Hi folks,
I'm thinking about the fastlane potential of a certain idea for some weeks now. However, I'm worried due to big startup costs as it is a (physicial) product and not service based idea. Should I leave this idea behind and focus on one that can be executed easier (with lower or no initial funds)? Can a physical product business model result in fastlane?
GOOD THINGS:
- Target group is large: women aged 16 to 60
- Cash especially flows in from regular repurchases from existing customers, eventually making a passive income possible.
- Although it's a PRODUCT, focus would mainly lie on online activity, social media, making it FAST scalable to different countries.
- Currently, there are only a a couple of companies doing this and they are making millions of turnover each month. However, I believe I can differentiate and have a better execution, especially online.
BAD THINGS:
- It's a PRODUCT, making it very expensive and riskier to start vs a service. However, once successfully launched, these high entry barriers would keep competition away for a while, allowing me to build brand equity and enjoy first mover advantage.
- It's not "IT": all we read and hear about are people making millions thanks to apps etc, but this idea is NOT based on online service stuff. I'm looking for ways though to interact PRODUCT-ONLINE.
Most of the successful fastlane ideas are service-based (eg: limo search tool, smartphone app, ... ) so I'm wondering. I will need to find a factory to create the product, which can be very costly and I don't possess enough funds to start this. This will also add extra logisitical issues vs an online service. Plus, nowadays VCs are putting all their money in 2 things: IT (apps etc) and bio tech.
Thx
I'm thinking about the fastlane potential of a certain idea for some weeks now. However, I'm worried due to big startup costs as it is a (physicial) product and not service based idea. Should I leave this idea behind and focus on one that can be executed easier (with lower or no initial funds)? Can a physical product business model result in fastlane?
GOOD THINGS:
- Target group is large: women aged 16 to 60
- Cash especially flows in from regular repurchases from existing customers, eventually making a passive income possible.
- Although it's a PRODUCT, focus would mainly lie on online activity, social media, making it FAST scalable to different countries.
- Currently, there are only a a couple of companies doing this and they are making millions of turnover each month. However, I believe I can differentiate and have a better execution, especially online.
BAD THINGS:
- It's a PRODUCT, making it very expensive and riskier to start vs a service. However, once successfully launched, these high entry barriers would keep competition away for a while, allowing me to build brand equity and enjoy first mover advantage.
- It's not "IT": all we read and hear about are people making millions thanks to apps etc, but this idea is NOT based on online service stuff. I'm looking for ways though to interact PRODUCT-ONLINE.
Most of the successful fastlane ideas are service-based (eg: limo search tool, smartphone app, ... ) so I'm wondering. I will need to find a factory to create the product, which can be very costly and I don't possess enough funds to start this. This will also add extra logisitical issues vs an online service. Plus, nowadays VCs are putting all their money in 2 things: IT (apps etc) and bio tech.
Thx
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