12 {{ upvoteCount | shortNum }}
12 {{ upvoteCount | shortNum }}

A question for you folks (business idea dillemma)

by Zentech
10 replies
Soo... I have this idea. I think it's a great idea. Everyone I've told it to thinks it's a great idea. Does that mean it's a great idea? Well, no... not necessarily, but just for the sake of this thread, let's pretend we all agree that it really is. The thread will work as intended that way.

The idea is for a website serving a very large untapped market that is currently being served by nobody else. I mean nobody - sites doing what I'm talking about simply do not exist. And when people hear the idea, they are like "duh, you couldn't miss with that." The obvious need for it is clear, and after hearing the idea, people can't fathom why it's not already being done (and some don't believe me and hit Google to see for themselves).

Here's the trouble - the idea requires the creation of a complete e-commerce website with specific functional needs, and that's not something I have the resources to pay for. Before you write me off as "lol broke," please understand that we're talking about many thousands of dollars worth of web development here. This is nothing most people could just pop for. Believe me, if I could, I would. It would be a no-brainer and I'd have it back first year. But it's not possible.

So then I'm left trying to find people to do a SAAS (software as a service) arrangement, where they are handling the web development for an ongoing percentage of the revenue. But that's proven tough to get going. I was in contact with one guy many months ago who heard the idea and instantly agreed to do it - and then I never heard another word. I had it on very good authority that this dude was the go-to guy, but oh well. At least he didn't steal the idea.

One other thing I'm considering doing is simply selling the idea flat-out, for maybe $10k or so. It's well worth that much, without a doubt. The trouble here is obvious, though - there's no way for anyone to know the idea is worth $10k except to hear it, and then they can just steal the idea and screw me for the $10k. Hate to be so cynical, but this is business, and we know how things go.

So, I'm kind of at a loss as to what to do with this. I'd really hate to do nothing, as people need this service to exist. They really do. And the truckload of money I'd make out of it wouldn't hurt, either - although I'm not materialistic, personally. But there are sooo many great charities.

Anyway, just thought the Warrior experts here might have some helpful advice. I've sat on this for almost a year. Eventually a light bulb WILL go off and somebody else will do this. That person will make a lot of money.
#business #dillemma #folks #idea #question
  • Profile picture of the author JohnMcCabe
    You had me going until you said that your idea, which required a full e-commerce site to provide, was something people needed to exist. Unless you've figured out a way to get paid for breathing, eating, drinking or procreating via e-commerce AND a way to keep people from doing the same without your site, no needs a website to exist.

    Assuming for the sake of discussion that the idea, while falling a bit shy of "necessary for existence", still has commercial potential, here are a couple of possibilities for you...

    First, is there any way to demonstrate the viability of the idea, even on a small scale, without the full e-com setup? Like the prototype of a physical product, if you can provide any kind of viable proof of concept, finding capital or partners will be much easier.

    Second, can you network your way into discussing your idea with a major company who could take the idea and run with it? If so, consider licensing the idea to them rather than selling it outright. If it flies, you'll having ongoing royalties rather than a lump sum. Again, this will be easier to do if you can give any kind of proof of concept.

    Good luck with your idea...

    Edit:

    One more thing...

    Once you get up into the big leagues, it's often easier and cheaper for a big company to buy or license an idea than it is to try and steal it.
    {{ DiscussionBoard.errors[3102372].message }}
    • Profile picture of the author sylviad
      Oh here's an idea. Take it to the Dragon's Den panel. They're always looking to spend millions on great money making ideas. They even have a highly successful millionaire internet expert on the panel. Only trouble is, they want to see proof that you can make a go of it. Which means revealing your success with it, plus how much you already invested of your own money. Which is something I'll bet any investor would want to see, rather than just a concept.

      Is it possible your idea is too huge for one person? I'm thinking, like if you wanted to offer a service like PayPal. Man. I couldn't begin to imagine the chaos behind the scenes there if you don't know what you're doing and don't have any helpers.

      Other than that, I guess John has the best idea - licensing it to people who do have the resources to pull it off.

      Sylvia
      Signature
      :: Got a dog? Visit my blog. Dog Talk Weekly
      :: Writing, Audio Transcription Services? - Award-winning Journalist is taking new projects. Warrior Discounts!
      {{ DiscussionBoard.errors[3102387].message }}
      • Profile picture of the author Zentech
        You had me going until you said that your idea, which required a full e-commerce site to provide, was something people needed to exist. Unless you've figured out a way to get paid for breathing, eating, drinking or procreating via e-commerce AND a way to keep people from doing the same without your site, no needs a website to exist.
        No, not to exist. Did I say that? If so, I miscommunicated. People don't need this site to exist - although a lot of people could very well use it in a crunch. People (especially people in financial trouble) do have a need for this service now. But because it doesn't exist, they have to look for much less appealing alternatives.

