I have been working on an idea partially for about 2 years while I’ve been in school. Right now I am deciding if I should just drop it. From what I’ve been seeing in the market, there are a few companies that have been around for many years. So I doubt I could compete with them. The core thing about my product which I really truly believe in and see that the market needs (helping parents find things to sign their kids up for) and no other product really offers, is extremely dependent on getting lots of users at some point. There is one company that is pretty similar to the idea but they failed on the one feature I am doing. If my product is dependent on competing with these other companies in order to get users to power the main service, is it even worth it? Id be able to provide the service for free which no other company can do.
Reflecting on my journey with my side project, I’d encourage you to consider a similar approach to your project.
Testing and iterating are key. Even though the market seems crowded (as mine is), the unique aspect of your idea – helping parents find activities for their kids – is a clear differentiator (I’m a parent). Remember, established companies were once startups too, and they found their niche.
Your insight about offering the service for free could be a game-changer and might attract a significant user base. It’s worth exploring how this could be sustainable in the long run, perhaps through partnerships or alternative revenue models. I’m testing this myself. I’ve been trying to figure this out. On one side, my newsletter is free, but the content in the platform is something I’m trying to monetise. This was free in the past. I’m going to see how it goes. I can sustain the business like this for a while since I built it, and the costs are very low.
Set small, achievable goals and deadlines. This will help you measure progress and pivot as necessary. Engage with your target market early on. Their feedback can be invaluable and might even lead to refinements in your idea that you hadn’t considered.
Remember, every venture carries the risk of failure. However, the learning and experience you gain can outweigh the monetary investment. It’s about balancing risk and reward. You’re gaining real-world experience that a course might not provide. Just like with my tech event project, I’ve been reading, learning, testing, and speaking with other people doing the same, and I’m learning in a field not initially familiar to me. Your journey can lead to significant personal and professional growth, regardless of the outcome. Keep an open mind, be adaptable, and, most importantly, believe in your idea. Your passion and conviction can be the driving force that sets your product apart.
Good luck!