I built a startup in 31 hours (SaaS)
Summary
TLDRIn this video, the creator shares their experience building a software from scratch to the first customer in just 31 hours. They discuss finding startup ideas by solving personal pain points, validating ideas quickly, and launching strategies to gain initial traction and revenue. The video also touches on the importance of a landing page, pricing strategies, and focusing on a single feature for rapid development. The creator emphasizes the benefits of speed in entrepreneurship, showcasing their journey from $1,000 to $50,000 monthly revenue by launching startups in days instead of months.
Takeaways
- π The speaker built a software from scratch to the first customer in 31 hours during a live stream on YouTube.
- π The importance of finding startup ideas by 'scratching your own itch', identifying tasks that are annoying or boring in daily life to automate.
- π‘ Validating startup ideas by quickly shipping a product and observing if it's a flop, which is less consequential due to the speed of development.
- π° The speaker's best product, Ship, made $300,000 in 6 months by following the 'scratch your own itch' approach.
- π The speaker's motivation for building the new product was the frustration with Stripe fees and the need for automated invoice generation.
- π The strategy of using unconventional methods to build the product quickly, which may upset traditional developers.
- πΈ Pricing strategy insights: one-time payments are preferred over subscriptions for ease of implementation and user preference.
- π The speaker avoids free plans and focuses on paid ones, as free users rarely convert to paying customers.
- π The speaker emphasizes the importance of a landing page for conversions, spending 30% of the development time on it.
- π The focus on launching with a single feature to ensure the product is not overcomplicated and meets a specific need.
- π Launching strategies include using platforms like Product Hunt, Twitter, Hacker News, and the subreddit Side Project for initial traffic and visibility.
Q & A
What was the main goal of the YouTube live stream on February 5th?
-The main goal was to build a software from the first line of code to the first customer within 31 hours of streaming, and to share the entire process in the video.
How did the creator find the startup idea for the software built during the live stream?
-The creator found the startup idea by scratching their own itch, noticing the high cost of Stripe fees for generating PDF invoices, and realizing there was a need for a tool to automate this process.
What is the significance of 'scratching your own itch' in the context of finding a startup idea?
-Scratch your own itch means identifying a problem or task that you personally find annoying or time-consuming and creating a product to automate or delegate it, which is easier to validate because you are a user of your own product.
Why did the creator decide to go live on YouTube while building the software?
-The creator went live on YouTube to build the entire startup in real-time, allowing viewers to witness the process from the first line of code to the first customer, which is a unique and engaging way to share the experience.
What are the unconventional methods mentioned for building the software quickly?
-The unconventional methods include shipping the product extremely fast, focusing on one feature at a time, using one-time payments instead of subscriptions, and not using advanced development practices like TypeScript or feature branches.
Why did the creator choose one-time payments over subscriptions for the software?
-One-time payments are easier to implement, better for users as they don't have recurring costs, and can still be transitioned to subscriptions later if needed.
What is the importance of the landing page in the success of the software launch?
-The landing page is crucial as it is often the first point of contact with potential customers. It needs to effectively communicate the problem it solves, provide social proof, and clearly demonstrate the product's value.
How did the creator validate the need for the software before building it?
-The creator validated the need by noticing a pattern of complaints about Stripe invoices on Twitter, realizing they were not alone in facing this issue, and quickly shipping a minimal viable product to test the market.
What was the pricing strategy for the software, and why was it chosen?
-The software was priced at $69 for a one-time payment, chosen because it's a good price point for a 'painkiller' product, and it's less than $100, which is considered a psychological barrier for many customers.
How did the creator launch the software to get the first visitors and customers?
-The creator launched the software on Product Hunt, Twitter, Hacker News, and the subreddit SideProject, which collectively brought in about 4,000 visitors and $2,000 in profit within the first week.
What metric does the creator track to determine the success of a startup?
-The creator tracks the 'dollars earned per visitor' metric to assess market fit and determine if a product is worth focusing on or letting run on its own.
