AF112: Start A Lucrative Business With No Idea, No Money, & No Experience with Dane Maxwell, Part-1
How To Start A Lucrative Business With No Idea, No Money, & No Experience with Dane Maxwell – Part 1
Today’s guest Dane Maxwell is the creator of The Foundation, a no nonsense approach to finding painful problems and solving them with software, last year 336 people went through the foundation of which 10% came out the other side with successful SaaS businesses.
10% is actually a very high success rate in education. Dane plan’s to put over 2000 people through the foundation by 2017 and achieve success rates of 20% plus.
Dane has also created multiple successful SaaS businesses himself mainly in the Real Estate niche. If you’ve ever thought of building a software business this is an interview you want to listen too.
Some of the highlights on the show today were:
- How To Build A Passive Income Lifestyle Business.
- How Idea Extraction Works & How To Do It.
- How To Permanently Eradicate Limiting Beliefs.
- Why SaaS Is The Best Model To Get You Free.
How to make the internal shifts required to become an entrepreneur
There is many internal shifts that need to happen before you can succeed as an entrepreneur. There are limiting beliefs that need to be shattered. You need to deal with your own personal bull shit and get over it. You need to commit to doing the hard work required to succeed.
Running a proven process to identify pain points.
Dane is able to go into markets and speak to businesses in a certain way that allows him to extract their frustrating business problems and pain points. This is how he is certain that there is a valid market for any idea he has before pursuing it.
Pre-selling software before he even build’s it.
Once the pain point has been located. Dane pre-sells his software idea before he has a single line of code written. This makes you absolutely certain that businesses are willing to spend money on the product that your going to develop. This way the entire product is funded out of other people’s pockets. Your customers pockets.
Choose a market and start phoning business owners. Ask the owners about the problems they have on a daily basis that they’d be willing to spend money to solve.
Once you find a common theme of the same of very similar problems in a market place. You then want to work out if the issues can be solved with software.
If software can solve the problem ask the business to finance the development in exchange for lifetime free access. Once you get a business to fund the development of a piece of SaaS, you have extracted a 100% validated idea.