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Dominik_M

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Hi,
thanks a lot for the tool. It's great.
I'm a little unsure on how to rate my market size in (1-10)
The total number of potential customers is 1.8 Million with 20€/mo revenue and 19.5€/mo profit each. (SaaS)
It's a niche market that's a little different from lots of others. My customers need a product like mine, they essentially can stop their business without one. There are 2 big competitors to fight against, they have huge market share (~80%) but my product is MUCH better.
The existing competitors have software solutions that are somewhere between 10-20 years old. (Yes, their last update was around 2004)
My product makes their lives a lot easier.

I'd love to share the pros and cons of my business in detail once I find some free time to do so.
 
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CaptainAmerica

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I just ran another one - the solution to a problem that's been bothering me for awhile. I have no experience, no capital, no connections. But other people need it too, millions of them nationwide.

If I can run a pitch deck to the right VCs, I could do a test case locally, and then franchise, in order to maintain Control. This is not a historically franchisable industry.

OTOH, I have nothing to lose by seeing how far I can run with an idea.

GradeMyBusinessIdea.com_ _ Scoring and Grade Results.jpg
 

MJ DeMarco

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There are 2 big competitors to fight against, they have huge market share (~80%) but my product is MUCH better.

Do you have their revenue numbers? That exposes some market size insights.
 

Dominik_M

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Do you have their revenue numbers? That exposes some market size insights.
Unfortunately I don't.
One big competitor is Springer Nature, one of the biggest german publishers.
Very hard to find out the numbers they're making with this specific part of their business as this is most definetely not their core business.
 

BellaPippin

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@MJ DeMarco I just ran another one for a private label product I've had in my head for years, with a social twist. I got an A. Says fishy. I went back and was a little less optimistic. B+.

Does Time refer to "always"? or after the bootstrapping when it's just me and before can automate it? If it's in the long run it's high, but I know it will be just me in the beginning.

Also, I'm not sure how to grade the Entry one. It's private labeling. So would that make it easy and I'm overestimating how difficult it is? That said, they can copy the product, but they can't copy my value proposition/relative value/value skew
 
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MJ DeMarco

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Does Time refer to "always"? or after the bootstrapping when it's just me and before can automate it?

It's your anticipated lifespan of the business. Naturally at the start, this answer will always be pretty poor, but at full-build out, how would the business look and operate?

For instance, if you wanted to start a restaurant and ultimately franchise it, I'd give the answer a 3-5, which is pretty poor because your first restaurant iteration would probably require a lot of your time.

Hope this helps!
 

LittleWolfie

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I just ran another one - the solution to a problem that's been bothering me for awhile. I have no experience, no capital, no connections. But other people need it too, millions of them nationwide.

If I can run a pitch deck to the right VCs,
Don't VCs require traction and or team prior to investment. Which requires capital and connections to customers/users.
 

m1nu

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Got a solid C. I'm looking forward to get back here in a few months and see if the tool was right :p
 

Bekit

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Ah! Thank you for bumping this thread! I had been looking for this tool and couldn't remember what it was called.

Now, come to find out, it's also been in the footer all this time. LOL.

I got a "B" on my current project that I'm building.


This part blows my mind:

1603404185562.png

So wait, even with poor execution, I might make $150,000? Sa-weet! I can do better than that.
 

astr0

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Got this for my current business:

In my humble opinion it's a bit underrated, as well as digital marketing/design agency:

Once you've been in a service business for a while you'll learn some simple tricks on how to scale that:
  • Provide exceptional service
  • Hire great people
  • Ask for referrals, especially after you did #1
  • Ask for review if they can't provide a referral
I would put a bit more points on Need and Entry for LeanyLabs and the same points on Time and Scale to the digital marketing agency. There's a high demand for skilled software engineers in some countries, and running a software development business seems a bit more complicated than a digital agency.

Of course with scale service business lose margins, cause you have to hire non-billable employees to support that scale. Currently, we fight that by landing every new customer at a bit higher prices.

That doesn't work perfectly with bigger clients cause they have budget X and can't do much about it. There are just too many decision-makers.

The negotiations go like this:
Client: We have budget X and want Y, can you do that?
We: Em, sorry, we can do 0.75Y for X or Y for 1.3X. What would you like?
Client: They said we need Y, what's the cheapest you can do Y?
We: 1.3X. We'll try to go a bit lower, but it depends.
Client: Ok, let us think.
---disappears for 2 days---
Client: So now I got 1.2X, can we do Y?
We: Well... kind of, we can do 0.95Y, but you can say that's Y, no one would notice.
Client: Great! Let's sign everything and start working!

