Summiz Summary

How to find the ideas for your AI micro SaaS? How to FAIL? Q&A

Thumbnail image for How to find the ideas for your AI micro SaaS? How to FAIL? Q&A
Summary

Dennis Babych


Live Streaming Summary

β˜€οΈ Quick Takes

1-Sentence-Summary

Dennis Babych's live streaming guides on crafting AI micro SaaS solutions by focusing on passion-driven, niche market problems, emphasizing the importance of starting small, using the right development tools, and steering clear of high-risk sectors like fintech and hardware.

Favorite Quote from the Author

you have to choose a super tiny and super specific Niche then it might have uh the possibility to have the success otherwise if you will try to uh do another jir M as whatever it's not going to fly

πŸ’¨ tl;dr

Love what you do, solve real business problems in ultra-niche markets, and start small. Validate ideas with MVPs, focus on business solutions, and use AI tools for efficiency. Avoid saturated markets and large-scale clones.

πŸ’‘ Key Ideas

  • Love what you're doing to maintain motivation and scalability.
  • Identify a market problem with high demand and emotional investment.
  • Focus on creating solutions for businesses, not individuals.
  • Target ultra-niche markets to avoid competition and improve success chances.
  • Start as an expert in a small niche and gradually expand.
  • Avoid cloning large successful businesses unless you have significant funding.
  • Utilize tools, forums, and networks to find real business problems and ideas.
  • Validate market demand before scaling up.
  • Emphasize solving one tiny problem at a time with simple solutions.
  • Outsource coding while focusing on business operations and marketing.
  • Use MVPs to test ideas before full-scale development.
  • Avoid starting hardware-focused startups due to financial risks.
  • Combine niche and passion for business success.
  • AI-driven tools can enhance business processes but won't replace people.
  • Prioritize serving customers and solving their operational needs.
  • Refrain from creating apps like WhatsApp or large-scale social networks due to heavy competition.
  • Focus on learning AI, creating products, and self-promotion for software engineering students.

πŸŽ“ Lessons Learnt

  • Love what you do - Enjoying your work is crucial for motivation and long-term business growth.
  • Identify real market problems - Focus on solving high-demand issues to ensure there's a market for your solution.
  • Target businesses, not individuals - Businesses have more resources and are more willing to pay for efficiency-enhancing solutions.
  • Ensure the market can pay - Your target market must have the financial capability to pay for your solution.
  • Choose a quality market - Look for markets with significant problems and strong emotions, but narrow enough to avoid heavy competition.
  • Target a super niche market - Focus on a specific audience with a unique problem to minimize competition and better address their needs.
  • Start with a single, specific problem - Solve one specific problem well before expanding to other issues.
  • Avoid cloning huge existing businesses - Creating another TikTok or Uber with limited resources is impractical; focus on solving small issues.
  • Iteratively expand your solutions - Master one niche problem and gradually add more related solutions.
  • Validate ideas with small solutions first - Test market demand with a minimal viable product before scaling.
  • Leverage hobbies for business ideas - Explore your hobbies to find areas where AI tools can be useful.
  • Network with friends and family for insights - Use your personal network to discover potential business ideas.
  • Ask for advice as an opener - Position yourself as a student seeking advice to uncover useful information.
  • Use forums and Discord channels for idea generation - These platforms provide valuable insights and ideas.
  • Avoid creating new social networks or travel apps - These markets are saturated and require substantial investment.
  • Start small to validate ideas - Focus on solving one tiny problem at a time to gather customer feedback before scaling.
  • Understand your audience's pain points - Engage with your audience to understand their problems and tailor your solutions accordingly.
  • Don't use Python for mobile apps - Use platforms like Wix for web apps and Firebase for databases instead.
  • Offer free services initially - Provide services for free to understand the problem and perfect your solution.
  • Leverage AI tools for efficiency - Use AI tools like ChatGPT and no-code platforms to streamline processes.
  • Iterate and resell successful solutions - Once you create a successful system for one customer, resell that solution to similar businesses.
  • Combine your passion with your business niche - Align your business focus with what you are passionate about for a significant boost.
  • Outsource tasks that don't align with your passion - Focus on what you love and outsource tasks you don't enjoy.
  • Understand and cut down to the core problem - Identify the core problem and trim unnecessary features to go to market faster.

🌚 Conclusion

Success in AI micro SaaS comes from passion, targeting specific business problems, and starting with small, validated solutions. Leverage AI tools, outsource non-core tasks, and focus on customer needs. Avoid high-competition markets and large-scale projects without significant funding.

Want to get your own summary?

In-Depth

Worried about missing something? This section includes all the Key Ideas and Lessons Learnt from the Live Streaming. We've ensured nothing is skipped or missed.

