Thread: I just got run over by a fastlane business idea

Get a customer to pay you to be the first to use your product/service. That's the easiest and fastest way to test if the business is viable.

How to tell if you have a great idea

"When I ask entrepreneurs why someone should invest in their company I often here this response, “Because we have no competition, no one is doing what we can do.” *Then, I have to break the news to them that in 99% of cases this is going to be a major turn off to investors. *If you have no competition at all, the question is why not? *Maybe others have tried to implement this idea and it did not work. *Maybe the challenges are too great for you to succeed. *Additionally, competition can actually be really helpful, because it gives management someone to learn from, and compete against. *Competition can help keep the management accountable. *If customers are choosing your competitor consistently, investors know it is time to change management. Without a competitor to benchmark against, an investor is left in unknown territory. *There are some investors that love to take huge risks in unproven industries and with unproven business models, but those kind of investors are rare. *If you don’t have competition, you must be prepared with a really good reason to the question “why not?”

4 Most Common Myths Entrepreneurs Believe About Raising Capital

Thanks Rickson, I plan on doing that but I dont have a website up yet and to be truthful I dont know the first thing about building a website so it looks like I will be paying a designer.

Originally Posted by gfrye13

Thanks Rickson, I plan on doing that but I dont have a website up yet and to be truthful I dont know the first thing about building a website so it looks like I will be paying a designer.

Wordpress

Is it truly Fastlane, though? Before going head-first with the idea, compare it to the NECST (Need, Entry, Control, Scale, Time). If it meets those criteria, THEN do what Rickson suggested.

Originally Posted by The-J

Is it truly Fastlane, though? Before going head-first with the idea, compare it to the NECST (Need, Entry, Control, Scale, Time). If it meets those criteria, THEN do what Rickson suggested.

1. Need- After doing some research this topic is searched on google 24 million times a month.
2. Entry -I am not sure yet
3. Scale- I think the need will determine this
4. Time- TBD

Originally Posted by Mike39

Wordpress

I know how to do Wordpress, but i dont know if wordpress has themes geared at my type of site idea.

ok After doing some research wordpress does have a theme similar to what I want. So If I get a domain and this them I still need to find a developer who can help me build this site. Any Advice.

Originally Posted by gfrye13

ok After doing some research wordpress does have a theme similar to what I want. So If I get a domain and this them I still need to find a developer who can help me build this site. Any Advice.

can't recommend anyone necessarily, get someone local though!

Mike39 when you say local you mean where I am or local as in the USA

Originally Posted by gfrye13

Mike39 when you say local you mean where I am or local as in the USA

Local as in around here you live, if you find someone reasonably priced not in your area, sure you could make it work, but make sure they have a portfolio to show you and if you can, try to meet face to face before you hire him. just make sure they are not a 12 year old trying to make an extra couple of bucks using some B.S. wordpress design if you know what I mean. The other real benefit of someone being local is you can meet in person and discuss ideas on a piece of paper, you can decide what the site is going to look like, what is going to work, and what is not (on the coding/programing side). If you can fly out and meet with some guy 3 states away, go for it its all about how much your willing to pay for your site. Another good point, for the most part, you get what you pay for, if someone is willing to design your site for $300, they are probably extremely inexperienced or a scammer. Hope that helps some, good luck!

well the problem is mike. I am in the United Arab Emirates so local for me is Abu Dhabi or Dubai. I do understand what you mean by a B.S. wordpress design. I really feel pulled right now because I am not sure where to start besides a domain name and a wordpress site. I have the idea in my head and on paper but not sure how to take it from there to a website then to the customer. Mybe I need to sleep on it and start fresh in the morning

Is a website really needed to get a customer?

Somehow I doubt it, unless you are actually selling a website, even then you could get the customer first.

Rickson's advice is spot on. Even if you just get a contract for a sale.... "If I can deliver this, at this price, will you sign this agreement to pay me $xxx?"

Even if you can get that, you have a business.

Originally Posted by Jonleehacker

Is a website really needed to get a customer?

Somehow I doubt it, unless you are actually selling a website, even then you could get the customer first.

Rickson's advice is spot on. Even if you just get a contract for a sale.... "If I can deliver this, at this price, will you sign this agreement to pay me $xxx?"

Even if you can get that, you have a business.

Oh I totally agree. Im actually selling a service provided by a website. Think Hotwire or expedia. The service is in the website. Now I will be trying to get customers but I was wondering do you think I need to show them something first. I mean I am a newbie to this whole idea, so I am soaking up all of your advice.

Originally Posted by gfrye13

do you think I need to show them something first

It probably depends on the industry and how good of a salesperson you are.

If you tell me that you can get me a flight from NY to LA at 80% of the cost of what it costs on Hotwire, and it is with the same major airline, you'll have me signed up without showing me anything tangible. If you're trying to sell me a piece of clothing, I'll want to try it on, unless you can convince me you are such a good fashion consultant that I'll love it without even seeing it, and you have a 100% return policy... you see what I mean?

The point is, don't put any unnecessary steps in way of getting your first customer. Knock on some doors, if 5 out of 5 potential customers all tell you they have to see a website, then do the site, if not, keep finding ways to sell without it.

Originally Posted by gfrye13

well the problem is mike. I am in the United Arab Emirates so local for me is Abu Dhabi or Dubai. I do understand what you mean by a B.S. wordpress design. I really feel pulled right now because I am not sure where to start besides a domain name and a wordpress site. I have the idea in my head and on paper but not sure how to take it from there to a website then to the customer. Mybe I need to sleep on it and start fresh in the morning

I agree with jonleehacker (to a point), but if your business requires a website or is a web based business, then you can probably find a legitimate source in the U.S, maybe someone on here would have a referral for you? I don't simply have only done my own basic web design up to this point (i will need to find a designer in the next 6 months though). It will be more difficult to do, but I think you could try things like using Skype or something similar and get the job done a little faster!

Originally Posted by Jonleehacker

It probably depends on the industry and how good of a salesperson you are.

If you tell me that you can get me a flight from NY to LA at 80% of the cost of what it costs on Hotwire, and it is with the same major airline, you'll have me signed up without showing me anything tangible. If you're trying to sell me a piece of clothing, I'll want to try it on, unless you can convince me you are such a good fashion consultant that I'll love it without even seeing it, and you have a 100% return policy... you see what I mean?

The point is, don't put any unnecessary steps in way of getting your first customer. Knock on some doors, if 5 out of 5 potential customers all tell you they have to see a website, then do the site, if not, keep finding ways to sell without it.

Isn't there the question of scale in your thinking, if you can design a great website for relatively cheap, and you can reach anywhere from 50k-900k potential customers a month, isn't that a far greater resource than whatever you are doing? I'm just saying that's a lot of doors to knock on

Originally Posted by Mike39

Isn't there the question of scale in your thinking, if you can design a great website for relatively cheap, and you can reach anywhere from 50k-900k potential customers a month, isn't that a far greater resource than whatever you are doing? I'm just saying that's a lot of doors to knock on

It's true, and that's why I mentioned that the debate is difficult without knowing the industry.

BUT, he will be infinitely closer to 50k customers when he has "1" than when he has "0"

Originally Posted by Jonleehacker

BUT, he will be infinitely closer to 50k customers when he has "1" than when he has "0"

Agreed!!

Originally Posted by Jonleehacker

It's true, and that's why I mentioned that the debate is difficult without knowing the industry.

BUT, he will be infinitely closer to 50k customers when he has "1" than when he has "0"

I agree also, I will definitely get things rolling. I will keep you guys updated on my success and failures so that you guys can help me fix my failures.