And the CFO's are usually the hardest to negotiate with. I know cause I'm also responsible for finances :smuggy:
 

AshleysBliss

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I reran the report again, being more honest than I was 6 months ago, now that I have built my original idea and still have an "A-". My biggest hurdle that I am learning and trying to understand is the "Queen" Marketing and bringing this idea to the Market and how to go about explaining/showing how this new concept, will bring value to potential customers.

Your Idea's Lifetime Potential Value Within The Execution Scale
The following chart are estimates of this idea's value based upon the assumption that you have the resources (time, money, skill) to bring the idea to market in a full committment.

Excellent Execution$50,000,000 or more...
Above Average Execution$25,000,000
Average Execution$10,000,000
Below Average Execution$5,000,000
Poor Execution$500,000 or less...



grademybusinessidea.com
 

lomb

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I reran the report again, being more honest than I was 6 months ago, now that I have built my original idea and still have an "A-". My biggest hurdle that I am learning and trying to understand is the "Queen" Marketing and bringing this idea to the Market and how to go about explaining/showing how this new concept, will bring value to potential customers.

Your Idea's Lifetime Potential Value Within The Execution Scale
The following chart are estimates of this idea's value based upon the assumption that you have the resources (time, money, skill) to bring the idea to market in a full committment.

Excellent Execution$50,000,000 or more...
Above Average Execution$25,000,000
Average Execution$10,000,000
Below Average Execution$5,000,000
Poor Execution$500,000 or less...



grademybusinessidea.com
MJ I love your website which simplifies value. One suggestion for improvement ! I know you like suggestions to improve the offer -it doesn't take into account how quickly the business can scale ie the level of need for Capital and employees. For example you could be Henry Ford and need to build a few cars, sell them, make money hire people in a bigger factory rinse repeat but how long does this take versus say how you scales limos.com from and idea to millions. Its in the replication but maybe could be better?For example Robin hood got 3 billion in a flash from VC this week with a 30% discount on IPO and 600 mill line of credit from JP Morgan so that suggests an easy replication versus building a factory with loans etc. What In saying is in an obtuse way if you want to make money avoid buildings, employees, capital and stick to the internet highway that you preach about Thanks
 
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Bekit

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if you want to make money avoid buildings, employees, capital and stick to the internet highway
Is this the truth, though?

Think about who has the most money. Did Musk, Bezos, Gates, etc. follow the above plan?

Before Robinhood got this "easy" 3B, what did they have to go through?

Buildings.

Employees.

Capital. (The recent $3B was more money than they had raised in their entire prior existence.)

I think you're forgetting about the commandment of Entry. Entry is precisely what you're talking about with Henry Ford and the factory. Not anyone can just start manufacturing cars. You have to go through a long, arduous process. That high barrier to entry is precisely what will protect you from other "me-too" competitors crowding into your space.
 

lomb

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Is this the truth, though?

Think about who has the most money. Did Musk, Bezos, Gates, etc. follow the above plan?

Before Robinhood got this "easy" 3B, what did they have to go through?

Buildings.

Employees.

Capital. (The recent $3B was more money than they had raised in their entire prior existence.)

I think you're forgetting about the commandment of Entry. Entry is precisely what you're talking about with Henry Ford and the factory. Not anyone can just start manufacturing cars. You have to go through a long, arduous process. That high barrier to entry is precisely what will protect you from other "me-too" competitors crowding into your space.
Hmm I take your point but I'm coming at it from someone with a networth of say 500 ( probably closer to a million I like to think I'm broke to get ahead but anyway) following the slowlane for 20years as a dentist in Europe ( not paid as well as USA)and want to multiply this to 5 or 10 million in the next 3 years and I'm using MJs material to take me there.MJ built limos.com to 5 mill and said in an interview he sold as he didn't want to employ people ie become a slave. I'm like MJ I've no use for billions. Il be dead in 10000 days likely...
Its just as MJ preaches in Unscripted . I've wasted 20 years getting involved with buildings and employees complete time wasting exercise imo and it's tough work dealing with problems, taxes etc Agreed if you want to scale past 5 million then you need buildings and employees but there are flexible options or work from home employment where people can have their own office so to speak.
Or contract out call center etc if you can keep control.
Yes I know the tougher it is the more it keeps others out so getting involved in buildings could be a smart move or it could just be what everyone else is doing thinking they are getting ahead in the slow lane.
What I'm trying to say is the tool should add a line- will you have to buy a building or rent a building and create extensive modifications or spend alot on equipment or production tools and suck up your capital and time and energy and hire alot of staff early on to create value- if so run like the wind away from it.
 
