What business idea should I pick?
Question by Ronald Smith: What business idea should I pick?
Over the summer, I want to start an online business/company. I have some coding knowledge and I have a few ideas for the business. Some of the ideas are informational sites, and most are user interactive websites. My goal is to eventually make six or more figures a year. I love all of my ideas, but I’m not sure which to choose.
1. A website where users can submit original songs and other users can listen, rate, comment, share, and chat with other users. Useers can also create a profile page and place info on the page.
Revenue: selling ad space, possibly creating a pro membership.
How will it be made: php script from jam room.
Pros- bands need an organized way of promoting themselves.
Cons- purevolume.com already exists.
2. This would be a service. It would be online concierge or your own online butler. For people who don’t have time to schedule stuff, they would pay a monthly fee and a person would complete the action for you whenever you want except. Your butler serves you from 8 am to 10pm. I would start off by myself when the business gets started, and then will hire more people as the business grows.
Revenue: monthly fees
Pros: this could be a big hit and many busy executives would need this.
Cons- man labor may make this almost impossible if a lot people use this.
3. A debate website where users could create a debate, and other users could post comments and argue on why they think they agree with the statement, or disagree. Based on them saying they agree or not, thee comment will be placed under an agree column or disagree.
Revenue: selling ad space
How it will be made: script from prescripts.
Pros-there is no site that does this, and people love to express their opinion on topics.
Cons- no affiliate products to sell.
4. A website where people can list their gift cards for sale,trade,or auction and other people can buy the cards for an under worth price. So let’s say someone has an unwanted card to target for $ 125. They recieved it as a gift so they did not pay anything for it. They could easily sell the 125 card for $ 100 . A person wants the card, so they buy it for $ 100 . I take a 4% fee and the seller gets $ 96 for a card he never wanted.
Revenue: selling ad space, charging small fee
How it will be made: marketplace script
Pros- cool site idea
Cons- lots of co,petition and established sites.
5. A website that has reviews, videos, articles on cell phones. I would have tons of content to bring in traffic. I would join verizon AT&T and sprints affiliate programs and sell their phones on my site.
Revenue: affiliate marketing, selling ad space.
How it is made- site builder
Pros- could bring in tons of revenue
Cons- competition cent, phone dog, phone arena, mobiledia, and it is not a user interactive website.
6. A website where people can sell,trade,auction, and buy websites. The person could post a snapshot, price, and info on the wewbsite, and anyone who wants it could buy it. I would take a small 4% fee.
Revenue: small fee, selling ad space
How it’s made- script
Pros- good idea
Cons- lots of competition
Those are my ideas. Which do you think is more profitable? Which should I do? Which could eventually make me six or more figures a year? Even if you don’t think any are good, which would you choose if you had to? Thanks!
Best answer:
Answer by NextMove
I can’t say I agree with any of them mainly because I understand that the internet is highly contestable. This means that with either of your ideas you’ll have lots of competition in no time if none exists already.
Another thing to remember is, those websites which are already your competition are established. They can lower their prices to make normal profits and run you right out of business because they’ll be able to potentially exploit economies of scale which you can’t. But also the internets economies of scale are tiny so how you expand your website and how good your decision making ability is will determine the survival of your site. Look at your number 5. That’s a definite NO NO. It’s a oligopolistic structure. It’s possible that they can just collude and ruin you.
I just don’t think any of the ideas you’ve mentioned will work. None of them catch my eye as “wow” ideas if you know what I mean.
Also you’ve assumed a lot. What makes you think business executives will leave their important daily schedule to a person behind a computer screen who they’ve never met? Scheduling isn’t rocket science, they can do this in a matter of seconds.
You need to be significantly more realistic and consider so much more when thinking of the website your going to make. Number 1 seems like a cheap version of YouTube so don’t do that.
Sorry for the harsh feedback. But it’s best you don’t end up wasting your time on something which isn’t likely to work. But everything i’ve mentioned is based on business economics. It’s up to you to take the feedback or not because business economics in itself is based on lots of assumptions. So if you put the variables into my feedback make your own informed decision.
Good luck with your decision!
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