Discussion
After mentally writing off maybe 50 business ideas over the years, I’ve finally thought of one that could actually work. My question is - what now?
I’ve asked ChatGPT to compile a list of feedback, questions, points to consider, etc., which has been great. I’ve been able to answer any questions or queries easily. It’s almost making too much sense. Perhaps I’m missing something obvious.
I have close friends who hold c-suite positions who could (informally) give me feedback.
I would need to have a fully functioning professional website before I can market the business. This feels risky. How should I analyse the cost/risk of the initial outlay? Also, it’d be good to conduct market research in person—should I do this under the guise of the business, or as a random curious bloke with an idea?
My background is in back/middle office in professional services. This ‘creative’ mindset is new to me, so I hope this all makes sense. I’d be incredibly grateful for any advice, tips, or guidance.
Thanks!
I’ve asked ChatGPT to compile a list of feedback, questions, points to consider, etc., which has been great. I’ve been able to answer any questions or queries easily. It’s almost making too much sense. Perhaps I’m missing something obvious.
I have close friends who hold c-suite positions who could (informally) give me feedback.
I would need to have a fully functioning professional website before I can market the business. This feels risky. How should I analyse the cost/risk of the initial outlay? Also, it’d be good to conduct market research in person—should I do this under the guise of the business, or as a random curious bloke with an idea?
My background is in back/middle office in professional services. This ‘creative’ mindset is new to me, so I hope this all makes sense. I’d be incredibly grateful for any advice, tips, or guidance.
Thanks!
Is it just a simple Website you want or is it more like a platform- e.g. Rightmove, Skyscanner etc with associated apps etc.
Even when you have your idea fully developed- how will you promote it?
What are the barriers to entry if it's it just a website? e.g. you could have an amazing idea and execute it perfectly, but just as you are starting to make money what would stop a much bigger business with more resources from borrowing your idea?
I'm not meaning to dissuade you in any way- I'm just saying that I've had a couple of ideas in the past where I know a big player would quickly swoop in and do it better, before I could get my own product off the ground.
Having said that- nothing ventured....
Wishing you all the best.
Even when you have your idea fully developed- how will you promote it?
What are the barriers to entry if it's it just a website? e.g. you could have an amazing idea and execute it perfectly, but just as you are starting to make money what would stop a much bigger business with more resources from borrowing your idea?
I'm not meaning to dissuade you in any way- I'm just saying that I've had a couple of ideas in the past where I know a big player would quickly swoop in and do it better, before I could get my own product off the ground.
Having said that- nothing ventured....
Wishing you all the best.
Cheese on Toast with Worcestershire Sauce said:
I would need to have a fully functioning professional website
As opposed to........ ? 
As above, need some more info to provide meaningful inputs.
But broadly speaking, just work out how much money you need to spend to get the thing up and running. Then consider what impact it will have on your life if it fails. Can you afford to loose that money? If you can't, refine what you need until the potential loss is manageable. Then just crack on and figure out the rest as you go.
By all means ask around to get a feel for the potential but keep in mind that there is a chasm between someone saying "that's a really good idea" and someone paying you to buy whatever it is you're selling.
There are roughly two entry doors into a new business:
- someone who has done it before doing it new / for themselves (e.g. a chef who ran a restaurant setting up their own / someone working for a corporate setting up consulting on their own / etc.)
- the more entrepreneur approach - setting up a new venture - new to the individual / new to the market / perhaps a step-change in that market sector / etc.
If you are doing the first then it is relatively simple, work out your cash flow and get on with it!
It is the second which is far more complex - there is a reason that many entrepreneurs start a number of businesses before hitting the one that works for them - because all the others are a learning curve building to the successful business. If you have not run your own business before / have never entered a new market / etc. then you have a huge learning curve ahead of you.
best way to short-cut that learning curve is to find yourself a business partner - someone who has run a business before could be a mentor / someone who has industry knowledge might be a more active executive partner etc.
basically - see the weaknesses / gaps in your knowledge and experience and plug them through partnership - you will have to give away a % of equity (unless you can afford to employ them), but your chance of success will improve exponentially.
- someone who has done it before doing it new / for themselves (e.g. a chef who ran a restaurant setting up their own / someone working for a corporate setting up consulting on their own / etc.)
- the more entrepreneur approach - setting up a new venture - new to the individual / new to the market / perhaps a step-change in that market sector / etc.
If you are doing the first then it is relatively simple, work out your cash flow and get on with it!
It is the second which is far more complex - there is a reason that many entrepreneurs start a number of businesses before hitting the one that works for them - because all the others are a learning curve building to the successful business. If you have not run your own business before / have never entered a new market / etc. then you have a huge learning curve ahead of you.
best way to short-cut that learning curve is to find yourself a business partner - someone who has run a business before could be a mentor / someone who has industry knowledge might be a more active executive partner etc.
basically - see the weaknesses / gaps in your knowledge and experience and plug them through partnership - you will have to give away a % of equity (unless you can afford to employ them), but your chance of success will improve exponentially.
