Saas businesses are the best! Here’s the recipe: You work really hard for a short time building it up. Get enough Monthly Recurring Revenue so that it’s paying for itself or more. Then you can kick back and watch that sweet, sweet passive income come in every month while you go do something else. Maybe you’ll have to work a few hours a week, but that’s it.
It may be true for a very small number of SaaS businesses, but I doubt it. Here is the truth: Your SaaS business will have “churn.”: The Myth of SaaS Ownership is that it means that to have flat revenue you still need new signups. Which means that you need keep traffic coming to your site. And no source of traffic is permanent. If you pay little to no attention to your business then your business will decline. Slowly perhaps, but it is a certainty. Not to mention support, bug fixing, and adding new features.
None of this is meant to dissuade you from starting a SaaS business. Just have reasonable expectations.
If you wanted it to build a product you’d find a way to get time to work on it. If you really wanted to start that new hobby you’d sacrifice something to find the time and money to do it.
I'll define a "Wannabe Entrepreneur" as someone who has never made money from their businesses. Here are the different types of wannabes.
In the past few years I've built go-carts, built a 200+ sq ft workshop, written several eBooks. How do I create a life where I have time to work on side projects?
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