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.
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The secret to success in business is to learn what you need to learn as quickly as possible. Best way to do it is through struggles and even failures. You’re young, I assume you don’t have a house or a family who need financial stability. You have little to lose. Go for it if you are still passionate about your idea.
I am passionate about it but I am concerned that the market is just so bad there is no point in trying. That is, competition that has been in it for years but still only have 50ish employees.
The benefit is that the childcare market is so bad that if I could create a product and offer it for free, then I would presume that these organizations would want to use it to save money where they can.
2 years solo, several incumbent larger players. marketplace concept. - might be challenging for someone new to business.
basically, to make this work need to need the suppliers of kids ‘courses’ - this may be a challenge depending on where you are, if its a small town there may be only a few players, meaning not much value that you can add… you want this side of the market place to be extremely fragmented.
next, you have a location issue, ppl dont want to travel too far, so even if you have 1000s of vendors, people will only choose from the cluster around their vicinity, which could be extremely small, we can also assume that those local vendors will market directly in the local area.
you also need to factor segmentation for age, gender, interest which further narrows your supply pool.
lastly, the parents - in a given area at a given time, this number is likely to be quite flat, its not like year 1 theres 3 family and then suddenly a baby boom happens and you’ll have like 50 families appear - so this presents a growth problem in the business
finally, once the parent has settled on a selection of activities for the kid, they are unlikely to change for longer times
so these factors all need to be considered in terms of determining the adoption, and revenue potential of the business
If you believe that the market really has a need for your product, you should definitely launch. The only way to fail is to give up.