I have a validated idea, but I don't know if I like the audience.

My only question is, "How have you validated your idea? if you are not from an accounting background. I have worked as a software solution provider that provides startup consulting and MVP development for clients. When asked, people always say their is a problem with the product they are using, but that doesn't mean they will buy your product. Also, the sample size you validated your idea with also matters. How big was the sample? Were they the decision-maker or a user of the product? What's their technical expertise in accounting, a lot of other variables? Also, accounting is very technical, so my suggestion is to build something that is easier for you to learn and also easier to build logic around the product. Having said that, its your choice. Good luck.

Hi Syed,

I'm a UK contractor, working through my own company, so used to working with accounts. I think this is the kind of thing it would be very hard to do an MVP for (I'm assuming it's a package that will replace a core accounting package). Accountants won't switch for something that only does 10% of what their current package does. You'll need to pretty much have everything live on day 1, otherwise it's not worth their while to switch.

And I've worked in financial services - you'll need a partner in this space, definitely. It's complex, and the laws and regulations on accountancy, tax, reporting, etc change every year. And you'd need to make sure you're legally watertight in the case of mistakes.

If it was me, I'd stay away from this area.

Andy

I personally don’t think you should try and pursue the idea

The minute things get difficult you are gonna give up on it coz it doesn’t excite you

If you can, the best thing you can do is try and solve a problem you face that you know other people face as well

That way you will be more excited coz you are solving your own problem

I don’t think you should push on.

Even if you’re not a subject matter expert the challenge of the idea should excite you.

Also another key question to ask yourself is, are you willing to learn about the space and be curious? If no, the definitely don’t do it.

Keep building my friend. You will find the answer yourself!

Having a validated idea is a huge win in itself. Don’t give up on it find someone to work with so you can focus on the parts your enjoy

I would definitely recommend finding someone who can help you with this, a co-founder, or an advisor - accounting is super niche, lots of regulatory hurdles etc - you have to execute this right.

I have a similar issue but in a different niche. What consoles me is realising there's a lot of money to be made. That's worth it to me, atleast for now

I can recommend: Try something, fall on your face, try something, fall on your face. At some point you'll know how to stop falling on your face. 🙃😊

Congrats on getting this far! Maybe getting an accounting consultant would help..
One question I have, as I'm also a software developer looking at a solution in the accounting space and I'm in the process of validating my idea: where did you find accountants to speak with ? Did you do cold outreach or you used your network ?Cheers!

I discovered something similar in the accounting space.

They are in desperate need of new software, but it’s going to have to be someone who really likes accounting.

Building something for that industry is a pain.

If anything I can 2nd the fact that there is a problem to solve and money to make there.

You will loose motivation real quick when you work for audience you don't like. Call it a good idea and move on.

Everyone is different, but unless it was an obvious arbitrage, I personally could not imagine going through the grind of starting something from scratch if I wasn’t that interested in the subject matter… especially accounting 😂 (I have finance background)

I adopt the following methods to address this issue:
very simple

1. I identify individuals directly affected by the problem and observe their experiences and actions leading to it. then I replicate the person's experience to face the problem myself. This helps me relate to the problem

2. If the first approach proves challenging, I seek out a co-founder who can relate to the problem. Their insights will be invaluable and increase chance of success

remember the fundamental principle that states that the founder should be an active user of their own product.

Note that validation depends on multiple factors beyond the one mentioned by you
I refrain from providing generic advice for specific personal problems and would welcome further discussion to delve into the issue more deeply.

Hey Syed.

Three important points:

• really understanding the needs of your audience and being able to empathize with them is essential. I know this sounds like a very "kumbaya" UX design boilerplate, but it's true. It's quite possible that you might invest a lot of time and effort into something that won't really address user needs, simply because there's a lot to understand aside from just what they tell you. There's a lot of context you might be missing. Which brings me to my second point.

• There's this thing called Enterprise UX or Enterprise design, and if put very VERY simply, you can't just design a nice clean product for power users, by simply following "good design" logic, because accountants and other niche professionals have worked with very poorly designed products for decades. Making a radical change there can simply make them less efficient. This is a very important point to take into account.

• Given that you're not very familiar with accounting as a field, you might be unable to validate whether a potential co-founder is actually well-versed in this industry, or informed enough to be able to be a guiding force for your product. It opens you up to a Dunning-Kruger situation.

Good luck!

Your idea seems like a promising opportunity, given the time you've spent talking to potential customers and identifying their pain points. I recommend not abandoning it. Instead, start small with mock-ups, identify the most valuable feature, and then validate it with the people you've spoken to.

If I had some savings, I would first hire an accountant as a consultant to understand the necessary formulas and laws related to the most valuable feature of my product. Afterward, I would build a prototype and validate it again. Having a co-founder from day one means splitting responsibilities 50-50, and usually, the technical person ends up doing most of the work initially, given the nature of the task. Unless you find a co-founder with accounting experience who is willing to wear many hats and invest as much time as you while you focus on developing the product.

Simply start with a landing page based on your research. Don't write any code but mock the screens and add to your landing page and start building the waitlist. That should tell you if there is some positive vibe. If possible, talk to waitlist users 1:1.