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12 Comments

How to choose an idea to start working on?

I’ve chosen 3 criteria by which you can compare business ideas to start working on them:

  • Desire and passion
  • Market knowledge
  • Skillset
    In other words: want, know, can.

How do you challenge ideas in your head to choose the best one?

  1. 3

    I’d like to add the question: does your business goal align with your personal goals?

    I see so many entrepreneurs break their heads because these don’t match.

    1. 1

      That's a very good question. The founder makes all decisions in business based on his subjective experience. And the concept of success is different for everyone: for some, it is a lot of money, but for others, it is a small number of happy users.

  2. 1

    I research my ideas and gather data 📊

    Part of my career has been helping assess the commercial potential of scientific discoveries for Universities in the UK, so I'm required to be very thorough!

    I just wrote this post on IH about the system I use, if you're interested.

  3. 1

    The first two SaaS ideas I had, were for a dental software and a CRM software.

    They didn't do great because none of them were in my area of expertise. I run my own SEO agency and have been working on SEO for over 15 years, so on my third SaaS try I decided to do something around what I knew very well and enjoyed doing.

    I created katlinks.io, which is an affordable SEO tool for makers who don't have the budget or don't want to spend money on expensive SEO tools.

    Doing something you are passionate about and that is in a market you understand, will help you grow the idea into a value-providing product.

    1. 2

      I agree! Interested in your product. I will study it and possibly use it

      1. 1

        Awesome 👌 Let me know if there's anything I can help you with.

        1. 1

          your tool is down?

          1. 1

            There was a typo, fixed it. It's katlinks.io

  4. 1

    Good points Rinat, definitely worth having market knowledge before starting a company in a specific niche. I can add some points to that:

    1. The target group/segment are big enough and have money to spend. It is impossible to make good revenue on target groups that don't have money to spend.

    2. Identified and existing problems, for the solution of which the target group would be able to pay over 1 000 euros in 1 transaction so that you can survive with 10 clients as a freelancer and build a company profitably from this starting position.

    3. The possibility of remote selling.

    4. Product or service for B2B segment = bigger transactions, and also longer sales cycles, but still worth effort.

    1. 1

      In other words, the size of the market is no less important than understanding it. Did I understand you correctly?

      Great comment, thanks. I want to collect different opinions and write an article about it.

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