Building a new product: School management software for wordpress

Me and my friend have a new registered company that is a software development firm. We are planning to launch a school management software product.

The problem is, we, at first, thought to design a simple PHP application for this. But then, we take out info in our area and got that there are some companies who already have launched this product. So we thought it would be best if we make a customized plugin(for ex- wordpress) because it would be much better that so many people can use it without a headache of installations and security features. And also there are not much plugins for this.

But being a newbie as an entrepreneur, I am blank at this. Should I really make this product? If so, How should I start? I mean, do I need to take surveys of school first or do
I first make this product and then start to marketing it? And yes, does making the wordpress version is profitable or making it basic(only PHP) would be good?

Please suggest me some tips for this startup. Also share some ideas for which I can start this company as a software solution/web development.

Sorry to say it but you did the frequent and basic startup error: you base yourself on YOUR IDEA, not on the customer needs...

First, you must do something called "market survey" - the first information (before creating a product or the company) you need is to know if people need your product. And even this is not 100% correct.

100% correct should be:

• A) find a specific problem
• B) find if there is enough people/companies suffering by that problem
• C) see if there is already a solution/product of that problem on the market (to avoid re-inventing the wheel)
• D) see if YOU can solve it
• E) pricing: see
  what the client is ready to pay for it and compare with your costs.
  The simpliest formula must give you:
  "price that client is ready to pay" x "n° of potentiel clients" > "your costs" + "the benefit
  you would like to have in your pocket"
• F) make a basic product and test it with potentiel clients + make necessary modifications
• G) launch the product + marketing & Co.

Good luck!