Many people mistakenly get into building startups because they want to build their own businesses. Although building a startup in the classic sense is only worth it if you wish to participate in the grueling race to build a notional billion-dollar company with minimal chance of success.
But here's a reasonable checklist for those who want to mind their own business without getting involved in startups.
- Choose only a business that you like and are really good at.
- Choose a niche in the market populated by people who are regularly and enthusiastically doing something. There's no need to waste time finding people who want your product. Much less convincing people that they need to do something that will require your product.
- The number of these people you know how to reach should be enough for you to start making enough money for yourself. All other extensions are a bonus. And the goal is to have something to do later.
- Again, to emphasize an important phrase from the previous point - you have to know how to achieve them.
- Most of what you set out to do can be automated and passed on to others.
- The planned margin should be at least 50%.
- It is better to do B2B than B2C. Fewer clients will bring in more money. You don't have the money, time, and effort to attract and retain many clients.
- Sell things that people are already spending money on or that companies are already budgeting for. It can take years to convince customers that they need your product.
- Build on what you already have. Subscribers, competencies, acquaintances you can enlist the help of, acquaintances through whom you can reach potential customers, etc. Don't start something for which you have nothing.
- You must believe your product can help the people you know.
- the product idea can be quickly tested and implemented with the strength and resources you have.
- You must understand how you will be protected from competitors who can always put a lower price on a similar product or spend more money on advertising.