I am curious to know how you all can tell when you know it's time to go all-in on a product or business? Do you have some sort of a system to determine if you are really meeting a need? How can I be sure? You always have that though knawing at you that maybe you're wasting your time in a needless business.
I have a profitable small software company, two of my products generate upwards of $100k/year in loyalty programs and digital signage. However, only 4 or 5 clients (low scale, high affection) and high pressure, not the business I want to be in. I originally got into business to build a SAAS focused intranet product (internal portal for businesses). There are 20 or so competitors, however I see a hole in the market where complicated and overpriced products are making the solution out of reach for thousands of businesses. I've had about 25 companies sign up for trials and retained about 21% of them (no marketing budget)
So my question is: when do I know it's time to go all in? I've hired a dev at about $20k/year (india, however lots of experience) to rebuild it and am spending a lot of time working on the website and SEO. I just feel like even though I'm PRETTY SURE there is a need - how can I be sure? I am using up time I could be spending on other things (possibly?)
I have a profitable small software company, two of my products generate upwards of $100k/year in loyalty programs and digital signage. However, only 4 or 5 clients (low scale, high affection) and high pressure, not the business I want to be in. I originally got into business to build a SAAS focused intranet product (internal portal for businesses). There are 20 or so competitors, however I see a hole in the market where complicated and overpriced products are making the solution out of reach for thousands of businesses. I've had about 25 companies sign up for trials and retained about 21% of them (no marketing budget)
So my question is: when do I know it's time to go all in? I've hired a dev at about $20k/year (india, however lots of experience) to rebuild it and am spending a lot of time working on the website and SEO. I just feel like even though I'm PRETTY SURE there is a need - how can I be sure? I am using up time I could be spending on other things (possibly?)
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
