Stair-Stepping Into a Different Audience

Episode 283 | Stair-Stepping Into a Different Audience
Date: 2016-04-05
Link: Startups for the Rest of Us
 
Startups for the Rest of UsSidekick allows you to see who opens your emails.
Book: Snowball (about Warren Buffett)
Step one is launching a one-time product.
Step two is to repeat step one multiple times until you own your time.
Step three is recurring sales.
High lifetime value for your customers might not be possible in a particular niche.
It is not common for WordPress plugins to have a subscription model.
Try to avoid selling a new product to a new market. What you want to do is sell a new product to your existing audience or an existing product to a new audience.
Try not to build a brand new product in a new niche because that is when it takes years to get that snowball pushed up the hill.
If you are going to be leveling up then you need to take on more responsibility. The ideas are going to be larger and more competitive or more complex.
Don’t pick a market because you think it is interesting. Pick it because your existing competence gives you an advantage.
Be deliberate about choosing your next idea based on skills you have already developed and whether they are going to work in that new market.