How to brainstorm great business ideas
I see this kind of statement all the time:
"I get why it's helpful to charge more, but as a bootstrapper, it's difficult to develop and market a product with a high price point."
That's actually not true, and I'll show you why.
Your price is determined by two things:
Okay, the solution for #1 is simple: don't build a commodity product. Differentiate. Maybe target a specific niche that others are neglecting. Etc.
But what about #2? How do you provide more value to customers?
The obvious answer is to build more features. However, building features is similar to adding sauces and seasoning to your food — it helps, but it's not as important as cooking the food well in the first place.
What I mean is that choosing a valuable problem/market for your business is 90% of what matters. It's the difference between a $10, $100, or $1000/mo product. Whereas features are what make a $10/mo product worth $15/mo.
"Well yeah, but isn't it always harder to break into a more valuable market?"
Counterintuitively, it's not! Several reasons why:
It's not rare for me to see a founder who's successfully charging $300/mo and writing far less code and fewer features than a founder who's charging $5/mo.
They're just in a more valuable market solving a more valuable problem.