• Discuss Entrepreneurship | Start-Ups | Starting a Business | Wealth | Money | Success | Investing
  1. Escape the Grind. Resurrect The Dream. Live Happily Ever After.

    Become an UNSCRIPTED™Entrepreneur.

    Don’t just build a business—build a life and a legacy. UNSCRIPTED™ Entrepreneurship is a specific subset of business creation that awakens dreams, frees time, and explodes incomes—but more importantly, it changes lives.

    Make no mistake; this isn’t something you “try”— this is something you live.
    KICKSTART YOUR PERSONAL REVOLUTION TODAY.
    Get The Book(s) Download More Info Register
    Registering for the forum removes this block!

Change Yourself.
Change Your Life.
Change The World.

Tired of broke bloggers giving you advice? Within minutes, get millionaire advice from real entrepreneurs who live the dream.

Progress Thread SAAS Product Creation - Successes and Failures

Discussion in 'Progress/Execution Threads' started by Martinv678, Jun 27, 2017.

FORUM SEARCH


Need answers about entrepreneurship? Search FIRST! More than likely your entrepreneurial topic has already been discussed.
Powered by Google Site Search.
  1. Martinv678
    Offline

    Martinv678 Bronze Contributor Read The Millionaire Fastlane Speedway Pass

    Messages:
    107
    Likes Received:
    247
    Joined:
    Sep 6, 2013
    Gender:
    Male
    Rep Bank:
    $1,234
    I want to create this process thread to as one, a way of documenting the growth of the product and two, to help others who maybe looking to create their own tech product.

    For obvious reasons I will not be disclosing the product until it is out of beta and fully released.

    Back story:
    I am professional front end developer and get many offers to help code peoples websites and applications. I was approached by, my now business partner, last year regarding an online service they'd like to create but needed to wait 6 months before they wanted to really get on it.

    The product is 'fastlane'. We'd have full control of all the prices, marketing and customers. The entry barrier is really high and the logic needed to create the application is super technical and it will take a lot of selling to get it into the market. Once the application is up it will required less of our time and can be scaled from 0 - millions. There is a big need within a certain niche. Best of all the product will really save time and money for the client using it and can see it really helping many people globally. It should also stop shady activity in this niche.

    Current Successes:
    We now have a fully functioning MVP. For all the techies interested I have created an Isomorphic Frontend with React/Redux and a Node API as the backend. Currently as we're in beta, we are letting people use it for free. We will also be asking for feedback all the time to tailor the application to customer wants / needs.

    Current Failures:
    Here are some failures that I think could really help people:

    - If you're creating a tech product, really plan before hand. Plan the different pages you'll need, routes, user types, plan your backend. I only planned slightly and have been going backwards and forwards adjusting code I would have done right the first time had I properly planned.

    - Don't spend time on overly fancy designing. You'll need it to be functional and the UX to not be unusable, but if you're taking too long deciding on the colour of a button you're action faking. I put my hands up and say I have done this on the project and really no one cares if you're product adds value. On the flip side we got our first client because ours is simple to use, gets to the point and has a clean design.

    - Set a release date and stick to it. I started this product in March. I have done more in the last two weeks than the last two months by setting the target of getting the product released on the 3rd July. My business partner got the new client for that date so I have had to finish it. We're now testing it ready for it's release next Monday.

    - Listen to your body. I have been working 16 - 17 hour days for around 3 months to get the MVP built and as I code for my job it has been a little bit code overload. If you can't work because you're brain is no longer functioning then stop... I took one week off and my productivity when I got back sky rocketed. Breaks are necessary. I think we find it hard to stop when you have people like Gary V telling you to not sleep or work till 2 in the morning then get up at 7... It may work for some but for me there's no point me working if I'm tired.

    Next Steps:
    Our next steps are to make sure there are no bugs for the release next Monday and also plan the features that will be added after this date. I will be adding any progress we have here plus any failures.

    Thank you for reading!
     
    Last edited: Jul 6, 2017
    Branks, Kwikbitz, ksc23 and 13 others like this.
  2. NasosP
    Offline

    NasosP New Contributor Read The Millionaire Fastlane

    Messages:
    5
    Likes Received:
    7
    Joined:
    Aug 26, 2015
    Gender:
    Male
    Rep Bank:
    $46
    That's great @Martinv678. Looking forward to hearing more.
     
    Martinv678 likes this.
  3. JokerCrazyBeatz
    Offline

    JokerCrazyBeatz Silver Contributor Read The Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

    Messages:
    524
    Likes Received:
    535
    Joined:
    Jun 1, 2016
    Gender:
    Male
    Rep Bank:
    $2,874
    So much value in this thread , specially about taking a break. It's deff difficult when you WANT to keep going and also like you said people preach "No sleep" and "Hustle 24/7" . I always feel if I dont do SOMETHING then im bound for failure . Looking forward to seeing where you take it!
     
