This weird template startup makes +$1M/year
May 23, 2024
peter
This article was written and proof-read by a ExplodingInsights editor.
In this article, I will share three 10,000 MRR (Monthly Recurring Revenue) ideas that I found in the data niche. Additionally, I will provide actionable steps on how you can find similar ideas using a three-step process. This involves identifying what's already working in the market, reverse engineering successful products, and finding low-competition opportunities. Let's dive in.
Step 1: Identify What's Already Working
One of the first steps to finding profitable ideas is to look at what's already making money in the market. For example, I found a service on Fiverr that offers a non-disclosure agreement (NDA) letter drafting service. This service has already made $1,000 with 85 orders. This indicates a demand for such a service.To explore this further, I used a tool called Exploding Insights, which helps find profitable ideas faster. I discovered that LegalTemplates.com offers a similar service, providing various legal templates, including NDAs. This site receives nearly a million visitors per month and charges $7.99 per month billed annually, translating to around $100 per year. With a 1% conversion rate, this site could be making close to a million dollars per month in revenue.
Step 2: Reverse Engineer Successful Products
Reverse engineering involves analyzing successful products to understand their components, functionality, and market strategy. This can help you create a similar or improved product. For instance, Law Depot, another site offering legal templates, receives even more traffic than LegalTemplates.com, with around 2 million visitors per month. They offer a similar pricing model, charging around $9 per month for a yearly plan.By examining these successful models, you can identify opportunities to create similar services in other niches. For example, instead of focusing solely on legal templates, you could create templates for fitness, engineering, or other specialized fields.
Step 3: Find Low-Competition Opportunities
Using tools like Keyword Everywhere, you can identify low-competition keywords that still have significant search volume. For instance, the keyword "non-disclosure agreement template" has 22,000 searches per month. By targeting such keywords, you can find niches with less competition but high demand.
Example Ideas
Legal Templates: Expand beyond legal templates to other niches like fitness or engineering. For example, create engineering Standard Operating Procedures (SOPs) templates.
B2B Lead Generation: Create databases for targeted industries. For instance, Cyberleads.com provides a list of startups that recently received funding, making around $500,000 per month. You could create similar databases for real estate or other industries.
GDPR Compliance Services: With new laws in the EU requiring clear privacy policies, there's a demand for GDPR compliance services. Sites offering these services are already making significant revenue on platforms like Fiverr.
Actionable Steps
Use Exploding Insights: This tool helps you find validated service ideas and product ideas. It lists the service, the pain point it addresses, and the revenue it has generated.
Leverage ChatGPT: Use ChatGPT to brainstorm ideas for templates or services in various niches. For example, you can ask ChatGPT to generate 20 ideas for business plan templates or marketing plan templates.
Analyze Competitors: Look at what your competitors are doing well and identify areas where you can improve or offer something unique.
Conclusion
By following these steps, you can identify profitable niches and create successful products or services. Whether it's legal templates, B2B lead generation, or GDPR compliance services, the key is to find what's already working, reverse engineer successful models, and target low-competition opportunities. If you found this article helpful, consider exploring more ideas using tools like Exploding Insights and ChatGPT.For more insights and a database of validated service ideas, visit Exploding Insights and sign up for a 20% discount on our pro version. This offer includes a lifetime plan, but it may switch to a monthly plan in the future.If you enjoyed this content, please comment "data, AI, money" for the algorithm. Your feedback is appreciated, and it helps us create more valuable content in the future.
