choosing between 4 ideas

[NuclearPuma]

So I have 4 ideas, and am trying which to run with, and I am even maybe thinking of trying all four but at least need an order to attempt them.

Idea 1 I am definitely doing because it seems like the highest barrier to entry, highest profit margins, and will be fun to design build and market from the ground up, and I'll have a partner who has more experience than me to learn from.

Idea 2 I think maybe I should ask my partner for idea 1 to partner on this idea as well. He actually has some resources and contacts already in place that would make this one a lot easier, he may be willing to help even without a partnership, but it seems there could be an advantage to working together.

The ease of attempting 3 and 4 is such that it seems dumb not to even try. All i really need is a good logo and pictures. Low risk, high potential reward being first into the space. Number 3 I can envision growing pretty large and last over the long term, number 4 is more likely to be a viral campaign worth maybe 5 figures.

1). 50/50 partnership with a co-worker. We found a product we believe we could design, manufacture and sell for much less than what is currently on the market. there appears to be a need, Competition is low (only 2 manufacturers), profit margins will be high (current products start at $3,000), barrier to entry is high, as it requires complete product design and engineering. We are both mechanical engineers, so the design and manufacturing steps are no different than we do for our slow lane jobs. Time to prototype and launch, 3 to 6 months. High barrier of entry, even for companies with all of the resources, because dedicating engineering time to a new product is risky.

2). Car Care product... easy to make, need to contact suppliers and manufacturers. Easy to sell from simple website. Demand would mostly be from marketing and product being better than what exists. A a new twist on a common product. Barrier to entry could be low for existing manufacturers, could be a race to the bottom if someone wanted to copy the idea. Profit from $10 to $30 a sale, depends on cost to produce. Time to prototype and launch 1 to 2 months. Medium barrier to entry from scratch, easy for existing manufacturers.

3). Gift to be sent through mail. I looked for this specific gift and found a web site that has the same thing as one of thousands of products, but I think it could do well marketed as a stand alone product on a website dedicated just to it. The need is there around the holidays, and I was surprised I could not find a dedicated website for this product. Profit would be about $10 per sale. Time to prototype and launch, less than 1 month. Low barrier to entry

4). Basically a scheme to go viral like those glitter cards or bag of dick. It's similar to those, but with a specific emotional tie that might reduce pool of customers, but being more targeted I can see it going viral with a specific audience which is the intent and origin of the idea. The audience is still comprised of a few million, but not hundreds of millions like the generic glitter or dick mailers. Time to prototypoe and launch, less than 1 month. Profit $5 to $10 per sale. By far lowest barrier to entry, but I already snapped up a dozen domain names to make it more difficult, along with plans to be superior branded than most would be willing to do.

In order of need these probably rank

1. Idea 3 and 1
2. Idea 2 and 4

Idea 2 could be suitable for kickstarter, the others are not.

How should I proceed... I am thinking of working ideas 1 and 3 simultaneously... then maybe idea 4 with help of a friend in advertising who thinks it's good and want to do the branding. Then idea 2...

What will get me on the fastlane the quickest? If I could have all of these ideas each up and running together they could combine for a few thousand a month... if they gain traction.... onto 5 figures a month.

 

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[AndrewNC]

1- only pick one. We only have a limited amount of mental energy each day and we can build something much bigger by putting all that energy into one thing instead of spreading it out between multiple halfassed projects.

2- which one has a solution to a problem people are begging for?

 

[NuclearPuma]

before I can answer your second question I need to ask the market with an MVP, at least that is my current thinking, I would like to test an MVP for each. I can work on one at a time. Ideas 2, 3 and 4 could fall under the category of a muse as defined in the 4HWW... don't require a lot of time, but can produce some cash flow.

The first idea, the 50/50 product design, I think has the most potential for a long term company due to the barrier to entry being high. We will discover the extent of the need once we launch the first prototype, but a need is there and we think we can make a better product, or at least equal quality at a lower price (probaby can sell it for $1,000 less than competition), and also market it better than what is out there.

It may be better to push for idea 1 hard, but I also would like to peruse something in which I have no partner as well so I can be more independent and have more options.

 

[blackhat]

If I could have all of these ideas each up and running together they could combine for a few thousand a month... if they gain traction.... onto 5 figures a month.

I think you should focus on quality of execution rather than quantity. Pick one to start, give it your all and pivot as needed.

If not, then why stop at 4? Get 8 up and running. Or better yet, get 16 ideas going for even more profit.

