Sense check please

[CommWave]

I had retired but I have been harbouring what I believe is a really good idea or at least I thought it was until a week ago. Without going into the idea at this stage suffice it to say in the last three months I have:

• Given it a considerable amount of thought and researched the idea.
• Designed and planned out the project.
• Found a team I believe I could work with to make it happen.

I am prepared to invest my money in the project and was just about to.

I was all set to go when I thought let’s just take one last look around and see if anyone is doing something similar? I found one. A very large well financed philanthropic company has done something very similar in the same market I was planning on getting into and they have done it for FREE. As in giving it away!

So simple question do I stop now save my hard earned money and retire again or, you know the next part....

Thanks for taking the time to read this and I look forward to your hearing your thoughts and comments.

John

 

[fisicx]

Without knowing the idea it’s very difficult to help.

It could work if you have the right marketing. In fact your business idea is far less important than your marketing plan. Having a team is good so is all your preparation but it’s marketing that will make it happen.

 

[CommWave]

Without knowing the idea it’s very difficult to help.

It could work if you have the right marketing. In fact your business idea is far less important than your marketing plan. Having a team is good so is all your preparation but it’s marketing that will make it happen.

Thanks for the reply
I absolutely agree with you about marketing, you do still need a good idea to start with though. Marketing this idea would require education, its a new idea, and experience has taught me education can be expensive. The real question is still knowing what I know now do I even carry on?

 

[fisicx]

Some really bad ideas have succeeded with good marketing.

You may be able to tap into a niche who don’t like the idea of free. There are still lots of people who think the more expensive it is the better it is.

Market to these people and you could well succeed.

 

[CommWave]

Thanks for the reply and your thoughts and you are so right, however, they probably had deeper pockets than me. Just of of interest who do you think does not like the idea of free?

 

[Paul Norman]

I lot of us face the reality that someone out there is doing what we do for free. Or close to free.

Whether that means there is no market for a better answer that is not free will depend very much on what your proposed idea is.


I do admit, though, being very close to retirement myself, that my appetite for the financial risk in any venture is much lower than it was 25 years ago! I have sufficient to bimble along comfortably for a respectable amount of time and I am content with that! If I were to put £100k in a business and lose it I think that might get to me these days!

 

[fisicx]

Thanks for the reply and your thoughts and you are so right, however, they probably had deeper pockets than me. Just of of interest who do you think does not like the idea of free?

Often people with a misguided sense of importance

As an example there are lots of free office suite software packages but people still pay a Microsoft subscription.

 

[CommWave]

Often people with a misguided sense of importance

As an example there are lots of free office suite software packages but people still pay a Microsoft subscription.

God point.

 

[CommWave]

I lot of us face the reality that someone out there is doing what we do for free. Or close to free.

Whether that means there is no market for a better answer that is not free will depend very much on what your proposed idea is.


I do admit, though, being very close to retirement myself, that my appetite for the financial risk in any venture is much lower than it was 25 years ago! I have sufficient to bimble along comfortably for a respectable amount of time and I am content with that! If I were to put £100k in a business and lose it I think that might get to me these days!

Ah a man asking the same questions. Tricky isn't it?

 

[Paul Norman]

Ah a man asking the same questions. Tricky isn't it?

Yes.

Which I do accept is not massively helpful!

I suppose for each of us we have to take our business ideas and give them a really tough, critical, harsh look, and see if we can handle the risk. I don't mean destructive negativity, but the reasonably likely bad news we might face.

For me, it would be this. If I can make a business work, but it might take 3 years, that would have been no hassle when I was 40. It might be now. I am no longer 40!

 

[CommWave]

Yes.

Which I do accept is not massively helpful!

I suppose for each of us we have to take our business ideas and give them a really tough, critical, harsh look, and see if we can handle the risk. I don't mean destructive negativity, but the reasonably likely bad news we might face.

For me, it would be this. If I can make a business work, but it might take 3 years, that would have been no hassle when I was 40. It might be now. I am no longer 40!

To be honest age does not come into this me. I am just angry that I did not discover this before I started. Also by a huge multinational giving this away for free how does this help the SME's. As in what chance the small guy with a good idea and a family to support have.

