$10,000/USD Startup For Online Venture

12 years ago

hello,

What kind of online games are you talking about?
like free games kids play online? If so i think there is way to much competition out there!

Errol

Thanks
1 reply

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rred 12 years ago

Thanks for your feedback..

Do you have any better idea for me because i really
want to start a online venture with my savings for a better
future...
- Thanks
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Jack Gordon

12 years ago

If you have not done anything online yet, please take this advice...

Take your $10k, and put $9k of it into a 1 year CD at your bank.

With the remaining $1k, find a much cheaper way to do what you want to do (i.e. become an affiliate of an existing site, or build a much smaller version, or create a web site & blog that reviews the kinds of games you want to get into, or focus on building a list of gamers, etc)

What happens over the next year, while your CD is maturing, will go a long way toward guiding you on what should be your business plan.

Either you will flop and realize you should not be in the game business, or you will refine your ideas about where the market is now and where it is headed. And if you build a list of potential users along the way, you'll be in a much better position one year from now to build your business in a way that you won't have as high a risk of losing it all.

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doitright316

12 years ago

Originally Posted by rocket2uranus

If you have not done anything online yet, please take this advice...

Take your $10k, and put $9k of it into a 1 year CD at your bank.

With the remaining $1k, find a much cheaper way to do what you want to do (i.e. become an affiliate of an existing site, or build a much smaller version, or create a web site & blog that reviews the kinds of games you want to get into, or focus on building a list of gamers, etc)

What happens over the next year, while your CD is maturing, will go a long way toward guiding you on what should be your business plan.

Either you will flop and realize you should not be in the game business, or you will refine your ideas about where the market is now and where it is headed. And if you build a list of potential users along the way, you'll be in a much better position one year from now to build your business in a way that you won't have as high a risk of losing it all.

Great advice here. take it and run with it OP

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TheInfoMarket

12 years ago

The great thing about online ventures is that you don't need a big initial investment. As rocket2uranus said just use a small portion of your saving to get started. Once your business is making money, you can use the profits to grow the business further.

You don't want to put all your eggs in one basket (and certainly not $10K of eggs).

Regarding your idea. "Online Games" is too general and competitive for a small business to base it's niche on. Unless you have a unique concept that hasn't been done yet and has an actual market, you would need to find a niche within this niche to have a realistic chance of success.

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Stuart Walker

12 years ago

You're asking if this plan is a good one? What plan? You haven't told us your plan. You've made some incoherent post about online games, what are you planning to do, sell them? make them? play them?

This isn't a plan. Don't start throwing your $10k at anything until you have an actual plan because you'll probably lose it all.

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ltrain_riders

12 years ago

Stick to what you know. What do you know about online gaming? You said you "researched a lot", but what does that mean? What's a hobby and passion you have before you even thought about IM? Go down that route with your $10k.

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mattjay

12 years ago

I would advise you to hold on to your money

I wouldn't throw 10k dollars at something that may be profitable and may not. You don't need 10k dollars to test the waters in IM. Do some leg work yourself and start looking down different paths. I like the idea of taking 9k and putting in the bank. Maybe even more. That's my advice

I would also advise that unless the people you intended to pay were very close friends or family members, you need to really do some thinking about that. Lots of bad things happen in the world when people just throw 10 grand at it, so make sure you give it some thought if that's what you decide to do ...

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rred

12 years ago

Thanks for all your feedback & suggestions i will surely think about
it and hold my 10k tight before getting proper and foolproof idea/plan
to make good online living...

Thank you all again, i really appreciate it.

Thanks

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CherryAffairs

12 years ago

Although 10k isn't a small sum, it isn't too much also. You can earn it easily from a normal paying job. I would advise you to go forward with the venture. Opportunities are hard to find. Seize the day.

Thanks
1 reply

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rred

12 years ago

Originally Posted by CherryAffairs

Although 10k isn't a small sum, it isn't too much also. You can earn it easily from a normal paying job. I would advise you to go forward with the venture. Opportunities are hard to find. Seize the day.

