It has been a while since I last published a validated idea.
But today, it is perfect for one.
Today's idea has TAM in the billions.
However, it has remained relatively untapped in the current market climate.
I'm talking about Crypto Tax filing software.
Product
First and foremost, for your MVP, you do not have to invest too much time building things from scratch.
There are tons of popular APIs that you can use to build your application and keep the product reasonably simple. (Blockpit, Binance & ByBit)
Most retail investors have not gone in heavy in the last calendar year, given that we are in the bear market. This is a good time for them to get a quick solution that is not as complicated as the ones in the market, like Koinly or CoinLedger.
Here is a list of competition and where they operate: https://www.coinbureau.com/services/crypto-tax-software/
Use this to figure out a geography where these guys don't serve, and you should be able to spot a market that is under-served or not served at all.
Marketing & Launch
Your launch could be fairly straightforward:
Product Hunt - Self Explanatory
Crypto Subreddits - Use Reddit's own platform search
Crypto Review Channels - They are content-hungry
Crypto Newsletters - Use Substack's own platform search
Once you finish your launch, you can look at content marketing opportunities. I am attaching a list of 2000 keywords that you can use to optimize your website and blog.
Along with these pages, to help you with your content marketing, I've attached the top-performing pages of all your prospective competitors.
Pick these pages apart, spin their content on ChatGPT, and get them indexed on Google. It is that simple to get started. Once you start seeing some impressions, you can then build backlinks and optimize your on-page content.
If you need advice on how to do that, I'm just an email away.
Download all marketing assets mentioned above here.
If that link doesn’t work, just copy paste this one:
https://drive.google.com/drive/folders/1yApVyvzqkwrBs6nl6bmlzUei0eZjcC7d?usp=sharing
Branding
A.COM domain will help you stand out because most of these companies are using .IO and .INFO. So go ahead and get one from a site like Namecheap or GoDaddy. I personally prefer Namecheap.
Here are some available domains:
taxhyper.com
taxmira.com
taxsyn.com
taxquantum.com
taxchrono.com
taxcosmo.com
chainhyper.com
chainastro.com
chainmira.com
blockastro.com
blocksyn.com
blockxeno.com
blockchrono.com
All of these domains are available for around $12 each. So grab them before someone else does. This email reaches 3000 people, so these will get sold quickly.
Here is my offer: Whoever registers a domain and puts out a home page based on this idea, I will get my award-winning designer friend to create a logo for you at zero cost! Plus, 2 social media post templates complete with your new branding.
Final Thoughts
If I had to build this, here is how I will do it. Your route might be different, but this is just for some inspiration.
Build an MVP over existing APIs.
Get 10 friends to try to generate their tax reports.
Build and launch a website.
Launch on PH and Subreddits.
Two weeks later, push out 4-5 blog posts per week.
Two months later, push out 10 blog posts a week.
Create social media pages and start pushing 2-3 posts a week.
Hire a freelance dev from Upwork or Fiverr to make improvements.
Brainstorm the next premium tier.
Launch with YouTube and Reddit Ads.
Iterate and advance.
If you don't already know, crypto is not doing well now. But it is the best time to build services for it right now to take advantage of when the market starts gaining upward momentum.
This is an idea worth pursuing, so talk to your friends who might be interested.
Ask: As you might already know, I am working on Routine, and we just launched our iOS app on Product Hunt. It would mean a lot to me if you checked us out there!
Product Hunt Link: https://www.producthunt.com/posts/routine-ios
Cheers!
Onward