🗞 What's New: When to move on from a project

When is it time to give up on a project?

• Knowing when and how to move on from an idea can be tough. But, for indie hackers, the end of one project can be an exciting start for something new. These tips can help you determine when it's time to let go.
• Human-led matchmaking is having a modern resurgence, and the space needs updated tech solutions to help matchmakers succeed. With these new opportunities, founders can make a big move in the name of love.
• Founder Leo Askan collected over 200 leads in one week for the launch of his business, SaaS Screenshots. Here's a step-by-step list of what he did to drum up interest quickly!

Want to share something with over 110,000 indie hackers? Submit a section for us to include in a future newsletter. —Channing

🛑 When to Move on From a Project

by James Fleischmann

I've shut down a few businesses in my day, and it's no fun. But, when indie hackers shut down, it's really more of a beginning than an end. It can even be exciting. What's the next idea burning a hole in your mind?

The question of when to quit can be a hard one. Quitting too early is a missed opportunity, while quitting too late presents a lot of unnecessary hardship.

There's no simple equation to determine when to throw in the towel on a project, but this advice may help!

Good reasons to quit

There's no shame in shutting down. Most founders do it at some point. Here are common reasons why:

• Not enough time in the day: This is one of the top reasons that indie hackers shut down.
• Competition is too strong: If you can't keep up, that can be a good reason to stop if the competition is within your very small niche. Is the problem already being solved well by a competitor, and you can't niche down any further? That may be a sign.
• Trouble making ends meet: It's worth considering running it as a side project if this is the case.
• Un-monetizable: This reason is pretty self-explanatory.
• Losing interest: Sometimes it's best to take a break and look at it again with fresh eyes. If you're still not interested, it may be time to move on.
• Technical issues.
• No traction.
• Change in your life circumstances.
• You're unhappy, in poor health, or struggling in some way.
• You've got another validated product that has more potential, and you can't do both.

Bad reasons to quit

If you're going to quit, don't do it for the following reasons:

• Getting beat by your general, non-niche competition. Niche down!
• Shiny object syndrome.
• Imposter syndrome.
• Growth isn't what you expected, but you haven't tried everything yet.
• You've put a lot into it. Remember the sunk cost fallacy.
• Fear of failure.

Four questions

These four questions from Y Combinator can help you make the decision. If growth has died, ask yourself these questions before quitting:

1. Do you have any ideas left to grow your startup?
2. Can you drive that growth profitably?
3. Do you want to work on the startup that results from that growth?
4. Do you want to work with your cofounders on the startup that results from that growth?

Alternatives to shutting down

Before shutting down, try to:

• Take a break. Set your business up to work on autopilot for a while. You can do this through automation, or by outsourcing. Sometimes, you just need to refresh yourself and your perspective.
• If the problem is growth, make one last big push.
• Pivot! Sometimes shifts in your offering or target market can make all the difference.
• Sell your business. It's so easy these days! I wrote about that here.

How to shut down

• If you have stakeholders (employees, investors, cofounders, etc.), be transparent with them about the state of the company, and discuss the decision to shut down with them.
• Let your customers know about the impending closure, and give them a date. If possible, give them at least a month, but preferably longer. Give them alternatives; if you're sending them to a competitor, you can even set up an affiliate program with them.
• Shut down. Make your product unavailable. Cancel all services and tools that you're paying for, and pay off any debts.
• Close your bank account.
• If you have a legal entity, dissolve it. File a Certificate of Dissolution with the state where you are incorporated. This is a good reason to hold off on creating a legal entity for a while when starting up. I've found LLC University to be a really helpful resource, with state-specific information.
• Notify the IRS. Submit your final income tax, sales tax, and employee tax (if any) returns. For income tax, check the box that says it's your final return. Here's the official IRS breakdown of what to do.
• Cancel your EIN. Here's how.

Take a deep breath. It's done! Take some time off, if possible, then get started on your next idea!

The aftermath

A lot of founders have a really hard time after shutting their businesses down. They feel the weight of failure. They feel inadequate. They lose hope for the future.

Remember: This too shall pass! It can be helpful to set up a strong support system beforehand. Tell your loved ones that you're shutting down, and let them know how they can help when the time comes.

Here's a post about mental health in founders, in case it helps.

Don't be ashamed of shutting down, but make sure that you do it for the right reasons.

Have you had to shut down a business? Share your experience below!

Discuss this story.

📰 In the News

from the Growth Trends newsletter by Darko

✅ Twitter will let businesses keep their gold checkmarks...for $1K per month.

👩‍🏫 Top YouTube channels to help you master a new skill or craft.

🍎 Apple Pay Later will be launching soon.

💻 Make the switch to GA4, or Google will do it for you.

💿 Here's how AI is a lot like Napster.

Check out Growth Trends for more curated news items focused on user acquisition and new product ideas.

💖 The Price Tag of Romance

from the Hustle Newsletter by Ethan Brooks

The Signal: Human-led matchmaking is having a modern resurgence (are we at all surprised?).

Just take the rising interest in Tawkify, a US-based high-end matchmaking service with packages that range from $4K to $70K.

With prices like that, you'd expect a sleek website and stellar UX; but Tawkify's site is kind of underwhelming. Still, its 2008 aesthetic hasn't stopped 200K+ visitors from flocking to the site each month.

Its success lies in the human component. While AI is used to generate an initial broad pool of matches, the process is then handled by a personal matchmaker. Matchmakers are chosen for clients based on a best fit of values, personality, and relationship goals.

In an era of AI everything, leveraging the human touch may become key, especially with something as intimate as finding your life partner.

