Idea Away Report

Idea Away is how you come up with business ideas.  This is a website where we buy, sell, and share ideas and unsolved problems.

This post will recap everything regarding the building of my WordPress site, IdeaAway.com.
I’ve spent 13.5 hours and -$84 on this startup.  I’ll talk about how long it took to make, what I did, and how much money it’s all costed.

This site served as my startup for the month of November.  This idea started off as a big full-stack social media application with user accounts, comments, posts, and a voting system.  I wanted to it be like reddit, but for sharing invention and business ideas.  I spent one week sketching things out and building the skeleton of the app. And… then I lost all motivation to continue with this project.

I can make excuses like I was busy with work or I had personal things going on, but in reality I just didn’t want to touch this project. Just thinking about working on it was giving me anxiety, so I spent more time on Overwatch Pickaxe and put it off until the last day of November.  The last day of the month came around, and I had nothing to show for November’s startup. So I spent 6 hours and threw together a bare-bones MVP (Minimum Viable Product).  I worked until the last second of November.

I feel a bit guilty about the amount of effort that went into this month’s startup, but I am proud to say this is the first project I actually monetized.  Here’s how it works:

Anyone can visit the site and fill out a google forms survey to post an idea to the site.

There’s a pay-pal button at the bottom of each post, that allows visitors to “claim” ideas from the site.  (This means they pay $5 to the person that posted the idea to have the post removed, so they can keep the idea all to themselves.)

There’s no patent, copyright, or intellectual property involved. Just $5 and the idea get’s taken off the site.

This post will be constantly updated to show any progress this business has after the first month.  If you would like to see detailed reports for what went into building Idea Away, checkout the weekly reports.

Weekly ReportsDatesTime SpentRevenue
Week 1November 4th – November 11th5 Hours$0
Week 2November 12th – November 18th 2.5 Hours-$24
Week 3November 19th – November 25th0 Hours$0
Week 4+November 25th – now6 Hours-$60

Screenshots and links:

picture of site

www.IdeaAway.com


Idea Away FAQ

Q: “Why did you create Idea Away?  What’s the point?”

A: I wanted to…

  1. Create a way to inspire hungry entrepreneurs that are looking for things to build.
  2. Have an open place that I could dump off, show off, and get feedback on my ideas.

 

Q: “Will you be continuing work on this app?”

A: Not likely.  I feel like continuing work on Idea Away would take away from next month’s startup.  However, one of the motivations of Startup Repeat as a whole is to test prototypes. So if by some miracle, this idea catches some traction and makes me some money I will turn around and flesh out the idea a bit more.

Q: “What cost you $64 the last month?”

A: Upgrading my SiteGrounds account to accommodate several sites on the same hosting account.  (Now I’m hosting StartupRepeat & IdeaAway on the same remote server!)

Q: “What mistakes did you make? What advice could you give to someone building a wanna be social media site?”

A: Idea away started as a joke about how everyone thinks they have a million dollar idea.  That motivation carried into the project, and I never really took this idea seriously as a business.

I over-engineered the specs and couldn’t live up to the initial unrealistic goals I set for this project.  In hindsight, a WordPress blog is plenty to test if the product is worthy or not.

Q: “What did you learn while building this site?”

A: Start small!  From now on, I’m not taking on a project that I can’t get into people’s hands after 25 hours of work.

Monetizing is much easier than I thought it would be.  I built a working pay-pal button attached to my business bank account in about 30 minutes.

 

Q: “How will this app make money?”

A: Again, there’s a pay-pal button at the bottom of each post, that allows visitors to “claim” ideas from the site for $5.  All of the ideas are open to be shared with everyone, for everyone to work on free of charge.  But if you want to be greedy, and claim an idea to yourself it will cost $5.

 

Q: “What startup are you going to build next month?”

A: Going with the “start small” mantra, I’m going put together a simple recipe blog.  This blog will be focused on simple, concise, and healthy recipes.

Leave a Reply

Your email address will not be published. Required fields are marked *