Should I bother creating a product if it already exists?
Hi Indie Hackers,
For a while now I've wanted to be a maker but haven't had any idea. Now I have an idea for personal finance app specifically suited to my needs (currently run my finances in excel because haven't found an app that does what I want) but I've noticed a personal finance app who seems to be slowly integrating all the features I want in the the app. Should I still bother trying to create it or look for the next idea?
Hey there! I'm currently working on a personal finance app as well (https://www.budgetwise.io/) and there are definitely a ton of apps already in the space, but you shouldn't let that discourage you. It means the market is there, and you can learn from the mistakes of all the previous apps.
I also wasn't able to find the software I needed so decided to build it myself, and it turns out there are many users who feel exactly the same way. The app is still a ways off from fully launching, but while I work on it in early access the users are more than happy to help with feedback, bug spotting, and feature requests.
TLDR; You should definitely go for it. Good luck, and keep us updated!
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It's been great! On average I've been gaining about 80-110 new users a week, all through word of mouth as I haven't spent any marketing dollars yet. I am trying to avoid fast growth right now as it's still early access and I have to overhaul some things before it's ready for full public release, but so far everyone's been great about sending feedback and emailing me with any questions they have
Please work 50% of the time on finding customers for your app! that's the most important thing, really.
Do it.
Sure. If the product exists, it means there is a market or need. Define why you are different. Just be aware that what is important to you may not be as important to others. At least to the extent of paying for it. Then again it may be a big pain point.
Hey!
I am as well working on a personal finance app. https://moneypin.io/
Its very limited in functionality, although I work on a new feature that should make it more attractive.
But one of my main goals in making the product, is making it for my customers, so I am very interested to talk with and listen to potential users and solve their problems rather than creating another budgeting app.
So if you decide not to enter the market, I'd be happy if you could reach to me and talk to me, I might be able to solve your problems.
However if waiting is not your thing and you really believe in your vision, I'd say - JUST DO IT! Go for it! Good luck! :)
Yes because pies are meant to be shared. If only one person is eating a whole pie, that's just sad.
Yes I've created a couple apps that bigger companies already dominated. We sold a few copies and it was fun installing it and supporting our small handful of users. Sometimes your app can breakout and really shine.
It really depends what you expect from your project. If you want good to make money, you have to make a great product and make it better than your competitors in most aspects, like number of features, ui, ease of use, price, etc. If you just want some app to use for yourself you can create whatever you want and enjoy the process.
There are a TON of personal finance apps out there. Which means... people want / use / and pay $ for this.
I also have a nice spreadsheet to manage mine, having been unsatisfied with how others currently work- and have been thinking about build one too.
I wouldn't let that stop you. Just find out where your differentiator(s) are, and build what's best for you. I don't think there's a one-true-way to doing personal finance.
No, I would not get discouraged. What you should be focusing on is what your competitors have failed to do. Also, innovation is going to catapult you here.
Good interface design, too. Almost all of the personal finance apps look terribly outdated and cluttered
You should still try making that product.
A market doesn't need to be untouched for you to enter it, they've just done one of the hard steps for you by validating that your idea will get customers (yaaay). There's a chance the market will be big enough for the two of you, either make a similar but slightly different product to capture a percentage of the market that they aren't interested in or make a product 10x better than theirs and steal all their customers too.
yes.
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