I’ve been running a relatively unknown SAAS startup that launched publicly about 13months ago. The software itself took about 2 years to develop before launch. I have a co-founder and 1 intern that helps out occasionally. The business is bootstrapped – we haven’t taken external funding. My partner and I financed the business with money from side gigs.
We are currently doing ~$400 USD monthly and we’ve grown at >75% quarterly since launch. Our biggest expenses are phone calls and internet, as we collaborate remotely. Monthly expense sums up to about ~$250 USD monthly.
On prospects of the business, my personal assessment is that there is a market for the service and interest is high, but certain issues are slowing down adoption. We get an average of 3 leads daily and a lot of these leads verbally agree to adopt our solution but never quite get to it and their reason is always that they’re busy running their business. Which is funny because the issues keeping them busy is what our product solves, but the problem is they need to invest some time and effort in adopting our solution before they experience the productivity gain. So it’s more work before less work. And since we are relatively unknown, with no reputation, they might be worried about investing the effort only to find out it doesn’t work well enough for their business.
I believe if we had more money to support these businesses through the onboarding process we could significantly boost our conversion rates, but I can’t be too sure as it is always very easy to assume the solution is more money.
I fear I may be slowly growing depressed because even though >75% quarterly growth might seem good, at this rate we will likely still not be making significant money in the next 5 years. Especially considering it is easy to get high percentage growth when your business is very small.
I am beginning to question if I should just quit, forget the 3+years invested and go start afresh doing something else.
I worry those around me are not experienced enough about these things, and only tell me we’re doing OK to keep me from going depressed. Which is why I decided to ask here. I need honest brutal assessment/advice on this business, and I am prepared to answer questions about the business as long as I can remain anonymous while doing so. Should I quit? Try to raise money? Continuing bootstrapping? Or just kill myself? LOL