Lessons learned running a bootstrapped SAAS business to low 7 figures

Hi Fellow IH'ers
I don't usually post even though I comment a lot. Seeing a lot of people sharing their stores, I got inspired to share my own :). I have bootstrapped a SAAS business (edtech/eLearning) business for 6+ years and we have come a long away since the early days. I am summarizing a few key lessons that I learned and hoping it helps others. Lot of mistakes but some good wins as well that keeps us going.

I know some of this advice is common but I really thought about the biggest lessons/things I wanted to share. I will try to be as specific as I can. Ok, so here it is:

1. Hiring and retaining great people: This is definitely the hardest thing that I have gone through over the years. I have done it all. Hired really bad, fired a few, mutually parted ways with some good folks where just weren't the right fit, and others. The key is to really nail down the role as much as possible. If you are hiring generalists even early on, they need to have entrepreneurial spirit. But usually, it is a good idea to write down the job description and look for people who have specific experience if possible and validate that before hiring them. Don't go with "feel good" stuff. Check references and most importantly, if your gut says No, don't hire them. If you find someone good, please keep them happy and do whatever it takes to retain them. Don't be cheap. P.S: I am always looking for entrepreneurial people and currently hiring in Sales, Marketing, Customer Success. Hit me up if interested. One good way to find people is to self hunt. In other words, you have to go out there and contact people yourself. Job sites etc are ok but the real gems are found when you look for them (not the other way round). I have hired people from Reddit, HN, even flippa (a guy was selling his project who now works with us :)).

2. Product Market Fit: Your initial focus should be on finding Product Market Fit. In the early days, you need to figure out WHO should be your Ideal Customers and what are they looking for ? ICP = Ideal Customer/Client Profile who are the best fit for your product. Hint: If you try to sell to everyone, you will sell to no one. You have got to nail your ICP as soona s you can. This can takes months unfortunately.

3. Almost always, sales/marketing/distribution > product. A technical guy like me just couldn't get this through my thick head for a long long time. Unfortunately, your product doesn't have to perfect or really that great but if you have figured out a way to distribute and market well, you will always be in the game against your competition. So before adding that revolutionary feature, try and get a sale from existing product :).

4. Have big goals but don't worry about not getting everything done. Small wins are important and focus on those. Celebrate small wins but keep going. There will be days when you feel like nothing is happening but as long as you have small wins along the way, you should have enough gas in you to keep moving forward.

5. Never ever forget your Goals and Vision and WHY you are really doing what you are doing. Your actions must be guided by your goals and vision. Whether you want to create a side project or a multi million dollar company, keep an eye on why you started this in the first place and never lose track of that.

6. New customers are important (growth and all) but don't ignore existing customers. We get so much business from existing customers including upsells, upgrades and professional services. Don't think that once a customer bought from you, they wouldn't buy again.

7. Invest immediately in Organic Marketing including Content Marketing, Inbound etc. This is a must in today's world. You may not be good at it but learn. Find people who can help even if part time. Branding is very important in crowded markets and no matter how small you are, don't discount the branding aspect. Most of our competitors are VC funded but we are still giving them a run for their money.
   P.S: We are still working on this through the years and there is so much to do haha.

8. If you invest in Ads/PPC, make sure you have product Market Fit. Otherwise you may just be throwing money.

9. Learn from your competitors but don't be too obsessed. Keep an eye on what they do well and where they suck. Use that as an opportunity to find customers. Never talk shit about them but be ready to explain why you are better than them for THAT customer.

10. Don't be too emotional about sales or losing existing customers. You can't win them all. You won't win them all. It is ok. Let it go if that prospect said No. Just make sure you understand why you lost a deal so that you can learn from it. Customers will churn. You cannot control everyone's destiny. We have lost some great customers because they had a bad situation and had to shut down their business. Make sure you are not losing customers due to bad support though. Take support seriously and help your customers as much as you can. Sometimes an extra gesture goes a long way and customers remember.

11. Be a problem solver. Show, don't tell. This goes a long way in building reputation and increasing sales. Learn to read between the lines. Sales is almost like being a detective. Can you peel the onion and uncover the clues on what the customer really needs/wants instead of what they are actually saying. If you can get good at this, you will sell a lot more.

12. Get reviews from initial customers as much as possible. Build your brand. Get listed on review sites such as Capterra, GetApp etc. Unfortunately these are very critical in customers finding you these days especially for SAAS. Don't try to automate this. Send manual emails. If a customers says Great job on a support ticket, ask them for a review as a favor. Don't be shy.

13. The buck stops with you. If something goes wrong, don't blame others and take responsibility. Fix it. Be honest. If a customer needs to hear it, be upfront and clear. Things go wrong sometimes and we are all human beings.

14. At some point, you need to think about Systems and Process especially if you are growing beyond say a team of 10 people. You cannot manage everyone and you cannot just do things randomly. Document document document even for small team. Setup an internal wiki. Anything that needs to be done frequently should be documented. It will help you build and expand the team.

15. If you have a team , make sure to keep them motivated by showing up and ensuring that you are always there for them. Praise publicly, criticize (constructively) in private. I haven't done this very well to be honest over the years but I am learning and improving. Lead by example. If you are not busting your ass on the business, don't expect others to do it for you. Also remember that every employee is unique. Find their strengths and weaknesses. Work with/around it. If you have to ask someone for something, always ask them as "How can I help you to make xyz happen" instead of "how can you get this done". Sounds cheesy but it is very effective. Phrasing and wording matter when you talk to your team.

Above all, don't ignore your Family and Friends who are supporting you to follow your dream. Find time for them. You can never get back the time that is gone. You can always make money and lot of it. I am again a culprit here but lately been trying to do better in this department myself :). All the best.