Being a SaaS founder is arguably one of the most difficult things anyone can do. In fact, it may even be 100 times more difficult than the VP position. Indeed, there is no greater challenge.
As we see today, there are countless stressed SaaS founders who find it difficult to achieve happiness in success (or calmness in failure). This may be because of the pressure to hit targets and attain business goals.
Despite what you may hear about how stressful it is to run a SaaS company, being at the top or at the help of a SaaS firm can still be both exhilarating and rewarding. In particular, it may be an adventurous feat to attempt the implausible and impossible with the other co-founders and members of your management team.
In light of these seemingly contradictory experiences, SaaS offers a unique difficulty because it necessitates additional functional areas sooner rather than later. Nonetheless, there are these seven tips for stressed SaaS founders to manage themselves at the most crucial times. Read on to learn more.
Tip #1: Decide on a Dedicated Co-founder
Wait and be patient. Do not make a final decision on a co-founder if your business has not yet begun operations. You should not hire someone who is not skilled or dedicated to the work for the next decade of their lives.
As such, it is preferable to wait six months before embarking on a voyage with a lightweight.
Tip #2: Raise Enough Money to Last the Next Six Months
Whatever you do, you must raise enough funds to cover the following six months. Unlikely. It relieves a lot of stress. You have the ability to invest with greater zeal. Have fun! Financial stress is time and energy-consuming, not to mention unpleasant (until the day it ceases to be such). Every day, fundable entrepreneurs approach me with a $750,000 investment request. Advice? Raise $1.5 million if possible. Often, this stage lasts significantly longer. It will take 24 months to do it properly.
Tip #3: Seek Out a Great Vice President
It is not suggested that you hire a Salesforce VPS if your ARR exceeds $500,000. If you only need a manager or director, employ the appropriate vice president as soon as feasible.
Following initial traction, exceptional vice presidents of product, sales, marketing, and customer success will be in charge of driving growth. Such key company people are useful due to their accretive nature and propensity to generate acceleration.
Tip #4: Avoid $1M-$10M Annual Recurring Revenue (ARR) Pennies
This is a difficult undertaking, especially when you have numerous clients yet few resources. You might see that there are an excessive number of requirements, voids, and gaps.
With that being said, don’t go looking for “shiny pennies.” What works for a million dollars works just as well for ten million dollars. If your product has a million-dollar annual recurring revenue (ARR), ten times as many buyers will buy it all over the world.
If you can’t demonstrate customer traction by the time your yearly recurring income exceeds $1 million, you shouldn’t be concerned about new verticals, product expansions, or anything else between $1 million and $10 million.
Tip #5: Welcome Leisure Time-Off
Throughout the journey, go for luxury lodgings and try first-class trips if it’s affordable for you.
Nobody enjoys making exhausting travel trips. When a company has expanded to a particular level and gathered sufficient funds, there is a significant return on investment to be made in making travel more comfortable.
Every year, take two weeks of vacation to travel and enjoy. At the same time, limit checking your email to only twice a day.
Tip #6: Let the Work Stay in the Office
The stress and drama of beginning a business would be too much to bring home for your family. The home should be a safe sanctuary for the family to unwind and spend quality time together. After all, nobody in your family is prepared to deal with the never-ending chaos.
Tip #7: Prioritize Customer Satisfaction
Keeping your customers happy is difficult in every way. Fortunately, it is possible to improve the degree of satisfaction felt by clients.
If you’re at a loss for ideas, one solution is to boost your NPS and CSAT. In the long run, this minimizes the amount of stress for both you and your employees, resulting in a high employee turnover rate.
SaaS isn’t an easy pursuit. However, you can make the work worthwhile. If you follow the advice that was just provided to you, you will have more enjoyment and less stress as a SaaS founder. Acquisent can guide you and your team through applying the best enterprise SaaS techniques. Book a demo with us today!