Ideas to turn my hobby into a product?
Hello everyone, I have been working for around 13 years now. I started my investment journey around 11 years ago. Over 11 years have seen 3 market corrections. 1 major and 2 minor. Seen demonetisation, GST, covid, Russia war, middle east war. Inspite of all this was able to create a 8 digit portfolio. Hit my first 1 Cr 2 years back. I have been able to consistently able to hit 35% CAGR in my investments from past 11 years which includes equity, mutual funds, ppf, FD, etc. At my work everyone asks me for financial advice and I also have helped more than 100 of my colleagues in starting their financial journey. People are quite happy with my advice. But now I want to get your advice on how I can productize my advice so that I am able to reach people at mass who could benefit and also start their investment journey. Happy to get your suggestions and advice. Please note I don't want to start a financial advisory firm as then I can only reach or cater to max maybe 200 people. My thought is to reach 3-5 lakhs individuals. Welcome to any ideas and collaborations. Let me know.
Yeah only few people might recollect this. Mostly folks in 30s and above :D
LazyPro
Student
10 months ago
H for Hitler, A for arrogant, R for rascal, I for idiot... Hari Sadu
See more comments
EncryptedName
Student
10 months ago
The typical path is as follows;
Start creating good content
Gain loyal followers organically
Create a community of investors
Host events and gatherings with your followers
Gain trust
Sell a product/service directly to your loyal followers
As someone who consumes finance content, hereās something that I would suggest: donāt create generic content like Finance with sharan or Akshat Srivastava. They are crap. Create good in depth content like SOIC on YouTube. But you can initially use generic content on Insta to gain followers quickly and then create good in depth content on YouTube to get loyal followers.
But this is gonna take atleast a year or two.
What do you think?
Thank you for the idea. This is a good one. However problem is that I am currently a full time employee and have a very responsible role. Plus whatever free time I get I spend on doing research on the stocks and personal finance tools. Hence it would be difficult to make videos as they would require scripting, filming, editing, posting, commenting and this again as you said would require 2 years of time. Plus I don't see any wedge that I would be able to create. Sharan, Akshat and other finance creators are already doing a good job in education.
I personally love the execution part. I give real actionable insights specific to the individual.
EncryptedName
Student
10 months ago
Yae makes sense. In this case, you can probably try posting your research on twitter. You donāt have to spend extra time for that, and I personally love reading stock analysis in the form of twitter threads. But this way, you can definitely not reach 3 to 5 lakh people. You can probably reach 10k within 6 months provided the content is good.
See more comments
codenerd
Stealth
10 months ago
From what I have understood,
You want to productize your app - so this means a Mobile app for sure if not a website.
Now this app/website could use APIs from stock brokers like Groww/Zerodha etc.. where your customers who want financial advise, can enter their mobile and PAN from which their stock and investment details can be fetched.
The fetched info can be used by the admin (you) or your team to analyze their stock holding, their investments from diff types of investment instruments.
Based on some pricing strategy, they can opt for your advisory. This way you can reach to the masses and also has some kind of revenue model. Obviously this is just a basic idea.
Basically you need to create an app/ecosystem like INDMoney app but here you are the regulator of the app and info!
Hope it helps in any way! :)
Good luck with your future project and looking forward to it.
Also, congratulations on being a Crorepati! :)
Thank you. Yeah more or less I want to create a product that is affordable and that more than 1 or 5 lakhs users can use it.
codenerd
Stealth
10 months ago
For new users, you could give them ur platform as a way to organize and collate all their investments in one place which is your app and this will be a free offering. Once they are onbaorded in mass, you can target then to buy your advisory. In that way whoever wants to willingly opt for ur advisory, will do it and at the same time it's reaching the scale.. So it's kind of a win win.
See more comments
You can advice at scale by becoming a finfluencer (minus the cringe, ofc)
Something like smallcase type baskets could be a way to productize what you're doing: having a quick way to execute your suggested equities/MFs
I think if 3-5L individuals is goal, building trust for yourself is key, so if you can start out on something like YT, it might be very meaningful
monkeman
Student
10 months ago
Im not your work colleague but can i also get some financial advice š„²
35% cagr seems amazing
You can create a premium smallcase with your portfolio stocks and rebalance them when u feel like and charge a subscription fee in return. Also please share the smallcase link if u create one
Dinosaur89
Stealth
10 months ago
2 ways you can approach it:
1. D2C: the content creator route fits your criteria like @EncryptedName shared. Based on your response, a few ideas:
1.1: Do anonymous real time investing, post screen recordings of you making the investment and talking about the logic behind it and follow up with regular updates on how each investment is performing.
This will have less video production work but definitely some good video editing needed, and you can create content by doing what you already do.
1.2: Transformation stories: pick 1 individual every month and transform their financial investments, shoot it like a "day in the life of" or check out the Netflix series "How to get rich" by ramit Sethi.
Post these on YouTube and you can get great followers, back it up with a personal financial investment services
Dinosaur89
Stealth
10 months ago
2. Join an existing finfluencer, add value to them through your knowledge
Dinosaur89
Stealth
10 months ago
You get their followers to create impact they get your tested investment knowledge
Start a newsletter. Later on you may even try to monetize that if you want. A good place would be Substack for this.
Good luck to you for this journey š¤
Megamind007
Stealth
10 months ago
Create a physical monthly program for sharing your thoughts and views. And create content marketing around that. This might be a harder way than just starting posting content. But, believe me, even if you really made a positive impact on a close group of enthusiastic people, it will be far better than just giving soft knowledge on social media. This entire content work is growing ineffective and less valuable.
If you can share what's your pure equity non leveraged cagr over the years?
Investment Advisory is a legal mess in India, to be done at scale.
Hey, how to contact you ?
( similar interests and story this side too. Would be happy to exchange thoughts and explore )
Someone I know has been doing this. He recently retired from the Army and started a financial services firm on his own.
It goes by Let's Invest Wisely. I'm assuming you're looking to do something similar here.
@harisadu101 - so when you hit 1CR, that is your 11th year, you would have saved about 50 to 60 lacs in total?( Reducing the cagr effect)
I am looking to know where is the magic in your journey - savings, timing the macros, steady investments ?
Is the moat:
1) Your advice/you as an individual? Then figure out how you can influence people at scale
2) Your belief that you can distribute better advice at scale? Then focus on making a product where youāre not at the centre. Youāre the initial maker of suggestions, but probably could be crowdsourced from multiple investment advisors that you appoint or work with
CuteCleft79
Stealth
10 months ago
Hey mate, ex Yubinaut myself this side.
Crazy how i didn't happen to meet with you during my time there. But I've got similar interests and have been thinking of creating something of myself around it for a while now. Have product and engineering figured out, would be very happy to connect with you on the finance side of it and your ambitions from the product.
Let me know where I can reach out to you :)
Create an app , give 1:1 advice , charge for it... give time slot as per your availablity on daily basis people will book a slot and you will be getting money for consulatation...
Why create an app if 1:1 advice giving is all you're looking at. You can simply create a topmate account for it.
Prioritise the effort in the right direction. Getting people to pay and sign up for the call is the difficult part here
He want to create own product, after a while topmate wont be free it will charge platform fee and additional charges for a long run.
I know a close relative who did the same. Was in the army for the longest time. After retirement he took this up full time and started good own financial services firm.
You can check it out at www.letsinvestwisely.com