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lomb

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Hmm I take your point but I'm coming at it from someone with a networth of say 500 ( probably closer to a million but anyway) following the slowlane for 20years as a dentist and want to multiply this to 5 or 10 million in the next 3 years. I've no use for billions. Il be dead in 10000 days likely...
Its just as MJ preaches in Unscripted . I've wasted 20 years getting involved with buildings and employees complete time wasting exercise imo and it's tough work dealing with problems, taxes etc Agreed if you want to scale past 5 million then you need buildings and employees but there are flexible options or work from home employment where people can have their own office so to speak.
Or contract out call center etc if you can keep control.
Yes I know the tougher it is the more it keeps others out so getting involved in buildings could be a smart move or it could just be what everyone else is doing thinking they are getting ahead in the slow lane.
What I'm trying to say is the tool should add a line- will you have to buy a building or rent a building and create extensive modifications or spend alot on equipment or production tools and suck up your capital and time and energy and hire alot of staff early on to create value- if so run like the wind away from it.
I may be a little harsh I realise J Bezos is a wealthy man and he needed buildings but obviously he was skillful enough in raising very large amounts of venture capital in an environment that allowed it the dot com era. I believe he was already a millionaire before he started Amazon.
I don't think there are many Bezoss browsing on this forum most of us would be happy in being in his position prior to Amazon a multimillionaire (2m). So I would be thinking go fulfillment if it's a product( not by Amazon In case it's stolen by them or another seller) rather than buy a building and self fulfill that kind of thing. If it's a service go work from home employees with set tasks with shared office space.
 

MJ DeMarco

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What In saying is in an obtuse way if you want to make money avoid buildings, employees, capital and stick to the internet highway that you preach about Thanks

It really depends on what the long-term goal is. In some respects this strategy works for entrepreneurs who want to remain self-sufficient and mobile. If one has bigger goals, its kinda hard to do it without employees. Also, the internet is not the only way to go Fastlane and make millions, the best opps I see are offline, brick and mortar, with the internet used as a scaling / marketing tool.
 

Mareli

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10 years ago everyone was a “paid blogger”.

5 years ago everyone was “developing an SaaS company”

Now, everyone who has a rudimentary understanding of Facebook and AdWords is “starting a digital marketing agency”

The market is so over saturated it’s not even funny. Do you know how many crappy boiler plate emails I get offering to do a digital advertising audit on my business go into trash (or never get seen in my spam folder)? Hundreds.

It’s impossible you be unique in this space.

If this is something you’re considering, you either better have a great case study where you got some client 10x ROAS or look at just applying your digital marketing experience to selling your own brand.
you dont have to be unique just better :)
 

thechosen1

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Bump. We normally say that "ideas don't have much value" but apparently that isn't true.

Still, it would be interesting to see examples of those who used this tool and the various scores they got. What the idea was, what industry, etc.

It seems to me lots of businesses make millions and are not special in any way at all. Think local hardware store - there are so many of those, but many of the owners are millionaires.

Real estate brokerages? Thousands - possibly millions - of them! Many of them are millionaires.

Just some thoughts.
 

LeszekM

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This tool is amazing. Few months ago i did my summarise on white paper but without any marks/score/points. Just only pros and cons but this one open my eyes. Score system is ruthless.

It is hard not to fall depressed right now.
 

MJ DeMarco

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It seems to me lots of businesses make millions and are not special in any way at all. Think local hardware store - there are so many of those, but many of the owners are millionaires.

You should probably stop using the world "millionaire" -- it really means nothing nowadays and is not impressive.

I'm guessing most people who bought a house in my neighborhood before 2017 are now "millionaires" by virtue of owning a house thanks in part to the crazy real estate market. They did nothing special but ride the inflation wave.

The new "millionaire" to me is minimally a baby-billionaire. (1 billion pennies, or min $10M net.)

We normally say that "ideas don't have much value" but apparently that isn't true.

They don't. Only when attached to execution, which this tool tries to demonstrate.

This tool is amazing.

Glad you enjoyed.
 

PizzaOnTheRoof

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Hmmm...go for the C+ idea that I can use my existing skills to start, or the B+ idea that will cost much more in money/time/skills but greater reward?

$1M vs $7.5M avg execution...
 

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