Getting some cash in the door - best approach?
So I have spent the last 8 months bootstrapping https://storycreatorapp.com. I am close to 10 paying customers but the savings are almost out.
I'd like some advice.
Should I spend time looking for an angel investor? I would need about 6 months of runway.
Alternatively I could look for some contract work. This would interfere with me improving the product and handling growth. It's doable but spreads me thin.
I'd like your 2 cents on the current situation and if you have any suggestions on how I can find some contract work. My problem with Toptal and platforms like that is I usually fail the algorithm challenges. In terms of skill I can build a video editing Saas and get customers - so that should speak for itself. I'd personally take that over algorithms all day.
So I'd love some advice on where I should spend my time and if anyone has a hint on how I can connect with investors or folks hiring software contractors.
I don't know the answer but from where I stand the market you're trying to hit is huge. Everyone wants to up their social media for millions of reasons and 10 seconds after I clicked the URL I was hooked. Whatever you decide their's one thing you MUST DO: get you marketing aggressive 'cause you have everything else on flick.
Wow thanks its all a rollercoaster I try to stay balanced but that felt good to hear TBH. I am working on executing and have a small team of some cool guys. We are hitting it hard. Partnerships are underway and my newsletter is going out on Thursday https://podbytes.co. If getting 1-minute golden nuggets of the 10 best business & tech podcast content on a weekly basis is your thing.
SEO is kicking in slowly. Working on making connections with reporters. I'm focused on getting cash so I can put money on that AD spend. In due time, in due time.
Good luck with everything. I have one question though, do you think the app is best suited for someone who needs help creating content in a video format or someone who wants to improve its social media presence?
Hey Michael, Could you create a done for you service around your product? You could reach out to people who need videos made and offer to make them for them.
It's not self-service, but it seems like you could charge a higher rate & make the videos quickly with the tool you've built. You would get a bit more cash upfront, still spend time focused on your business and when you're ready, you could hire a VA to do the work.
This is a fantastic idea. Should I cold message folks on social media? I wouldn't want to target users doing self-service on competitors' sites because if they have a hang of the product and it is easy. They are only paying $10-$20 per month.
Do you have advice on where to prospect and pitch?
I think cold messaging people on social media should work since that's where your audience is spending time. If you can create a sample video with their content that's probably even more compelling.
For prospecting, you could try reaching out to 25 people with podcasts who aren't sharing any video clips on social & 25 people who share clips without transcriptions & test who responds. Not sure if that's the right audience, but I hope that helps
This is tricky but I'd advise against focusing all your efforts on finding an angel investor, it could take so much time to find the right person you may as well have just spent that time contracting. Personally I'd look at all the ways you spend your time now and see if there is anything you can do to streamline it. Is there anything "menial" you spend several hours a week on that you can maybe just outsource cheaply on Fiverr/Upwork? If you can create yourself some more time then you'll be able to do contract work on the side to keep the lights on.
Hi @storycreator! When did you started to develop StoryCreator?
Very cool tool!
I'd suggest a mix of time spent looking for investment whilst reaching out to local potential clients. As others have said, outsource small elements to make the most of your time.