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Business Idea - Where to go from here

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  • 06-04-2006 2:36pm
    #1
    HelterSkelter
    Closed Accounts Posts: 2,585 ✭✭✭


    Hi all,

    just looking for a bit of advice or someone to point me in the right direction.

    Basically I have a (good) idea for a new business. Obviously I don't want to go into details but basically it involves opening up a shop and selling an existing product in a way it is not currently sold. I can see great potential in this untapped market.

    The thing is how can I go about setting this up. Because the product is not currently sold in this way I am going to have to invest in new equipment (i.e. needs to be designed). I don't want anyone to steal my idea!

    I'm rambling a bit here but can anyone offer any advice?

    Thanks.


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    #2
    whizzbang
    Registered Users Posts: 1,366 ✭✭✭whizzbang


    I guess the standard quesitions stand.

    1.) If no-body else has done it before WHY have they not?
    2.) What is to stop somebody else form copying yoru idea and undercutting you in a few weeks time?
    3.) How can you do it cheaper?Less manual labour, more automation, sourcing cheaper suppliers, asking favours of family and friends?
    4.) How can you test the market before investing a large amount of money? IE can you do this without designing the new hardware? even if it takes mroe work just to see if people go for it?
    5.) Designing new equipment takes time and money, could you adapt existing equipment to do the job?
    6.) How can you spread the word about this new service/product?
    7.) How much money and time are you willing on getting out of this?
    8.) When is your break even point?
    9.) Can you run the business on your own to start? Saves employing people and all the paperwork in that!
    10.) How much will people spend on this?
    11.) If you had 30 seconds in a lift with an investor to explain your business and why it will succeed could you?

    thats all I can think of for now!

    J


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    #3
    is_that_so
    Registered Users Posts: 32,136 ✭✭✭✭is_that_so


    And have a look here


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    #4
    HelterSkelter
    Closed Accounts Posts: 2,585 ✭✭✭HelterSkelter


    1.) If no-body else has done it before WHY have they not?
    - I can only persume it has not been thought of before. Although I think there may be dark forces/vested interests who might try to stop it happening

    2.) What is to stop somebody else form copying yoru idea and undercutting you in a few weeks time?
    - That worries me!

    3.) How can you do it cheaper?Less manual labour, more automation, sourcing cheaper suppliers, asking favours of family and friends?
    - I think other companies with connections could easily copy my idea and undercut me

    4.) How can you test the market before investing a large amount of money? IE can you do this without designing the new hardware? even if it takes mroe work just to see if people go for it?
    - That is possible although I would still need a premises in a busy shopping area to operate from

    5.) Designing new equipment takes time and money, could you adapt existing equipment to do the job?
    - Maybe

    6.) How can you spread the word about this new service/product?
    - Advertising

    7.) How much money and time are you willing on getting out of this?
    - If it is a goer I will go full time at it

    8.) When is your break even point?
    - Dunno! Haven't got that far yet

    9.) Can you run the business on your own to start? Saves employing people and all the paperwork in that!
    - Could do it with help from family and friends

    10.) How much will people spend on this?
    - Less than they currently do!

    11.) If you had 30 seconds in a lift with an investor to explain your business and why it will succeed could you?
    - YES!


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    #5
    drdre
    Closed Accounts Posts: 8,245 ✭✭✭drdre


    whats the idea? so then we can help you more.


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    #6
    whizzbang
    Registered Users Posts: 1,366 ✭✭✭whizzbang


    drdre wrote:
    whats the idea? so then we can help you more.
    I think HelterSkelter is keeping shtum until th eproject is a bit further along, whatever it may be!


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    #7
    drdre
    Closed Accounts Posts: 8,245 ✭✭✭drdre


    whizzbang wrote:
    I think HelterSkelter is keeping shtum until th eproject is a bit further along, whatever it may be!

    i know that but i was just asking so we can give our comments once we know abit more.


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    #8
    Downtime
    Registered Users Posts: 1,537 ✭✭✭Downtime


    HelterSkelter wrote:
    Hi all,

    just looking for a bit of advice or someone to point me in the right direction.

    Basically I have a (good) idea for a new business. Obviously I don't want to go into details but basically it involves opening up a shop and selling an existing product in a way it is not currently sold. I can see great potential in this untapped market.

    The thing is how can I go about setting this up. Because the product is not currently sold in this way I am going to have to invest in new equipment (i.e. needs to be designed). I don't want anyone to steal my idea!

    You need to ask yourself - What is your value proposition? Why would someone buy off you? Have you a business plan in place? How much market research have you in place? What is your product core? What other values services can you offer against the competition? What is the market like? Do you need investment? Why would someone invest in your business?

    You should try and get a busines plan together - the figures will be especially important.


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