Start A Productivity Tool - Business Ideas

Updated: September 16th, 2022
Start A Productivity Tool

Please note that the data provided in this article are estimates and may vary depending on various factors, and should not be considered as perfect or definitive.

In today’s fast-paced world, where time is money, productivity tools have become indispensable. These software solutions are designed to help individuals and businesses streamline and enhance work efficiency.

If you are interested in starting a business in this field, you need to identify a specific productivity challenge faced by your target audience. It could be anything from project management to time tracking.

Once you have identified the challenge, you need to develop a user-friendly software solution that addresses this challenge, focusing on simplicity and effectiveness. It is essential to keep the user experience in mind while designing the software.

Once your solution is ready, you need to market it effectively by highlighting its benefits and offering a free trial to attract potential users. By following these steps, you can be successful in the productivity software market.

Starting a productivity tool requires a great deal of effort, dedication, and most importantly passion.

If you're interested in how to sell , or selling online, you can use this page as a guide for everything you'll need to know.

Key Stats

market size
$4.03B
starting costs
$16.8K
gross margin
83%
time to build
360 days
growth
SEO
business model
Software
time investment
Side project

Startup Costs

Min Startup Costs Max Startup Costs

Office Space Expenses

$0

$7,000

App Creation Costs

$1,099

$20,099

Software Expenses

$162

$2,894

Advertising & Marketing Costs

$0

$2,500

Website Costs

$13

$215

Training & Education Expenses

$0

$850

Total Startup Costs

$1,274

$33,558

Successful Businesses

Business URL Rank

Asana

asana.com

1,207

ClickUp

clickup.com

5,246

Setapp

setapp.com

11,321

RescueTime: Automatic Time-Tracking Software

rescuetime.com

18,188

Hubstaff

hubstaff.com

25,972

Notion VIP

notion.vip

45,541

CIOReview

cioreview.com

57,558

eWebinar

ewebinar.com

97,070

Tactiq

tactiq.io

143,266

Gorilla ROI

gorillaroi.com

313,183

Routine

routine.co

330,400

Pros & Cons

Pros Description

Flexibility

You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.

Ability to start your business from home

It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!

Rewarding work

Starting a productivity tool can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.

Scalable

With businesses and processes changing daily, there will always be demand for new features, products and services for your business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.

Traffic to your website

A productivity tool gives people a reason to visit your website and to keep coming back to you!

No overhead costs

To get your productivity tool started, there are no costs associated with overhead, storage, packaging, etc. This will save you a lot of time and money!

Cons Description

Crowded Space

Competition is high when it comes to your productivity tool, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.

Motivation of employees

If you plan to have a sales/content team on board, finding creative ways to motivate them can be a challenge. It's important that you're able to offer great incentives and a good work environment for your employees.

Longer Sales Process

A productivity tool can be a big time and money investment for your customer, so it's important you plan and predict a longer conversion funnel and stay in communication with potential customers.

Security Issues

With any Saas business, data loss and security issues may arise throughout your process of building your product. It's critical that you understand exactly what you're responsible for and how to avoid potential issues down the road.

Isolation

Often times, as a productivity tool, you typically work alone and do not have much face-to-face interaction with other team members.

Taxes

As a productivity tool, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it.

Marketing Ideas

  • 1

    Affiliate Program

    Affiliate marketing is a great way to bring in a new revenue stream, especially when you don't sell products or services.

    Simply put, an affiliate program is an agreement where a business pays another business or influencer ("the affiliate") a commission for sending traffic and/or sales their way.

    The affiliate typically gets a unique link where clicks and conversions can be tracked.

    Learn more about affiliate program ➜

  • 2

    Direct Sales

    Direct sales strategy implies a direct contact between a seller and a consumer without the involvement of any third party. Direct selling is popular in sectors where sellers communicate with their clientele personally. The sales technique occurs at non-store locations which include at home, work, or online.

    For direct selling to succeed, hire a few (or many) salespeople to support the sales conversion process. It's critical that you assign them specific roles and responsibilities to nurture the client and provide excellent support.

    Learn more about direct sales ➜

  • 3

    Word of mouth

    Word of mouth is when a consumers reflects their interest in a company’s product or service in their daily dialogues.

    Therefore, word of mouth advertising is essentially a free advertising triggered by the customers experience.

    According to Nielsen, 92% of people trust recommendations from friends and family.

    Therefore, in today’s hyper-connected world, a single recommendation through a word of mouth can have a huge impact to your business.

    Learn more about word of mouth ➜