Start A Project Management Tool - Business Ideas
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.
A project management tool business involves developing software that helps managers and teams organize, plan, and track projects.
Features may include task lists, Gantt charts, time tracking, resource planning, collaboration tools, reports, and more.
You can offer the software as a web or mobile application through a software-as-a-service subscription model.
Building an innovative and user-friendly project management tool has excellent business potential as organizations constantly seek solutions to improve workflow, accountability, and efficiency.
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.
Key Stats
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 |
Case Studies
•
$160K/mo
•
$11K/mo
•
$21K/mo
•
$10K/mo
Successful Businesses
| Business | URL | Rank | |
|---|---|---|---|
|
|
Trello |
trello.com |
222 |
|
|
Notion |
notion.so |
824 |
|
|
Backlog (English) |
backlog.com |
2,597 |
|
|
Teamwork |
teamwork.com |
3,866 |
|
|
ClickUp |
clickup.com |
5,246 |
|
|
Project Management for Software Teams |
clubhouse.io |
10,047 |
|
|
Mavenlink |
mavenlink.com |
11,172 |
|
|
ProjectManager.com |
projectmanager.com |
12,972 |
|
|
ProofHub |
proofhub.com |
13,375 |
|
|
Agile Project Management |
pivotaltracker.com |
18,482 |
|
|
ActiveCollab |
activecollab.com |
22,730 |
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.
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- 4,818 founder case studies
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- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
- 4,818 founder case studies
- Access to our founder directory
- Live events, courses and recordings
- 8,628 business ideas
- $1M in software savings