What is the creator's approach to feature development for new startups?
-The creator focuses on building only one feature that cannot be removed, to ensure the product addresses a specific need. Additional features are added based on customer feedback and demand.
How does the creator ensure the product is solving a real problem for customers?
-By building a product that the creator themselves needs, and by observing social media platforms for similar complaints or needs, ensuring that the product is addressing a real and shared problem.
What role did social proof play in the launch strategy of the software?
-Social proof played a significant role by increasing trust and conversion rates. The creator used direct messages to ask potential customers to try the product for free in exchange for feedback, which could be used as social proof on the website.
Outlines
π Rapid Software Development and Launch Strategy
The speaker describes their experience of building a software from scratch to its first customer within 31 hours of a live YouTube stream. They share unconventional methods to expedite the development process, which may surprise some developers. The focus is on identifying startup ideas by solving personal problems, validating these ideas quickly, and launching with strategies that include avoiding free plans, opting for one-time payments, and setting reasonable prices. The speaker emphasizes the importance of a landing page with a clear value proposition and social proof to convert visitors into customers. The summary of their approach to fast product development and launch is provided, including the decision to forego certain development best practices to prioritize speed.
π οΈ Key Components for a High-Converting Landing Page and Launch Tactics
This paragraph delves into the critical elements of an effective landing page, starting with the problem agitation component that resonates with customer pain points. It underscores the significance of a compelling headline and the use of social proof, even in the absence of an established audience, to build trust and boost conversion rates. The speaker also discusses the importance of demonstrating the product through a demo video and choosing a memorable product name. They admit to non-traditional development practices, such as not using TypeScript, avoiding Git branches, and not testing code, in the interest of speed. The paragraph concludes with a discussion on the speaker's launch strategy on platforms like Product Hunt, Twitter, Hacker News, and the subreddit side project, which collectively helped in garnering significant traffic and revenue within the first week of launch.
Mindmap
Keywords
π‘YouTube Live
π‘Startup ID
π‘Product Validation
π‘Unconventional Methods
π‘Launch
π‘One-Time Payments
π‘Price Point
π‘Landing Page
π‘Social Proof
π‘Product Hunt
π‘Revenue per Visitor
Highlights
Live-streamed software development from the first line of code to the first customer within 31 hours.
Utilized four unconventional methods to build the software rapidly.
Generated $2,000 profit within the first week post-launch.
Identified a startup idea by scratching one's own itch and automating tedious tasks.
Validated the startup idea by observing a pattern of complaints about Stripe invoices on Twitter.
Launched the product live on YouTube to engage with the audience and stay motivated.
Avoided free plans and subscriptions for solopreneurs, opting for one-time payments.
Priced the product at $69 for one-time payment, targeting the 'painkiller' market segment.
Focused on minimal recurring costs to ensure profitability even with a small customer base.
Implemented a price anchor at $49 to help potential customers gauge the product's value.
Emphasized shipping a single feature to avoid overcomplicating the product and losing focus.
Invested significant time in crafting a high-converting landing page.
Highlighted the importance of the problem agitation component on the landing page.
Used social proof, even in the early stages, to build trust and increase conversion rates.
Included a demo video on the landing page to show potential customers what they are buying.
Chose a memorable product name to facilitate sharing and recall among users.
Adopted a streamlined tech stack to expedite development without the use of TypeScript or Git branches.
Launched the product on multiple platforms like Product Hunt, Twitter, Hacker News, and Side Project to maximize visibility.
Tracked the 'dollars earned per visitor' metric to assess market fit and decide on further investment.
Achieved a significant increase in revenue by adopting a faster product launch cycle.
Encouraged viewers to subscribe for more insights on rapid startup development and growth.
