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Business Advice... Please help me...

Discussion in 'Business & Tax Advice' started by ashok, Nov 15, 2010.

  1. ashok

    ashok Regular Member

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    I have been thinking of different ideas to start my own business... Here are two new idea...

    #1. This idea is not a innovative one but i think it has some good market... Please share your ideas about this...

    A web based website management system (easy to use) makes easy for users to create their own company websites... They can change their designs, add more pages, blogs, forms, etc., There are some special modules for different businesses like ecommerce module for those who like to sell their products online, hotel reservation modules for online booking, etc.,

    The service is priced according to the modules...

    What is your idea ? Please share it...

    #2. A Question and Answer website for Health Industry. There is no specific sites for health industry ( like stackoverflow for programming ). And also health industry is billion $$$ industry with huge market (may be the whole world). I am having some more ideas in this project like online consultation, etc., My project will be completely different than other big players like yahoo answers, wiki answers, etc., ... It will have lots of features which helps peoples to get good answers from experts... The only problem with this project is SPAM... The great advantage of this project is Huge profit, Huge market...

    What is your idea about this project... please share it...
     
    Last edited: Nov 15, 2010
  2. extremephp

    extremephp BANNED BANNED

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    Huge investment would kill the profit for atleast first 5 years!

    and you would need a hell lot of programmers, connected servers,Server support guys, Ticket responders, and a lot of!

    ~ExP~
     
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  3. ashok

    ashok Regular Member

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    oh, without profit it is totally useless to start... i am having a normal investment, not much...

    thank you
     
  4. sikandar

    sikandar Senior Member

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    You must first assess your skills honestly - and ask yourself these questions to do a feasibility analysis.

    Can you design such a product yourself?
    How many team members you need to develop such a product?
    How would you approach your target customers? and the cost involved
    What would be the break even period?
    Do you have pockets big enough to fund the project till it breaks even?
    What would be your return on investment? .....
     
  5. bertbaby

    bertbaby Elite Member

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    Sounds resource and programming intensive plus a customer support headache. Worse they will want all of this for free. Perhaps start with a particular niche to make this manageable.
     
  6. ashok

    ashok Regular Member

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    Can you design such a product yourself?
    Yes, I am experienced programmer and designer.

    How many team members you need to develop such a product?
    Around 30.

    How would you approach your target customers? and the cost involved
    Online advertising... Only going to target the companies who need websites.

    What would be the break even period?
    Very short if the initial investment is large.

    Do you have pockets big enough to fund the project till it breaks even?
    No......

    What would be your return on investment? .....
    Return will be high since peoples need to pay yearly...
     
  7. ashok

    ashok Regular Member

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    Yes, peoples always like the word FREE. But i am going to target the market who are going to pay (peoples who like to have a website for their company)...

    The company is web designing and development company but with a backend application which manages everything...
     
  8. Markbh

    Markbh Regular Member

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    Have you looked at Weebly to get some ideas? They are free of course, but you only get a subdomain with them.

    And xsite-pro reverse engineering might give you some shortcuts in the learning process.

    There might be a market for this, but to develop it into easily usable for an avergae person may cost you. Not astronomical perhaps, but my guess would be around $10K.

    Health consulting sounds quite good. The info available now is pretty erratic and scattered. You should just think of the monetization model and defense against litigation (going offshore perhaps?)
     
    Last edited: Nov 16, 2010
  9. ashok

    ashok Regular Member

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    thanks for your reply...

    BTW, Why i want to go with Offshore ?
     
  10. Markbh

    Markbh Regular Member

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    In your proposed models using an offshore legal setup as teh back-end is not a must. It just came to mind as your defense, thinking of the habit of many Amaricans to sue over "misleading medical advice" or "malpractice" etc.

    So once your site become a success, there might always be a golddigger just around the corner, trying to rip you off. If your assets are offshore, it makes the whole process much more troublesome for them.

    A milder version would be applying a good lawyer and have him custom make a good collection of legal disclaimers that will serve as your wall of defence - a'la "although the people giving advice here have medical background/are medical doctors/have worked as MD-s etc... you should still contact your GP before applying our recommendations, as we can not possibly be aware of your underlying conditions, hereditary aspects, allergies
    medication presently taken etc."
     
  11. ashok

    ashok Regular Member

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    i don't have any ideas in these...i am going to start a site where peoples can ask questions and others can answer... thats it... why peoples want to sue me for this ?
     
  12. Markbh

    Markbh Regular Member

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    Medicine is the best known field for all sorts of lawsuits. The claimers assume that doctors and hospitals are wealthy and willing to cough up money in case someone presses charges.

    A possible example:

    " I went to this website and asked how my insomnia could be cured by natural remedies.
    They told me to use powdered cranberries in my tea 55 minutes before I go to bed. I applied that for 3 weeks and slept like a baby, BUT at the beginning of week 4 I noticed that my hair is coming off in large chunks whenever I comb it. Now, after 8 weeks I've practically lost most of my hair and the remainder is in ugly patches. I'm embarrased to go out without a hat and cannot serve the clients anymore at the bank counter. I have been fired as a result and unable to make payments on my $500,000 mortgage. My honour, that is why I'm suing the defendant for the amount of $100,000, including moral damage."

    You'd be amazed at their creativity! :)
     
  13. ashok

    ashok Regular Member

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    i don't know weather i get sued for this... because i build a website where peoples can ask question and peoples can say their answers....

    and also i will add disclaimer....
     
  14. linkrumor

    linkrumor Newbie

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    What's going to help your biz thinking is to narrow your niche. Don't be deceived by "multi-billion dollar markets" like healthcare. You'll make more money cornering the market in athlete's foot. Find an under-served population, give them value and dominate! Good luck...
     
  15. randomwoman

    randomwoman Newbie

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    I like your health Q and A site idea. I know when I had questions about some minor procedures I had earlier this year, I was always online looking for answers to my questions.

    Its been mentioned, but you do want to be careful about opening yourself up to legal actions. Talking to a lawyer and getting a good disclaimer professional written might help. I would just hate for someone to come to the site you own asking what they should do to stop some sort of medical issue, end up hurt because they followed the advice of another user, and then come after you for damages...

    Also, think about how much money it will cost to get everything up and people initially participating.

    Good luck on your business venture :). You seem very motivated which is always a good thing.
     
  16. ashok

    ashok Regular Member

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    thanks for your advice... why peoples want to sue me ? before their questions goes live what if i ask them to read the disclaimer...

    i am from india, so no lawyers no about internet stuffs...
     
  17. Markbh

    Markbh Regular Member

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    Hi Ashok!

    You being in India is a positive factor. I assumed you were in the US and serving US customers. India sets a much higher barrier for the golddiggers, just make sure you have the disclaimer well done. And as Randomwoman said, work it so, that your qualified advisors are easily distinguishable from fellow visitors.

    The reason for suing is to make easy money off you - American culture is very different from India and most of the remaining world in this aspect. :)
     
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  18. mangaleswaran

    mangaleswaran Registered Member

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    India give opposes to many things , we can earn very much less in india .If you offer the same thing to US or UK customers you get better payout . You better try to get some International customers for your software project or a JV To support yourself ..
     
  19. tbsweet52

    tbsweet52 Junior Member

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    I feel like in this day and age, people are looking for a quick solution. Therefore, creating a website management system is a good idea BUT most companies opt to find a designer (if they havent found him/her already) and just go with that. If Im running a legit business, the last thing I want to do is worry about creating a website and figuring out how to do it etc. Thats why you see business with such crap websites, because they let anyone build them and/or they do it themselves and fail.