Just a few weeks after the beginning of the Coronavirus outbreak, the first SaaS businesses are reporting cancellations. The bootstrapped SaaS world may not be affected by the pandemic as much as other industries, but we are already seeing second-order effects appearing. For example, you may not be affected by the temporary closure of bars … Continue reading Surviving a Recession as a Bootstrapped Business
Category: Bootstrapping
How to Release as a Bootstrapper: Often, Early, and Safely
We had "Software is never finished, only abandoned." While this is true, it doesn't tell us anything helpful. So let's rephrase this into something we can act on: "Software is never finished, only released." Let's talk about releasing your product, and what makes this process special for bootstrapped founders. In most cases, technical founders will be … Continue reading How to Release as a Bootstrapper: Often, Early, and Safely
The Do’s and Don’ts of the Minimum Viable Product
Leonardo da Vinci supposedly said, "Art is never finished, only abandoned." This is definitely true for software as well. The only antidote to abandonment is to put your work in front of other people, even when it's not perfect yet. The startup industry has coined the term of the MVP, the Minimum Viable Product, to … Continue reading The Do’s and Don’ts of the Minimum Viable Product
The Myth of The Finished Product
Before the internet made transferring large amounts of data cheap and easy, software used to be distributed on CDs or DVDs. For any given application, there was the "Golden Master," a final version of the software, ready to be copied millions of times. These days are over. Every day, millions of software updates get dispatched. … Continue reading The Myth of The Finished Product
Make It Sell Itself: On Referral Systems
One year into running FeedbackPanda, we released a referral system. It was an immediate success, and it stayed that way ever since. When we sold the business, around 40% of new signups came through our referral system. Immediately after turning on the user-facing parts of the referral system, we started seeing results. Our social media … Continue reading Make It Sell Itself: On Referral Systems
The Power of the Niche
If you were to found a company that makes and sells beer today, you would probably start a craft brewery. You'd start a small operation, find the people who enjoy your product and slowly expand your business. You would not try to compete with Bud Light and Heinecken for shelf space. You would prefer to … Continue reading The Power of the Niche
Do You Need a Co-Founder?
Building a business alone can be daunting. You might lack a few skills; in fact, I am sure you do. There is a lot to learn when you start a company, and you will never stop running into unexpected challenges that require the acquisition of new skills and knowledge. So, should you find someone to … Continue reading Do You Need a Co-Founder?
So You Got an Offer: How to Do Due Diligence on Your Potential Acquirer
There is almost no better and, at the same time, terrifying feeling than when you receive an email from someone who wants to acquire you. There was great joy when that happened to us at FeedbackPanda. Immediately after, we started to think about the level of risk we were about to expose our company to. … Continue reading So You Got an Offer: How to Do Due Diligence on Your Potential Acquirer
Your Initial Pricing Will Never Be Right, But Try Anyway
When you're just starting, finding the right pricing model for your young business seems very hard and almost entirely arbitrary. That's because, at such an early stage of your business, it is impossible to find the "correct" price for several reasons. At the beginning of your business, revenue serves one purpose before any other: validation. … Continue reading Your Initial Pricing Will Never Be Right, But Try Anyway
Churn, Retention, and Revenue: What Makes Customers Stick Around and Why That’s Important
Retaining a customer is easier than finding a new one. You already have an open communication channel. They're already interested in hearing from you. You also know their behavior patterns, and you can infer how much and how effectively they use your product from your metrics. On average, a 5% increase in customer retention leads … Continue reading Churn, Retention, and Revenue: What Makes Customers Stick Around and Why That’s Important
