Someone (shark) already doing it....worth pursuing?

[JohnG26]

Hi all,

I only joined the forum yesterday and this is my first post so be gentle!

I've not long finished listening to The Millionaire Fastlane as an Audiobook (beneficial use of my time commuting to work) and my mind has been working overtime since. It was recommended by a friend and I was sceptical at first, however, it really has completely changed my mindset and I have been noting down ideas ever since.

I have come up with an idea for a social networking site/forum that I think is extremely relevant at the moment and think would be very popular. I also think it satisfies a need that the existing social networks don't...however, a quick Google search shows that someone has already launched it this year, and by someone I mean a major player in the social networking game with substantial funding! It looks as though they have been predominantly targeting the US market so far though and I am from the UK. My plan was to drum up support at a local level and grow from there.

I know, I know...take the idea and execute it better, but when up against such stiff competition I'm wondering if I would be wasting my time.

It's also worth mentioning I have no experience in web development/design or marketing, so I would literally be starting from scratch.

I really believe in the idea so would be good to hear some thoughts!

Regards

John

 

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[edward222]

Read this.

https://www.thefastlaneforum.com/co...arn-from-this-shark-tank-success-story.51752/

 

[JohnG26]

Read this.

https://www.thefastlaneforum.com/co...arn-from-this-shark-tank-success-story.51752/

Hi Edward,

Thanks for your response and for sharing that post...very inspirational and a lot of good lessons to be learned.

I'm not, however, totally certain which particular point you were directing me towards.

I think my situation is different in that the service has already been implemented and by someone who will likely execute it effectively, albeit it is still in the early stages.

Regards,

John

 

[GrayCode]

Hi all,

I only joined the forum yesterday and this is my first post so be gentle!

I've not long finished listening to The Millionaire Fastlane as an Audiobook (beneficial use of my time commuting to work) and my mind has been working overtime since. It was recommended by a friend and I was sceptical at first, however, it really has completely changed my mindset and I have been noting down ideas ever since.

I have come up with an idea for a social networking site/forum that I think is extremely relevant at the moment and think would be very popular. I also think it satisfies a need that the existing social networks don't...however, a quick Google search shows that someone has already launched it this year, and by someone I mean a major player in the social networking game with substantial funding! It looks as though they have been predominantly targeting the US market so far though and I am from the UK. My plan was to drum up support at a local level and grow from there.

I know, I know...take the idea and execute it better, but when up against such stiff competition I'm wondering if I would be wasting my time.

It's also worth mentioning I have no experience in web development/design or marketing, so I would literally be starting from scratch.

I really believe in the idea so would be good to hear some thoughts!

Regards

John

If you are talking about learning coding, Go for it!

If this idea fails but you learned to code because of it, you will be able to more easily get the next idea done.

 

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[JohnG26]

If you are talking about learning coding, Go for it!

If this idea fails but you learned to code because of it, you will be able to more easily get the next idea done.

Thanks Matthew...if talking from experience, would you recommend any particular website / book?

 

[GrayCode]

Thanks Matthew...if talking from experience, would you recommend any particular website / book?

Yes, talking from experience, check out my thread: https://www.thefastlaneforum.com/community/threads/my-saas-business.64181/

Started to learn code 4 months ago, from scratch. No prior knowledge.. already developing my SaaS business on my own.

As far as which language, i would say it depends on what you are doing?

App? or website?

 

[JohnG26]

Yes, talking from experience, check out my thread: https://www.thefastlaneforum.com/community/threads/my-saas-business.64181/

Started to learn code 4 months ago, from scratch. No prior knowledge.. already developing my SaaS business on my own.

As far as which language, i would say it depends on what you are doing?

App? or website?

Eventually both...

 

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[GrayCode]

Eventually both...

Well, you have to start somewhere and in my opinion apps are probably way more expensive to build out so i would start learning to code in swift iOS language for apple. I started out at Udemy.com with the course by rob percival.

The course is $299 but i got it for $10 and so can you! just have a quick google for a promo code and i am sure you will find one.

 

[David Young]

Hi John,
Also a recent member from the UK, and have recently looked into some aspects of the building a social network. Building a basic network is relatively straightforward with little if any coding experience required- though an appreciation of how databases work and a LAMP type stack get the job is useful. there a a number of free and cheap options available depending on what functionality you want. For me the big questions were/are (1) how to customise the experience, (2) how to guarantee a USP and (3) how to build the community. There will always be people offering something similar so that in itself shouldn't put you off. Happy to brain storm the ideal more if you want

 

[JohnG26]

Hi John,
Also a recent member from the UK, and have recently looked into some aspects of the building a social network. Building a basic network is relatively straightforward with little if any coding experience required- though an appreciation of how databases work and a LAMP type stack get the job is useful. there a a number of free and cheap options available depending on what functionality you want. For me the big questions were/are (1) how to customise the experience, (2) how to guarantee a USP and (3) how to build the community. There will always be people offering something similar so that in itself shouldn't put you off. Happy to brain storm the ideal more if you want

I'm sure there is a requirement for this and am confident I could generate interest, at least locally, in the first instance. It's entirely scalable also if successful. I haven't carried out much in the way of research yet, only what's in my head so I'll need to do a bit of digging and begin to refine ideas. Thanks for the pointers

 

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[David Young]

I suggest you develop a very clear ide of how the site would work and members interact, though the look of the site is important the fancy stuff photos etc can come latter once you have proven the MVP concept.

 

[YoungGun]

What do you have to lose by executing this idea? This is a learning opportunity!

Keep in mind, you can build this idea to be bigger than what the social network intends.

Look at your idea with a question mark. How could this be made better? What other problem could be solved with this same concept?
Partake in idea sex, mate it with another idea. Have fun with this.

Do not let competition close your mind, open it and stay opportunistic.

Ideas aren't limited, there is always a problem to solve.

 

[edward222]

I'm not, however, totally certain which particular point you were directing me towards.

I'm referring to these phrase of yours.

I have come up with an idea for a social networking site/forum that I think is extremely relevant at the moment and think would be very popular. I also think it satisfies a need that the existing social networks don't...however, a quick Google search shows that someone has already launched it this year, and by someone I mean a major player in the social networking game with substantial funding! It looks as though they have been predominantly targeting the US market so far though and I am from the UK.

 

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