No more chasing the next "shiny object", I've found my next business idea that is innovative, and most importantly, it solves a problem.
I was in a bit of a slump this Fall as the ecommerce store I had launched in the summer had failed, and even after getting feedback and tweaking the store, I still wasn't generating sales. I was losing so much money on facebook ads and the shopify subscription, I had to throw in the towel for that venture. And honestly, I'm not super surprised it failed, because even though the quality of my product was good (eyeglasses), and I put a lot of effort into my branding (vintage Hollywood aesthetic), there wasn't a huge NEED I was solving, considering there are already hundreds, if not thousands of established eyewear companies selling glasses online.
Still, I sunk a lot of time into that business, and a good chunk of money, so it was pretty painful to have to give up on it. I suppose I can always revisit it in the future if I find a new approach or can innovate it more in some way. But that's for another time.
My next idea came to me pretty recently but I've already been laying the groundwork on how to implement it, specific features, marketing ideas, and everything else. I'm so excited by it, I pretty much am thinking about it 24/7!
I won't reveal specifically what it is, but I can still discuss aspects of it.
First of all, it is a SAAS (software as a service), which is so nice due to being able to easily scale it, and not have to worry about inventory, shipping, duties, MOQs, and all the other headaches that come with physical products! I'm sure this business model will have plenty of its own headaches haha but whatever, I'm ready to swap some old problems for some new ones!
The software solves a problem specific to my industry (not eyewear), and I know the process it would be implemented for inside and out so it will be very easy for me to know exactly what features need to be in it, and various issues that could come up that the software will have to address. Basically, it will streamline a process that everyone in my industry has to deal with on a regular basis.
Additionally, it will use AI as a core function in the software. I am going to have it integrated into the software and it will provide an innovative user experience that is not currently being offered in my industry.
Lastly, the SAAS will be offered as a subscription service, and I expect to charge $20/month for it. I love the subscription based business model and the idea of having a steady flow of monthly income to rely on, as opposed to having to constantly kill your next meal aka constantly having to get new sales. I figure that if I deliver a quality app, with a good user experience and support, it should not be too difficult for me to acquire 100 paying customers within a few months of operation, which would bring in $2,000/month for me. Certainly not a lot of money, but hey, I would be overjoyed by that, and of course continually work to drive sales up from there. Imagine 1000 monthly customers... no, 10,000!!! Where is the heart eye emoji? Lol.
I don't know that I have a specific question for you all at this point, I was more so just excited and wanted to share.
My next step, and possibly the most crucial one, is finding a technical developer to build the software. I don't know if I should try to find a technical co-founder that will become my partner for the app, or if I should pay a developer by the hour or by the job to just develop it. I've been perusing Upwork and found quite a few developers with the skillset I would need, and it looks like they charge between $35-60hr, but I have no idea how many hours it would take to actually build this software. And if I do hire a developer to build it, what happens after? I'll need someone to be able to provide technical support if there is an issue, or be able to add new features in the future. Hmmm.
If anyone has experience working with a software developer, please let me know and if there is anything I should look out for, things I need to consider, etc.
I look forward to sharing my progress with you guys!
I was in a bit of a slump this Fall as the ecommerce store I had launched in the summer had failed, and even after getting feedback and tweaking the store, I still wasn't generating sales. I was losing so much money on facebook ads and the shopify subscription, I had to throw in the towel for that venture. And honestly, I'm not super surprised it failed, because even though the quality of my product was good (eyeglasses), and I put a lot of effort into my branding (vintage Hollywood aesthetic), there wasn't a huge NEED I was solving, considering there are already hundreds, if not thousands of established eyewear companies selling glasses online.
Still, I sunk a lot of time into that business, and a good chunk of money, so it was pretty painful to have to give up on it. I suppose I can always revisit it in the future if I find a new approach or can innovate it more in some way. But that's for another time.
My next idea came to me pretty recently but I've already been laying the groundwork on how to implement it, specific features, marketing ideas, and everything else. I'm so excited by it, I pretty much am thinking about it 24/7!
I won't reveal specifically what it is, but I can still discuss aspects of it.
First of all, it is a SAAS (software as a service), which is so nice due to being able to easily scale it, and not have to worry about inventory, shipping, duties, MOQs, and all the other headaches that come with physical products! I'm sure this business model will have plenty of its own headaches haha but whatever, I'm ready to swap some old problems for some new ones!
The software solves a problem specific to my industry (not eyewear), and I know the process it would be implemented for inside and out so it will be very easy for me to know exactly what features need to be in it, and various issues that could come up that the software will have to address. Basically, it will streamline a process that everyone in my industry has to deal with on a regular basis.
Additionally, it will use AI as a core function in the software. I am going to have it integrated into the software and it will provide an innovative user experience that is not currently being offered in my industry.
Lastly, the SAAS will be offered as a subscription service, and I expect to charge $20/month for it. I love the subscription based business model and the idea of having a steady flow of monthly income to rely on, as opposed to having to constantly kill your next meal aka constantly having to get new sales. I figure that if I deliver a quality app, with a good user experience and support, it should not be too difficult for me to acquire 100 paying customers within a few months of operation, which would bring in $2,000/month for me. Certainly not a lot of money, but hey, I would be overjoyed by that, and of course continually work to drive sales up from there. Imagine 1000 monthly customers... no, 10,000!!! Where is the heart eye emoji? Lol.
I don't know that I have a specific question for you all at this point, I was more so just excited and wanted to share.
My next step, and possibly the most crucial one, is finding a technical developer to build the software. I don't know if I should try to find a technical co-founder that will become my partner for the app, or if I should pay a developer by the hour or by the job to just develop it. I've been perusing Upwork and found quite a few developers with the skillset I would need, and it looks like they charge between $35-60hr, but I have no idea how many hours it would take to actually build this software. And if I do hire a developer to build it, what happens after? I'll need someone to be able to provide technical support if there is an issue, or be able to add new features in the future. Hmmm.
If anyone has experience working with a software developer, please let me know and if there is anything I should look out for, things I need to consider, etc.
I look forward to sharing my progress with you guys!
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