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Experienced consultant turned SAAS entrepreneur

A topic related to SAAS or APPs

SammyGlick

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Dec 15, 2017
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London
Hi guys - I'm Chris from London and I'm excited to join the Fastlane Forum.

I've been self-employed/a business owner since graduating from university in 2009. Most of my income has come from doing consulting work. At times this has been extremely lucrative and I am able to charge up to $4,000 per day for my time. If anyone wants to talk about what it takes to make money from consulting I'd be delighted to share with and learn from this community.

The problem with consulting is that it's difficult to scale and (in general) not 'Fastlane' in nature. As soon as you stop consulting, in most cases you stop earning money. As such I've spent most of this year building a SAAS company and I consider it a modest success.

Working with a business partner I have created a software product for the music festival industry and in just 9 months we have worked with clients in 11 countries on 4 continents. Of course those are just vanity metrics and more importantly we have generated as much as $14,000 per month of profit that is 90% passive.

It has been a great journey and I have learned a lot (I had never written back-end code until March of this year and we built our product 100% in-house). The problem is that we broke one of the big rules, specifically the commandment of control. Much as our business has succeeded it is heavily reliant on third-parties. Consequently we are currently finalising an exclusive licensing deal with our largest customer. This will allow us to bring in $5k of consistent monthly profit with minimal ongoing effort on our part.

I believe in MJ's doctrine that a serious entrepreneur should only have one business. With the first SAAS product being licensed I'm working on finding my 'one business' for 2018 (and beyond). In the first few days I've been on the forums I've learned a huge amount and I'm very excited to be part of this community. I also hope to contribute by sharing my experience and I look forward to getting to know you all.
 
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SammyGlick

Contributor
FASTLANE INSIDER
Read Fastlane!
Read Unscripted!
Speedway Pass
Dec 15, 2017
23
65
36
London
Interested to hear more! what are your plans?

Well the first priority is to finalise the licensing deal for the existing product. Then we need to invest some time in making it as self-service as possible. With a bit more work we can get the income from being 90% passive to being 98% passive.

Then I will be looking to find the next business opportunity to focus on. Given my experience over the last year this is likely to be another SaaS venture but I'm open to other possibilities. I've also had a really good experience working with my business partner so we are hoping to collaborate again on the next project.

I've learned the hard way that it's very important to validate your business ideas and so we have been spending time talking to potential customers and partners for some possible projects. We've already burned through a few ideas that only got lukewarm interest from potential customers. This time I'm really determined to find an idea that adheres to all of the Fastlane commandments!

At some point I'm going to write up a thread that documents some of my learnings both from this year's semi-successful SaaS project and some of my more disastrous earlier ventures!
 

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