[Live Training] 9 Strategies To Build Recurring Revenue
Should You Go All In on a Side Project?
With David Hart
David Hart is a former agency owner and co-founder of the SaaS company, ScreenCloud which someone offered to buy for nearly $200m last year. He is also an investor, advisor, and NED for various early-stage SaaS businesses, and is currently writing a book about the transition from agency to SaaS owner.
Episode highlights: Go All In on a Side Project?
- What is ScreenCloud, and how did the transition happen to this “side project”?
- What are the big differences between an agency and a SaaS company?
- How VC backing is different in regards to growth vs. margins
- What we can learn from Elon Musk about running multiple companies
- Is there a moment that is the decision point on whether to go all in on that side project?
- What are the three core seats for their SaaS company?
Lightning Round with David Hart
- Best advice: Don’t rely on your gut, especially with products. Speak to clients.
- Habit that contributes to success: Paranoia, really looking at the numbers
- Recommended tool: Notion
- Recommended book: The Mom Test by Rob Fitzpatrick
Connect with David Hart, plus resources
Quotes from David Hart’s episode
- “If we want this to be anything good, we’ve got to stop treating it as a side project.”
- “We’d be able to pay our mortgage off, then work for these guys for three years. It was a bit of a shock, to be honest.”
- “97% of them told us to get lost.”
- “I love the side project as an incubator, but at some point, you have to make a decision.”
- “As soon as the biggest clients start screaming, you drop everything.”
Takeaways from David Hart’s episode
- If it’s not growing, it’s dying
- If you’re happy with how it’s going with a side project, it’s okay to just sell it to a few clients to combat the peaks and troughs.
- Figure out roles for the transition and the new company
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