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My Idea and My Inquiries

Discussion in 'Starting Your Business' started by FrankFKA, Aug 17, 2016.

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  1. FrankFKA Member

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    Hello everyone :)
    Here is an idea that I've been working on.

    What it is: To be brief, an idea marketplace

    How it works: In my MVP (targeted towards entrepreneurs and small business owners), members would post an inquiry at a specific budget price. Other members would bid on the inquiry. The poster can then select a bidder and accept the bid. The payment is then sent to the primary receiver (Me).
    Both the poster and bidder now have access to a workspace, where the inquiry is hopefully solved.
    Afterwards, the inquiry would be marked complete. At this point the primary receiver (Me) would send payment to the secondary receiver (bidder) minus the transaction fees.

    Monetization: Ideally I would take 15% of each transaction. As the site expands I would offer the option for free postings (if someone just wants to give an idea out for free) and I would also integrate advertising

    What I have done: I have built the website using WP and a paid WP theme. I have created a pre-launch page with mailchimp integrated.

    Some Issues: The paid WP theme promised PayPal escrow, but now PayPal says that they don't allow escrow for marketplace models. The theme-makers says that they're working on it, but I may need to integrate some sort of digital credit system.
    I also have zero experience in launching and UA. I'm not quite sure about how to get users, especially for a marketplace

    What I would Appreciate: Some general comments about my business model. Ideas that would increase the value of the marketplace. Any resources that would be helpful. Tips for launching and UA.
     
  2. azgold

    azgold Moderator MVP Member

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    @T J Tutor is the man to help you here. I'm sure he'll be around soon.
     
  3. VirtualGlobalPhone

    VirtualGlobalPhone Moderator MVP Member

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    @FrankFKA , Good concept.
    Correct me if i am wrong.. Your whole service stands on quality of 'bidders' you have, who need to satisfy the members.

    The market is very very big... A focused , niche area will help .. hope you have done all ground work.
     
  4. Hassan

    Hassan Member

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    Good idea. Gives the security for your money and eventually the standard of bidders will improve.You would require strict policy to cleanse out the good ones from bad ones.
    Do share the website add.
    Good luck
     
  5. FrankFKA Member

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    Will definitely share that when I'm done.

    You are correct.
    This is a concern for me. I've narrowed it down to a business-focused marketplace, but how focused should I be?
    For example, would I start with one aspect of business, such as creating a business plan or concept development? Or is that too focused?
     
  6. VirtualGlobalPhone

    VirtualGlobalPhone Moderator MVP Member

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    @FrankFKA , Probably you are still working 'in the business'. The focus starts from viewing the business from the top view and then narrow down on which verticals in the market is profitable then put the whole resources here and starts small ..

    Example: Lets say you focus on Software development as one of the sub vertical in IT. Then look into the market which all vendors who can support your concept at what price etc... then put that in a marketable service . List this as one serve which entrepreneurs can send their requirement to .. etc
     
  7. FrankFKA Member

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    Correct me if I'm wrong @VirtualGlobalPhone
    Your tip is to analyze missing "holes" in certain niches where readily available advice is not there.
    As such, I would be able to expand into these niches and have a successful marketplace going.
    Is that correct?
     
  8. VirtualGlobalPhone

    VirtualGlobalPhone Moderator MVP Member

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    @FrankFKA ; Yup its one of the selective, of so many choices available and may be a good start ...

    Best wishes.
     
  9. FrankFKA Member

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    Thanks a lot @VirtualGlobalPhone
    How do you recommend me conducting this research?
    How do I spread the word?
     
  10. VirtualGlobalPhone

    VirtualGlobalPhone Moderator MVP Member

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    @FrankFKA ; one of the very important aspect of being entrepreneur is to have your own way of path not some one else.

    Don't depend on too much what others say just take the gist of it. Keep moving where your heart and passion takes you.

    You cant replace your own required hard work with some one else smart idea. It usually never works...
     
    azgold likes this.
  11. FrankFKA Member

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    I understand

    So just an update.
    I'm thinking of going more vertical. I'm not looking for an answer, I know that should be my responsibility, but I'm looking for some input on my current situation.
    My site (NOT LIVE!) is thnkvrs.com
    I've chosen three verticals to focus on. I need to vet one to launch with:

    • Amazon/eBay Selling & Sourcing: Lots of money in this area. Most sellers are making decent money and would like to scale up, meaning they have the funds to pay for ideas and are motivated to expand.
    • App Dev/Publishing: Mobile games make a lot of money when done right, and people are aware of that. There are also lots of questions in this specific area, and would give me the head-start into expanding into non-business related areas (coding, graphic design, etc.)
    • Brand recognization for social marketers: Overlaps with the previous sourcing idea. With the right marketing there is lots of money to be made. You can turn a $10 watch into a $100 watch with the right following. These entrepreneurs also have a decent sum of money, as they would need to pay for manufacturering and branding costs.
    What do you guys think?
     
  12. Jean Member

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    Great concept buddy!
     
  13. Good business model bud..all the best for the venture
     

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