Month Objective
Beta users continue feedback, enhance site based on feedback
Live site ready to take on paid users, B2C
4 Month Objective
10 paid B2C clients
Prep for B2B demo, site must be rock solid before B2B demo
6 Month Objective
50 active users
Begin marketing to B2B clients, using live site with demo
1 Year Objective:
250 registered users with an active account
50% of users paying a monthly fee - I have a "freemium" model
5 signed B2B contracts
2 Year Objective
1000 registered users with an active account
50% of users paying monthly fee
25 signed B2B contracts
Progress to Date
Complete backend user account profile build out with developer
Begin user service work
2 Week Goal
Begin formatting and UI enhancement, and "polish"
Successful testing as prototype user with no bugs
3 Week Goal
UI formatting
Begin WordPress polish
4 Week Goal
UI formatting completed for beta testing
Complete WordPress UI polish for beta users
Thanks all. Gonna be a fun ride!
In need to solve a complex problem for DIY investors, I created a very simple software solution for myself. I then found others have the same problem, so helped a few close friends to solve theirs. My "dream" is to automate and scale this solution via SaaS offering. While I have domain expertise in the core business , my weakness in this project is I'm not a developer, so that will be a "crutch" for me during the journey. I have not found an online site that solves my exact problem, while there are 100's of similar solutions in a highly competitive space.
This thread is dedicated to building my SaaS from absolute scratch. Only from an idea that solved a simple problem. I'd appreciate feedback from others, ideas, and simple occasional motivational "pushes" from those who have found success. What I don't appreciate is people commenting about why my idea sucks, or why they would not do this (so please move on) as I don't find that helpful or motivating.
About me
I've been a successful middle level sales exec for the same software company over 20 years. I'm an entrepreneur at heart, have most of my retirement set, and this business will provide my "exit" from the 9-5 world. This site will provide semi-passive income over time. The fear about this SaaS is its a side hustle today, and it's easy to ignore it or put aside with I get busy with my day job, kids, family, hobbies, etc. So my self discipline will be post 1x per week in this thread my journey. There is untapped potential in the business model I'm targeting. Sky is the limit if it scales. Its a matter of week to week execution and discipline. I've committed to invest $10k which is enough to build out the MVP and fund for up to 2 years without any revenue. I have received quotes of $100k from a development shop to build this out overnight, but instead I'm taking a smaller step approach to solve for a handful of users vs. building a massive solution without customers yet (Lean Startup Model). I have a low cost saavy developer who is working with me, at my pace and within my cost structure.
Execution
Fastlane inspired me to buy an existing online business 2 years ago. I spent $55k for an online directory generating $3k profit per month. I flipped it for a sizeable profit within 6 months, after a site revamp which increased revenues and profit. THANK YOU MJ :) What did I learn? 1) I was not passionate about the business I bought, so after a long day at the 9 to 5, it felt like more "work" to keep the directory site moving 2) the business was dependent on SEO, where I have zero expertise so over time it was not sustainable to me. But, it taught me that I can be successful in the online world.
So up next is to build my financial SaaS from scratch. This is my personal passion. I can spend hours talking somebody's ear off about DIY investing, how my solution can help them. I do it for fun. I love helping others solve the problem I solved for myself, even for free. They thank me for for it as its very valuable to their financial success. It's not work. Now its time to channel the passion into an online SaaS with unlimited potential if I can scale it out.
Business Model
2 primary target customers
- B2C: individual user signs up for the service. Freemium model with no cost and paid services. I solve a simple problem for DIY investors that they face every day.
- B2B: Affiliate offering - I will offer a 50% split of the customer monthly subscription fee to the affiliate. This is my real end game, to build a platform for financial influencers to use my site as a premium service to their customers. They drive customers to my site, I provide the platform, the service, affiliate receives $xxx monthly royalties ongoing with to time limit. Lucrative for them. I complement their service, I do not compete for their business but enhance their value and offerings to their customers.
MVP completed
10 registered beta users providing feedback
2 Month Objective
Beta users continue feedback, enhance site based on feedback
Live site ready to take on paid users, B2C
4 Month Objective
10 paid B2C clients
Prep for B2B demo, site must be rock solid before B2B demo
6 Month Objective
50 active users
Begin marketing to B2B clients, using live site with demo
1 Year Objective:
250 registered users with an active account
50% of users paying a monthly fee - I have a "freemium" model
5 signed B2B contracts
2 Year Objective
1000 registered users with an active account
50% of users paying monthly fee
25 signed B2B contracts
Progress to Date
- Domain name registered, hosting built out, WordPress front end is live.
- Prototype offline software tool is built. Hired developer to develop into an online service. Building with WordPress, PhP, API's, and NoSQL DB so its a semi complex project.
- 6 months into development. First developer hired was subpar, I spent too long with them doing crappy work. So I cancelled with them, found a new developer. I've quickly learned I need to be very specific upfront on project scope including deadlines. If deadlines are not met within reason people are not paid and I will cut bait then move on to a competent developer. I will admit I'm using lower cost developers in the MVP but I'm getting close to having the MVP built. If this scales, I will need to step up my developer expertise for quicker turn around times.
- Wordperss front end launched, backend login, profiles, account structure close to completion. This is the most complex portion of the build out - user login, profiles, freemium services, subscription management, etc.
Complete backend user account profile build out with developer
Begin user service work
2 Week Goal
Begin formatting and UI enhancement, and "polish"
Successful testing as prototype user with no bugs
3 Week Goal
UI formatting
Begin WordPress polish
4 Week Goal
UI formatting completed for beta testing
Complete WordPress UI polish for beta users
Thanks all. Gonna be a fun ride!
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