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Would like to have your opinion about a business idea

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Alexandrerj

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Jan 10, 2020
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When I read the Millionaire Fastlane Book I had an Idea and I want to have your feedback and be sure to don’t violate the 5 commandment

The idea is to build an online magazine for woman with promotion code from different industries like
- Massage therapy
- Hairdressing
- Nail Manicure
- Spa
- Jewelry
- Yoga
- Bikini

I’ve approached 25 business owner and 5 of them are interested..

So if I started at the beginning of the commandment

1- Control:
I can charge a monthly subscription or an annual subscription and eventually change that to take a small pourcentage of each promotion order

(I would like to know your opinion for the pricing model)

2- Entry
On a scale of 1 to 10. I put the level of entry on a 7 because I need to contact every business owner, make appointment, build partnership, close them, Build the website, create their ad promotions publish on social media and expend ...
(So it’s a process not an event)


3- Need

Customers: The desire to save time and money.
Business Owner: Finding new customers at a low cost.

4- Time
I can eventually systematize and automate the website

5- Scale
I can eventually open new cities..

after some research, I have some big competition
in the lead generation business and the coupon business but my plan to be different is

1. Niche down; This is why I want to focus on the woman

Like I explained to the Bikini business owner:
“ Imagine a girl buying a promotion for a Spa day and she see a promotion on a bikini.. does she could buy?”

or

“If a girl buy a promotion on a dress for an event and she see a hairdresser promotion, does she could buy?”

2. Don’t know if it’s a good idea but I want to create a waiting list for the promotion because I want to activate the coupon every 9 of each month at 9 o’clock for 9 days.

(I learn this technique from Greta Van Riel with her ecommerce The 5th, let me know what you think)

3. I will donate 1$ for every promotions sold to the animal refuge.

For the pricing side:
I want to start to charge a monthly fee to the business owner to replace my salary and expand and eventually take a fee on each transaction..

My biggest problem for now is:
I don’t know how to charge to the business owner and this is where I need your help.

What would you do, monthly subscription, Annual Subscription, fee pourcentage directly at the beginning and which kind of service?

Thank you.
 

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Val Okafor

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I think you are missing a paragraph from your first sentence, the idea is to build an online magazine for women "that will do what?" ...... with promotion code from different industries like
 

Alexandrerj

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Jan 10, 2020
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I think you are missing a paragraph from your first sentence, the idea is to build an online magazine for women "that will do what?" ...... with promotion code from different industries like
“That will offer discount/promotion code”
 

MJ DeMarco

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The idea is to build an online magazine for woman with promotion code from different industries like

I'm afraid I don't follow (which I'm sure because English is not your native tongue)...

You want to create an online magazine targeted to women who can get discounts on grooming and personal care stuffs?
 

Alexandrerj

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Jan 10, 2020
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I'm afraid I don't follow (which I'm sure because English is not your native tongue)...

You want to create an online magazine targeted to women who can get discounts on grooming and personal care stuffs?
Yes MJ Exactly, and yes English is not my native language, What do you think?
 

Alexandrerj

New Contributor
Jan 10, 2020
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Unless I'm mistaken, it kind of sounds like Groupon to me. Look into what they did, how they did it, where they screwed up, and what they did right.
Yes kind of, but the difference is the magazine will target only woman and the service I want to add is Creating their ads for their social media.

Let me know if you think at something to add or if I can do something different
Thank you
 

NursingTn

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Jan 30, 2019
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How will you get business owners to say, "hell yes, I want to be on your directory so that your customers can get my service and product via discounts and coupons."?

How will you get people to actually say, "omg, I have been waiting for this subscription coupon book forever. Where can I sign up?"?
 

Alexandrerj

New Contributor
Jan 10, 2020
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How will you get business owners to say, "hell yes, I want to be on your directory so that your customers can get my service and product via discounts and coupons."?

How will you get people to actually say, "omg, I have been waiting for this subscription coupon book forever. Where can I sign up?"?
My strategy will be to sell at the 9 of each month for 9 days only so it will create a sense of urgency to buy the discounts.. at any other day after the 9 days the people will be able to subscribe if they are interest.

When enough people show interest the business owner can launch the discount ...
 

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Legacyy

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Jan 16, 2020
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The idea is there, but I feel you did not have enough research from the ´´need´´ side. So they want to save money and time, but where? In which area? How is searching for coupons saving time?

My personal experience with coupons in the hospitality industry gave very bad results. Yes, we did receive more customers, but they were all expecting gold by paying iron.

A few google searches have led me to countless large organisations proving coupons for women. So watch them closely, what are they doing and how do they become visible for the audience? And what will make you unique compared to the others?
 

Alexandrerj

New Contributor
Jan 10, 2020
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The idea is there, but I feel you did not have enough research from the ´´need´´ side. So they want to save money and time, but where? In which area? How is searching for coupons saving time?

My personal experience with coupons in the hospitality industry gave very bad results. Yes, we did receive more customers, but they were all expecting gold by paying iron.

A few google searches have led me to countless large organisations proving coupons for women. So watch them closely, what are they doing and how do they become visible for the audience? And what will make you unique compared to the others?
Yes I am agree with you may be if I applied a strategy like classpass.. I definitely need to make an offer they can resist like @NursingTn told me..

if you come up with idea it will be nice to share it l, what was your experience with the hospital industries ?
 

GigMistress

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I can't remember the details, so I may be wrong, but I think Erin Falconer did something similar to this before Pick the Brain. I think it may have been video content v. magazine style, though. Unfortunately, that is all I remember, except that the reason I think I remember this is that I heard an interview in which she talked in a fair amount of detail about how she built it up, so it might be worth taking a look.
 

Alexandrerj

New Contributor
Jan 10, 2020
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I can't remember the details, so I may be wrong, but I think Erin Falconer did something similar to this before Pick the Brain. I think it may have been video content v. magazine style, though. Unfortunately, that is all I remember, except that the reason I think I remember this is that I heard an interview in which she talked in a fair amount of detail about how she built it up, so it might be worth taking a look.
thank you very much I will take a look for sure
 

Legacyy

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Jan 16, 2020
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If you come up with idea it will be nice to share it l, what was your experience with the hospital industries ?

Well, not to be generalizing, but I felt that most people who are actively searching coupons and codes are usually quite stingy. They came to our restaurant or bar, expect a platinum service, kaviar served by hot waitresses, but only wish to pay a few dollars for that. Or they would order a drink, and refill it in the toilet with water (thinking we don´t see that), requesting double portions for the same price. So I would definitely ensure that companies you work together with, understand this to ensure long-term agreements.
 

LexicMedia

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Apr 8, 2019
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I am not sure if you are focussing on a print magazine or if a magazine App, accessible over Mobile Devices. Because with the latter there is a vast possibility to reach more and more audiences. Also, with Mobile App, you can easily manage your Subscriptions online.

But I would advise you to keep the commissions per Voucher sale initially as there might be low Provider retention if you start charging a subscription initially. So i would advise you to keep the Subscription model for a later time and definitely opt for a Mobile App Solution that will help with more and more customer engagements and will bring in more Business to you.

In case if you need any advice regarding the mob ile App, feel free to reach out: +91 7726998823/ tech.sikh1004@gmail.com

Regards,
Preeti
 

Benedict

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Nov 16, 2019
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The question I have when reading it:
- How would you promote it and
- why should I choose your service instead of the bigger ones (Groupon, Shoop...) that might offer more coupons?

Maybe that needs to be considered.
:bicep: keep going.
 

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