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SaaS Mastermind Group - Striving to $100k/mo

Discussion in 'General Entrepreneur Discussion' started by adiakritos, May 3, 2018.

  1. adiakritos
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    adiakritos Bronze Contributor

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    I'm starting a mastermind group for anyone focused on creating SaaS or digital products. It will be 10-12 people max (currently 2 members so far), free to join, and be held each week at the same time and day.

    The outcomes for the group are:
    - Everyone will leave the meetings with ideas for taking their business to the next level at any stage they're at, or have ideas on moving past any challenges they currently face.
    - Everyone will speed up their progress to $100k/mo and WILL achieve this and make consistent progress towards this.

    Group members should:
    - Have expertise that supports some element of building a SaaS product. Actual experience building businesses is a big plus of course, but in addition to that we want complimentary knowledge bases in the group. Areas that might be included under this might be B2B sales, networking, web development, copywriting, advertising, social media advertising, SEO, product development, or maybe you have experience with a little of everything and have created profitable businesses from those skill sets.
    - Be willing to share their business model with the group and share their challenges
    - Be willing to contribute to the group when they have ideas. Ideally, we want people who can share from experience, not just from the things they've read or learned from in programs they've picked up.

    We will hold quarterly progress reviews to see what everyone's results look like and compare them, see where we can all improve...etc

    I hope that through the group strategic alliances can form and that ultimately we'll become a group of high energy, supporting friends. We'll keep the group in communication throughout the week with a Slack group.

    If believe you'd be a good fit for this and would like to know more, PM me.
     
    Last edited: May 4, 2018
  2. adiakritos
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    adiakritos Bronze Contributor

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    I'm quite shocked there aren't more people here who'd be interested in a group like this. It's hard to imagine anything better than having a group of people you can chat with daily from your phone or computer, and meet up with virtually every week to have real face to face conversations around your current business with the common goal of making it to $1M / year. Of course, I'm not trying to imply that no one here wants that - perhaps the SaaS part isn't popular at TheFastlane, or how I've described or presented it is off putting?
     
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  3. OliBiz
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    OliBiz New Contributor Read Millionaire Fastlane

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    Likely because most people aren't thinking about $100k/month yet since that's relatively high. I have done e-commerce and am working on an agency at the moment. I would be interested, but my business(es) don't exactly fit, unfortunately.
     
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  4. THR
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    THR New Contributor

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    I'm interested in your group and it sounds as though it would be a great community. I have a SaaS product in development which has some significant challenges, particularly in the areas of deployment and infrastructure. I missed your first post, perhaps it just needs a little more visibility.

    I'd echo OliBiz's comment that the $100k/month milestone might put people off, to some degree. Although there are many examples to prove that the figure you've given is an achievable goal, there will be many entrepreneurs with startups for whom that criteria seems somewhat out of scope, yet their contributions would be valuable nonetheless.

    I'll send you a PM.
     
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  5. MarcoSto
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    MarcoSto Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Same here. The 100k/mo goal is a bit off putting.

    I'm currently developing a subscription based habit building app. I've put in 15 months of testing and developing so far and am now working towards getting the first version into the AppStore. My first milestone is make ONE freakin dollar. The next Milestone is 3k/mo. From there it's probably ez to scale to 10, 20, 30. But starting with 100k in mind sounds too dreampreneury to me.
     
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  6. jcvlds
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    jcvlds JC Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    I hope it wasn’t 15 months of cave-mode development without showing it to users and getting feedback... :\


    Sent from my iPhone using Tapatalk
     
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  7. MarcoSto
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    MarcoSto Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    No...I'm actually a psychologist and research habit building for my doctoral thesis. So I conducted a study in which students used my app to build new habits. And doing all the academic statistic analysis, presentations, the writing etc. took some time. Testing could have been a lot shorter if it was not tied to the thesis. It's basically a biz that emerged out of the research.
     
  8. adiakritos
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    adiakritos Bronze Contributor

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    Hmm. Well, I might need to specify that $100k/mo with a SINGLE project isn't exactly the aim, though it's certainly possible and welcome if you're already doing it. What I had mind is more along the lines of $100k/mo across a handful of projects. Why? Because I've seen others doing exactly that and I want to model that way of approaching the fastlane.