        First, is there any way to demonstrate the viability of the idea, even on a small scale, without the full e-com setup? Like the prototype of a physical product, if you can provide any kind of viable proof of concept, finding capital or partners will be much easier.
        I'm not sure. The idea is simple enough that I can just tell people how everything works in 5 minutes or less. I guess I could make a simple dummy site or something, although for proof of concept, I can't see why an explanation wouldn't suffice. It's not terribly complicated.

        Second, can you network your way into discussing your idea with a major company who could take the idea and run with it? If so, consider licensing the idea to them rather than selling it outright. If it flies, you'll having ongoing royalties rather than a lump sum. Again, this will be easier to do if you can give any kind of proof of concept.
        That's a possibility. Currently, I have zero inroads or connections leading in that direction, but that's not saying I can't work on it. I'm pretty self-confident in that area, and it definitely does sound worth looking into.

        Still, how exactly would I make the proposal? I mean, can't they just take the idea and do it, and tell me to go take a hike? I can't afford lawyers - particularly not ones up to the task of challenging a major company.

        Once you get up into the big leagues, it's often easier and cheaper for a big company to buy or license an idea than it is to try and steal it.
        Ah, I see. That does answer some of my concerns above. I'm not totally convinced, but I do accept it's likely you know a lot more about that sort of thing than I do. Thanks, and I'll certainly keep this in mind.

        Oh here's an idea. Take it to the Dragon's Den panel. They're always looking to spend millions on great money making ideas. They even have a highly successful millionaire internet expert on the panel. Only trouble is, they want to see proof that you can make a go of it. Which means revealing your success with it, plus how much you already invested of your own money. Which is something I'll bet any investor would want to see, rather than just a concept.
        Okay. if that is the case, I'm pretty much screwed, but I will definitely look into Dragon's Den anyway.

        I'll tell you honestly - if I can't get any interest in this from investors, partners, or whatever, then I may just give the idea away free. I might even do it right here on WF. This service needs to be available to people. If I have to give the idea away as a public service to make that happen, I'll consider it.

        I've needed this service myself on many occasions - and have suffered because it didn't exist. I know many others are in the same boat, and I want to help provide a solution.

        Is it possible your idea is too huge for one person? I'm thinking, like if you wanted to offer a service like PayPal. Man. I couldn't begin to imagine the chaos behind the scenes there if you don't know what you're doing and don't have any helpers.
        Oh yeah, it's too big for me alone. I'd have to have investors to back funding for a team and all that. I wouldn't even want to try to run it. Hiring a qualified CEO would be job 1. It would surely need a staff of at least a half-dozen just to get going.

        Other than that, I guess John has the best idea - licensing it to people who do have the resources to pull it off.
        Thanks. I'm still not quite sure where to start with that, but you and John have definitely offered some leads, and I appreciate it.
        Signature
        * Stupid Offer: Killer Sales Letters ***$897*** Just For Warriors. Ethical Clients & Legit Products Only. *
        {{ DiscussionBoard.errors[3102693].message }}
  • Profile picture of the author Oxbloom
    Make the "many thousands of dollars" needed first, then get it developed.

    You write well. In fact, you write very well. And even more profitably, I know from seeing you around the copywriting forum that you're capable of copywriting well.

    I don't know you. I don't know where you're from. I don't know what you do for a living, or how much time you have to spend doing it. But everybody has spare time. Captains of industry, heads of state, everybody. In your spare time, do some writing for people. Set the money aside.

    "Many thousands of dollars" isn't really all that much. It's a car. A determined bartender or waitress can save up for that in a couple months.

    If this idea you're talking about is really the game changer you're claiming it is, suck it up and set aside the time, and make your thousands. Sounds like the effort will be repaid many times over once this thing gets off the ground.

    If you really, REALLY don't want to do that, use your copywriting skill and get yourself an investment angel. Copywriting is useful for more than hocking ebooks, you know.
    {{ DiscussionBoard.errors[3102731].message }}
    • Profile picture of the author VanessaB
      Originally Posted by Oxbloom View Post

      Make the "many thousands of dollars" needed first, then get it developed.

      You write well. In fact, you write very well. And even more profitably, I know from seeing you around the copywriting forum that you're capable of copywriting well.

      I don't know you. I don't know where you're from. I don't know what you do for a living, or how much time you have to spend doing it. But everybody has spare time. Captains of industry, heads of state, everybody. In your spare time, do some writing for people. Set the money aside.

