moving from software products to wordpress services
TRANSCRIPT
Moving from software products to
WordPress services@[email protected]
Marius VetriciFounder @ WPRiders Agency
How to Launch a Product Success
Story?
Product Building
1.Can be incredibly boring2.Is very risky
Product Building1.Is very instructive and profound2.Learn to build software the right way3.Learn to provide support4.Learn to be organized, to do things right
Entrepreneurial Background 2003-2016
2004 - 2007ASP.NET Date/Time Picker Control
2005 - 2007ASP.NET Menu Control
2003 - 2013Inventory Management and POS
2006 - 2013Document Management and
Workflows
2014 - present dayBusiness Focused
WordPress Development Agency
Things I’m doing differently in 2016
Sacrifice to get Focused1. Features2. Verticals
Focus without Sacrifice is Destructive
Product-Market fit
1. Talk to clients proactively2. Secure Traction alongside
product development
Set and track KPIs1. Choose your KPIs for Traction2. Set targets3. Track and monitor them4. If targets are not hit repeatedly5. Fail fast
Go Open SourceAccess to• Free technology• Free source code• Free know how• A keen sense of contribution to a higher purpose
Tools we use for WordPress Development
Services
Manage commitments
Tools we use for WordPress Development
Services
Time tracking and planning:• Harvest - see where time goes• Harvest Forecast - plan
workload
Tools we use for WordPress Development
Services
Healthy financial principles:1. Live on Last Month’s Income2. Give Every Dollar a Job3. Save For a Rainy Day4. Roll with the Punches
Next step for us:Productized Service
A productized service offers a specialized "done for you"
solution with a compelling value proposition, packaged at a set
price and scope.— Brian Casel https://casjam.com/productize/
Our future plansGoal = recurring
revenues1.Productized WordPress tickets fixing2.Ongoing maintenance plans3.Ongoing WordPress retainer
development4.Technology dedicated landing pages
(eg: WooCommerce, BuddyPress, WooSubscriptions, LearnDash, WooBookings, Sensei, EDD, GravityForms, etc.)
ResourcesTraction Book -https://www.amazon.com/Traction-Startup-Guide-Getting-Customers/dp/0976339609
Managing Corporate Lifecycles vol 1 & 2https://www.amazon.com/Managing-Corporate-Lifecycles-Organizations-Grow-ebook/dp/B009TIGWSI/ref=sr_1_2?s=books&ie=UTF8&qid=1475705598&sr=1-2&keywords=corporate+lifecycles
You Need a Budget - http://classic.youneedabudget.com/support/article/rule-four-live-on-last-months-income
Productized Serviceshttps://casjam.com/productize/
Startup Failure Rate
http://tech.co/startup-failure-rates-industry-2016-01
The Problem With Focus
https://youtu.be/_CVfNpg8TrI
Services vs ProductsProviding Services Building Products
Fun Variable all the timeHigh in the 1st yearMedium 2nd year
Very low after that
Profitability Medium-High Very high(if you make it)
Workload With spikes Very highRecurring revenues Medium-Yes
for Productized ServicesVery high
(after break even)
Mistakes are Low impact(generally) Very high impact
Need for Marketing Medium Very high and constant
Risk of failure Medium-low Very high
Any questions? :
)
Marius VetriciFounder @ WPRiders Agency