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Sam Saltis

๐Ÿ‘ค Speaker
149 total appearances

Appearances Over Time

Podcast Appearances

SaaS Interviews with CEOs, Startups, Founders
978 Why Sole Founder is OK Burning $40k Cash and Bootstrapping

There you go.

SaaS Interviews with CEOs, Startups, Founders
978 Why Sole Founder is OK Burning $40k Cash and Bootstrapping

Yeah, look, the way I run my business, and some people agree with it and some don't, I actually set my burn rate fixed.

SaaS Interviews with CEOs, Startups, Founders
978 Why Sole Founder is OK Burning $40k Cash and Bootstrapping

I say I'm going to burn this much money each month, and whenever I make money to close the burn rate, I actually invest it in people.

SaaS Interviews with CEOs, Startups, Founders
978 Why Sole Founder is OK Burning $40k Cash and Bootstrapping

So I keep the burn rate consistent.

SaaS Interviews with CEOs, Startups, Founders
978 Why Sole Founder is OK Burning $40k Cash and Bootstrapping

I know how much I want to spend over the last 12 months.

SaaS Interviews with CEOs, Startups, Founders
978 Why Sole Founder is OK Burning $40k Cash and Bootstrapping

I've spent that money, and I know how much I'm going to spend in the next 12 months.

SaaS Interviews with CEOs, Startups, Founders
978 Why Sole Founder is OK Burning $40k Cash and Bootstrapping

Yeah.

SaaS Interviews with CEOs, Startups, Founders
978 Why Sole Founder is OK Burning $40k Cash and Bootstrapping

So I kind of look, the way I look at it is I'm willing to spend over 40 grand a month and burn 40 grand a month in the market.

SaaS Interviews with CEOs, Startups, Founders
978 Why Sole Founder is OK Burning $40k Cash and Bootstrapping

And what I do is every customer that I bring on, I actually then add more people into the mix.

SaaS Interviews with CEOs, Startups, Founders
978 Why Sole Founder is OK Burning $40k Cash and Bootstrapping

So I recently picked up a couple of customers.

SaaS Interviews with CEOs, Startups, Founders
978 Why Sole Founder is OK Burning $40k Cash and Bootstrapping

I added some extra salespeople and some marketing people, and I will keep that number going at that rate, which again,

SaaS Interviews with CEOs, Startups, Founders
978 Why Sole Founder is OK Burning $40k Cash and Bootstrapping

You know, some people look at it and say, oh, why don't you go just raise money and make your life easier?

SaaS Interviews with CEOs, Startups, Founders
978 Why Sole Founder is OK Burning $40k Cash and Bootstrapping

And I just go, no, I think this is until I have exact market fit.

SaaS Interviews with CEOs, Startups, Founders
978 Why Sole Founder is OK Burning $40k Cash and Bootstrapping

And until I understand the market here, I prefer to kind of just burn slowly.

SaaS Interviews with CEOs, Startups, Founders
978 Why Sole Founder is OK Burning $40k Cash and Bootstrapping

That's right.

SaaS Interviews with CEOs, Startups, Founders
978 Why Sole Founder is OK Burning $40k Cash and Bootstrapping

Yeah, but I've still got to fund some people back in Australia to do the R&D and I've got to fund a team of people around.

SaaS Interviews with CEOs, Startups, Founders
978 Why Sole Founder is OK Burning $40k Cash and Bootstrapping

It isn't just the local team.

SaaS Interviews with CEOs, Startups, Founders
978 Why Sole Founder is OK Burning $40k Cash and Bootstrapping

So I isolate the local business as a local startup, you know, in my head, which has to have its own kind of P&L and its own burn rate.

SaaS Interviews with CEOs, Startups, Founders
978 Why Sole Founder is OK Burning $40k Cash and Bootstrapping

That's right.

SaaS Interviews with CEOs, Startups, Founders
978 Why Sole Founder is OK Burning $40k Cash and Bootstrapping

So we were probably, in terms of revenue, we're probably down, we have no customers here, sorry, so zero customers, but we had over 100 and something customers in Australia.