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?)
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