I have an idea for a radically different business model for a VERY longstanding, almost universally used service

I am still paying on my college loans, have a child going to a private university on partial scholarship in the fall, not great credit, low disposable income, a happy marriage, very rewarding career, and an idea that will forever change the way a service is provided to consumers. I use this service numerous times throughout the year, as do most people I know - -and everytime I feel a little disappointed in some way. It dawned on me this most recent experience that it is the buisness model of the entire industry that is the sorce of my disappointment ....and I know what would make me happy, be more consumer friendly and make this service more compatable with current technology. I hesitate to say everyone uses this service, but I cannot think of a single person I know that does not use it. Every income level, every part of the US and most of the developed nations use this service.

I can start a limited version of this buisness for roughly $3,000.00 and 3-6 months of study and practice to provide a professional quality service. I could probably scape up the capital with some very creative finance (403B loan?) - -but I am wondering if this is the best plan at this stage of my life. Would I be better off pitching the plan to an existing company?

Ideas Pitch Entrepreneurs

asked May 7 '11 at 12:51

Teachermom
11 points

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I don't understand what you are saying. Everybody use this service. So what is your added value ? Making this service more easy and convenient to use ? By using web for instance ? – Chmike 13 years ago

1 Answer

I would first try pitching it to your potential customers to see if they would really use your product. There are times when ideas sound too good to be true in your head (because face it, as entrepreneurs, we're born optimists) and the only real way to ground yourself is to see if you can actually attract those customers.

Provide quick sketch / mockups of the idea and ask those random people who are in your customer demographic for their opinion. If you can get 3/4 of those people to agree it is a brilliant idea, then it really is a brilliant idea.

I don't mean to be a downer, but I am letting you know what I have learnt from experience. The best way to train yourself is calm yourself down

answered May 7 '11 at 16:38

Jake Frink
21 points

Exactly. When one has an idea, the first thing to do is evaluate as objectively as possible the traction and potential revenue. If you talk to potential users, like your friends, pick the ones that are less susceptible to "steal" the idea. So I wouldn't pitch to company susceptible to develop and run the business unless the idea is safe with a patent or you can keep the howto secret. The later is better because you can bypass the time limit of patents (i.e. CocaCola). – Chmike 13 years ago