Fastlaners ! I just finished reading the book and ended up here.
I have 10 years+ of experience in a specific online niche. Currently I'm employed in this niche (slowlane) and I'm making good money (20k euros/month). I have an idea to start up a product/website/app in this niche. My knowledge is mainly marketing and product, not so much technical.
Why I think it will be successful:
My main issue is on the technical side of things. I have a clear idea of what the end product should look like but I have no ambition to do the coding myself. I'm pretty sure it's a complicated setup which would require a lot of work. I have money (willing to invest around 50k euros in this).
First I'd need to get a better view of which different components the website would require. Secondly I'd need an estimate of time so I know how I'd need to invest.
What would you advice on how to do this? There are many options including employing people, getting consultants, learning code myself, partnering up, using websites like freelancer.com etc. The budget is 50k euros and I'm not willing to give up my current full time job at the moment. I can invest 10 to 20 hours/week of my own time in this.
I have 10 years+ of experience in a specific online niche. Currently I'm employed in this niche (slowlane) and I'm making good money (20k euros/month). I have an idea to start up a product/website/app in this niche. My knowledge is mainly marketing and product, not so much technical.
Why I think it will be successful:
- Business is booming on an international level (scalability).
- Traditionally it's a business with a lot of affiliate marketing.
- Early adopters created websites many years ago and are now retiring on a beach in Thailand with a passive income stream. They got lazy and their websites haven't seen any new features in recent years. Because they've been there forever they have good SEO rankings and traffic.
- The affiliate part has traditionally been very lame on these websites. Most have just generic content and banners, combined with good SEO. I'd have a specific call to action as part of the product which should get me at least 500% higher conversion.
- I'd have at least 3 USP's that would make me better than the others out there.
- There would be 2 different income streams. One from affiliation business, one from a subscription fee. It's a perfect model to have a basic (free) and advanced (subscription) version. If the product is good enough people will pay for this. Can get others to promote my product and make affiliation deals.
My main issue is on the technical side of things. I have a clear idea of what the end product should look like but I have no ambition to do the coding myself. I'm pretty sure it's a complicated setup which would require a lot of work. I have money (willing to invest around 50k euros in this).
First I'd need to get a better view of which different components the website would require. Secondly I'd need an estimate of time so I know how I'd need to invest.
What would you advice on how to do this? There are many options including employing people, getting consultants, learning code myself, partnering up, using websites like freelancer.com etc. The budget is 50k euros and I'm not willing to give up my current full time job at the moment. I can invest 10 to 20 hours/week of my own time in this.
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