Need help with validating my idea, thanks!
Hey everyone!
I am Akash, from India. I work full time at a startup called Classcard as a Frontend Developer and have an idea that I want to build an MVP for part-time.
It’s a simple web app that lets people add records of money that they lent to or borrowed from people. The plan to monetise it is a freemium model, where people pay for premium features like payment reminders through email, Handling multiple currencies, share your records with people you choose with ease letting both of you track it.
The basic idea came when I recently had trouble recording money I lent to my friends, I googled around and all I could find are personal finance apps that were too overwhelming or dead links. I wanted to know if it’s a decent idea or not, please feel free to give your honest opinion. Thanks!
Uhm, my doubts:
Thanks a lot for your feedback! Your questions are valid, I do think this is not an app that I could make a business out of, at best could be a fun side project.
Hey Akash,
I think you need to detail out your idea more.
What problem is it solving?
Who is it solving for? (who lends money a lot?)
What are the existing solutions in the market?
Why should anyone use your solution vs. others?
Is your idea 10X better than the current solutions?
What problem is it solving?
Keeping track of the money you lend and borrow from people in a simple web app and keep it synced across devices instead of writing it down in a notebook, or creating empty groups in chat apps to keep track of it. (This is something I personally am doing)
Who is it solving for? (who lends money a lot?)
I haven't thought about this much but you are right, I need to think about these people as these are the ones that definitely gonna support the project financially and are most benefitted from. Please share some idea if you have any.
What are the existing solutions in the market?
Most of them are full-fledged personal financial management system that tracks your spending and do a lot more stuff which might not be what people want. Not sure, will explore a few for sure.
Why should anyone use your solution vs. others?
Simplicity is what I'm focusing on, to make it super easy to track your money with a simple UI.
Is your idea 10X better than the current solutions?
I'm not sure, I haven't explored this much but I will, thanks.
Thanks a lot for all the questions and feedback, I definitely think this is gonna help me think in the right direction, please feel free to comment If you have any more suggestions, I appreciate it. :)
Hey! I personally won't have much use for this as I don't lend money. But it seems like something that has potential. You should try it definitely.
Hey! Thanks a lot for the feedback and suggestion, will try to build an MVP and market and see I guess. :)