Deciding on my next startup
jasonleow • 11 Jan 2025 •
I’m collecting startup ideas now. Determined to make it work.
But how do I decide which one to go for?
In the past I used this indie hacker ikigai Venn diagram:
Summed up, in this order for me right now:
- 💵 Things that make money
- 💘 Things that people want
- 🦸♂️ Things I’m good at
- 🤓 Things I like to do
Yes, make money first. If I’m good at it, interest can arise out of it. I used to put passion first, but maybe things have changed, or I was simply, mistaken, I don’t know… It doesn’t really matter now. All I want now is to win. Whatever it takes.
But thing is… I never quite found my product ikigai or the right game to play in. The diagrams might be still useful in the bigger picture, but the questions I ask in those 4 categories had evolved to be more specific and context-relevant to my experience and goals:
- 💵 How much revenue are competitors making?
- 💵 Is there a reliable and repeatable distribution channel?
- 💵 Can I get to $10k/m with it?
- 💘 Is this a real and recurring pain?
- 💘 Are people already searching and paying for it?
- 🦸♂️ Can I see a line of sight to building it?
- 🦸♂️ Do I have the skills or can learn to build and market it?
- 🦸♂️ Do I have prior experience or special insight in the niche?
- 🤓 Is this a product/market/niche I like or interested in?
Most of my existing products have “No” to one or a few of the questions, that’s why I struggled with getting them to ramen profitability. I know this, yet I continue to build them anyhow. Time to just stop being self-gratifying, start running things objectively like a real business, and just do the fking work to make sure all are checked off in that list.
Onwards! 💪
Comments
One thing I see in this approach that I like is how it prioritizes information over ideas. Good ideas are based on good data.
@haideralmosawi You’re right - I never quite figured out how to market Lifelog in a way that works for me, appeals to potentials customers, or I didn’t have the right skills then. Not sure if I’m in a better position now to market it. But thinking of making small consistent dents on it. Maybe SEO blog articles for a start.
@Winkletter YES! That’s one huge thing I learned. Was more of an ideas guy. Now, I need more data to be convinced.
Would you be up for doing a challenge on X? Maybe at the start of Feb? Get people to commit to writing 100 words a day for 28 days for free. Those who wish to stick around might turn into paid customers. Just a suggestion. Feel free to do what you’re most comfortable with. 🫶🏻
@haideralmosawi Ah, the ship30for30 method. Thanks for the idea! I considered it many times actually, but I just feel like I’m not the kind of creator who are like Dickie and Cole, use virality and drum up people and get them excited about writing daily. Maybe good old SEO approaches might work better for me I feel
One thing I struggle with is with conveying the value of the courses I create and connecting them with people’s desires. This is why I could be in the same niche as other course creators (say on the topic of productivity or habits) but they’d be making a killing while I struggle to make a sale.
It’s not about the topic. It’s about the transformation people want to experience in their lives. As an example, what can you tie LifeLog to? What are people trying to achieve and why would they want to keep a writing streak? I’m sure there are PLENTY of people who want to get better at writing. Many have forked hundreds of $$$ on courses like Ship30for30. How can you tap into that desire and energy? Maybe a 10-day email course that provides 10 days of free access to Lifelog that teaches people how to be consistent in their writing, what benefits they can gain, and then an invitation to maintain their streak beyond the 10 days.
You’re probably in the right niches, but the value isn’t being communicated properly or the onboarding isn’t there. I’ve come to believe that marketing messaging can make or break a startup.