Tawkify was founded by an unlikely duo: Elle's Elizabeth Jean Carrol, America's longest running advice columnist (now in her seventies), and millennial tech founder Kenneth Shaw, who earned his stripes at Microsoft.

Tawkify's model in a nutshell

• Highly private: No information is shared without a client's permission, not even photos! First dates are blind, taking into account stated physical preferences.
• Network of matchmakers: Trained according to Elizabeth's program, they work in conjunction countrywide, passing suitable matches between each other. Strategies and success stories are shared at weekly brainstorming meetings.
• Human-touch heavy: Matches are sourced, not only from the Tawkify database, but also matchmakers' personal networks. They spend their days searching virtual platforms and physical locations for available singles. It sounds creepy, but apparently it works! 80% of concierge clients find relationship success within their first 12 matches. LinkedIn, hiking groups, gym classes, and even dating apps are leveraged. One matchmaker described how she uses her own Tinder profile, but swipes based on her clients' preferences before meeting these potentials in person.
• Pricing tiers: For $99 per year, you can join Tawkify's "passive" dating pool, to potentially be matched with concierge clients. Concierge clients pay up to $70K for tailored "active" packages that guarantee a certain number of matches, curated dates, advice, and coaching.

New opportunities

1. Beat them at their own game: While interest is climbing, the platform doesn't appear to be addressing concerns that have been going on for years. Reddit reviews highlight where Tawkify needs significant work (a few examples here, here and here). For instance, there are numerous requests to remove the blind date aspect.

2. Widen the net: Tawkify is US-focused, which narrows the dating pool considerably. You could include international members, or even replicate the entire model in a different country.

3. Niche down: Tawkify's largest target market is older millennials. Younger generations have vastly different dating needs. For example, Gen Z are the pioneers of flexible dating definitions. As younger generations age, there will likely be demand for niche matchmaking platforms that can cater to their needs.

*Global Google search interest. Source: Google Trends

4. Train matchmakers: Online training courses to become a "certified" matchmaker (the space is currently unregulated) go for ~$3.5K. Therapists and dating specialists could develop their own courses, with specialized modules for niche communities (LGBQT+, for example).

Would you enter the matchmaking space? Share your thoughts below!

Subscribe to the Hustle Newsletter for more.

🧠 Harry's Growth Tip

from the Marketing Examples newsletter by Harry Dry

“Big things are best said in small words.”

—Peggy Noonan

Go here for more short, sweet, practical marketing tips.

Subscribe to Marketing Examples for more.

🤝 Leo Askan Collected 200+ Leads in One Week

by Leo Askan

Hi, founders! I'm Leo Askan. Last week, we started building an audience for our side project, SaaS Screenshots, and we collected 200+ leads.

Here's how we did it in just one week!

The list

0. Build your audience first! Collect emails, or make a list of followers before your launch. You can build a landing page, schedule your launch on Product Hunt, and start sending posts through your social media accounts.

We built a one-pager through WordPress, and integrated Mailerlite to collect emails. We used WordPress templates and Mailerlite's free plan. 63 people shared their email addresses with us.

Product Hunt has a new feature that allows you to schedule your launches. We are planning to launch our product on February 15th. At the moment, 37 people are on the waiting list, and Product Hunt will notify them when we launch our product. To schedule your launch, check this article.

1. Find your main competitors and note who shared a tweet related to their product. Afterwards, DM the accounts who engaged.

We made a list of people who engaged with our direct competitor through Twitter. You can also use the advanced search on Twitter by filtering tweets with more than five likes.

Regarding the copy of the message, try something similar to this:

2. Make a list of your high-target keywords, and reach out to people who shared a post including those keywords.

Our targeted keywords are: SaaS page, SaaS pages, SaaS landing page, and SaaS pricing page. On LinkedIn and Twitter, we searched tweets and posts with those keywords, and sent a DM or connection request to the account.

3. Define your ideal client profile (ICP). Our main ICP consists of product marketers, designers, UX/UI people, and content writers who have been working for SaaS companies. In addition, we want to target UX/UI agencies that provide services to SaaS companies. To reach them, we:

• Joined LinkedIn Sales Navigator for free, and filtered accounts that are first and second connections.
• Used Followerwonk to check whose Twitter bios include SaaS writer, SaaS design, or SaaS marketing. After that, we filtered accounts according to their followers, then reached out to them through Twitter.

4. Check the products that have launched on Product Hunt, then reach out to accounts that left a comment under the product page.

5. Build in public, and create a project page on Indie Hackers.

Once a week, we share project updates on Indie Hackers. Here is our Indie Hackers page!

6. Find related groups on Reddit. There are many subreddits related to SaaS, and here's a free tool that notifies you when there is a new post related to your keyword. It's like Google Alerts for Reddit.

7. Make a list of communities that you can ping. There are many SaaS communities related to marketing and design. We made a list of those, and will reach out to them to promote our solution to their audiences by offering a commission from each sale.

8. Keep posting content related to your launch, and update your followers by launch day. I have been actively using my LinkedIn and Twitter accounts for a month, and sharing update posts. On Wednesdays, I share screenshots that I like, which helps us grab the attention of SaaS companies.

Hope this was helpful!

Discuss this story.

🐦 The Tweetmaster's Pick

by Tweetmaster Flex

I post the tweets indie hackers share the most. Here's today's pick:

🏁 Enjoy This Newsletter?

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Also, you can submit a section for us to include in a future newsletter.

Special thanks to Jay Avery for editing this issue, to Gabriella Federico for the illustrations, and to James Fleischmann, Darko, Ethan Brooks, Harry Dry, and Leo Askan for contributing posts. —Channing