 

[CommWave]

To be honest age does not come into this me. I am just angry that I did not discover this before I started. Also by a huge multinational giving this away for free how does this help the SME's. As in what chance the small guy with a good idea and a family to support have.

Actually what would you say would be a reasonable budget for marketing / advertising? Also where would you splash the cash, what actually works these days? The reason I ask is I posted this on a "professional" forum this morning. In a few hours over 160 views, not one comment!

 

[Gecko001]

Thanks for the reply
I absolutely agree with you about marketing, you do still need a good idea to start with though. Marketing this idea would require education, its a new idea, and experience has taught me education can be expensive. The real question is still knowing what I know now do I even carry on?

Without disclosing what your idea is, what aspect of the idea does your market need "education"on. Surely every idea can be summed up in a couple of words. Is it "a better ****", "an easier ******", "more convenient *******". Very few ideas are unique anyway, and the person who comes up with it first, rarely makes much money out of it. For example, the steam engine, internet, radio, television etc.

 

[CommWave]

Trust me over the years I have taken services to market far to soon, just don't seem to be able to learn my lesson here. Some education with new ideas are always required. Pick a couple of local business people and ask them how AI would / might benefit their business and see what response you get.

Question most want answered is. What's in it for me and how much does it cost? Get those two right you might have a conversation. Having said that this all depends on geographically where you are based.

 

[CommWave]

Off topic. I mentioned further up that I had posted the same question on another forum, chances are you know the one. Few hours we re now up to 220 views and not one comment. I just scrolled a long way down and despite the views and the 7K size of the group not one posting has had a comment! Great place to spend your marketing budget?

 

[fisicx]

You can set up a website with a MVP and with a bit of promotion to your target user you will soon get an idea as to viability.

Forget the free version promoted by the megacorp. Their target is not the same as yours.

Find a niche and tailor your product to their specific needs. Don’t compete, differentiate.

Even better, give us a clue as to what your product does.

 

[CommWave]

You can set up a website with a MVP and with a bit of promotion to your target user you will soon get an idea as to viability.

Forget the free version promoted by the megacorp. Their target is not the same as yours.

Find a niche and tailor your product to their specific needs. Don’t compete, differentiate.

Even better, give us a clue as to what your product does.

Fisicx.

Thanks I was just shifting next winters logs and thought the very same thing. Knock up a MVP with an example, couple of videos and give it a go to test the market. Now that's worth considering. While on the subject where would you suggest I go looking for decision makers in places like museums, hospitals etc. Any business where they have a written content driven website. As for the idea, maybe later

 

[CommWave]

Off topic. I mentioned further up that I had posted the same question on another forum, chances are you know the one. Few hours we re now up to 220 views and not one comment. I just scrolled a long way down and despite the views and the 7K size of the group not one posting has had a comment! Great place to spend your marketing budget?

One hour later 340 views not one comment. You have to wonder...

 

[fisicx]

While on the subject where would you suggest I go looking for decision makers in places like museums, hospitals etc. Any business where they have a written content driven website.

Most of these places have a PR/marketing person. I'd start with a couple of these. Pitch the idea and see what happens. But don't expect too much. They get multiple pitches every day.

But....

Go to your local museum and offer your services. Show them a demo of how it can work. Get involved and work with them to develop your idea so you eventually have something to show other similar organisations.

Also but....

A lot of these places already have content creators - often a third party agency with a whole range of tools and applications they use to automate as much of the process as possible.

 

[CommWave]

Go to your local museum and offer your services. Show them a demo of how it can work. Get involved and work with them to develop your idea so you eventually have something to show other similar organisations.

They have recently joined the free version would you believe so maybe not them. The service I am actually providing among other things actually helps create the content for them, so that's a plus.

Thank you for taking the time to reply, and this applies to all that have, I am very grateful. Suggestions always welcome.

 

[CommWave]

If you are following my post on that "other" platform. Now 474 and not one comment! Does anyone know of a better platform where (a) life might exist and (b) it actually engages?

 

[fisicx]

What other platform?

