Pic from when I saw Milford Sound in New Zealand
I’ve started working on a new idea for a software business. I’m looking at both developing my own SaaS business as well as acquisitions.
There are three pillars here that I’m learning about:
- What kind of businesses are for sale, at what multiples, and how much competition do these websites have. Perhaps an idea will pop out, as for now, I’m not looking to acquire a SaaS business. I’d rather build my own than spend $100k. Will keep assessing this as I become more competent in #2 below.
- Learning software development for Web and Apps. I don’t have experience with newer software in these areas, so am learning how to use Ruby on Rails for Webapps, and Java for Apps. Learning through a combination of building my own software and tutorials.
- How do you find a niche and customers. I’d like to combine SEO as well as expensive competitors to eventually carve out a niche.
Key Question: Do I want this as a job? Or a business? or an investment? Needs to be clear, so I can scale appropriately. For now I’m just enjoying learning a new programming language.
Critical to any new business idea needs to be the concept that it wont require me to be present on a day to day basis or even at all. Strategic direction is fine but key man dependency is undesirable.
I want a business to function, I may have a role in the org but it needs to be replaceable by another employee with suitable skills. Also I cannot be the CEO/MD since then I’m unable to get out.
Perhaps while the business is small and starting say in property I could manage them until they reach scale. The plan though needs to be to reach scale as quickly as possible. It also requires to put in my capital into a business that exhibits good steady margins and cash flow. Hence acquiring an existing business is preferable. Or just stick with property rentals…
I really enjoyed Richard Bransons recent post about five tips on making every day count because it resonated with me in terms of keeping things simple and making life about purpose and purposeful.
My own thoughts in relation to each of the five was as follows:
1. Something fun to start the day – so am exercising but also could do a bike ride, yoga, other sport
2.just do it – stop worrying about what others think and rather work hard and take chances.
3. Set goals and challenge yourself – set short term and long term goals and write them down. I’ve always loved keeping notes, think Ill use this platform in future as I don’t run out of space and can keep writing.
4. Take a break – I love walks for thinking.
5. Do some good – I wish to change jobs or business and have both the benefit of exciting projects whilst helping others be it social good or customers.
5 cool ways of living that I think are a great way to ensure you keep having fun while helping others.