- Joined
- May 18, 2014
- Messages
- 61
Rep Bank
$280
$280
User Power: 54%
Hi all,
This is my first post even though I have been reading threads in this forum for over a year.
I'm a computer science university student and will be entering my final (4th) year in september.
Last week I thought up an idea for an internet based website which would provide jobs within a specific industry.
What gave me the idea was the fact that I was searching for this type of job and was struggling to get it.
And I know plenty of others are also searching for this job. So I spent the last week drawing up all kinds of ideas regarding the business idea, basically I was trying to find out if it was something that could be successful. I discussed the idea with several people including someone who had operated a business similar to it and everyone of them said it was a great idea. I worked out the costs of starting it up and how much I would make. I worked out that I could be easily making 200k + within 1-2 years of starting up.
Two days ago I reached a turning point when I realised that the figure that I used to calculate the size of the industry / number of people working in the industry was false. I discovered that the websites promoting this figure were including other jobs under this industry type (so the actual number was much less). I then searched for an accurate figure for the number of businesses operating in this industry and the number came to be 1/6th the size of the number I had initially understood it to be. So I spent the last two days working out if this renders the idea useless or if there is still hope.
At this moment in time, I am on the fence regarding whether or not to pursue this idea. I know that there is demand (possibly enormous demand) but the potential product/service supply has been reduced severely since the realisation of my error. If I can't supply the service I cant make a profit from it. I have since carried out more calculations using the new figures and I am sure that I could make profit however there would be a lot more work involved. I could be looking at initial expenses of 10k+ for the website, then realistically 2-5k gross profit in the first year. However, if I manage to get 1 in every 50 of these businesses to colloborate with me, I would earn 20000 - 60000+ gross profit. If I eventually got 1 in 5 of these businesses to colloborate with me, I would earn 200000 - 600000+ gp. These goals could be unrealistic and I could end up spending too much time and money - of which I will be limited (final year exams etc.). Or this could be something I could make work and be thankful that I took the risk for.
The questions I'm asking myself are whether or not this is too much work for the potential profit I would make. Should I wait for another idea to come along with higher potential. Or should I take the risk and go ahead with this idea. I know there is a demand, but I will have to work to achieve the supply.
Is a business that could potentially earn only 10k per annum in the first 1-3 years something I should stay away from ?
Or am I underestimating how useful 10k pa + the experience of starting the company could be ?
This is my first post even though I have been reading threads in this forum for over a year.
I'm a computer science university student and will be entering my final (4th) year in september.
Last week I thought up an idea for an internet based website which would provide jobs within a specific industry.
What gave me the idea was the fact that I was searching for this type of job and was struggling to get it.
And I know plenty of others are also searching for this job. So I spent the last week drawing up all kinds of ideas regarding the business idea, basically I was trying to find out if it was something that could be successful. I discussed the idea with several people including someone who had operated a business similar to it and everyone of them said it was a great idea. I worked out the costs of starting it up and how much I would make. I worked out that I could be easily making 200k + within 1-2 years of starting up.
Two days ago I reached a turning point when I realised that the figure that I used to calculate the size of the industry / number of people working in the industry was false. I discovered that the websites promoting this figure were including other jobs under this industry type (so the actual number was much less). I then searched for an accurate figure for the number of businesses operating in this industry and the number came to be 1/6th the size of the number I had initially understood it to be. So I spent the last two days working out if this renders the idea useless or if there is still hope.
At this moment in time, I am on the fence regarding whether or not to pursue this idea. I know that there is demand (possibly enormous demand) but the potential product/service supply has been reduced severely since the realisation of my error. If I can't supply the service I cant make a profit from it. I have since carried out more calculations using the new figures and I am sure that I could make profit however there would be a lot more work involved. I could be looking at initial expenses of 10k+ for the website, then realistically 2-5k gross profit in the first year. However, if I manage to get 1 in every 50 of these businesses to colloborate with me, I would earn 20000 - 60000+ gross profit. If I eventually got 1 in 5 of these businesses to colloborate with me, I would earn 200000 - 600000+ gp. These goals could be unrealistic and I could end up spending too much time and money - of which I will be limited (final year exams etc.). Or this could be something I could make work and be thankful that I took the risk for.
The questions I'm asking myself are whether or not this is too much work for the potential profit I would make. Should I wait for another idea to come along with higher potential. Or should I take the risk and go ahead with this idea. I know there is a demand, but I will have to work to achieve the supply.
Is a business that could potentially earn only 10k per annum in the first 1-3 years something I should stay away from ?
Or am I underestimating how useful 10k pa + the experience of starting the company could be ?
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
