Any self made millionaires here? Business question for you
 

When you have a lot of different ideas for a new business in front of you, how do you pick which one to go with?
How do you know if one is a winner and the others won't do well?

I have like 4 different ideas in front of me, 3 are mainstream sites, and I am stumped on which idea to run with.

All the ideas will take time to build and grow via word of mouth, so thats why im waiting to see which idea will work best before going with any.

Ive been working online for years and did *ok* but never made great money, so now I want to start making more

If the cost isn't a big factor... why not get others to build what you want and see which one sticks?

Maybe all ideas will stick... then again, maybe none of them will, but if you do them one at a time, it's going to take you way longer to find out.

I am not, but I would go with the pros and cons and feeling

I agree with TheDoc; you have to figure out a way to try a bunch of different things quickly, and do a quick assessement of each. *Most* things don't work, so you need to try a bunch.

I think someone called it "fast failures".

You can't do it all yourself. Right now you are mired down in too much to do and not enough time. You are the worker bee with all the responsibility and burdens of the CEO yet since you have to do all the work you cannot implement new projects that may afford you financial freedom and help you get away from much of the day to day grind.

Quite often what you think is a sure thing will not be and what might be the worst of the 4 ideas (to you) is the one that is going to be the best. About the only way you can run with all four is to enlist some help. Who would be best to help you with on each of the four projects? Are you willing to partner with them or are you going to hire them as an employee, possibly with profit sharing or partial ownership?

One person can only do so much.

Interesting question

My friend if there was a secret formula to answer you question, THAT would be something your bottle and sale!

I have open busineses both private and public. I am retired at 40 and spend all day with the family and for fun i just started a new business for my oldest kid. A business plan is key and there within is the SWOT analysis. understand that! in opinion that indicates whats best for all

Good Luck
email me keep me posted:thumbsup:thumbsup

:thumbsup:thumbsup

well said :bowdown

Never think about what you want to create - like the next Youtube or Facebook - and concentrate on what you want to sell. Then make what your intelligence, instinct, and advisers consider to be the best platform to do so. When you start out try selling free stuff in a niche that you are passionate about. A few years back, before the market became saturated, you may have been a ring tone addict and done that, for instance. Selling frees is a good way to get you started. Concentrate on making the idea you KNOW will work ACTUALLY WORK. When it does work you, either farm out the running of it to cheap but reliable workers, or set up a system to make it easy to update, then go on to the next idea using the same principles.

try it just :)

My advice, if you really want to make it big and fast:

- Be commercial first mover (find something where the players have yet to be found)
- Focus on niche (forget about doing everything)
- Be greedy (Buffett style)

Of course there is also hard work, and making things better (however they usual take longer) :2 cents:

Thanks for the advice. Theres some good tips here.
Im lucky that I've been online for a while and my sites make enough money to pay the rent and basic living expenses, so I'm stable and not in any hurry to make new money fast.

But I sit around all day doing nothing and now I want to build something BIG and I know I can. I'm ready to make some real money this time.
I guess Ill try a little bit of all 4 ideas and see which one has traction.

im not milionaire, but answer is easy. do not want to be millionaire asap, but be patient and build all your projects, just start with one where you see the most money. if you will start making nice money, your will enjoy your work much more so the rest of project will be more fun than a pain in the ass. just start, do not wait and ask

take the advice from my sig ;)

-learn how to get the traffic

-learn how to re-engineer the competition

-watch your numbers and optimize for efficiency

-structure the business to look good on paper

-sell

rinse and repeat

Go with 1 idea, whichever you are the most passionate about.

Lots of different angles here

IM not a millionaire maybe a hundredaire but you might want to consider NOT doing any of it if you can not look at the facts presented and know which is most likely to go.

Gramps always said to me. You'll get 100's offers and opportunities when you're young.

It's choosing the right one, that's the hard part.

What is the fascination with being rich?

Bigger money = bigger bills = bigger problems = harder fall.

Focus on being happy. Pursuit of money is a dead end street. You can't take it with you. ANY of it. Not the cars, the money, the stuff..... it's all just a bunch of anxiety at the end of the day.

A surfer once put it to me like this:

"You take a homeless dude off the street and a rich billionaire guy, and put them both out in the surf in the ocean..... all that money goes away. The universe doesn't give a fuck how much money you have. Neither do the sharks."

:2 cents:

Very cool quote and I agree with the philosophy. I spent my twenties working 16 hour days, every day of the week. I made lots of money but I totally regret how I spent my time.

Don't piss it all away on hookers and blow,stick with pork bellies and Orange juice.money is so over rated.how many millions will make you happy

GREAT ADVICE. I was trying to think of a reply and yours is perfect.

sex n money..

Good ideas are the hard part. If you've got a couple and they all have good potential, do the one you think you will most enjoy. It will be the most rewarding.

I would say you should go ahead with that tranny site :2 cents: Good luck! :thumbsup

Some nice tips over here. It deserves a bump for sure.

He nailed it. You have to be passionate about something to be successful at it. Do what you love and the money shall follow. You will make the most money in the project you put the most focus on. So take the one you will be most proud of and give it your all.