Hi Cheese on Toast,
Having a software company we get lots of interesting ideas thrown our way and some have legs and some don't. Ideally we would need to know a lttle more detail and then we can discuss what digital products would work best for your sector/industry.
We are www.image-plus.co.uk
I have messaged you directly.
Thanks Matt
Having a software company we get lots of interesting ideas thrown our way and some have legs and some don't. Ideally we would need to know a lttle more detail and then we can discuss what digital products would work best for your sector/industry.
We are www.image-plus.co.uk
I have messaged you directly.
Thanks Matt
Cheese on Toast with Worcestershire Sauce said:
I would need to have a fully functioning professional website before I can market the business. This feels risky.
What is risky on shelling out €50 for domain plus shared host? You'll always find more reason against vs a positive view.
It boils down to you being able to spread enthusiasm, and that for year to come.
Around 2010 it was 2 years to get going, now its more 4 to 6 even with some money to spread the word.
StevieBee said:
Cheese on Toast with Worcestershire Sauce said:
I would need to have a fully functioning professional website
As opposed to........ ? As above, need some more info to provide meaningful inputs.
But broadly speaking, just work out how much money you need to spend to get the thing up and running. Then consider what impact it will have on your life if it fails. Can you afford to loose that money? If you can't, refine what you need until the potential loss is manageable. Then just crack on and figure out the rest as you go.
By all means ask around to get a feel for the potential but keep in mind that there is a chasm between someone saying "that's a really good idea" and someone paying you to buy whatever it is you're selling.
You can lose it though.
There is no secret to finding successful business ideas. Just look around, mostly any business that's been around for 5 years has a successful business model.
Original ideas do happen from time to time, but even then, rarely is it your first business. Best to cut your teeth on a tried and tested idea first.
And it's easy to test out most ideas. Online, just pay for some traffic and put up a contact form. Retail, get a folding table, but some stock at a loss and try to sell it on your high street et etc
no need to be all putin about it
Original ideas do happen from time to time, but even then, rarely is it your first business. Best to cut your teeth on a tried and tested idea first.
And it's easy to test out most ideas. Online, just pay for some traffic and put up a contact form. Retail, get a folding table, but some stock at a loss and try to sell it on your high street et etc
no need to be all putin about it
Cheese on Toast with Worcestershire Sauce said:
After mentally writing off maybe 50 business ideas over the years, I’ve finally thought of one that could actually work. My question is - what now?
I’ve asked ChatGPT to compile a list of feedback, questions, points to consider, etc., which has been great. I’ve been able to answer any questions or queries easily. It’s almost making too much sense. Perhaps I’m missing something obvious.
I have close friends who hold c-suite positions who could (informally) give me feedback.
I would need to have a fully functioning professional website before I can market the business. This feels risky. How should I analyse the cost/risk of the initial outlay? Also, it’d be good to conduct market research in person—should I do this under the guise of the business, or as a random curious bloke with an idea?
My background is in back/middle office in professional services. This ‘creative’ mindset is new to me, so I hope this all makes sense. I’d be incredibly grateful for any advice, tips, or guidance.
Thanks!
Stick up a landing page asking people to register their interest in your product/service. Cheap as chips and will allow you to gauge interest.I’ve asked ChatGPT to compile a list of feedback, questions, points to consider, etc., which has been great. I’ve been able to answer any questions or queries easily. It’s almost making too much sense. Perhaps I’m missing something obvious.
I have close friends who hold c-suite positions who could (informally) give me feedback.
I would need to have a fully functioning professional website before I can market the business. This feels risky. How should I analyse the cost/risk of the initial outlay? Also, it’d be good to conduct market research in person—should I do this under the guise of the business, or as a random curious bloke with an idea?
My background is in back/middle office in professional services. This ‘creative’ mindset is new to me, so I hope this all makes sense. I’d be incredibly grateful for any advice, tips, or guidance.
Thanks!
Only thing I will say is, marketing and getting your product/service out there is probably one of the hardest tasks. I'm a software dev with the skills to build pretty much most ideas that pop into my head, but after years of trying I always fail on the marketing side.
TheBinarySheep said:
Stick up a landing page asking people to register their interest in your product/service. Cheap as chips and will allow you to gauge interest.
Only thing I will say is, marketing and getting your product/service out there is probably one of the hardest tasks. I'm a software dev with the skills to build pretty much most ideas that pop into my head, but after years of trying I always fail on the marketing side.
This. There are a million brilliant ideas out there but focus most on how you'll get people to your site and the cost of doing so. Only thing I will say is, marketing and getting your product/service out there is probably one of the hardest tasks. I'm a software dev with the skills to build pretty much most ideas that pop into my head, but after years of trying I always fail on the marketing side.
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