Been thinking a lot about this lately so I wrote out my personal criteria for picking the right idea vs. just any idea that comes along.
Here’s my list:
- B2B …duh.
- Serves people like me and/or a group I empathize with
- Directly impacts the customer’s bottom line …Clear ROI
- Does one thing exceptionally well …doesn’t have to be 100% unique, but it excels at solving one problem for one group better than anything else.
- Delivers longterm value …essential tool or service. Can’t be easily discarded/cancelled after a couple months.
- $99/month …good target price point. Lower is harder to hit viable revenue targets quickly, much higher can require higher-touch sales, which is generally OK but not for me personally right now.
- An accessible, large, growing market …there may be a market there, but can I reach them easily and predictably?
- Plays to my strengths …I don’t necessarily have to be the one who codes it or delivers the service (those can be delegated) but I should know this problem/solution inside and out.
- Can be delivered manually …Helps to get the product in the hands of paying customers quickly. Also opens up the possibility of a value-added productized service + software combo.
Here’s my full article on this:
Would love to hear your thoughts