BC STARTUPS
Saved by @zmbnski

Just finished @ryanckulp’s new course “How to Buy, Grow, and Sell Small Companies”

https://t.co/wcX0zFXHgL

Here are some main takeaways + my verdict 👇

 (1) Acquisition is the easiest path to entrepreneurship

Don’t have an idea? You don’t have to have one. Buy one.

Don’t know how to code? You don’t have to. Use revenue to outsource development.
Don’t have money? You don’t have to have any. Bring in an equity partner. Leverage a debt from family/friends, tech lender, or even the seller.

Capital is not an excuse.
(2) Acquiring has a few distinct advantages to building

Namely:
- Validated demand
- Leverage debt/equity partners
- Focus on going from 1-10, not 0-1
Validate demand:

Acquiring a business that has paying customers saves you the time and energy you would have spent trying to figure out if there was demand for it in the first place.

Acquiring skips that step altogether.
Don’t waste time building something no one wants to pay for.

It’s easy to be blinded by your infatuation with your idea.

Acquiring forces you to take a truly unbiased and logical look at a business.
Leverage debt/equity partners:

Buying a business doesn’t mean you have to fork over a big pile of cash or empty out your savings to buy outright.

In fact, it’s probably best if you don’t.
Leveraging debt and/or equity partners means you can buy a business 2-10x larger than you would have been able to just paying cash.

Use the profits to pay down debt and float until you can pay yourself and/or pay off your debt.
Focus on going from 1-10, not 0-1:

Going from 0 to 1 — building, validating, and launching something from scratch — isn’t everyone’s forte.

If maintaining, optimizing, and growing is though, acquiring might be a better option for you.
(3) Process is king

Maintaining, optimizing, and growing a business requires tried and true processes.
“You do not rise to the level of your goals. You fall to the level of your systems.” — James Clear

https://t.co/AJhvBIHkvX

Managing multiple businesses makes this ring even truer.
Something that really stood out to me was *making your business ready to sell at any time.*

Getting ready to sell can act as a forcing function to optimizing your business in ways it should have before.
That churn? Yeah, it needs to be dealt with.

Who knows the passwords? Yeah, that needs to be stored somewhere safer.

Spaghetti code? Yeah, that’s a liability.
And when you buy a business, it’s go time. What’s your plan? Where do you start?

I love the approach outlined in the course.
Verdict?

100% worth it. I follow the rule that I don’t have a budget for books — I buy whatever book looks interesting because if there’s ever something to overspend on, it’s on enabling and bettering yourself.

And that applies to courses too.

Get it: https://t.co/wcX0zFXHgL
I’d also recommend @NathanLatka’s “How to be a capitalist without capital”

https://t.co/IsUWmgq5qh
Full blog post review coming soon :)
Btw I wrote this all from memory — good test to see how much is retained.

Also excited to join the Rainmakers Club: https://t.co/hUy8DgUl5x

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Carol Forden
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1. The major problem most startups face is marketing and the ability to carve out a niche, find and retain paying customers.

Even with a stellar developer team and a stellar product, your startup may not grow or survive without a great marketing and sales teams.

2. Start growing your audience before you’ve a product or an idea.

You should start promoting yourself and building your audience before you have a finished product or even before you have a great idea that you want to build.

3. Don’t wait to start building your audience after you’ve launched a product.

Most first-time developers actually ignore marketing.

They’re oblivious to the challenge of attracting people to take a look at something they’ve created.

4. At least until they see their first project crash and burn within hours of the launch.

There are so many times that I have seen developers spend countless hours building something, releasing it with no fanfare...

5. and only then trying to figure out how to promote it by asking marketing questions on Indie Hackers, Quora or Hacker News. Don’t make that mistake.
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Guilherme Rizzo
Guilherme Rizzo
@gvrizzo
Let's talk about defining a price for one-time payment products.

When I saw that @gumroad supported Pay What You Want, I had no doubt that this would be the pricing strategy for CSS Scan.

I'd always recommend PWYW with a minimum price instead of a fixed pricing. Why? [...]

