Which online business idea should I pick?
Question by Max Ronstein: Which online business idea should I pick?
Hello. I would like to start an online business/company over the summer. My goal is to eventually make six or more figures a year. I have two ideas which I think could be really profitable. The problem is, I was quoted 40-50 thousand to make each site (except for the other business ideas). I just dont have that kind of money to even build one site. I will list the ideas below, and could you please tell me which idea you think is more profitable. How should I go about building the site? Should I hire someone on craigslist, rent a coder, etc.? Or should I try to build it my self? What should I use? I dont know programming or coding or web design.
1. My first idea is a website where users can submit original songs and other users can listen, rate, comment, share, and chat with other users. Users could also create a page where they could post info, and find new band members. I like this idea since the only competition is www.purevolume.com. PureVolume is making $ 300 a day! If I make a better site, why can’t i make that or more? I would sell ad space on the site. Accounts would be free, but if the site became big enough, I would create a pro membership that costs money in addition to the free account. If you think this idea could be profitable, how should I go about creating the site? I got quoted 40-50k to build by a web design firm. Should I use Kickapps which lets you create a social network site where user submit content (videos, MUSIC, videos etc.) for a small fee? Should I hire a developer on rent a coder?
2. My second idea is a website where users could post, list, sell, buy, auction, and trade websites. An ebay or amazon marketplace for websites. Users would post the site link with info and a snapshot and price, and other users would buy the site if they wanted to. I would take a small 4% commision from the sale. I would also sell ad space on the website. This website has some competition such as websitebroker.com, flippa.com, and sitepoint.com, but the potential is huge, and there is room for another player. If you think this site is profitable, how should I build it? Should I hire someone or build it myself. If build it myself, how should I build it?
3. My third idea is to sign up for resellerdynamics. You pay $ 1000 to them and they give you liscense to re sell there website building software on your own website and charge fees per month. they were reviewed in small business opportunity mag as a good opportunity and bbb says they are legit.
4. My last idea is to make a website with lots of articles, reviews, comparisons, etc. on cell phones. I would also sign up to be an affiliate with verizon, att, sprint, etc., and sell phones on my site. I know there are a lot of competition out there such as phonearena, phonedog, cnet, and mobiledia, but each site doest the same thing as the other site, and they all are making great money. By the way, is a website like this or a website in general considered a company? Could you be a CEO of the company that runs the website. Like if I call the site www.sprocketfish.com, could I make a company called Sprocketfish Inc. that runs the website and could I be CEO of Sprocketfish Inc.?
I really want to make one of these websites with as low startup as possible. I know I would have to market like crazy and do site matinence, but please help me. My parents think i should do a business like normal teens where you mow the lawn, babysit, etc, but I really want to do online business and hopefully make a good living. I think my sites ideas have potential. Which idea should I do? Which idea is more profitable? Even if you think they are not profitable, which would you choose if you had to? How should I build it?
Thanks!
PS, I am becoming a dealer at Kaeser and Blair and selling promotinal products to get me some startup cash for my online companies (websites).
Thanks!!
Best answer:
Answer by M P
Idea 1 is a slow and relativelly safe one, but you would have to work really hard to get somewhere near a six figure income. Idea 2 and 3 are high risk businesses with potentially high yeald, but you really risk blowing all the money (though while learning how to hold a business).
The last one is, like you say, nowhere near being something new, but would probably be the best and the most stable one of the four, since you, after a lot of work in promoting yourself, can sell tons of ads and services. Optimally you’d also get tons of freebees from a big diversity of companies.
If you want to promote yourself in a quick way you can use PaidToClick-sites to buy a lot of traffic for a quite small sum of money. That is, consumers get paid to go to your site. Clixsense is one of the few trustworthy ones. Check it out: www.clixsense.com/?3216515 . Even if you wouldn’t be interested in clicking sites for 1 cent each it is interesting for anyone advertising.
ah..and an internet site is like the normal store on the corner, so as long as you don’t start as a mega company you’ll just be “the owner”. As time goes by, though, and as money starts coming you’ll be able to expand and later on call yourself CEO. It depends on how far you’ll go and how you structure your business. Titles are relative and are just words in the end.
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