Starting my own SaaS company - 6 of the most important learnings ✅
1. Recurring revenue is king 👑
How much money you have in the bank at the end of the month is all that matters. But also what type of revenue it is. Don’t build a business where you have to chase new revenue each month.
2. Majority of SaaS companies suck 👎
If you go out there and don't suck, you're already ahead of the game. Most companies that on the outside seem to have figured it out, have not. Most companies out there are absolutely chaotic on the inside.
3. Be SUPER customer oriented 🔎
Please your customers and the word spreads fast. Referrals and reputation will be able to give you a major growth lever. Displeased customers will be a dead end, or even worse start spreading bad stuff about you. That is something you cannot afford.
4. Initially it does not have to scale 💌
Send a physical card. Offer in person support, or edit marketing material to help your customer get some free exposure. Help them out and genuinly look out for their best. This will allow you to learn a ton, but also create invaluable relationships that you can scale from.
5. Never compete on price 💵
Initially you might have to lower prices for some customers, POCs, or trials - in that case put a clear time limit to it and then raise your prices. You want to differentiate on being expensive and high quality, not a cheap commodity and enter the race to the bottom. Not everyone has to be your client. Dare to say NO and charge premium prices for the high quality products you offer.
6. Choose your partners with care 🤝
Both in terms of clients, employees, co-founders, and business partners. They can either destroy your business, and you are stuck with them, or elevate you to the skies. Follow the newsletter below for more growth learnings and insights!