Episode 714 | TRM not TAM, Acquiring a Competitor, and Finding a Developer Co-founder (A Rob Solo Adventure)

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May 21, 2024

Rob dives into the nitty-gritty of acquiring competitors, discussing integration tactics and customer transition hurdles. He emphasizes the importance of HIPAA compliance in health tech for bootstrappers. The episode also highlights the challenges of hiring developer co-founders and the complexities of equity compensation. Furthermore, Rob offers insights on Total Reachable Market (TRM) to help entrepreneurs better assess their market potential. It's a treasure trove of practical advice for navigating the startup landscape!

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ADVICE

Acquiring Competitors

Consider the cognitive load, legal load, and transitional load before acquiring a competitor.
Evaluate customer count and revenue to determine if the acquisition is worthwhile.

ADVICE

HIPAA Compliance for Bootstrappers

If your SaaS idea likely requires HIPAA compliance, prioritize becoming compliant.
HIPAA compliance is achievable for bootstrappers, even on tight budgets.

INSIGHT

TRM vs. TAM

Bootstrappers should focus on Total Reachable Market (TRM), not Total Addressable Market (TAM).
TRM is a bottom-up approach, estimating reachable customers through specific marketing channels.

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In episode 714, join Rob Walling for another solo adventure where he answers listener questions. He talks about what to expect when acquiring a competitor and how he might integrate their business. Rob also covers navigating HIPAA compliance as a bootstrapper, how to find a developer co-founder, and he explores the concept of Total Reachable Market (TRM).

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Topics we cover:

3:45 – How to navigate acquiring a competitor
6:34 – How to transition the newly acquired customers into your product
9:58 – HIPAA compliance for a bootstrapped MVP
13:07 – Total Addressable Market (TAM) vs. Total Reachable Market (TRM)
19:01 – How do I find a developer co-founder?
28:03 – Can I find data on SaaS app store spending?

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If you have questions about starting or scaling a software business that you’d like for us to cover, please submit your question for an upcoming episode. We’d love to hear from you!

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