I copied a $100M SaaS, undercut their prices, and made $10K (beginner strategy)

Summary

In this interview, Pat Walls speaks with Abhishek, founder of EUform, a Typeform alternative that reached $11,000 MRR in just two years. Abhishek shares his strategy for building a successful micro-SaaS business by identifying gaps in popular tools like Typeform. Instead of reinventing the wheel, he focuses on simplifying existing products, offering better pricing, and addressing user pain points. He emphasizes the importance of market validation, building lean MVPs, and acquiring users through targeted messaging. This approach offers a practical way for indie hackers to build profitable businesses without major investment.

Takeaways

• 😀 Find micro SaaS opportunities by identifying gaps in existing successful products. You don’t need to reinvent the wheel; just improve what’s already out there.
• 😀 Start by researching popular tools on platforms like Twitter and Reddit to spot unmet needs or pain points, especially when users are dissatisfied with current solutions.
• 😀 Focus on offering a simpler, more affordable alternative to existing products, without needing to develop complex features right away.
• 😀 Build a simple Minimum Viable Product (MVP) to validate your idea quickly, even without fancy branding or a full-featured product. Start with core functionality and iterate.
• 😀 Once you’ve identified a gap, create a basic landing page explaining your solution. Then, engage with potential users to see if they’re interested in your product.
• 😀 Offering an easy migration tool for users from your competitors can increase the chances of conversion, making it easier for people to switch to your product.
• 😀 It’s important to avoid trying to compete with massive platforms like Facebook or Uber. As an indie hacker, you need to focus on smaller, more niche markets with validated demand.
• 😀 The success of your SaaS project is heavily dependent on messaging. Make sure your product’s value proposition is clear and resonates with your target audience.
• 😀 Customer support plays a crucial role in retaining users and getting referrals. Providing great support helps build trust and ensures long-term success.
• 😀 Keep your development stack simple and efficient. For example, use tools you’re already comfortable with, like Laravel for backend development, and AWS for hosting.
• 😀 Focus on marketing early in your journey. Don’t neglect this aspect, as it’s key to ensuring people know about your product and its benefits.

Q & A

What is the core strategy behind building a successful micro SaaS business?

The core strategy involves identifying gaps in existing popular tools by researching user complaints and pain points. By building a simpler, more affordable version of the tool that addresses these gaps, you can attract users without needing to create an entirely new idea or complex marketing strategy.

How did Abhishek come up with the idea for EUform?

Abhishek realized that users of his previous SaaS tool, Bflow, were using it as an alternative to Typeform. After researching complaints about Typeform on platforms like Twitter and Reddit, he identified a gap in the market due to a price increase and feature limitations, which led him to create EUform.

What does 'finding the gap' mean in the context of building a SaaS product?

'Finding the gap' means identifying a popular tool or service that has unmet needs or pain points from users. By solving these problems, whether through better pricing, additional features, or improved usability, you can attract customers who are dissatisfied with the current options.

What is the process for identifying gaps in existing products?

The process involves searching for alternatives to popular tools using keywords like 'X alternative' (where X is the tool), and studying user feedback on social media platforms like Twitter, Reddit, or product forums. Once pain points are identified, you can begin planning a solution.

Why is it important to start small when building a micro SaaS business?

Starting small allows you to focus on solving one specific problem with a minimal viable product (MVP). This approach reduces time to market and development costs, making it easier to iterate based on user feedback and demand.

How did Abhishek handle the initial MVP for EUform?

Abhishek's MVP for EUform was simple and focused on basic form-building features—such as collecting data through fields like name, email, and star ratings. The product had no integrations or fancy features at first, and the landing page was minimal with a straightforward sign-up process.

What is the role of messaging in SaaS product success?

Messaging plays a crucial role in clearly communicating the value of the product. It helps potential customers quickly understand what the product does and how it solves their problems. Effective messaging ensures that the right users are attracted to the product.

How can you attract users before building a full product?

One way to attract users is by creating a basic landing page that explains your product's value proposition. This allows you to gather interest and even start capturing leads before you fully build the product, giving you a chance to validate demand and adjust your offering.

What is a 'migration tool,' and how did it help EUform?

A migration tool is a feature that makes it easy for users to switch from a competitor’s platform to yours. For EUform, Abhishek created a tool where users could paste their Typeform URL, and EUform would automatically generate the corresponding form. This streamlined the transition and attracted users who were frustrated with Typeform.

What advice does Abhishek have for new founders trying to create a SaaS business?

Abhishek advises new founders to take risks early when they have fewer responsibilities, and to avoid building products just because they can. Instead, they should focus on identifying real user problems in existing markets and build simple solutions that meet those needs.