    We're not trying to raise rounds of VC and destabilize how people drink water, breath, and open doors. We're trying to build recurring revenue one project at a time. Also, we're not trying to do this in 10 days either. Depending on execution and support I don't see why $100k/mo isn't achievable within 3-5 years or less.
     
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  9. jcvlds
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    jcvlds JC Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Are you talking MRR or monthly net profit?


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  10. cy-
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    cy- Bronze Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    Which project(s) do you work with yourself?

    Maybe you could explain a bit about your project(s) and share some information.

    I personally run a subscription service myself that I grow by scale with affiliate marketing.

    I have been working on the projects for 7 months but I have been live for 2 months and doing 8K Euro revenue in April and was doing 3k in revenue in March and by estimates I should reach 14k in May. Profit is around 85% on second month and around 20-25% on first month due to acquisition cost.
     
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  11. Late Bloomer
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    Late Bloomer Gold Contributor Read Millionaire Fastlane Speedway Pass

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    I only just now saw the thread. This sounds really helpful. I'd love to participate. Please see:
    • my intro thread
    INTRO - Late Bloomer's intro
    • my Speedway thread on building my business model
    https://www.thefastlaneforum.com/co...-restaurant-marketing-plan.82158/#post-692985
    • and my reviews with application notes in the "let's study copywriting together" thread
    EXECUTION - Copywriting Challenge May 2018 (Join me)

    for examples of how I could contribute.

    (Please ignore my unfortunately popular "touchy-feely" thread, it ran off the rails. I hoped it could get deleted, that's not allowed but at least it was locked.)

    What's the next step?

    You mention face to face meetings... unless we happen to be in the same town already, I think that'll have to wait until we're well underway to that $100k/mon goal!
     
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  12. adiakritos
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    adiakritos Bronze Contributor

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    Net profit
     
  13. OliBiz
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    All the best!
     
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  14. OliBiz
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    OliBiz New Contributor Read Millionaire Fastlane

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    I 100% agree it is possible - but I feel people with a decent level of being grounded would feel that considering where they currently are, they wouldn't fit into the mastermind. $100k per month sounds like the mastermind is already full of people who are partially, or almost at that level. If you include the fact you're doing $5k/month but aiming for $100k/month, THAT would be much more appealing and feel a lot closer to home. :)

    I am going to earn £2.5m per month in the future. I know it. See you at the top.
     
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  15. adiakritos
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    adiakritos Bronze Contributor

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    I created a fitness application that I moved on from without earning a profit. After that I found a small business doing around $10k/mo and saw how I can compete with them and do what they do better. So that’s what I’m working on at the moment. One of our members earned a decent living selling information products so he has some great marketing insights. He’s also focused on a SaaS product he’s researching. We have one other developer who works as a CTO for a company. I’m currently still getting to know his story but I do know he’s working on a SaaS product.

    If you’re doing well yourself and are curious.. I mean, the group is free lol. Nothing to lose by checking it out. I’m confident there will be some more excellent members in there as time goes on.
     
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  16. Locomote
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    Locomote Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    Sounds good... I'd be down. PM sent.
     
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  17. GregDott
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    GregDott Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Hey I'm keen to get involved. I'm in the process building my first SaaS. Just started releasing MVP yesterday.
    New to the business side of things, but can definitely share knowledge regarding project management and development.
     
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  18. hughjasle
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    hughjasle AutoPilot Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    I don't have a current Saas, just the idea laid out and spoke with a few developers. What level Saas'rs are you looking for? I'm sure I will have lots of newb questions but only be able to help other on the advertising/social/seo/influencers side of things as that's my background.
     
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  19. 458
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    458 Platinum Contributor Read Millionaire Fastlane Speedway Pass

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    Have you done 10k a month? Mastermind for what? Who are you? Why are you worth anyone's time?

    SaaS, 100k, who cares? How about time..
     
  20. adiakritos
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    adiakritos Bronze Contributor

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    I’ve not done $10k/mo.
    Mastermind for exactly what the title says.
    I’ve shared who I am in great detail in the AMA thread.
    What I am creating is worth the time of everyone involved. I myself don’t have tons of experience but if I can get others in the same room to talk face to face about thier businesses who do have experience and feedback backed by real world results, well that’s worth plenty. If it turns out it’s not, I’ll make adjustments until it is.
    What about time? With regard to what? Time to $100k? Time to meet? Time of each meeting? Time to play after the business is going? Time can mean anything, not sure what you mean.
     