Just my .02 cents.

 

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[JDM]

Totally agree with what others have said. Dividing your attention between mutliple ideas in the crucial early stages might not be the best way to go. With that said, you might look to get one of the quick, low barrier to entry ideas going while you're doing the engineering for the first idea.

 

[Cynthia Nataline]

1. Survey each of your target market for each idea.
2. Which one has more urgency? Which target market is actively looking for solutions?
3. Focus on that one and make that work first before starting the second one.

People can succeed only with 1 business that done right. You can succeed in multiple businesses but not by starting multiple businesses all at once. Look at other successful people, millionaires, billionaires, how they all started.

Let's take for example Sir Richard Branson. Yes, he has succeeded in multiple businesses but how did he started? By working on 1 business first. Succeeded in his business one by one.

 

[wilddog]

Just my 2 cents.
I'm a car detailing fanatic. To me, there is nothing more cathartic than cleaning, DA polishing, waxing my cars on a sunny day.
There's 2 schools of car care products. Cheap no-name products at Walmart that most people buy. And brand name companies that detailing enthusiasts buy from.
For the former group, it's literally a race to the bottom. The cheapest product wins.
For the later group, you need credentials to sell to people like me. Why should I buy from you compared to well known brands like Meguiars, Mothers, Griots, Chem Guys, etc? While some of these popular brands are actually private labelled, they are headed by lifetime detailers that bring massive amounts of experience to the table. Tons of videos, tutorials, Q&As. Car care is one of those industries where people expect alot of free Value.

A relatively new player to the game is AmmoNYC. You can tell this guy is just private labeling his stuff.
But this guy is Killing-It with his Youtube videos. Hundreds of hours of videos of him detailing super cars and explaining the process.
This is what winning in care car looks like.

Cheers

 

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[NuclearPuma]

I know probably any of these could be possible successes if I work my a$$ off and just thinking about what it takes is de-motiving as in negative thoughts like "I'll never get to there...."

Affirmations from Think and Grow Rich have helped my confidence.

I have decided to give most of my free time to starting an investment and trading website because this would require the smallest learning curve in terms of expertise on my part. I have yet to define what my "niche" will be as I know in this crowded genre a distinctive focus and value proposition will improve my odds of success. I have been studying options trading and following the markets for a few years now.

I took a very critical approach to information I consumed from books, the internet, and media and believe most of what is sold out there is really either a) advertised as something it's not b) settles for average. I would like to offer a genuine, transparent critical and conservative approach to maximize investment and trading returns. So many systems say one thing in theory but analysis of application shows they are terrible.

I feel my conclusions are counter to most of the information and advice out there. I think my insight as to why i think the way I do is what may have value to the market.

My goal in the first year would be just to establish a solid website with excellent free content while building a public track record of positive trade and investment outcomes.

After 6 to 12 months or as progress dictates I would like to open up a $30 per month newsletter and communication service to a max of 100 subscribers. This would include real time trade updates with subscribers. Some of the most valuable advice must be constrained to a small few due a low trade volume of some of the instruments (don't want 1000 people that might subscribe to end up being 5% of the volume).


My Mom recently retired and I have been meeting with her once a week to help her manage and get the most out of her retirement investments. What I want to share is the same advice and information I share with my mom.

I feel like a lot of the online trading and investment space is really scammy and shady. The most recent example is today coming across a web page for a trading system that would even automate your trades for $125 per month. They at least had more transparency than most others but for the $125/mo they charged, the strategy has too many cons and potential pitfalls. It advertised 10% per month.... too good to be true, and you know what they say. And people pay $125 per month for this? Just crazy.

 

[NuclearPuma]

Just bumping this thread to say I've had so many ideas that could all be potential businesses most better than the ones I was thinking about here.

With so many ideas now I realize it's about time and execution.

I have begun design of a product that is not any of the ideas here, and solves my own problem. I am focusing on this one idea until the market speaks and either does well or tells me to move on.

If the first fails I have a laundry list of potential businesses. What scares me is the thought each may take a year, and I only have so many years. It's a long processes.

I am thankful to authors like MJ and Tim Ferris who really changed my thinking and once it clicked I saw possible businesses everywhere.

Now the next thing beginning to click is the execution and hard work part. I have been getting up earlier every morning the last two weeks making progress before I go to my day job. Family obligations sometimes slow me down sometimes but I am determined to get it done. Getting up even earlier is my next major self improvement goal to have more time to work on my fastlane. I'm now focused on the process more than ever.


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