It's time to panic and try another thing.
End of the article.
Of course not
I had the idea for this article when brainstorming ideas for my SaaS. I already had everything planned—how I would do it, everything. Then... the bad news: a big competitor that's already in the market released the exact same idea as me
I'm not gonna lie, it's exactly the same thing, but with the difference that the competitor already has all the know-how and market presence to pull it off.
Well, if you've made it this far, you already know that simply giving up on the idea and trying something else is not an option. That's because you believed in your idea, right? Sure, an idea without execution is worthless, but if this has been on your mind for days and you had everything planned, giving up at the first sign of competition isn't an option. If you see potential in it, it doesn't matter if someone else is already doing it.
And if you keep quitting every time someone does the same thing, or even better, you'll never build any SaaS.
Next, I'll go over some practical steps you can follow because your idea is at least worth a shot. But before I do, I need to make an essential disclaimer: I'm speaking to solo entrepreneurs and micro SaaS makers—I don't have traditional startups or companies in mind while writing this.
That being said, let's go:
Maybe that's the market of your product
The first thing we need to remove from our minds is the idea that innovation means something 100% new, something that doesn't exist yet. Man, at least all of my ideas have been done before, or at least someone has thought of the same things I have.
If the problem you thought of solving is urgent for your customers and the demand is clear, you can be sure that your category is likely crowded with competitors vying for market share:
Innovation isn’t just about doing something new. Even the same problem can have multiple ways to solve it. You are different from your competitors, and of course, you'll have different ways to deliver value to your customers.
Focus on being specific, smart, and fast
You have fewer customers, so here's an opportunity to niche down and focus on a smaller, more specific target market. While your competitor is focused on a broader audience, you can be more specific and deliver exactly what your customers want.
Because you're small and just starting out, you have nothing to lose. You can try different things and pay closer attention to user feedback.
I currently pay for tons of software that I don't use at least 20% of the features. I have specific use cases, and an easy-to-use product can quickly catch my attention, even if it has fewer features than competitors.
As a solo founder, you get to move fast and make changes without dealing with all the red tape. This means you can jump on trends and tweak things for customers in real time. Just get your MVP out there, and improve it as you go based on feedback—no need to wait for everything to be perfect before launching.
And if you're competing against a giant
Even a giant has its weak points. Maybe their solution is so bloated that it can no longer sustain itself. (but be honest with yourself, you won't be the one to take down Apple)
The most important takeaway from this article is that there's room for everyone.
I hope this article resonates with someone out there, but honestly, it's as much a reminder to myself as it is advice for anyone else. Sometimes we just need to put our thoughts down and reflect. So if you're feeling stuck or doubting your path, remember—there's always a way forward.
References:
https://www.sequoiacap.com/article/pmf-framework/
https://colinscotland.com/what-it-means-to-niche-down-and-how-to-do-it/
Read my latest articles:
https://dev.to/lucaschitolina/not-learning-new-things-at-work-is-destroying-your-career-34g9
https://dev.to/lucaschitolina/what-months-of-failing-in-my-habits-taught-me-3198
Top comments (3)
Really, lots of ideas we never execute once we find a competitor doing a better job. If building an MVP would not break the bank, there is no reason not to.
even if it not successful, you can use that product to build more trust in the community, Which would increase the potential of them trying out your next product, support and promote your work.
Your community is always your head start. Failure can still build value.
Very true... Failures can be pillars for solid growth.
Thank you. This article keeps things into perspective. When I see someone else doing the same thing at a high level, I get demotivated to continue. But you're right, I can take 1 or 2 features and do it well.