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  21. adiakritos
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    adiakritos Bronze Contributor

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    Thank you all for participating in the thread and to all who've reached out to me via PM. The responses here have inspired me and opened some doors of possibility, so I'm truly grateful for everyone's interest!

    We had our first meeting last night, it was just one other person and I. Neither of us are anywhere near $100k/mo, but we came up with a new path forward for the group and ourselves. Pretty much along the same lines as what I've already mentioned but with a few adjustments in process. Essentially, we'll likely seek out anyone with any kind of online business (in the future, currently we're focusing on SaaS to keep the focus sharp), but since the group will remain less than 10 people and we'll have mastermind meetings, all be on a path towards $100k/mo, all be modeling successful businesses and people...etc the diversity should maximize the value of those meetings.

    Anyhow, no need to explain the group anymore. Those who see the value of being a group like this will reach out and have already reached out. Thanks again for everyone's interest, I can't wait to share the results of my own business in a different thread later on.
     
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  22. jcvlds
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    jcvlds JC Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Grats on taking the initiative to put this up. I’m a bit in on starting an online business myself and would love something like this. Only reason I’m not joining is because I’m in eCommerce and not SaaS, although I have some ideas for a SaaS offering to my target audience down the road. One step at a time though.

    Good luck and maybe you can still share progress updates here from mastermind results for those here who could value from it but may not be in SaaS specifically.


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  23. Locomote
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    Locomote Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    Are you still adding people or is it just going to be the two of you?
     
  24. adiakritos
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    adiakritos Bronze Contributor

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    I'll definitely share the results and progress here. I love sharing.

    You can always hmu on Skype and we can bounce ideas around there. It'd be less 'formal' but still valuable to stay connected on the fly. I have a few friends on Skype I've been talking to for years and we occasionally share new stuff, bounce ideas, and update each other on progress, pump each other up..etc
     
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  25. adiakritos
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    adiakritos Bronze Contributor

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    We're happy to add new people as we meet them. Two others we had invited never showed up so him and just continued anyway. It might be like that for a while just to feel out the rhythm of how the meetings will flow, how long sharing takes...etc Last night we spoke for 4 hours and had to bring it to hard stop because it was 3am where he lives.

    For example, I walked away with some ideas around how to monetize the backend of my SaaS product with a consultancy offering of some sort. It works perfectly with what my SaaS product does since it's related to marketing. The specifics aren't worked out but I can definitely see that as something doable, especially since my first target market are digital marketing agencies. I also took away this really bomb a$$ visualization technique he picked up somewhere. I haven't even done it 'right' yet and I already have a paradigm shift occurring - resulting in a much more.. idk how to describe it - visceral, gut level, natural, 'aligned' sense of motivation. Helps with gaining a much more distinct sense of clarity around what I REALLY want to be rich for. I learned about some incredible markets that exist on Instagram, and what the business acumen of many of these insta publishers are like. My mind was exploding with like "holy shit, no fukin way...." over and over again.

    I believe he walked away with some ideas around how to maximize his impact in his space. Basically, I shared the patterns I learned from what Arnold Schwarzenegger did to master 4 different careers (Body building, real estate, acting, and politics). Arnie did virtually the same exact set of things for each career. With that I think he started to put together a strategy around those patterns. He's (the other member of the group) created a 100% automated marketing business from scratch selling info products, and he's headed a small business which, after almost 2 years, his boss went from barely making it to buying a new house in cash lol. So I'm glad I could share something with him myself that he found refreshing and valuable. I shared with him the patterns I saw in my successful friend, and I believe he took those patterns to heart as well. He also said it's awesome to see the process I go through creating an app (we talk almost every day on Slack now), because SEEING the process first hand makes it seem more real, attainable, and like "Oh, this is what it looks like - this is what is normal, this is what it is like and how it's done.. this is what I can expect..." that kinda thing.

    I think we get a lot more out of sharing the things we've seen other successful people do in person than the things we read in books from business gurus. So we're trying to keep things as close to reality and far away from theory as possible.

    Anyway, these things sound nice but they don't matter till we convert the them into CASH. lol So once I'm actually generating profits and growing I can share how the group has influenced me to get there, and any insight I have in general.
     

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