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Inspiring story. TL;DR: Built a legal tech for students, tried selling for a while, didnt get a lot of traction and then ultimately sold the project to someone
by codegeek 2y ago
Inspiring story. TL;DR: Built a legal tech for students, tried selling for a while, didnt get a lot of traction and then ultimately sold the project to someone else.
I think you did a lot of things the right way but probably went after a tough market. Students. Students are the most broke category and then comes indiehackers :). I would usually refrain from selling to these 2.
"A quick market-sizing exercise: there are ~110k law students in the US, ~25% of whom are in journals, and half of those are 2nd years. If I could penetrate even 10% of that market at $10/month, I’d be at $165k in Annual Recurring Revenue (ARR)"
Haha. This is a classic newbie founder mistake thinking all you need is a % of the market. We all have made it. Now you know. Market estimate should be made bottom up, not top down.
"find the connectors"
This is so key. If you are in a niche industry, finding the right connections who can open doors can be huge.
"Don't be a solo founder"
As a solo founder (even though with a small team), I couldn't agree more. I know having co-founders brings in risks of conflict etc but I am so ready to build a fresh team with cofounders who are thinking about the business 24-7 like I do. If you have a team like that and you work well together, that's a dream.
Tell us more about your next thing.
- jamesmackey 2y agoThank you! Glad you found it interesting and it resonated with you. You can find out more about the next thing here - https://mura-website.notion.site/Founding-Engineer-at-Mura-130079dded2d800db3faeec099eaf6ac https://mura-website.notion.site/Founding-Engineer-at-Mura-1... tl;dr - helping commercial HVAC providers accelerate and automate their order-to-cash cycle. Big and interesting market with a lot of opportunities for efficiencies
- codegeek 2y agoThanks. HVAC space is huge and as a home owner who literally just paid $1000 to replace a control board, I know how critical that market is. Will check it out.
- greenie_beans 2y ago> Haha. This is a classic newbie founder mistake thinking all you need is a % of the market. We all have made it. Now you know. Market estimate should be made bottom up, not top down. dang, my goal was 3% of my market. what should i be doing instead?
- meiraleal 2y agoget 10 customers and aim to grow it by 100%. Then repeat. Again. And. Again.
- greenie_beans 2y agooh well then that was already a goal
- kelvinjps10 2y agoIt's targeting the self-styding people the same? Like tools to learn by themselves?