Transcripts
on February 5th I went live on YouTube
and I built a software from the first
line of code to the first customer
within 31 hours of streaming in this
video I am going to share everything
from how did I get the ID and validate
it how I use four unconventional methods
in order to build it really fast and
that is probably going to make some
developers cry and finally we are going
to go over the launch part and how did I
get visitors and get $2,000 of profit
within the first week let's Jump Right
In how to find startup IDs there are
three ways to find them and my favorite
by far is to scratch your own itches
looking around you what you do on a
daily basis and see if you find any
boring annoying tasks that you don't
like that you could have a product to
automate it or delegate it thanks to
that I've been able to generate money
from every single launch that I made my
best product so far ship has made
$300,000 in 6 month thanks to this exact
same way to find IDs for the startup
that I built in 31 hours I was actually
checking my stripe account seeing how
much money I made in 2023 and I realized
that I spent $1.6 th000 on stripe fees
in order to generate PDF invoices I
decided to turn off the option and my
email were flooded with customers asking
for invoices there we go I had a new
product ID born just like that when you
scratch your own itches it's much easier
to validate a startup IDs because you
actually a user of your own startup I
also checked on Twitter and I saw that
there is a recurring uh pattern of
people complaining about stripe invoices
so I had a sense of I might not be the
only one in need of this tool there are
tons of tips and advices to validate
startup IDs um my method is a bit
unconventional but it is to ship it so
fast that if it's a flop it doesn't
really matter so someone at the end of
January 2024 I have a pain in my life
and I have this startup ID to let uh
customers generate invoices themselves
so the sty businesses owners like myself
don't have to do it I would normally
start typing my first line of code and
but instead I went live on YouTube and I
built the entire startup during 31 hours
of streaming from the first line of code
to the first customer these are the
methods that I use to build the startup
really fasing is everything as a
customer that's where you would go on a
website if you don't fully understand
what the product does and as a business
owner that's how you pay the rent and
also how you stay motivated over the
long term so this is one of the first
thing I brainstorm when building a
product I found out last year that free
plans don't really work for solo
preneurs because most free users
actually never convert to pay customers
also that subscriptions are actually
much harder to sell than onetime
payments so I usually ditch
subscriptions I start with onetime
payments it's much easier to implement
as a developer better for users because
they don't have recurring cost and if
the product goes viral and I end up
having a bunch of users and there is a
need for subscription I could still
grandfather the first users and start
charging subscription for the next user
for one payment I found out that less
than $30 is usually a good price point
when you're selling a vitamin a product
that is a nice to have but not a must
have and less than $100 is usually a
good price point for a painkiller so for
my startup Zenvo I priced it at $69
onetime payments um I have barely zero
recurring cost the bandwidth is
extremely cheap the emails to send
secure tokens are also really cheap it's
like usually $1 for a th000 emails so
this is very unlikely that I would get a
customer that would actually cost me
money and finally I added a price encor
to the product at
$49 one time payment this gives you
access to the the product for uh limited
access with only one stripe account this
is important because people have it's a
new kind of product people have no clue
what they're looking at and this helps
them decide roughly what is this product
worth if I add only one plan it would
probably get them confused as a product
obsess developer this part is the one I
struggled the most for years it is to
ship only one feature that one feature
you cannot remove for his invoice it's
the ability for customers to send a link
to their customer so they can generate
invoices anything that is not about that
will be removed there is no way to
preview the invoice no way to edit the
details on the invoice no reset password
thing there is just one big feedback
button at the top of the user dashboard
so that customers can let me know if
they want a new feature here is the red
pill most of startups fail so most of
the features that we build won't be used
by by users that's why I have this
framework of building only one feature
and shipping the first version of the
product with only that feature there is
another crucial part that is often
overlooked by product obsess developers
like me it is the Ling page 90% of
people will never see your product so I
spent 11 hours or 30% of the entire time
building the the Ling page and there are
a few components that are very crucial
for Lending page that converts first is
the problem agitation component it's a
section on your landing page usually
under the hero section that shows that
you understand the customer pain it is
