This episode, Founder of Warmup Inbox and Dabble Ventures talks about the process of bootstrapping a SaaS company, the biggest challenges in the SaaS industry, and how to know if a product is scaleable.
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Mike Benson built and grew Warmup Inbox from the ground up, a product that is used by thousands of companies and was acquired by private equity for millions of dollars.
Following his successful exit, Mike now searches for gaps in markets that venture capitalists won’t touch and builds sustainable profitable businesses within them. Here are a few of the topics we’ll discuss on this episode of Product Launch:
- The process of bootstrapping a SaaS company.
- How to know if a product is scaleable.
- The biggest challenges in the SaaS industry.
- How to find out if your product will succeed online.
- Early signals that a SaaS website will be succesful.
- How to know which search words to rank in.
Connecting with Mike Benson:
Connecting with the host:
- 08:24 – “I said ok can I make the product better, just like a checkbox of is this product better? And then can I make it 10 times cheaper and one thing that I didn’t realize people would write in for Warmup Inbox and be like why is this so cheap is this legit? And that would be a customer support question that would come in a lot and I’m realizing that if you can actually get people to ask that question you are on to something.”
- 09:02 – “One of the biggest issues in SaaS right now is it’s truly a race to the bottom like you might see on Twitter people saying hey you copied my idea or I can’t believe there are so many copycats it’s really because these products are so simple to make.”
- 11:54 – “If you make it a goal for someone to ask you why this is so cheap, you’re clearly onto something because without probably knowing it what they’re giving away is that basically, I need this and I can only find it elsewhere much more expensive so they’re almost underscoring for you, there’s a huge opportunity here I just need a quick sanity check before I dive in.”
- 21:34 – “It can’t hurt to try to start a company for a couple of weeks and just see what roadblocks you run into.”