Web Start Up - Where to begin

louloumc89

Hi there,

I am a marketing masters graduate who is interested in setting up a website not unlike hubspot, but not inbound marketing. The idea is a niche I discovered while writing my thesis, concerning analyzing online data.

I have business and marketing experience, I can code a little and build websites, but this is a much more complicated job than my skill set will allow. I am looking to find out if anyone has any experience in web start ups, general advice, and who could maybe point me in the direction of a coding expert (python, twitter apis, html etc) who I could partner with on this start up idea.

Any help/advice/tips/insight appreciated!

jmcc

First and last question: How will your idea make money?

Regards...jmcc

Raging_Ninja

Have you talked to potential customers about your idea to gauge interest? Have you got legal advice about any regulations you might need to comply with? Have you talked to potential investors? How do you intend to pay staff and afford IT infrastructure?

louloumc89

Hi thanks for your questions!

Hey Jmcc, good question. Too many websites out there not making money. It would be a freemium business model (similar to hootsuite), where there would be some free tools and you pay for advanced features. I have considered many business models, but I think this is the most suitable for this type of business.

I have done a thesis on data mining and sentiment analysis. I have also worked as a marketing manager and in business for a few years before going back to do my masters. I thought this tool would be exceptionally useful so I talked to other marketing managers and personnel and they also feel it is very much in needed and would be willing to pay for it. But no, I have not done sufficient market research to launch it. I want to meet with someone more technical and see what the possibilities and limitations would be on their end before I do more market research (focus groups, surveys etc).

I'm not sure what you mean by legalities? If you mean the legalities of setting up a business, that is something I am very familiar with, however if you mean the legalities of analysing data on the web, it's hard to talk about without explaining the business.

How do I intend to fund the start up? There are a number of programs for high potential start ups here in Limerick. This is far too early days to be approaching investors however.

Thanks for the questions guys, specifically, if anyone knows of a good place to look for talent, I am looking for someone who specialises in data analytic and who is proficient in many languages to talk through the very early stages of this idea with. I am at a very very early stage in this process. I literally just have an idea at this stage.

Evil Phil

Here a couple of good places to start in terms of getting partners/talent on board, and can help build up your idea.

http://www.startups.ie/

http://dublinstartupjobs.com/

jmcc

louloumc89 wrote: »

Hi thanks for your questions!

Hey Jmcc, good question. Too many websites out there not making money. It would be a freemium business model (similar to hootsuite), where there would be some free tools and you pay for advanced features. I have considered many business models, but I think this is the most suitable for this type of business.

Most websites don't make money. The problem with the freemium approach is that it is very difficult to convert a free user into a paying customer and they always have the option of going free again.

I have also worked as a marketing manager and in business for a few years before going back to do my masters. I thought this tool would be exceptionally useful so I talked to other marketing managers and personnel and they also feel it is very much in needed and would be willing to pay for it.

That's a major issue with the model. (You may not have come across it in your masters but you will, if the lecturers are in any way clueful have it explained in any startup programme you join.) Middle management and lower generally don't have the ability to say yes and purchase a product. They may ooh and ahh about the idea but they won't buy it.

But no, I have not done sufficient market research to launch it.

You have to be able to quantify your market before you build the product. Otherwise you can end up building the best product ever but one which nobody will buy or use.

I want to meet with someone more technical and see what the possibilities and limitations would be on their end before I do more market research (focus groups, surveys etc).

Forget that stuff you picked up from virgin lecturers who never did anything of worth. Quantify your market. See if there are any similar products on the market. See how much they retail at and if possible how many copies/seats they get. That kind of basic research should provide some kind of indication of the market and it doesn't need surveys etc.

How do I intend to fund the start up? There are a number of programs for high potential start ups here in Limerick. This is far too early days to be approaching investors however.

Many of those HPSU programmes have a tough selection process and if you don't have any research or solid ideas about your product, market and financials, then you might not even get to the second interview.

Thanks for the questions guys, specifically, if anyone knows of a good place to look for talent, I am looking for someone who specialises in data analytic and who is proficient in many languages to talk through the very early stages of this idea with. I am at a very very early stage in this process. I literally just have an idea at this stage.

Seems more like you are looking for a business partner (you may have the business knowledge but they would supply the tech knowledge). It might be worth asking in the Entrepreneurial & Business forum as well: http://www.boards.ie/vbulletin/forumdisplay.php?f=106

Good Data Science people (that's the current buzzword) are quite rare and it is a seller's market at the moment. But it looks like you need programmers and DS people.

Regards...jmcc

beauf

Don't start with an idea. Start with a detailed business plan. An idea on its own isn't enough to attract people.

fergalr

Context:

louloumc89 wrote: »

The idea is a niche I discovered while writing my thesis, concerning analyzing online data.

jmcc wrote: »

Most websites don't make money. The problem with the freemium approach is that it is very difficult to convert a free user into a paying customer and they always have the option of going free again.

https://mixpanel.com/pricing/
https://www.optimizely.com/plans/

ressem

Get a business plan done.

Try and photoshop up the first draft of user and customer workflow stories, how they will progress through the site. It'll be mostly wrong, just gets you thinking about requirements.

How about looking at
http://www.newfrontiers.ie/about

at least for the phase 1 part to get an independent assessment of your niche idea, with the possibility of a tie-in with the IT to get started with development in phase 2.

LIT is included as one of the participating colleges.

louloumc89

Thanks guys, yea I know a couple of start ups who went through the new frontiers program. This is my second business. I am most definitely looking for a partner, I certainly would be providing the marketing & business/entrepreneurial side of things, while they would need to provide the tech side. Thanks for your personal opinion on lecturers and the freemium business model. Finding the right person is the most important thing to me right now. I have nothing to sell or propose but an idea right now. Cheers for the links to the business forum, I will head over there for a browse now.