I started my software business with $2K and turned it into $50M+
Heres how YOU can launch a software business in the next ~60 days with little to no money:
๐งต
Heres how YOU can launch a software business in the next ~60 days with little to no money:
๐งต
Step #1. Identify an underserved industry
Build out a list of 100+ industries.
You should look for markets with:
>Low NPS scores
>Little to no VC-backed competitors
>Low software penetration
>Good distribution of company size (SMB's, MM's, Enterprises)
Pick one.
Build out a list of 100+ industries.
You should look for markets with:
>Low NPS scores
>Little to no VC-backed competitors
>Low software penetration
>Good distribution of company size (SMB's, MM's, Enterprises)
Pick one.
Step #2. Find a problem worth solving
To understand problems people have within your market, you need to understand what their day-to-day looks like.
Schedule 10 shadows & interviews with businesses.
You'll be surprised how generous people will be with their time.
To understand problems people have within your market, you need to understand what their day-to-day looks like.
Schedule 10 shadows & interviews with businesses.
You'll be surprised how generous people will be with their time.
Learn and map out how these businesses work.
In Toast's S-1 they perfectly illustrate EXACTLY how the restaurant industry operates and were able to encompass it all into a simple picture:
Create this chart for the industry you're targeting.
In Toast's S-1 they perfectly illustrate EXACTLY how the restaurant industry operates and were able to encompass it all into a simple picture:
Create this chart for the industry you're targeting.
Now that you understand the operation, you need to find a problem worth solving.
The best software solutions typically do one or more of the below:
1. Drive additional revenue
2. Protect revenue / decrease churn
3. Maintain compliance
4. Save time.
The best software solutions typically do one or more of the below:
1. Drive additional revenue
2. Protect revenue / decrease churn
3. Maintain compliance
4. Save time.
Continue interviewing/shadowing until you identify an area where you can leverage software to do one of the four things listed above.
If you can't find anything, go back to Step #1 and pick another industry.
Repeat until you find a glaring problem you can solve with software.
If you can't find anything, go back to Step #1 and pick another industry.
Repeat until you find a glaring problem you can solve with software.
Step #3. Build your landing page
Map out your solution.
You should have a rough idea of how your software will support the end user in one of the 4 aforementioned areas.
Encompass it into a landing page.
There are a bunch of free no-code tools you can use. I use Webflow.
Map out your solution.
You should have a rough idea of how your software will support the end user in one of the 4 aforementioned areas.
Encompass it into a landing page.
There are a bunch of free no-code tools you can use. I use Webflow.
Step #4. Test/find a channel to acquire prospects
Now you need a way to drive people from this industry to your website.
There are SO MANY customer acquisition channels.
Social, Events, Cold outreach, etc.
Pick a few, buy some cheap ads, go to a conference, hit the phones.
Now you need a way to drive people from this industry to your website.
There are SO MANY customer acquisition channels.
Social, Events, Cold outreach, etc.
Pick a few, buy some cheap ads, go to a conference, hit the phones.
I spend 1 day a week on each channel.
At the end of the week, you should have found at least one channel that is working and driving some sign-ups.
If it's not working you need to:
1) Redo the landing page
and/or
2) Find a better problem to solve
and/or
3) Try another channel
At the end of the week, you should have found at least one channel that is working and driving some sign-ups.
If it's not working you need to:
1) Redo the landing page
and/or
2) Find a better problem to solve
and/or
3) Try another channel
Step #5. Build your proof-of-concept product
You have sign-ups, a landing page, a problem, and an industry.
Now we need to get your proof-of-concept built.
Bubble is a no-code tool you can use to create v1.
There are many others out there.
Find one and build it.
You have sign-ups, a landing page, a problem, and an industry.
Now we need to get your proof-of-concept built.
Bubble is a no-code tool you can use to create v1.
There are many others out there.
Find one and build it.
Step #6. Launch
OK, this is where things get real.
You're NERVOUS.
That's OK.
Set up as MANY discovery calls with folks from your waitlist as possible.
From those calls, you should find a few folks that have a BIG ENOUGH problem they are willing to use your shitty v1.
OK, this is where things get real.
You're NERVOUS.
That's OK.
Set up as MANY discovery calls with folks from your waitlist as possible.
From those calls, you should find a few folks that have a BIG ENOUGH problem they are willing to use your shitty v1.
Never launch to everyone on the wait list right away.
Launch in phases.
Early phases should include only those from your discovery calls that are INNOVATORS.
They are willing to 'beta-test' and offer feedback.
Become best friends with them.
Launch in phases.
Early phases should include only those from your discovery calls that are INNOVATORS.
They are willing to 'beta-test' and offer feedback.
Become best friends with them.
Step #7. Iterate & improve
Listen and improve the product. As it becomes more usable you should be asking questions like:
"At what point will this become something you're willing to pay for?"
"How much time is this saving you?"
"How much additional revenue is this driving?
Listen and improve the product. As it becomes more usable you should be asking questions like:
"At what point will this become something you're willing to pay for?"
"How much time is this saving you?"
"How much additional revenue is this driving?
Step #8. Begin Charging
Study the answers to these questions to triangulate your pricing.
If you're driving an additional $10K per year for a business, charge them $3K. Make it a no brainer.
The data will lead to an answer.
It's not going to perfect.
Roll it out and iterate.
Study the answers to these questions to triangulate your pricing.
If you're driving an additional $10K per year for a business, charge them $3K. Make it a no brainer.
The data will lead to an answer.
It's not going to perfect.
Roll it out and iterate.
You can continue this cycle until you have a solid software biz.
It takes a LOT of work.
You'll lose customers you never thought you would.
Your acquisition channel will just stop working.
You're solution will be a nice-to-have instead of a need-to-have.
KEEP GOING.
It takes a LOT of work.
You'll lose customers you never thought you would.
Your acquisition channel will just stop working.
You're solution will be a nice-to-have instead of a need-to-have.
KEEP GOING.
Before you know it you'll be at $100K of revenue.
Then you'll be at $1M.
Then you'll be at $10M.
Most will give up.
If you don't, you'll be amazed at what can happen.
Then you'll be at $1M.
Then you'll be at $10M.
Most will give up.
If you don't, you'll be amazed at what can happen.
In summary, how to build a software business in 60 days:
1. Identify an underserved market
2. Find a problem worth solving
3. Build your landing page
4. Test/find a channel to acquire prospects
6. Build your proof-of-concept product
7. Iterate and improve
8. Begin charging $$
1. Identify an underserved market
2. Find a problem worth solving
3. Build your landing page
4. Test/find a channel to acquire prospects
6. Build your proof-of-concept product
7. Iterate and improve
8. Begin charging $$
That's it! Thanks for reading.
If you learned something, retweet the first tweet below so others can too.
Follow @lukesophinos for more. I'm constantly sharing my learnings from founding, operating, investing, and advising software companies.
If you learned something, retweet the first tweet below so others can too.
Follow @lukesophinos for more. I'm constantly sharing my learnings from founding, operating, investing, and advising software companies.
Loading suggestions...