Competing with ChartMogul and Baremetrics, whether you should "go big," and why the market is important
Highlights (go straight to 🔥 for the best stuff):
- 0:00 – "My problem is I'm always curious if other people are living a better dream than me."
- 1:30 – The major downside to bootstrapping is the lack of network
- 2:20 – Selling ProfitWell to Paddle, and integrating the two teams.
- 4:15 – How ProfitWell got started (2012)
- 6:00 – Initially three co-founders (Crunchbase)
- 7:20 – Patrick's background (what he did before ProfitWell)
- 10:10 – What did bootstrapping ProfitWell look like? (How much did each founder invest?)
- 14:15 – Do you want to be a lifestyle company or a "big ass company?" 🔥
- 15:55 – What salary did Patrick pay himself? (Tweet) 🔥
- 18:25 – Differences between Patrick (ProfitWell) and Josh Pigford (Baremetrics) 🔥
- 21:45 – Should bootstrapped companies go freemium and try to "win the market?" 🔥
- 26:40 – The characteristics of your market determine most of your outcomes 🔥🔥
- 29:24 – "Don't underestimate the velocity and size of your market." 🔥
- 34:35 – What doe the average SaaS company spend on sales and marketing? 🔥
- 37:39 – Pricing your SaaS discussion 🔥
- 42:45 – Why competitors entering a new market can be better for your company. 🔥
- 47:10 – Should bootstrapped companies try to "own the market?" 🔥
- 52:10 – "We're in the second phase of SaaS: here's what's coming next." 🔥
- 61:53 – Did ProfitWell employees have equity?
What should we talk about next?
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What is Build Your SaaS?
Learn how people are bootstrapping profitable startups in 2022. The podcast follows Jon Buda and Justin Jackson as they build their podcasting SaaS, Transistor.fm.