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Ideas From Rob Walling

12 Jul, 2020 | People Notes, Startups

Summary

Road blocks are insurmountable problems that stop you moving forward. Speedbumps are just changes of plans that slow you down. It’s important to not make roadbumps out of speedbumps. This is mostly an adjustment in your mentality. Instead, realise you can always shift from plan A to plan B and whilst it’s not ideal its also not business-ending (Roadblocks vs Speedbumps).

Here is a repeatable process to successful bootsrapping. First, start with a simple one-time product. Simple product, with a single channel for sales (e.g. Wordpress plugin, Shopify app). Aim is to get some (any) revenue. Second, repeat step one until you own you own time. Learn from your first product and repeat it. Typically, these will be low lifetime value products, so you need a free marketing channel. Third, build a recurring revenue business with higher lifetime value. But Saas is a long slow ramp to get to decent revenue, hence you want to cover your bases with step two first (The Stairstep Approach to Bootstrapping).

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