Before AirBnB, folks paid money to stay at hotels, B&Bs, cottages, vacation homes, and hostels.
Annually, people spend $570 BILLION on travel accommodation.
If folks aren’t already buying what you’re thinking of selling, don’t start that business!
Before AirBnB, folks paid money to stay at hotels, B&Bs, cottages, vacation homes, and hostels.
Annually, people spend $570 BILLION on travel accommodation.
“Where is it already being spent, and how can I get a piece of it?”
Look for categories where people/businesses are already spending money.
From an entrepreneur’s POV, if folks are willing to spend money on it, it’s a problem worth solving.
They didn’t make the first:
- PC
- Laptop
- MP3 player
- Smart phone
They saw the existing demand, and built on it.
Tesla, Microsoft, Apple, and Amazon all entered existing categories where folks were already spending money.
They rode a rising tide; they didn’t create the wave. 🏄♂️
There are other indicators that can show you whether a market is worth pursuing.
(However, existing purchasing behavior is probably the safest.)
https://t.co/Vv3ZWS0Ghp
At FeedbackPanda, we solved the critical problem, not just any \u201cproblems that needs solving\u201d.
— Arvid Kahl (@arvidkahl) October 24, 2019
They started paying where they had not paid before & had their own free manual solutions in place.
How about \u201cfind where people are spending money or have ugly self-built workarounds\u201d?
If you want to start a business based on your gut, go ahead! 😜
But if you want to reduce your risk, look for existing demand in your segment (or in a parallel category).
More from Startups
if you are a software engineer, this is your call to arms 👇
when we put our Fast Checkout button on websites LOTS of people start using it to buy things
our goal is to put out Fast button on EVERY website in the world
the speed of our growth is primarily limited by our engineering resources
we already have some of the best in the world, our VP of engineering built much of Apples identity infrastructure before building Uber's new commerce stack
we engineers who have spent decades among the earliest engineers at LinkedIn, Nest, Google, Cisco, Lyft, Uber & more
our team have built identity, commerce and payment systems that support BILLIONS of people, and they are now building the next platform to do that: @fast
we have a chance to fix commerce, to fix the way the internet works, for BILLIONS of people
we need more help, we need your help
there is not often an opportunity as big as this, make the best career decision of your life and get ready for huge professional growth
reach out to us:
@domm @PeterGrassi1
[email protected]
[email protected]
let me pitch why you need to join 🚀
when we put our Fast Checkout button on websites LOTS of people start using it to buy things
our goal is to put out Fast button on EVERY website in the world
the speed of our growth is primarily limited by our engineering resources
we already have some of the best in the world, our VP of engineering built much of Apples identity infrastructure before building Uber's new commerce stack
we engineers who have spent decades among the earliest engineers at LinkedIn, Nest, Google, Cisco, Lyft, Uber & more
our team have built identity, commerce and payment systems that support BILLIONS of people, and they are now building the next platform to do that: @fast
we have a chance to fix commerce, to fix the way the internet works, for BILLIONS of people
we need more help, we need your help
there is not often an opportunity as big as this, make the best career decision of your life and get ready for huge professional growth
reach out to us:
@domm @PeterGrassi1
[email protected]
[email protected]
let me pitch why you need to join 🚀
