After several months and minimal progress with Orchestra, I’ve decided to reset the process again. I’ve built an app that has helped me to keep track of my relationships and will continue to add new features but because it’s highly unlikely of bringing in any revenue at the moment, I’d like to refocus on a B2B SAAS-type of enterprise.
What I’ve learnt is that cold-calling is tough and since no sales yet, it’s a sign that I need to improve my customer development skills. I came across Dane Maxwell’s advice on finding profitable business ideas. He shares 7 criteria to look out for when identifying a market:
- The business currently pays for software of some kind.
- Lucrative (highly profitably) industries are preferred
- Has a profit driven business mindset
- Roughly 5,000 to 10,000 businesses (or more) in the market
- Reachable by phone, email, Facebook, LinkedIn, Twitter, or message boards.
- Can get person with pain point on the phone
- The average successful business earns at least $100k per year in revenue, and ideally profit (guesstimate this)
He’s also kindly shared some sample markets: property management companies. physical therapy practice, chiropractors, pilates or yoga studios, graphic designers, realtors
Over the course of the next few weeks, I’ll be documenting my journey (yet again) as I continue to persevere towards building a profitable startup.