How on earth do you decide if a plan B has legs?

[Clippy]

If you can see your idea definitely serves a purpose, is that the same?

That part's not so much a problem, the coding anyway. The sad thing is I get the impression writing the software is the easy part

If there is no demand for it then it doesn't matter if it serves a purpose.

Just watch an episode of Dragon's Den and you'll regularly see individuals who have designed a product to solve a problem.

However, the demand for the solution, the Dragon's quickly point out, would not be high.

You need to determine the size of the market and potential demand which is normally done by examining competitors.

As far as market research... if your idea is something new rather than a twist on an existing idea, how do you do research without giving the idea away. I know the 'ideas are worthless' argument, but if other people see you are actually investing in your idea, they may figure "it must be a good idea, someone is working on it"!

Difficult to do but you need to speak to potential customers to gauge interest and ask them "would you pay for this product/service".

With regards not giving away too much information regarding your product/service, you could ask them to sign an NDA but I would imagine they would be reluctant to. One way round this may be to get to know them first by attending industry events, trade shows etc and to develop a relationship.

[NickFitz]

Suck it and see

I've got an idea on the boil at the moment. Every single person I've described it to has been somewhere on the scale between "That's awesome!" and 'That's so awesome, I'd buy it with my own money!"

However life has taught me one thing: market research doesn't mean jack tulip until other people's money lands in your pocket.

I'm lucky. I learnt that by watching other people. Now I know that it doesn't really matter how good something is: you only find out when you go for it, and the punters hand over their dosh.

And there's also those ludicrously bad ideas that make people rich for no apparent reason - pet rock, anyone?

So the answer to your question is as I said: suck it and see. Just don't put your life's savings into it until you've sold the first x units, where x is a figure that only you can decide upon

[threaded]

I've been jotting down my ideas for software-based plan B ideas, for when I have time to work on them, or money to pay someone else to help.

But... I have absolutely no idea which are any good. And of those I think are good, I have no idea which can actually generate profit.

How did people here with plan Bs in development decide it was worth the amount of time needed? Did you approach it on a business level, or blindly jump into the coding on the basis "my mate in the pub agreed it was great"?

Without giving away secret details, can people share their experience in this tricky area?

I've found it truly is pretty random. Examples: I spent months developing a fancy car alarm/tracking system, it makes a regular income, but quite small compared to the effort. Another, as a joke, I modelled the CSA to make my own version, took an afternoon or so, it is now part of systems in several countries, and I'm earning more than even my tame sales people told us we'd make.

[milanbenes]

hmmm,

this question...

'Did you approach it on a business level, or blindly jump into the coding on the basis "my mate in the pub agreed it was great"?
'


you are assuming all plan b's are IT related


Benes Plan B is not IT related


How Benes Plan B happened is a very nice story, the planets aligned, the Team proved their capabilities to each, the Team went commercial while key members kept their day jobs, now, those key members work full time for Plan B, how plan B happened, the path that was taken is a very nice story

even interesting is the whole timing thing you could not make it up, if the crisis had come 6 or 12 months later we could have been fecked, thank feck the crisis came when it did, the greatest thing that could have happened to us is that when we wanted to greedily grow exponentially the banks would not lend to us, thank you banks for turning us down, for if we had borrowed then come the crisis we would have been fecked, the greatest thing the banks did for us is not lending to us

consequently, we run cashflow positive and self financed, sleep well at night and move forward, second loaf of bread is in the oven and third is being planned

all the best with your plan b's

Milan.

[threaded]

, the greatest thing the banks did for us is not lending to us

I have to say I agree with this. If anything one of the few patterns I've discerned is the less money you have to put in the better. Time is OK if I've got it, but money no way. I've often had people coming to me with 'great' business ideas, but they always seem to require a lot of my money as input. I take the attitude that if they just need money, they can go to a bank, they don't need me.

Quick burn, venture capital, WHY, is generally a way to rip off your IP. I know a guy who turned his PhD into a product, went for venture capital, now he's working in a bank and they've basically ripped his lifes work from him.

[DimPrawn]

I've sold a company in the past and been caught up in the nightmare of being contractually obliged to stay while no longer the boss. Never again will I make that mistake.

WHS. Worse than being permie.