Need advice (or just a confidence boost) on my business idea

Discussion in 'Business Ideas' started by willmfftt, Aug 13, 2012.

  1. willmfftt

    willmfftt
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    Just want to say hi to everyone first!

    Ok I don't want to give everything away but basically my idea is pretty much an ebay style site where people can sell their own websites ad space in an auction-style setting. I am a little nervous though as this will require about $500 for the initial start.

    Does this sound like a good idea? The profit potential is there but I am not too sure if people will actually find this appealing. So I would like some input.

    Thanks everyone!
     
  2. Fergal

    Fergal
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    Welcome to Business Advice Forum willmfftt and thanks for posting your business questions.

    I would suggest that first thing you would need to do is have a look at your competition. There are lots of places where website owners can currently sell their advertising space and you will be competing with them. I'm referring to marketplaces such as webmaster and business forums (e.g. this one), eBay, advertising networks (e.g. Google Adsense and Google Adwords) and advertising services such as Buy Sell Ads and isocket. Have you researched these services with a view to looking at their strengths and weaknesses and finding ideas as to how you can compete with them by providing something they don't or something better than they do?

    I do believe that there is merit in your idea, but you do need to find an edge over the existing competition.
     
  3. surge

    surge
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    That is indeed a nice idea, and also there is a competition. Services like BuySellAds give their publishers around 80% of the revenue share so may be you could start with giving out a bit more than that to attract users. I used services such as BuySellAds and AdvertiseSpace and my sites with statistics and ad space rates were listed in their open directory. So i was approached by this adnetwork who emailed me saying that they can provide me even more in revenue per month than what i am currently selling ad space at. So that is one of the methods you can try to approach potential publishers. Try to list out the differences in your service to stand out in the market. I hope this helps you.
     
  4. Mark T

    Mark T
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    If customer preference is your problem, I would suggest that you should study and research about it on both local target markets you are aiming at. Also try to make surveys if people would be willing to do this kind f business and ask for their options or other preferences as well.

    By then, it will create an idea for you on what to start and do for your business venture.
     
  5. willmfftt

    willmfftt
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    Thanks for the advice everyone! And as for competition my fee's will be about 7 to 8% and my site will also allow people to sell their own ad space like an auction so instead of a set price they will have people bidding on their space. So it seems like the market would be there as i would have an edge on the competition. I would also maybe incorporate an affiliates program down the road but i need to do some research on that first. I just like second opinions before i make a jump, thanks everyone!
     
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  6. Lilo

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    You also need to offer something different to your clients. As Fergal already implied, there are a lot of sites with a similar concept as yours, so you have to put up something else that would make you stand out.
     
  7. Andym

    Andym
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    If you are looking forward to something like eBay give me one reason why should I buy from you and not eBay?
     

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