I suspect the lack of engagement is due to the lack of information about your business idea. It seems to just be some sort of content creation system of which there are already many.

 

[Mark T Jones]

I've only skimmed through, so am probably repeating other's

Free and paid are essentially different markets - different people with different criteria. It was once pointed out to me that 'free' is the hardest thing to sell in the commercial world.

On the other hand, marketing isn't about education, it's about targeting your ideal prospect with clear and defined benefits - how will this 'idea" meet a specific want or need?

If you can't encompas that in a simple phrase, you will waste a lot of money.

 

[CommWave]

What other platform?

I suspect the lack of engagement is due to the lack of information about your business idea. It seems to just be some sort of content creation system of which there are already many.

Linked In as you have asked. I only mention this as the so called platform for professional people where many will spend their hard earned cash trying to attract business I wonder what its real value to business is in 2025. The reason I say that is I have been on that platform since I was a boy. In the beginning it was a great place to learn from people that were happy to share there knowledge in return for yours. Latest figure 495 - no comments. Your decide.

 

[CommWave]

I've only skimmed through, so am probably repeating other's

Free and paid are essentially different markets - different people with different criteria. It was once pointed out to me that 'free' is the hardest thing to sell in the commercial world.

On the other hand, marketing isn't about education, it's about targeting your ideal prospect with clear and defined benefits - how will this 'idea" meet a specific want or need?

If you can't encompas that in a simple phrase, you will waste a lot of money.

 

[CommWave]

I agree about the free and paid. However if your organisation is a charity or receiving a low annual income or organisation that relies on donations and someone offered you a solution for free, what would you do?
Could be we are just using slightly different terms when it comes to marketing.

To me marketing is about identifying what the customer needs / wants in order to educate them as to your service that eventually will improve their bottom line.

 

[Mark T Jones]

I agree about the free and paid. However if your organisation is a charity or receiving a low annual income or organisation that relies on donations and someone offered you a solution for free, what would you do?
Could be we are just using slightly different terms when it comes to marketing.

To me marketing is about identifying what the customer needs / wants in order to educate them as to your service that eventually will improve their bottom line.

They want to know about the outcome.

Mostly they don't want to be educated - those that do will only be interested once they are sold on the outcome

Marketing and education are pretty much opposites

 

[CommWave]

They want to know about the outcome.

Mostly they don't want to be educated - those that do will only be interested once they are sold on the outcome

Marketing and education are pretty much opposites

I think we are both right in slightly different ways. Its not a science after all

 

[CommWave]

What other platform?

I suspect the lack of engagement is due to the lack of information about your business idea. It seems to just be some sort of content creation system of which there are already many.

Some sort of content creation system. You mean like Amazon is just a shop of which there are many already

 

[fisicx]

Some sort of content creation system. You mean like Amazon is just a shop of which there are many already

Correct.

Other online stores succeed because they differentiate.

AI can create content, translate and publish. Many content rich sites have sacked their writers and now just use Generative AI.

There is a new business model emerging where authors sense check AI content.

Find your niche. Don’t try to compete with the free content provider.

As was suggested earlier in this thread, it’s all about marketing (not education).

 

[Paul Kelly ICHYB]

Great place to spend your marketing budget?

SPend it on joining/upgrading here - https://www.ukbusinessforums.co.uk/account/upgrades

 

[CommWave]

Correct.

Other online stores succeed because they differentiate.

AI can create content, translate and publish. Many content rich sites have sacked their writers and now just use Generative AI.

There is a new business model emerging where authors sense check AI content.

Find your niche. Don’t try to compete with the free content provider.

As was suggested earlier in this thread, it’s all about marketing (not education).

Funny We are never going to agree about education but that's ok

 

[CommWave]

SPend it on joining/upgrading here - https://www.ukbusinessforums.co.uk/account/upgrades

 

[CommWave]

Hi Paul
Standby the way things are going could be my next step.

 

[fisicx]

Funny We are never going to agree about education but that's ok

Suppose it’s how you define education. Informing potential clients about how to reduce their costs, increase leads, make more profits and so on is all marketing.

This thread is market research.

 

[CommWave]

We agree I knew it all along