    Martinv678 likes this.
  4. James Fend
    Online

    James Fend Silver Contributor Speedway Pass

    Messages:
    951
    Likes Received:
    766
    Joined:
    May 4, 2009
    Gender:
    Male
    Location:
    Las Vegas, NV
    Rep Bank:
    $5,149
    Very nice action! Will be watching for sure..
     
  5. Martinv678
    Offline

    Martinv678 Bronze Contributor Read The Millionaire Fastlane Speedway Pass

    Messages:
    107
    Likes Received:
    247
    Joined:
    Sep 6, 2013
    Gender:
    Male
    Rep Bank:
    $1,234
    I used to feel this too. I think it comes from the industry that we follow like always trying to be ahead and better than we were yesterday. My issue is the more I stayed up and got bad sleep the worse my health and work got. So now I just focus on working and setting proper tasks that get me towards my goal when i'm working at my best each day. Once again I believe each person is different and the body never lie.
     
  6. Martinv678
    Offline

    Martinv678 Bronze Contributor Read The Millionaire Fastlane Speedway Pass

    Messages:
    107
    Likes Received:
    247
    Joined:
    Sep 6, 2013
    Gender:
    Male
    Rep Bank:
    $1,234
    Just a little update, yesterday was our launch date and in the week running up I was refining and getting the application secure and ready for people to use. This is now up and we're talking to respective clients. We're currently in (what MJ calls) the desert of desertion, which I find the most difficult as you question whether you're right or wrong. We're currently in a phase where we're happy to change the application based on market needs, rather than what we think is right or wrong. I'll keep updating with anything new that happens within the week.

    Biggest success this week: Making the platform secure and scalable.
    Biggest Failure: Changing how a main function worked and caused me too lose valuable time.
     
    daru likes this.
  7. Martinv678
    Offline

    Martinv678 Bronze Contributor Read The Millionaire Fastlane Speedway Pass

    Messages:
    107
    Likes Received:
    247
    Joined:
    Sep 6, 2013
    Gender:
    Male
    Rep Bank:
    $1,234
    Big day! First user signed in and is using the product. They have already provided key feedback which we can now use to make adjustments for others..
     
    Last edited: Jul 6, 2017
    Elbert Dockery and Locomote like this.
  8. Ashhh
    Online

    Ashhh Contributor Read The Millionaire Fastlane

    Messages:
    14
    Likes Received:
    20
    Joined:
    Feb 17, 2017
    Gender:
    Male
    Location:
    Copenhagen, Denmark
    Rep Bank:
    $216
    Following this thread. Wish you nothing but good luck @Martinv678. As you must know, its always luck that will make or break your business ;)
     
    Martinv678 likes this.
  9. Tammy Cox
    Offline

    Tammy Cox New Contributor Read The Millionaire Fastlane

    Messages:
    4
    Likes Received:
    5
    Joined:
    Jun 9, 2017
    Gender:
    Female
    Location:
    Boston
    Rep Bank:
    $32
    You GO! Following....
     
    Martinv678 likes this.
  10. James Fend
    Online

    James Fend Silver Contributor Speedway Pass

    Messages:
    951
    Likes Received:
    766
    Joined:
    May 4, 2009
    Gender:
    Male
    Location:
    Las Vegas, NV
    Rep Bank:
    $5,149
    NICE!!!
     
    Martinv678 likes this.
  11. Sean Kaye
    Offline

    Sean Kaye Hopium Dealer Read The Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    123
    Likes Received:
    359
    Joined:
    Jun 14, 2017
    Gender:
    Male
    Location:
    Sydney, Australia
    Rep Bank:
    $2,523
    So, in a previous life, I ran a SaaS product company that went from $1m in annual revenue to over $11m in about three years.

    The two lessons I learned:

    1) Have a path to profit from day one - you need to understand how much you need to charge and how much it will cost to both service that level of capability and to get you there in the first place

    2) Onboarding is critical - I dealt with construction and engineering companies mainly, but we also had architects and others in the general construction and mining industries. For the first year, we totally underestimated the difficulty people were having using our software because of how flexible it was - it was the "paradox of easy", we made it so simple it became too hard. Once we decided to include some hand holding and onboarding, usage exploded and it became self-perpetuating.

    Good luck mate.
     
  12. Martinv678
    Offline

    Martinv678 Bronze Contributor Read The Millionaire Fastlane Speedway Pass

    Messages:
    107
    Likes Received:
    247
    Joined:
    Sep 6, 2013
    Gender:
    Male
    Rep Bank:
    $1,234
    Thanks for the information Sean. It's great to hear from someone who has had SAAS success. Number 2 is such a great point. The people who have logged into the application and have started to use it are not using it quite how we expected, so think we'll need to run tutorials and such.
     
    Sean Kaye likes this.
  13. Ashhh
    Online

    Ashhh Contributor Read The Millionaire Fastlane

    Messages:
    14
    Likes Received:
    20
    Joined:
    Feb 17, 2017
    Gender:
    Male
    Location:
    Copenhagen, Denmark
    Rep Bank:
    $216
    I have a suggestion, now I don't know exactly how your product looks on the inside of course, but since I would expect feedback to be very important early, especially for a more complex product, what about having a small feedback field on every page (just above the footer), in order to obtain more feedback easier?