It turns out that some people just value your product more than others!

👉 With PWYW you're not only receiving the value that you expected but also donations for a good work.

Plus, with a minimum price, you'll at least earn the same amount you were supposed to if it was fixed.

💡 You only need 1 person paying more to already make it worth.

It's not easy, though. CSS Scan started at $1.99. It was selling like water, so I raised the price to $2.99, and after that, $3.99 - in about 3 days.

❗️ What I didn't expect was that 30% of people were paying more!

I realized that the price could still be higher by looking at the average of the sales prices. E.g., when it was $3.99, the average price of it was actually at $4.69!

I left it at $3.99 for 3 months. Based on the $4.69 average, 1 week ago I decided to raise it again to $4.99.

🧐 Now let's look at the data!

📈 Previous conversion rate: 6,5%
📉 Current conversion rate: 5,7%

It received 1403 views this month. Doing math:
(1403*6,5%)*3,99 = $363
(1403*5,7%)*4,99 = $399

🤔 So there's actually a growth in revenue
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🎉 +$36 or +10% per month
STARTUPS
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Harjeet
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@Harjeet
1/ Today I prepared for talking about common mistakes startups make (founding -> growth stages) by writing it in tweet form. I ramble too much when public speaking and hoped it would make the core ideas clearer in my mind and more concise. Think it worked. Here are the tweets

2/ Earliest mistake is picking the wrong co-founders. You have to be value-aligned (don’t have conflicting personal goals) and respect each other. With both of these, any other differences are irrelevant - can be worked out. Without them everything else you do is irrelevant.

3/ If you launch, next mistake is chasing top-line vanity metrics (sign ups) instead of growing the number of users who *really* love you. @paultoo advice - better to have 10 users who depend on you than 100 who a lukewarm. This requires patience and killing your ego.

4/ If you raise a seed round, it’s tempting to ignore retention. With money, there are always ways to grow top-line (buy ads, launch a new location). Strong fundraisers can do this for multiple rounds (though investors are more savvy to this now). Eventually, the bottom falls out

5/ Once you’re growing without churn, you find you have a diverse set of customers and can’t make them all happy -it’s easy to fail trying. Commit to a long term strategy for going public and build for the users who get you there, even if you lose the others. You have to focus.
STARTUPS
Damon Chen
Damon Chen
@damengchen
I shipped all these apps in 2020. Most of them generated $0.

🎬 https://t.co/JAhXqsuu6h $0
🌍 https://t.co/BrNUAhfiIT $0
💡 https://t.co/ZWcLfOH4aI $0
🐞 https://t.co/aghOxYEcPI $1.99
👍 https://t.co/2JhJLe27pW $3,025 in 10 days.

But that's ok, just keep shipping! My stories👇

🎬 https://t.co/wuiBp1XsYD is the first thing I created. It's a community for indie makers. The different thing is we post updates in videos. I created it for fun as I think the world doesn't need one more text-based forum, so I make a video one. No monetization plan so far.

🌍 https://t.co/fiwjgCWho5 is a social app. The idea is from Linktree, an app to share your social links. I thought it would be cool to add more visuals to it, and meanwhile we can explore others around. I also have no monetization plan for it. Make it for fun too.

💡 https://t.co/fZfL45uvVX is a platform to connect influencers with their fans. People says it's like @superpeer. But the only difference is it's all sync. Influencers don't need to commit their time to fixed slot. Fans pay to ask questions, influencers can answer at anytime.

Continuing Influenswer... I think the product has its potential. But for now maybe I didn't find the right niche to serve. Will re-evaluate it in future.
STARTUPS
Paul Graham
Paul Graham
@paulg
A potential danger to America I didn't consider till now. The Bay Area seems to be less attractive to founders. What if this makes America as a country less attractive to immigrant founders? What if instead of going to another US city, they don't go to the US at all?

I know founders don't feel the same need to move to the US that they used to. The question is how much of this is due to the change in their opinion of the Bay Area specifically, rather than e.g. greater optimism about remote work, or decreased interest in the US overall.
STARTUPS

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