Building Startup with KMM [2/n]— Brainstorming ideas and MVP with ChatGPT

James Yang

As a mobile developer, I’m excited to see what we can accomplish with ChatGPT and a little bit of determination. If you don’t know about ChatGPT, which stands for Chat Generative Pre-trained Transformer, is a chatbot developed by OpenAI. This has taken the world by storm with its detailed responses and articulate answers across many domains of knowledge. You can find more details here.

OpenAI

In my previous blog, we already discussed Kotlin Multiplatform Mobile(KMM)

Will Kotlin Multiplatform Mobile change the way we make mobile applications? [1/n]

Just combining two trending topics to make good use of my Wellness Holidays from my company❤️.

Note: I am planning to develop and publish the app end to end and my journey. Do add your ideas and thoughts in the comments 🙏. I will add the next blog link to this when I post next.

Building a startup can be a challenging and rewarding experience, but it doesn’t have to be all work and no play. With the right tools and a little bit of creativity, it’s possible to turn a side project into a fun and successful venture. Join me on this journey as I document the process of building a startup from scratch, all while keeping things light and enjoyable. Let’s get started!

Ideation

Initially, I had no idea in particular so I blankly asked for

Android and ios app ideas which are easy to build but really creative.

The ideas from ChatGPT were,

1. A social networking app for people with common hobbies or interests. This could be a platform for people to connect with others who have similar hobbies, such as cooking, gardening, or playing a particular sport.
2. A language learning app that gamifies the learning process. This app could include interactive quizzes, challenges, and rewards to make learning a new language more engaging.
3. A recipe app that suggests meals based on the ingredients you have available. Users could input the ingredients they have on hand, and the app would suggest recipes that use those ingredients.
4. A budgeting and finance tracking app that helps users keep track of their spending and set financial goals. The app could include features like budgeting templates, spending tracking, and alerts when users approach their budget limits.
5. A fitness tracking app that uses machine learning to suggest personalized workouts based on the user’s fitness level and goals. The app could include exercises and workouts for a variety of fitness levels, as well as progress tracking and motivation tools.
6. A mental health and self-care app that offers guided meditation, journaling prompts, and other self-care activities to help users manage stress and improve their overall well-being.
7. A travel planning app that helps users plan and organizes their trips. The app could include features like itinerary planning, travel budgeting, and destination recommendations based on the user’s preferences.

Nothing new or creative as such but let’s play along with this and see where it takes us. I continued with the budgeting and finance tracking app.

Dissecting and BrainStorming

Then I asked

Can you expand on the budgeting and finance tracking app and dissect idea into features based on market research?

And wah-lah you have a great list of features. Great!

1. Budgeting templates: Users can choose from pre-designed budget templates or create their own custom budget.
2. Spending tracking: Users can input their daily or monthly expenses to track their spending and see how it compares to their budget.
3. Bill reminders: Users can set up alerts to remind them when bills are due, helping them avoid late fees and maintain a good credit score.
4. Savings goals: Users can set savings goals and track their progress towards achieving them. The app could also provide recommendations on how to save more money, such as by cutting unnecessary expenses or finding ways to earn additional income.
5. Investment tracking: Users can track their investments and see how they are performing over time. The app could also provide recommendations on investment opportunities based on the user’s risk tolerance and financial goals.
6. Credit score monitoring: Users can track their credit score and get alerts when it changes. The app could also provide tips on how to improve their credit score, such as by paying bills on time and reducing credit card balances.
7. Debt management: Users can track their debt and create a plan to pay it off. The app could provide recommendations on the best repayment strategies, such as prioritizing high-interest debt or using the snowball method.
8. Shared budgets: Users can invite other people, such as their spouse or family members, to join their budget and track their combined spending.
9. Integration with financial accounts: Users can connect their bank, credit card, and other financial accounts to the app, allowing them to see all their financial information in one place.
10. Security: The app should prioritize the security and privacy of user data, including using strong encryption and secure servers to protect against data breaches.

I had a follow-up question regarding Budgeting templates like what it is referring to?

Budgeting templates are pre-designed budget plans from which users can choose to assist them in managing their finances. These templates usually include categories for common expenses like housing, transportation, food, and entertainment, as well as estimates for how much should be spent in each category based on the user’s income and financial goals. By providing budgeting templates, the app can provide a starting point for users who are new to budgeting or who want to quickly set up a budget without having to start from scratch. The templates can also be used as a reference for users who want to compare their own budget to a recommended plan.

Competition and Product Market Fit

When I asked regarding

Which of these features is unique to the market and not done by already existing apps? and secondly, do you have any creative suggestions for better product market fit?

The answer was quite intuitive and explanative,

It’s difficult to say which specific features are unique to the market, as new financial apps are constantly being developed and released. However, here are a few potential ideas for unique features that could differentiate a budgeting and finance tracking app from existing ones:

1. Personalized budget recommendations: The app could use machine learning algorithms to analyze the user’s spending and income patterns and provide recommendations on how to optimize their budget for their specific financial situation.
2. Gamification: The app could use gamification techniques, such as rewards and challenges, to make budgeting and financial management more engaging and motivating for users.
3. Integration with financial advisors: Users could connect with financial advisors through the app to get personalized financial advice and guidance.
4. Collaboration with financial institutions: The app could partner with banks and other financial institutions to offer users exclusive discounts and perks, such as reduced fees or higher interest rates on savings accounts.
5. Customized financial planning: The app could offer personalized financial planning services, such as helping users create a retirement plan or a budget for a major life event, such as a wedding or the birth of a child.
6. Social networking for finance: The app could include a social networking component, allowing users to connect with and learn from others in the financial community. Users could share budgeting and saving tips, share their financial goals, and offer support and encouragement to each other.

To better fit the product to the market, you could consider conducting market research to understand the needs and preferences of your target users. This could involve surveying potential users, analyzing data on existing financial apps, and conducting focus groups to gather feedback on your product ideas. Based on this research, you can tailor the features of your app to better meet the needs and desires of your target audience.

Quite an impressive answer!

Minimal Viable Product (MVP)

After a solid back-and-forth discussion with ChatGPT, I concluded the following as the basic features required for an MVP.

1. Budgeting templates: Users can choose from pre-designed budget templates or create their own custom budget.
2. Spending tracking: Users can input their daily or monthly expenses to track their spending and see how it compares to their budget.
3. Bill reminders: Users can set up alerts to remind them when bills are due.
4. Savings goals: Users can set savings goals and track their progress towards achieving them.
5. Security: The app should prioritize the security and privacy of user data, including using strong encryption and secure servers to protect against data breaches.

This MVP includes the core features of a budgeting and finance tracking app, including the ability to create a budget, track spending, and set up bill reminders. It also includes security measures to protect user data.

I’ve covered the essential steps of brainstorming ideas and creating an MVP using ChatGPT. In the next blog, we’ll continue our journey by diving into the development of our MVP. Who knows where this journey will take us? Stay tuned as we turn our side project into a potentially successful startup (or at least have a little bit of fun along the way).

For any doubts and suggestions, you can reach out on my Instagram, or LinkedIn. Follow me for Kotlin content and more. Happy Coding!

I will well appreciate one of these 👏