    As I said I have no idea how you setup everything, but I'm sure you could find a way to make a feedback field feel like a native part of your product.

    Keep rocking it!
     
    Martinv678 likes this.
  14. Martinv678
    Offline

    Martinv678 Bronze Contributor Read The Millionaire Fastlane Speedway Pass

    Messages:
    107
    Likes Received:
    247
    Joined:
    Sep 6, 2013
    Gender:
    Male
    Rep Bank:
    $1,234
    This is great feedback something we'll to implement in the near future for sure.
     
    Ashhh likes this.
  15. Martinv678
    Offline

    Martinv678 Bronze Contributor Read The Millionaire Fastlane Speedway Pass

    Messages:
    107
    Likes Received:
    247
    Joined:
    Sep 6, 2013
    Gender:
    Male
    Rep Bank:
    $1,234
    Hey Sean, just a quick question. How is it you went about working out your in's if you don't mind me asking? We're at the point at the moment where we need to start thinking about figures and wondered if you tried some prices and went off customer feedback?
     
  16. Sean Kaye
    Offline

    Sean Kaye Hopium Dealer Read The Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    123
    Likes Received:
    359
    Joined:
    Jun 14, 2017
    Gender:
    Male
    Location:
    Sydney, Australia
    Rep Bank:
    $2,523
    We were dealing with construction projects where we knew the value of the project and how many approximate users would be using our system on an average project. We had a price per user on our site that people could sign up to but we also were open to negotiating annual enterprise licenses to cover all projects and all users.

    We knew what they were willing to pay from exposure to the market and what our competition was charging.
     
    Martinv678 likes this.
  17. Tim Allen Jr.
    Online

    Tim Allen Jr. Contributor

    Messages:
    42
    Likes Received:
    64
    Joined:
    Jul 6, 2017
    Location:
    virginia
    Rep Bank:
    $391

    Excited to see this thread and your company grow.

    Quick question - What made you join the company/person? I'm currently looking for a tech cofounder and have been hard pressed to find one. It could be a number of things i'm doing. But what was it that made you stop and seriously think about the opportunity?
     
    NasosP likes this.
  18. Elbert Dockery
    Offline

    Elbert Dockery Contributor Read The Millionaire Fastlane

    Messages:
    69
    Likes Received:
    58
    Joined:
    Feb 21, 2017
    Gender:
    Male
    Location:
    Chicago
    Rep Bank:
    $334

    Congrats.....I was in the process of building a SAAS company going into one industry, but I realize how the idea wasnt good and violated CENTS.....How many people are working on this project with you? and what steps are you taking to complete your prcoess? such as you doing picking a market, customer development, then build a MVP, etc......
     
    Martinv678 likes this.
  19. Martinv678
    Offline

    Martinv678 Bronze Contributor Read The Millionaire Fastlane Speedway Pass

    Messages:
    107
    Likes Received:
    247
    Joined:
    Sep 6, 2013
    Gender:
    Male
    Rep Bank:
    $1,234
    So I joined because I really liked the idea and see it had great potential and the person who approached had a very similar mindset and get each other when it comes to business. I suppose you need to ask yourself what you are looking for and why you need a co-founder? Our relationship works really well as i'm developing the product and hes drumming up interest and traffic. But if we were both coding the application it may not grow as quick or work so well. I suppose you only need a partner if you have time issues, you're not so strong on selling an idea or you are good at selling and have the idea but need the expertise.
     
  20. Martinv678
    Offline

    Martinv678 Bronze Contributor Read The Millionaire Fastlane Speedway Pass

    Messages:
    107
    Likes Received:
    247
    Joined:
    Sep 6, 2013
    Gender:
    Male
    Rep Bank:
    $1,234
    So there is just two of us. I do all the development whilst my business partner does the selling, marketing to get people to look at the application. So we've actually build the product first. It first started as an MVP but we really believe in the idea so has kinda grown into a full blown product. We already know there is a market as there are other people doing this idea but they aren't doing it very well. I hope that answers your question.
     
    Elbert Dockery, Kingmaker and NasosP like this.
  21. Kwikbitz
    Offline

    Kwikbitz Contributor

    Messages:
    16
    Likes Received:
    22
    Joined:
    Tuesday
    Location:
    Greece
    Rep Bank:
    $112
    Hi @Martinv678 I love this thread and will keep a close eye on it as I am in exactly the same position as you (OK a few weeks behind you but ..) with a SaaS product.

    I agree with you totally when you say 'don't get hung up on button colours' as I'm certain too many people do, from my experience they ofen follow a designer who thinks that design is more important than functionality - whist both are important you don't have a product without functionality and if you've got a great design with out it then realistically that's all you've got.

    The other aspect I believe is that your users will be your best designers, it will be them that use the product/service and in the usual way they will want it to be easy to use.

    Here I agree with Sean and his "paradox of easy" we can strive to make it easy but sometimes in doing that we 'loose site of the end' and it then becomes harder.

    Regardless good luck ...