2 ideas fell in my lap, should I jump in?
I’ve got two opportunities for SaaS-ish businesses that I can come into right now.
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Software for a specific niche that needs help creating quotes for jobs they do. Approached by people in the industry who have the problem, and they are interested in partnering to sell the software to other businesses like them. ($200+ per month)
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A lead generation/funnel for another business niche. I’d build the infrastructure but the people who approached me would do the marketing, it would help retail businesses (in another niche) turn leads into sales. ($1500+ per month)
Both products would have nice price tags and nothing is set in stone should I move forward on customer developer and MVP specs for both or just pick one or what? Both opportunities sort of fell into my lap and I’m really interested in niche SaaS and the ideas are better than I could come up with on my own.
I’m currently out of a job, so I’d need to make revenue fast in order to make it work long term, I gotta feed my family lol.
I must have missed something. You have a choice between 1500/month or 200/month and you need money fast?
You don't mention the TIME required to build these ideas. Assuming they can both be accomplished fast enough, it seems clear to me that you should ONLY focus on first getting those 1500$/month in your pocket before you do anything else, no?
That said, I'd put money on the fact that looking for a job has much better chances of bringing money faster and more securely than these Saas. Good luck!
I haven’t fully scoped anything yet, so I can’t say for certain but I think the ($200) one would be an easier build, with more self-service MVP out of the gate.
The $1500 would be more per client work at MVP and building automations later to SaaS-ify it.
I struggle to give the whole picture typing on my phone. But from a pure $$ perspective the $1500 product makes much more sense, if the sales cycles are === I’m just not sure they are.
And yes employment is the most sure way I think to make money, might just take my downtime in between to get a head start.
It really depends. From the outside view, this is what I'm seeing:
I feel like SaaS is not a good way to achieve stable recurring income. But if that's what you're going to do, I think choosing whichever you think can generate revenue faster, and once your financial situation is stable, you can then tinker with other options.
Just my 2 cents.
Thanks for the thoughts!
The needing money now part is obviously not ideal for building a business, but I am still searching for full-time work as well so I’m not making that a huge part of the decision.
I’d love to know a little more on your philosophy of why SaaS isn’t good for recurring income, especially if the products are both geared specifically to recurring monthly payments. I haven’t built one so im wondering the pitfalls and challenges.
Sorry for the misunderstanding. What I meant was "Saas is not a good way to achieve stable recurring income EARLY". Once you've found product-market fit, SaaS would be great for that, but it can takes a long time to get there.
Back to your situation, if you put full-time work on top of everything, I'd again lean towards only building 1 business instead of fiddling with 2 at this stage.
Gotcha, that makes way more sense. We are on the same page then.
Definitely a long game in SaaS and maybe I can get a bit of a headstart if I can put in some full time work on it before I get a job.
I’m sure you’re right that choosing one is probably the wisest choice. 🤔🤔