very helpful because it shows respect it
show that you care about your customer
you know why they're here and if you
speak their own language your visitors
are much more likely to convert into
paying customers the headline at the top
of the hero section the H1 tag is very
important it is the promise you make to
your customers it should answer the
question of why would I spend more of my
precious time on this websites I never
ship a startup without some kind of
social proof at first when you don't
have much visitors it's hard to get them
but you can still send a few DMS on
Twitter LinkedIn wherever this is your
hanging outs and ask some people who are
potential customers if they're willing
to try your product for free there are
tons of noise out there and when you
have some kind of social proof on
website you build trust and you increase
your conversion rate because I always
launch product without a free Tri people
would have to pay before actually
signing up I usually display a little
demo video of the funer so me explaining
the product so people know what they're
buying and finally your product name is
very important because that's what
people will remember and later on share
with potential users if they find it
relevant if you are a software engineer
you are going to cringe at the next part
I do not use typescript I do not use G
branches I do not test my code and I
keep the same text stack for the past
two years I still use mongod and I love
it this is usually a loss of time
because it creates constraints and
whenever you want to move fast and break
things it just make everything much
slower because most startups fail I do
not spend too much time thinking about
the marketing side of things and instead
I focus on the launch if I launch well
I'll get enough data and visitors to
know if it's worth it or not to invest
more time into marketing and growing the
product later after 28 hours of
streaming the product Zenvo was done and
I am going to cover the four places I
launched the startup in order to get the
first visitors and the first customers
all right first I will always schedule a
launch on product hunt there are many
people browsing the site every day
bringing some traffic to your product
and giving you an initial boost and
later on if things go well you could be
targeted by other newsleter and media
who would just fed off product hunts and
you could see spikes later on in the
future I also launched on Twitter I
usually use Twitter as a bumper to P to
pump my product hunt launch on Twitter
people like new stuff so if you have
some kind of product that is a bit
trendy or if you use a good headline you
can easily get some traffic even though
you're getting started another platform
I love and I always launch on is hicker
news this is more random than Twitter in
product hunt but if you craft a good
headline your product can go crazy viral
this is what I happened for my first
product and I got something like 10,000
visitors within the first 24 hours and I
had zero audience and nothing back then
and finally the subreddit side project
it's still very active has a decent
number of people can bring a couple
hundred of visitors here your product so
overall a good place to launch a startup
I launched on all those four platforms
within a time frame of like 2 to 3 hours
and 24 hours later and about 4,000
visitors on the site then voice made
$800 and by the end of the week of
launching he made $2,000 in profit and
also received messages from customers
who were happy to finally have a
solution for stripe invoicing which is
promising for the future I still do not
know if I will focus on Z invoice or if
I will let it run by itself I will wait
to have at least 10,000 visitors on the
site in order to see the dollars earned
per visitor metric which is the only
metric I track um to give you a
reference my best website uh ship Fest
gets almost $1 per visitor Revenue so
for 100 visitor I could expect $100
worth in revenue and my worst product
got
0.06 per visitors it's quite
oversimplified but I found it to be very
relevant to see if there is some kind of
Market fit if I get somewhere above
$0.5 per visitor I think it's a product
that's worth focusing on otherwise it's
good to just let it run by itself fix
some bugs be there for customer support
if needed and just move on to the next
one until you find the product that hits
big in the last two years I started to
ship my startups in days sometimes week
instead of month and my Revenue went
from $1 and $2,000 a month to now about4
to $50,000 a month I think speed is the
entrepreneurs best friend and these
video summarize everything I do in order
to ship fast if you like the video you
can like the video and if you love the
video you can subscribe to the channel
if you're looking for another video I
made one about how I got my first
customer for a software I did not create
you can check that out all right
cheers
Browse More Related Video
I launched my 24th startup (SaaS)
Growing My Software Business to $300K (in 12 Months)
Million Dollar Weekend Summary (Noah Kagan) βΒ Start a 7-Figure Business in the Next 48 Hours π π°
I made a SaaS in 3 days with 3 cheat codes
Pieter Levels built 12 startups in 12 months | Lex Fridman Podcast Clips
How to Build a Software Company From Scratch Solo
5.0 / 5 (0 votes)