      "Many thousands of dollars" isn't really all that much. It's a car. A determined bartender or waitress can save up for that in a couple months.

      If this idea you're talking about is really the game changer you're claiming it is, suck it up and set aside the time, and make your thousands. Sounds like the effort will be repaid many times over once this thing gets off the ground.

      If you really, REALLY don't want to do that, use your copywriting skill and get yourself an investment angel. Copywriting is useful for more than hocking ebooks, you know.
      If only I could give all my daily allotted thanks to just one post, this would be it.

      Oxbloom is right on the money! Figure out what you need and then make the plan to leverage your resources to get it. Copywriting skills are a resource. For that matter, any skill, or asset, is a resource. Liquidate those assets, invest that money, even if it is only to build a small scale 'model' of what you want to do, to prove that it has profit potential. Then hire a business plan writer, have a business plan written, and take it to the SBA if you're in the US. (If you're not, look for something similar in your country, find a US partner.)

      With a solid business plan you could possibly even find a JV partner willing to back you.

      Good luck.

      Dani
      Signature
      The Recon Report
      Reliable Results, Predictable Profits
      {{ DiscussionBoard.errors[3102745].message }}
  • Profile picture of the author Zentech
    Fair enough, Oxbloom. I can certainly see the logic of that, although there are some "personal" factors that make it not quite so cut-and-dried. Nonetheless, everybody has obstacles, and I'm not going to go into all of that. No need to. I'll certainly take your input into consideration, and I thank you for it.

    Also, thanks for the compliments on my writing.

    I have a couple of possible plans forming in my head as we speak. This thread has been worthwhile already, although I hope others will also offer their perspectives. The more the merrier.
    Signature
    * Stupid Offer: Killer Sales Letters ***$897*** Just For Warriors. Ethical Clients & Legit Products Only. *
    {{ DiscussionBoard.errors[3102733].message }}
  • Profile picture of the author Zentech
    I can actually write a business plan myself, as I've done that for clients before. Well, I outsourced some of it, but still...

    Thanks for your post.

    By the way, for anyone lurking who might be concerned, I never, ever outsource copywriting. Never ever.
    Signature
    * Stupid Offer: Killer Sales Letters ***$897*** Just For Warriors. Ethical Clients & Legit Products Only. *
    {{ DiscussionBoard.errors[3102784].message }}
  • Profile picture of the author Lee MacRae
    In a business situation where there are ideas discussed all parties in the discussion sign non-disclosure agreements. You can find non-disclosure agreements on the web and even filling it out yourself is better than nothing. If you want some help with it but don't have much money for a lawyer check out a legal aid organization or your local bar association. Some lawyers volunteer time for qualified individuals. Always ask because you never know. You might even want to apply to the patent office since your idea can be considered intellectual property. You never know how cheaply you can get something done until you try At least try something like this before just giving away your idea.
    {{ DiscussionBoard.errors[3102788].message }}
  • Profile picture of the author Zentech
    Oh yeah, I know about NDA's. I have them in place before telling anybody anything. That's a given.

    I just don't always trust NDA's as strong enough, I guess. But I guess I should say that if any Warrior (who is known and reputable) wants to know what this is and is willing to do an NDA with me, we could talk. That's probably a little crazy of me, but oh well. I'd just like to see this thing get rolling so people can start using it.

    (Not trying to pitch anybody on anything, though. Let that be very clear. Not my intent and not what I'm doing here. This thread is strictly about me asking for advice. Beyond that is up to others.)

    As for patents, they are expensive, time-consuming, and actually offer much weaker protection than many people think. I know this because I have an inventor friend who has gone through it one side to the other. I probably wouldn't pursue the patent route currently, although I do thank you for the suggestion.
    Signature
    * Stupid Offer: Killer Sales Letters ***$897*** Just For Warriors. Ethical Clients & Legit Products Only. *
    {{ DiscussionBoard.errors[3102798].message }}
    • Profile picture of the author JohnMcCabe
      That's a possibility. Currently, I have zero inroads or connections leading in that direction, but that's not saying I can't work on it. I'm pretty self-confident in that area, and it definitely does sound worth looking into.

      Still, how exactly would I make the proposal? I mean, can't they just take the idea and do it, and tell me to go take a hike? I can't afford lawyers - particularly not ones up to the task of challenging a major company.
      One of the better sites for real business networking is LinkedIn.com. Open an account, start linking up with people you know, participate in the site and start asking for introductions.

      Finding the right people to talk to is pretty much a matter of playing "Six Degrees of Separation" until you make the right contact.
      {{ DiscussionBoard.errors[3102829].message }}

Trending Topics