amp0193
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Hi everyone,
I have the time right now to dive into something deep, but I'm stuck between two business ideas and could really use your input:
1. Starting a PL in the Pet Industry on Amazon: The Pet Industry is booming, but I'm concerned about the level of saturation and fees Amazon can take from you. I've always wanted to start my own brand but I'm worried it wont go far with everyone doing the same thing and not having high enough margins. Competition could be ruthless.
2. Developing a business around a unique, unsolved problem: This would be ideal, but I've been trying for years and still haven't found that problem to solve yet. I don't know where to focus my energy or what markets i should be looking at. I'm thinking most of the opportunities are in the tech industry, but I have no background whatsoever and have always dreamed of creating a real physical product.
Thoughts?
Thanks guys
Kevin
IMO, you're not far enough along with either of these ideas to make a good decision, and maybe they even overlap each other.
"Starting a PL in pet". Ok, so you've narrowed it down to hundreds of thousands of potential products. You need to keep digging and niching down. I guarantee you there are products in pet where the existing options suck, and there aren't many people selling them. Find those products, and then you have a business idea.
In either case you have to solve a problem or fill an unmet need or you won't be successful.
There has to be some barrier to getting going, or you won't be successful (competition will come, as you said).
And also, the opportunities aren't mostly in tech, they are in literally every category, waiting for you to dig them up.