Money-Making Ideas
Develop an AI-driven Excel plugin using no-code tools to build in your spare time, aiming to automate spreadsheet tasks, enhance data processing efficiency for users, and achieve profitability through a subscription model.
In this case, the developer David, with no prior programming experience, created an AI application called "formulate bot" which is now valued at over a million dollars. He worked only a few hours a day and completed the development of the app in just a few weeks. David primarily learned through YouTube. He successfully launched the product using viral marketing strategies and attracted thousands of users within a few days.
"formulate bot" is a software that helps people process data faster and smarter, covering features like AI with spreadsheets, text-to-formula generators, and data analyzers. The app has been around for about a year and a half, with around 750,000 users, of which 5,000 are paying for unlimited access, generating a monthly income of approximately $226,000.
Target Audience
Suitable for entrepreneurs with no technical background but a deep understanding of Excel, looking to innovate in the field of data automation.
Difficulty Level
Moderate. Requires learning how to use no-code development tools and having a keen market insight.
Operational Process Method
Problem Identification:
Identify common issues in daily work, such as the complexity of Excel formulas.
David noticed a demand for quickly generating Excel formulas. He got suggestions for the app name from OpenAI and eventually chose "Excel Formula Bot" as the preliminary name (later renamed to "formulate Bot").
Learning No-Code Tools:
Spend 1-2 weeks mastering no-code tools like Bubble.io.
David, who doesn't know how to code at all, completed the core development of the app using the no-code platform bubble.io. As his experience grew, the proportion of code in the app gradually increased, from initially 100% no-code to about 5%-10% code now.
Building a Minimum Viable Product (MVP):
Quickly build a basic version of the AI tool using no-code tools.
Community Validation:
Share your MVP in relevant online communities (like Reddit) to get user feedback.
David first showed his app to colleagues and received positive feedback. Then, he posted information about the app on Reddit and quickly gained a lot of attention.
Product Iteration:
Continuously iterate the product based on user feedback, adding new features. Use platforms like Reddit and YouTube for marketing to attract users.
Addressing Challenges:
With the success of the product, many similar competitors emerged in the market. David realized that just providing a simple input-output function was not enough to stand out in the competition. Therefore, he continuously introduced new features, such as data analyzers, to enhance the competitiveness of the product. At the same time, he also realized the threat from giant companies like Microsoft, so his goal is to develop a product that cannot be replicated.
Profit Strategy:
Manage the high costs of using AI APIs, deal with market competition, etc. Faced with the high costs brought by the OpenAI API, David gradually achieved profitability by accepting donations, running ads, and offering subscription services.
Case Review
David's story demonstrates how non-technical entrepreneurs can turn innovative ideas into reality using no-code tools. By observing and solving real-world problems, he developed an AI tool using a no-code platform and successfully attracted a large number of users and significant revenue. This story emphasizes that even without coding skills, with the right mindset and perseverance, anyone can grow their side project into a thriving business.
Tools Used
No-code development platform: Bubble.io.
