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28 Comments

What is your biggest regret with creating your startup?

I am curious to know, for those of you who have successfully launched a startup, what is your biggest regret?

#ask-ih

on August 14, 2019
  1. 10

    I would have built an mail list before. If I couldn't get traction to that I would think twice before starting it.

    Also more customer interviews following https://www.amazon.co.uk/Mom-Test-customers-business-everyone/dp/1492180742

    Will save a lot of time if you do both of them. Especially if the list you build can be used for the next idea you have.

    1. 2

      Totally agree with this building a list - I neglected that and now struggling with it.

      Also, I just finished reading that book and it's a real eye opener. Totally recommend it to all Indiehackers...

      1. 2

        Still learning how to use the advice from that book. I'm so excited about my ideas that I rush to tell everyone. That ruins their feedback and my chance to learn from them.

    2. 1

      That is a good one. Since joining IndieHackers, I have definitely started to realize the value and power of a solid email list.

  2. 7

    Validating my idea before spending many months building something that doesn't resonate/ solve problems. Changing around a landing page and putting up an email list is much lower cost than reworking a product

    1. 3

      I feel like every founder has to experience this one to learn it.

      1. 1

        "But I'll be different" ;)

    2. 2

      What steps Would you recommend a side hustle newbie takes to validate their idea?

      1. 1

        So for what I'm doing and for most SaaS apps, you could:

        1. Write down your product concept/ hypothesis.
        2. Use a landing page builder to flesh out a page with designs/ wireframes of what you want to build with the copy to support it.
        3. Run google ads to your site.
        4. Make an action that represents a conversion (measure it with something like google analytics goals). Make an email signup list, make a page after clicking "Buy now" that says the product is coming soon, subscribe to know more, etc.
        5. Email the people that sign up, ask what problems they had that they were looking to get solved, see how well that fits your hypothesis.
        6. Build something that you absolutely know will solve people's problems.

        Of course this advice can vary based on what type of service you're offering, but that's a general idea.

        1. 2

          That is a very good list. My only criticism is that talking to people doesn't happen until step 5. You can get faster feedback if you find potential customers and talk to them directly. If you don't know people with the problem you're trying to solve, then you should question if the problem exists at all or if you are the right person to solve it.

          Someone smart said that a business can only be successful by changing people's behavior. This is why I suggest talking to people earlier.

  3. 3

    Hiring a shitty company to build my app off a referral from a close friend without doing proper research. If you want something done right. Do it yourself or do some damn good research first.

    1. 1

      Yes! It is very hard to find a good and trustful development shop.

  4. 3

    I shoudl have started social media presence and get consistant to it to grow the number of followers etc.

    1. 2

      This is one I can speak to first hand. With my project FilmFed, I started with social media before the product launched. It really helped to have a following up front to help draw them into the community.

  5. 3

    Waiting.

    I kept waiting to get started with sales. I kept coming up with excuses like "I'll begin selling when I have created X number of leads."

    I should have reached out to every new lead directly and learnt from them.

    Now that I have started, it seems so stupid to have that arbitrary barrier for myself. I'm learning a lot from every customer interaction and, if I hadn't waited, I could have started learning 6 months earlier.

    1. 1

      This is a good one. Sales has always been a hard point for me as well. Thanks for sharing.

  6. 2

    Taking venture funding.

    1. 2

      Would love to know what went wrong.

      1. 9

        None of the usual horror stories, our investors were all excellent, fair people who did everything they could to help. But taking funding completely changes the dynamics of a business in a couple of very dangerous ways:

        1. It gives you money to spend. No, duh, right. But a cash injection is actually a really dangerous thing for a small business. Suddenly you have more money to spend than you ever have before but it's not money that you know how to spend. It's amazing how easy it is to throw away gobs of money on things that lead nowhere. Organic revenue growth, being frugal, and careful budgeting are much better skills to develop then playing with an artificial injection of someone else's cash.
        2. It changes the definition of success. When you take money from investors you are agreeing to grow their investment by a certain multiple. It should be better than what they could get from the stock market, otherwise why would they take such a risky bet? Lots of investors are looking for a 10-20x return over five years. If you start with a company making $100k/year, valued at $1.2M (12x revenue), and its blows through $2m in the next 4-5 years and reaches a $24m valuation, then you are a company that is ideal for venture investment. But what happens if you work super hard for 5 years and you're only making $600k/year? $600k/year for a small team is a huge success but if they have investors, it's a failure. That's nowhere near the return that they needed from their investment. Even worse, how are you going to get them their money back? If you're not growing enough to keep raising rounds of funding, your early investors aren't going to have an opportunity to cash out. A company that could have been a huge success as an independent company is now a huge bummer for everyone.

        That's not to say that venture investment is an unequivocally bad choice for every company. Not at all. Sometimes it's absolutely necessary. But you should really know what you're getting into before you take that money.

  7. 2

    For my startup CoffeePass it was not scratching my own itch. I didn't even drink coffee when I started!!!

  8. 2

    Find marketing help earlier for markd.co. I had thought that we need to get the product to a certain level before we invest in marketing. Now I know that we should have started building an audience even before we started building the product!

    1. 1

      Marketing help is where I struggle. Do you have any advise?

      1. 1

        I am no marketing expert which is why finding help was important! I’d say start looking for help and/or network with marketing communities (online/offline). I find the book Traction to be a good overview of digital marketing if you are looking for educational resources. Also there’s the #growth IH channel! ;)

  9. 1

    I regret not adding an email sign up option while launching on Product Hunt. My product went to be the #1 product of the day and got a huge spike but I lost the opportunity to get them on my email list. Little did I know that I would soon be starting a newsletter.

  10. 1

    Not having a long-term perspective.

  11. 1

    Wish I had found out about Fiverr before I started. Instead of spending weeks, months of my time, I would have had an indian guy create what I needed in 5 minutes.

    1. 1

      What types of tasks have you used Fiverr for? I'm thinking I should probably be offloading more tasks myself.

      1. 1

        I was thinking of ways to integrate certain software, software error issues, CSS that breaks the website. I would research and learn how to fix it but can take weeks of reading and trial and error. On Fiverr, I found someone who's an expert in the computer language and reputable. He fixed the error in 5 minutes. Another guy integrated an idea, create a tool that count individual post, he created exactly as I had in mine in 10 minutes. Cost was only like $10.00 each time.