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Lessons from a founder who bootstrapped his way to acquiring a $55 million company
by
Annabel
https://www.entrepreneur.com/article/375936
#2 may be true for some entrepreneurs, but it's pretty bad advice for indie hackers IMO.
The author is essentially saying to branch out and build more features, but indie hackers need to niche down hard if they're going to have any chance of succeeding. Sure, once you've built it into a million-dollar company, then go and expand your vision. But until that point, I think it's best to do one thing really really well, for a very specific group of people.
I agree. You can probably help people more if you focus on one key thing to help them with.
By the way, looking for feedback on DarkColors, a tool to test your app color ideas: https://www.darkcolors.digital/
This is why I hate it when people say "you have to spend money to make money." I don't necessarily disagree, but it's sometimes used as a way to imply, that the more money you spend, the more money you'll make - which, is obviously not true. Not every cost is an investment. If you're a bootstrapper, learning how to cut costs is vital. And, I think it's an underrated lesson.
Right, I totally agree. It's like he says - you can only do this if you're preparing for the worst-case scenario. Most people didn't expect covid (I say most to make room for Bill Gates and a minority within the scientific community) and that's why so many businesses went bust. Even in sectors that would have been less affected by the pandemic, e.g. online businesses that offered products and services for which there was still demand - they hadn't anticipated the effects on their stakeholders (e.g. suppliers, clients, partners...) and thus didn't have the "wiggle room" they needed to take a momentary hit. It sounds basic, but profitability is just as much about cutting costs as it is about increasing revenue.
Agree with everything you both said @londoner, @alemakers. I'm curious to know, how do Indie Hackers on the platform minimize or even eliminate some of their fixed costs and/or automate processes that allow them to minimize costs in general?
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