All Key Ideas

Business Success Tips

  • Love what you're doing to maintain motivation and scalability
  • Identify a market problem with high demand
  • Focus on creating solutions for businesses, not individuals
  • A good market has a significant problem and is emotionally invested in solving it
  • Target sufficiently narrow markets for better chances of success

Steps to Create a Successful Niche Business

  • You have to create a digital wallet with a specific feature for a super niche audience
  • Find a tiny, specific market when searching for an idea
  • Split and slice your market to avoid competition
  • Start as an expert in a small niche and gradually expand
  • Example of Jira and Linear illustrates focusing on solving specific problems
  • MailChimp's complexity shows the importance of starting with a micro business solving one problem at a time
  • Avoid cloning huge successful businesses unless you have significant funding
  • Use different tools to find real market problems for your business idea

Tips for Finding Business Ideas

  • Avoid falling into traps of hot sales and white-label solutions in the Asian market
  • Focus on finding real business problems to solve
  • Identify repeatable actions or problems in your own or colleagues' routines
  • Explore business ideas within your hobbies by engaging with relevant communities
  • Utilize your network of friends and family to find connections in various industries
  • Networking and conversations can lead to valuable insights and ideas
  • Asking for advice from experts can open opportunities for new ideas

Key Points for AI Micro SaaS Development

  • Initiating conversations by asking about others' lives is a significant advantage
  • Using forums, Discord channels, and tools like Gumsearch to find AI micro SaaS ideas
  • Importance of validating market demand and solving real problems
  • Failure risk in copying large-scale apps (Uber, TikTok) with small budgets
  • Need for creating small, specific solutions before scaling up
  • Attempts to create new social networks or travel apps often fail
  • Emphasis on starting with ultra-niche, simple solutions rather than complex, multi-feature platforms

Key Concepts for Startups

  • Importance of solving one tiny problem at a time when creating an app
  • Concept of micro SaaS or micro startups being crucial due to their small, manageable scale
  • Validating ideas through small initial projects before expanding
  • Taylor Swift's gradual success as an analogy for starting small and growing
  • AI with memory as a forthcoming technology to enhance conversational agents
  • Risks of starting a hardware-focused startup leading to potential financial loss

Business and Technology Insights

  • Creating an app similar to Airbnb requires a strong, unique foundation, not just a clone.
  • Custom Figma designs and After Effects are used for creating YouTube animated presentations.
  • Steve Jobs' design passion heavily influenced Apple's products.
  • Combining niche and passion can significantly boost business success.
  • Outsourcing coding while focusing on business operations, organization, and marketing can be beneficial.
  • Building a Robin Hood-like MVP involves high compliance costs and extensive resources.
  • Starting an online casino is risky due to compliance issues and challenging lead generation.
  • No universal tech platform exists for FinTech compliance; local legal advice is necessary.

Key Insights on Software Development and AI

  • Python is a backend language and not ideal for mobile app development.
  • Platforms like Wix and Bubble are suitable for creating MVPs and landing pages, but not mobile apps.
  • Starting with a web app to validate the idea before creating a mobile app is often better.
  • Most companies charge a subscription fee for their SaaS and require users to use their own OpenAPI keys for ChatGPT or other models.
  • Social networks should solve specific problems to succeed.
  • Software engineering students should focus on learning AI, creating their own products, and promoting themselves.
  • Finding and solving problems is a fundamental skill in AI application development.

Business and Technology Insights

  • The tool will not replace people but will help create standardized contracts easier and faster
  • Combining tools like Zier, CH GPT with prompt engineering, AI memory, and Relevance AI can create solutions for various business needs
  • Business-first approach: Identify operational needs in businesses willing to pay for solutions
  • Entrepreneurs should prioritize serving customers and satisfying their needs to develop successful systems
  • Recommending against creating a messaging app like WhatsApp unless targeting a super niche audience due to heavy competition and outdated nature of WhatsApp
  • Emphasis on finding a problem and delivering value before selecting tools to create a business

All Lessons Learnt

Business Growth Tips

  • Love what you do - If you don't enjoy your work, you won't have the motivation to grow or scale your business.
  • Identify real market problems - Focus on solving problems with high demand to ensure there's a market for your solution.
  • Target businesses, not individuals - Businesses have more resources and willingness to pay for solutions that improve efficiency or reduce costs.
  • Ensure the market can pay - Your target market must have the financial capability to pay for your solution; otherwise, your business won't succeed.
  • Choose a quality market - Look for markets with significant problems that evoke strong emotions and are sufficiently narrow to avoid too much competition.

Business Strategy Tips

  • Target a super niche market: Focus on a very specific audience with a unique problem, like a digital wallet for airdrops, to minimize competition and better address their needs.
  • Think in long-tail keywords analogy: Just like SEO with long-tail keywords, find a tiny specific market segment to dominate, rather than broad, highly competitive markets.
  • Start with a single, specific problem: Your first business should solve one specific problem well before expanding to other issues, much like starting with a single SEO keyword.
  • Avoid cloning huge existing businesses: Trying to create another TikTok, Uber, or MailChimp with limited resources is impractical; focus on solving particular small issues instead.
  • Iteratively expand your solutions: After mastering one niche problem, gradually add more related solutions, growing your business step by step.

