Building a $20,000 Monthly SaaS Business: Insights from Mike Slaats
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Chapter 1: Mike Slaats and Upvoty
Mike Slaats is the founder of Upvoty, a user feedback platform that generates an impressive $20,000 each month. Alongside managing his startup, he hosts two podcasts and maintains an active YouTube presence. How does he juggle all these responsibilities? Let’s delve into our conversation with Mike to uncover his strategies.
From Entrepreneurial Beginnings
Mike's entrepreneurial journey began a decade ago. After experimenting with various projects, some of which succeeded while others did not, he was inspired to create Upvoty. The need arose when he struggled to find an effective tool for collecting and managing feedback for another venture he was involved in at the time. Faced with this challenge, he decided to develop a solution himself.
Evaluating Business Ideas
When it comes to choosing which ideas to pursue, Mike emphasizes the importance of validation. He assesses whether his audience shows genuine interest in a product or initiative. For instance, he once launched a light-hearted productivity app that primarily benefited his personal brand but lacked monetization potential. Yet, he values long-term gains and believes that such projects can contribute to future successes.
Organizing a Busy Schedule
Balancing a rapidly growing startup, two podcasts, and a YouTube channel is no easy task. Mike organizes his daily activities using a project management system to keep his focus sharp. He highlights the significance of outsourcing and delegation; for instance, he employs developers for product development and marketers to manage promotional activities, such as blog content. This structure allows him to dedicate time to his personal brand, which he considers vital for future endeavors.
Mike shares that engaging with his audience through podcasts and vlogs has not only enhanced his interviewing skills but also boosted his confidence on camera. These side projects contribute to his personal growth and, in turn, improve his professional capabilities.
Retaining Customers after Launch
Having successfully launched products on platforms like Product Hunt, Mike stresses the importance of understanding customer needs. By actively listening to their feedback and addressing their challenges, he can ensure that his product meets their expectations. Upvoty’s own feedback software plays a crucial role in this process.
Future Goals with Upvoty
Looking ahead, Mike's focus remains on his mission: to empower customers to gather feedback effectively, enabling them to create outstanding products. He aims to expand Upvoty’s features, grow his team, and attract larger clientele, with aspirations for the platform to become a market leader.
The Drive Behind His Success
What fuels Mike’s ambition? He finds joy in learning and sharing his experiences. His goal is continuous self-improvement, both personally and professionally. He enjoys being transparent with his audience about his successes and failures, which has led him to be very active on social media.
Recommended Reading
As an avid reader, Mike recommends "Intercom on Starting Up," particularly for those venturing into the SaaS space. He believes it’s an essential read for aspiring entrepreneurs.
How I Make $20,000/Month with SaaS (Software as a Service) - Mike Slaats shares his strategies for building a successful SaaS business.
My SaaS Made $20,000 in 1 Day (Here's How) - Mike Slaats discusses the key actions that led to his impressive revenue in just one day.