Which business idea should I pick?
Question by Ryan Johnson: Which business idea should I pick?
Over the summer, I would like to start an online business. My goal is to eventually make six or more figures a year. I have a few ideas, but I’m not sure which idea sounds the most profitable.
1. A website where users can list, buy, sell, trade, and auction off websites and or domain names. A place whee people can buy and sell websites. I would allow people to create an account for free, and a seller could list his website or domain name for sale by paying a small fee. A other user could buy the site he/she wants with the buy now price, or be entered into the auction for the site where they compete with other people. Right now, there is only one site that does this called flippa.com. The problem is, everyone hates the high fee they charge to list a site (19 bucks). I already have a script for my site, and if I charge smaller fee, create a user interactive friendly version, and implement my marketing plans, I could easily beat flippa. Flippa is making some good money (4-5k a day).
Pros: make money from selling ad space and charging small fee. Not much competition.
Cons: not really any.
2. I would buy golf bags, clubs, shoes, etc. Wholesale, and dropship them to customers on my website. The problem is, I’m competeting with huge names like golf galaxy, golfers union, and thousands of sites.
Although I like all ideas, I think I’m aiming at the first idea. Do you think it could be profitable? Do you think it could make me six or more figures a year?
Thanks.
Best answer:
Answer by Sagar Lakhani
Idea #1 has more potential, but hard to do.
Idea #2 is easy to accomplish, but it is very competitive.
I would go with Idea #1.
What do you think? Answer below!
