mikodigital
New Contributor
Hello Fastlaners,
I am looking for a way to select the best idea for a Fastlane Business in an attempt to LIMIT RISK.
I have searched the forum and found very interesting threads about google and adwords but wanted to include it in a global approach, so this is what i did.
CENTS spreadsheet:
In very-CENTS.png attached, i put ideas in competitions:
In need-and-entry-formula.png attached, you can see that i am trying to determine entry and need with the help of google. i have 4 statistics available right now. On the far right, I have given a scale and importance factor for each statistics.
need = volume stat/volume scale*volume factor
entry = (results stat/results scale*results factor
+competition stat/competition scale*competition factor
+bid stat/bid scale*bid factor) / 3
total score = need - entry
>>> results :
- what do you think of both excels as a tool to chose your next fastlane business?
- for the NEED score, what statistics could we use other than monthly volume?
- for the NEED score, what kind of minimum monthly volume do we need for fastlane?
- for each statistics, what factor of importance would you give it to ponderate the score formulas?
- do you know of other tools or ideas, concepts to help me chose between the 10 startup ideas?
Thank you
I am looking for a way to select the best idea for a Fastlane Business in an attempt to LIMIT RISK.
I have searched the forum and found very interesting threads about google and adwords but wanted to include it in a global approach, so this is what i did.
CENTS spreadsheet:
In very-CENTS.png attached, i put ideas in competitions:
- i check if each idea is a Money Tree or not and what kind
- i give a personal score out of 10 for Control, Entry, Need, Time, Scale
- i give extra 1, 2 or 3 points for Interstates
- i sum up everything to get a Total score
- this helps me rules out ideas that are not money trees and will never be fastlanes.
- this helps me get a top 3 ideas that have a good score (45 or more out 0f 50)
- problem > i feel like it's easy to determine control, time and scale just with my own judgment, but that entry and need are very tricky, i need to dig deeper.
In need-and-entry-formula.png attached, you can see that i am trying to determine entry and need with the help of google. i have 4 statistics available right now. On the far right, I have given a scale and importance factor for each statistics.
need | google monthly search volume |
entry | google total search results |
entry | adwords competition score |
entry | average adwords bid |
need = volume stat/volume scale*volume factor
entry = (results stat/results scale*results factor
+competition stat/competition scale*competition factor
+bid stat/bid scale*bid factor) / 3
total score = need - entry
>>> results :
- only top 3-4 ideas get good score, ruling out all the others with very poor scores.
- within the top 3-4, one has a much greater score and seem to be the right way to go.
- what do you think of both excels as a tool to chose your next fastlane business?
- for the NEED score, what statistics could we use other than monthly volume?
- for the NEED score, what kind of minimum monthly volume do we need for fastlane?
- for each statistics, what factor of importance would you give it to ponderate the score formulas?
- do you know of other tools or ideas, concepts to help me chose between the 10 startup ideas?
Thank you
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