How do you build a nearly $3 million dollar company in just 2 years, with no outside investment and no sales team?
Laura Roeder can tell you exactly how. Roeder is the founder of Edgar, a SaaS social media automation tool that helps businesses get the most out of their social investment. Roeder launched Edgar in 2014 and the business grew to more than $100,000 in monthly recurring revenue in the first year.
Roeder explained that she purposely chose to grow her business without any venture capital investment.
“A big reason I work for myself is so I have total freedom,” she explained. “When you raise money, other people are decision makers in your business, which I didn’t want. Especially now that the climate is changing in fundraising, I think it was a really good decision for the business. When you’re bootstrapped you have to be profitable, otherwise you shut down. When you’re profitable, you’re sustainable.”
In the latest episode of Ramp, Roeder shares how she grew her business so quickly, with so little outside investment.
Roeder has been able to build a strong business model not just without funding, but also by targeting a tough market: small businesses. She noted that there’s an idea held by many SaaS leaders that you have to move upmarket in order to succeed, but Edgar is targeting SMBs specifically.
“We have 5,000 customers and I know we’re nowhere near tapping our numbers, but you do have to run a business differently,” she said. “We don’t have a sales team; we are 100% self serve. You can’t just spend thousands of dollars acquiring a customer at that price, because the math is different at a $49 price point. But having a very successful business in the small business space is very possible, because there are so many small businesses out there.”
In this exclusive 23 minute episode, Roeder explores:
- The importance of list building in marketing a new SaaS product
- Succeeding without a freemium model
- Finding the right price for your SaaS product
- …and much more.
Learn how to drive a healthy SaaS business without VC funding in the latest episode of Ramp.