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Nuggets:

• Simple tip to increase your meeting effectiveness: stop 5 minutes early and ask “who will do what by when?”

• Generally easier to sell to a profit center than a cost center (listen to Aline Lerner episode for more on this)

• The hard part of this idea is building something users will stick with. Focus more on reducing friction and making the app a joy to use and worry less about back-end bells and whistles.

• Look for teachable moments within an industry as the foundation of content marketing for your business or even for the foundation of your app’s functionality.

• Note-taking is a necessary step in many industries (e.g. financial service, corporate governance) and non-compliance with note taking can come with serious penalties.

Action Steps:

1. Decide on the niche you want to serve. Will you go broad and seek a large user base for a low LTV per user or aim for less users in a more profitable niche (e.g. lawyers, financial services)
2. Start with a simple integration that triggers emails to the user 10-15 minutes before the meetings in their calendar. The user can reply with their notes. Store them in an organized database for review.
3. As your user base grows you can add premium features, like integrating with CRM or other note tracking app.
4. If you have niched down you can customize your app to serve your chosen niche. For example create custom notifications and note templates that facilitate note taking for corporate compliance.
5. A healthy long term vision might aim for 50,000 users at about $5 per month, grossing around $3 million a year in revenue.

Follow through on these action steps and email us your results at [email protected]. You'll get exclusive access to a private Facebook group of action takers and one listener will earn a free mentorship call with our guest, and potentially, a business partnership.

Links:

• Less Annoying CRM | Simple Contact Management for Small Businesses
• Scheduling Platform for Business | Cronofy the scheduling experts
• Measuring the ROI of Hiring Funnels with Aline Lerner
• Nathan Latka on Buying and Monetize Chrome extensions
• Notion
• Market size of the growing note-taking industry

Tyler King is the Co-founder and CEO of Less Annoying CRM. He's a proud bootstrapper and is passionate about starting and growing sustainable businesses for the long term.

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