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Small Country, Fastlane Business

PersistentlyHungry

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Hello fellow hustlers!

At the moment, I live in a small country, which naturally limits market sizes in most niches.
I have a few business ideas and I'm in the process of choosing which one to execute.
My options:
1. 1st idea: Build a small online business in my small country, where I know the market, but its size is limited - which would prevent scaling.
2. 2nd idea: Build a global online business which would require more investment upfront (due to the project's size) - where I know less about the market, as I mostly test it from the outside.

Any insights into the matter from more experienced entrepreneurs?
Has anyone executed in a small space? Has anyone built something without knowing the market firsthand, just by studying it (and connecting with potential customers) via the internet?

Thanks!
 
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PersistentlyHungry

Bronze Contributor
Read Millionaire Fastlane
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Mar 25, 2017
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Israel
What experience do you have now?
I'm experienced with software development, not I'm not limiting myself to working with it.

How many have you sold?

Quit the analysis and get to selling.

Start.

Now.
Well, how do you know that what you aim to sell, will have clients? Shouldn't you at least studying the market a little bit before?
 

ZCP

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You are asking how to kick the gamewinning goal in a major soccer match when you have never touched a ball before.

I am suggesting you get out and kick the ball around to get some experience.

A question on how to do step 147 should not prevent you from starting step 1.
 

PersistentlyHungry

Bronze Contributor
Read Millionaire Fastlane
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Mar 25, 2017
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Israel
You are asking how to kick the gamewinning goal in a major soccer match when you have never touched a ball before.

I am suggesting you get out and kick the ball around to get some experience.

A question on how to do step 147 should not prevent you from starting step 1.
Interesting take.
So you basically suggest that I'll start offering a service (any service), and correct my errors as I go?
 

jon.a

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Interesting take.
So you basically suggest that I'll start offering a service (any service), and correct my errors as I go?
Pretty much. You've given us almost nothing to work with. So, we have to assume that you don't really have any experience. Given that, just go and try anything small. You'll likely fail but it won't kill you.
 

PersistentlyHungry

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Read Millionaire Fastlane
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Mar 25, 2017
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Israel
Pretty much. You've given us almost nothing to work with. So, we have to assume that you don't really have any experience. Given that, just go and try anything small. You'll likely fail but it won't kill you.
I understand, appreciate your insight.

Don't do nothing.
Thanks for the motivation :smuggy:

Software development (SAAS) is a big potential fastlane. Part of my fastlane plan is to move toward SAAS once I get more fluent with online webpage development.
One of my ideas is a SaaS application in nature - I agree that it has much potential in terms of offering continuous service, and an ability to scale out.
 

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Iammelissamoore

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One thing we will never know is the market, at least not without getting our feet wet. Living in a small country is no longer a reason not to connect with the global community, simply because we officially are globally connected in one way or the other.

If you are looking at Fastlaning, then, questioning the Commandment of Scale (where option 1 is concerned) will indeed provide your outcome, without you wetting your feet. Studying your market, while it may allow you to overstand your general demographic, won't exactly lend to the longevity of your business; trends change regularly and that can alter the requirements of your market, what you ought to do is keep abreast with them when providing your product/service, so you'll always be in sync with their desires and you'd be able to continuously be of great service to them - after all, they are the reason you're going into business.
 

PersistentlyHungry

Bronze Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Mar 25, 2017
73
107
137
Israel
One thing we will never know is the market, at least not without getting our feet wet. Living in a small country is no longer a reason not to connect with the global community, simply because we officially are globally connected in one way or the other.

If you are looking at Fastlaning, then, questioning the Commandment of Scale (where option 1 is concerned) will indeed provide your outcome, without you wetting your feet. Studying your market, while it may allow you to overstand your general demographic, won't exactly lend to the longevity of your business; trends change regularly and that can alter the requirements of your market, what you ought to do is keep abreast with them when providing your product/service, so you'll always be in sync with their desires and you'd be able to continuously be of great service to them - after all, they are the reason you're going into business.
That's what I'm finally realizing - Thanks for being clear about it.
Starting to get my feet wet today.
 

Walter Hay

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Hello fellow hustlers!

At the moment, I live in a small country, which naturally limits market sizes in most niches.
I have a few business ideas and I'm in the process of choosing which one to execute.
My options:
1. 1st idea: Build a small online business in my small country, where I know the market, but its size is limited - which would prevent scaling.
2. 2nd idea: Build a global online business which would require more investment upfront (due to the project's size) - where I know less about the market, as I mostly test it from the outside.

Any insights into the matter from more experienced entrepreneurs?
Has anyone executed in a small space? Has anyone built something without knowing the market firsthand, just by studying it (and connecting with potential customers) via the internet?

Thanks!
I have two Israelis (maybe more) operating online businesses selling physical products through Amazon USA, using Fulfillment By Amazon Amazon (FBA.)

One is a Fastlane member and the other is not. I might have more, but I know about these two because they have asked for my help from time to time.

By selling on Amazon USA they have overcome the problem of small market size. They never see or handle the products they sell, except for the samples when starting off.

If something of this kind is attractive to you, I suggest you have a look at my thread:
GOLD Sharing my lifetime experience in export/import. Product

Best wishes,
Walter
 

PersistentlyHungry

Bronze Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Mar 25, 2017
73
107
137
Israel
I have two Israelis (maybe more) operating online businesses selling physical products through Amazon USA, using Fulfillment By Amazon Amazon (FBA.)

One is a Fastlane member and the other is not. I might have more, but I know about these two because they have asked for my help from time to time.

By selling on Amazon USA they have overcome the problem of small market size. They never see or handle the products they sell, except for the samples when starting off.

If something of this kind is attractive to you, I suggest you have a look at my thread:
GOLD Sharing my lifetime experience in export/import. Product

Best wishes,
Walter
Wow, thanks Walter! Looking into it.
 

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