Business Idea

Start A Project Management Tool

About

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

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

Want to learn more? You can check out our full guide on how to start a project management tool ➜

Key stats

market size
$66.4B
revenue (monthly)
$21K
starting costs
$18.5K
gross margin
76%
avg product price
$10000
time to build
15 months
growth
SEO
time investment
Full time

About

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

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

Want to learn more? You can check out our full guide on how to start a project management tool ➜

Key stats

market size
$66.4B
revenue (monthly)
$21K
starting costs
$18.5K
gross margin
76%

 

avg product price
$10000
time to build
15 months
growth
SEO
time investment
Full time

Startup Costs

Min Startup Costs Max Startup Costs
Office Space Expenses $750 $7,000
Equipment & Supply Expenses $500 $5,000
App Creation Costs $1,099 $20,099
Software Expenses $162 $2,894
Advertising & Marketing Costs $0 $2,500
Website Costs $13 $215
Other Expenses $0 $300
Training & Education Expenses $0 $850
Total Startup Costs $2,524 $38,858

Successful Businesses

Business URL Rank
Notion notion.so #824
Backlog (English) backlog.com #2,597
Project Management for Software Teams clubhouse.io #10,047
Mavenlink mavenlink.com #11,172
ProjectManager.com projectmanager.com #12,972
Agile Project Management pivotaltracker.com #18,482
ActiveCollab activecollab.com #22,730
Clarizen clarizen.com #23,350
Project Baseline projectbaseline.com #42,070
Avaza avaza.com #55,112
LiquidPlanner liquidplanner.com #55,239

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 project management 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 project management tool gives people a reason to visit your website and to keep coming back to you!
No overhead costs To get your project management 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 project management 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 project management 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 project management tool, you typically work alone and do not have much face-to-face interaction with other team members.
Taxes As a project management 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.

  • 2

    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.

  • 3

    Social Media Advertising

    Social media advertising is the use of social media platforms to connect with your audience with the objective to build your brand, increase sales, and drive website traffic.

    According to Oberlo, approximately 48% of the global population use social media, and the number is ever-growing.

    Therefore, social media allows brands access to cost-effective advertising by enabling them to interact with a large audience.

    Learn more about social media advertising ➜