Business Tips

  • Avoid hot sales traps in Asian markets: Be cautious of companies pushing white label solutions; better to avoid these traps, but it's your choice to make your own mistakes.
  • Focus on finding real problems: To create a successful business, identify repeatable actions or problems in your routine or colleagues' routines by discussing and understanding their processes.
  • Leverage hobbies for business ideas: Explore and optimize aspects of your hobbies by talking to organizers and participants to find areas where AI tools can be useful.
  • Network with friends and family for insights: Use your personal network to connect with people in different industries, learn about their problems, and discover potential business ideas without spending money.
  • Use networking meetings effectively: Meet and chat with industry professionals to gain valuable insights and advice that can be beneficial for your business.
  • Ask for advice as an opener: Position yourself as a student seeking advice from experts; people enjoy talking about their expertise, which can help you uncover useful information.

Networking and Project Tips

  • Start conversations by asking about the other person: This helps in easily engaging with anyone and gives you an advantage in networking.
  • Use forums and Discord channels for idea generation: These platforms can provide valuable insights and ideas for your projects.
  • Leverage tools like GumSearch: This tool uses AI to scrape and summarize Reddit topics, which can help identify interesting market demands.
  • Don't clone big apps with small budgets: Trying to replicate successful apps like Uber or TikTok with limited funds is impractical and likely to fail.
  • Validate ideas with small solutions first: Before scaling, create a minimal viable product to test the market demand and refine your concept.
  • Avoid creating new social networks or travel apps: These markets are highly saturated and require substantial investment to succeed.
  • Focus on super niche solutions: Targeting very specific, narrow audiences with simple solutions can be more effective than attempting to build complex platforms.

Startup Tips

  • Start Small to Validate Ideas: Focus on solving one tiny problem at a time to validate your concept and gather customer feedback before scaling up.
  • Understand Your Audience's Pain Points: Engage with your audience to understand their problems and tailor your solutions and marketing materials accordingly.
  • Avoid Building Unvalidated Large Projects: Don't waste time and money on creating unvalidated, large-scale projects that might fail to attract users.
  • Leverage Micro Startups: Begin with micro startups to minimize risks and gradually expand based on validated ideas and market needs.
  • Use AI with Memory for Personalization: Utilize AI technologies that can store and recall conversation data to enhance user interactions and personalization.
  • Be Cautious with Hardware Startups: Avoid starting hardware startups unless you have a solid, groundbreaking idea, as they are risky and costly.

Business Tips

  • Combine your passion with your business niche: You'll have a huge boost if you align your business focus with what you are passionate about.
  • Outsource tasks that don't align with your passion: If you don't enjoy a particular aspect, like coding, outsource it and focus on what you love, such as business operations or marketing.
  • Understand and cut down to the core problem: For complex projects like creating an MVP, identify the core problem and trim down unnecessary features to go to market faster.
  • Avoid starting an online casino without experience: It's a tough market requiring significant compliance and marketing investment, and the risk of losing money is high.
  • Consult local lawyers for compliance issues: There's no tech platform that helps with compliance; you need to consult local legal experts for industry-specific requirements.

Guidelines for Aspiring Software Engineers

  • Don't use Python for mobile apps: Python is primarily a backend language and isn't ideal for mobile app development. Instead, use platforms like Wix for web apps and Firebase for databases.
  • Validate ideas with web apps first: Before diving into mobile app development, validate your idea with a web app. Mobile apps are only necessary in specific cases.
  • Use subscription models and API keys for SaaS: Charge users a subscription fee for your platform and let them use their own OpenAI API keys for services like ChatGPT.
  • Focus on solving real problems: Successful platforms solve specific problems. For example, Discord started as a platform for gamers.
  • Learn and market yourself: As a software engineering student, master your skills, promote yourself, attend meetups, and consider starting a YouTube channel.
  • Find and understand problems: The most fundamental skill is identifying problems. You can hire coders, but you need to understand and master problem-finding to create valuable solutions.

Business Strategy Tips

  • Business first, tools second - Focus on identifying a business need or operational problem first before looking for tools to solve it.
  • Customer satisfaction is key - Treat your customers like gods; prioritize satisfying their needs to create a successful system.
  • Offer free services initially - Consider providing your services for free initially to understand the problem and perfect your solution.
  • Leverage AI tools for efficiency - Use AI tools like ChatGPT, no-code platforms, and AI memory to streamline processes like contract creation and lead generation.
  • Niche targeting for messaging apps - Avoid creating generic messaging apps like WhatsApp; instead, target a super niche audience with unique needs.
  • Iterate and resell successful solutions - Once you create a successful system for one customer, resell that solution to similar businesses to expand your market.
  • Don’t reinvent the wheel - Recognize that some existing tools and apps might be outdated; look for better alternatives or ways to improve them.

Want to get your own summary?