Yeah i agree $10k isn't a small sum and it isn't too much also.

Only because the idea and the plan of online games business
is interesting and also i met other webmaster of same niche
and learnt from them which actually made me to go ahead with
it.

Hope if thinks go well i will have good success with it.

Thanks

Thanks
1 reply

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CherryAffairs

12 years ago

Originally Posted by rred

Yeah i agree $10k isn't a small sum and it isn't too much also.

Only because the idea and the plan of online games business
is interesting and also i met other webmaster of same niche
and learnt from them which actually made me to go ahead with
it.

Hope if thinks go well i will have good success with it.

Thanks

Do you know what you are doing? Will it be a join venture or you are going to do it by yourself? I have a question for you... Seems like you have been emphasizing the point where you go around talking to webmaster and developers. From that point.. I suspect that you are not an expertise in this area. Am I right to make that assumption?

I am glad that you are making the move and seizing the opportunity ahead of you by doing your research. I do wish that you succeed in this business plan. Although I don't know what's your exact plan, can I end with a not so valid question just for you to ponder. Why aren't the developers going for that plan?

Thanks
1 reply

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rred

12 years ago

Originally Posted by CherryAffairs

Although I don't know what's your exact plan, can I end with a not so valid question just for you to ponder. Why aren't the developers going for that plan?

Thanks for your feedback and wishes...

Developers are making enough money just by developing and selling
games and also they do own sites of same...

Thanks

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asiriusthoth

12 years ago

Funny how many people have asked me how to start a company with $10,000. I ask them, "What is your business plan?" I get a dear in headlights response...

Just like all things in life, you need to be organized and have a plan set before you ever jump into any business. If not a business plan, at least setup a "game plan". You are putting the cart before the horse. Research, Implement, Organize, Execute...

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butters 12 years ago

You can't just throw money at things and expect them to work if you have no idea how they work. The gaming niche is extremely saturated and running a simple SEO service wont cut it. The big guys like IGN, Curse etc... have some serious bankroll and are spending it wisely because they know what they are doing. Throwing money at it will be a waste. Learn how to do correct and I stress the word correct market research online before throwing a bundle of cash at it. Or the alternative is, throw 10k at it, close your eyes and hope for the best.
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rred

12 years ago

Originally Posted by asiriusthoth

Funny how many people have asked me how to start a company with $10,000. I ask them, "What is your business plan?" I get a dear in headlights response...

Just like all things in life, you need to be organized and have a plan set before you ever jump into any business. If not a business plan, at least setup a "game plan". You are putting the cart before the horse. Research, Implement, Organize, Execute...

Ya, ya that's right idea and the plan is most important thing before
investing or even thinking of running a business online/offline.

Thanks

Thanks
1 reply

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creditbuilder

12 years ago

Forgive me if this sounds harsh, but what your post sounded like to me is that you have 10k and you are looking to spend it, like someone with $20 going to the mall thinking of what to spend the $20 on, versus someone who wants to buy say a scarf sees the price being $20 and saves it up and then goes to buy that scarf.

Did you save the 10k because you know that is how much it will cost or is your thinking that that would be your initial investment? Because if its your investment and you start a project, you may find yourself with a half finished project where it will take another 10k to complete and now you are scrambling to find investors, which now means giving away chunks of your business you did not want to. There are so many online gaming sites (my guess is you've been playing on them) so its probably something that interests you, another question is, is your site going to be unique? I mean who needs another online gaming site? I hope you understand I am trying to help here. Now if you're idea is unique enough have you done a survey to see if people will actually gravitate to a site like that? How much is it going to cost to get traffic to the site? oooh I C... you want to do "SEO" on it... don't count on that working.

Do you have a blueprint of how the site will work? If so have you spoken to programmers about it? I am not saying its a bad idea. What I am saying is that the idea alone is not enough. I do however wish you the best of luck

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rred

12 years ago

Originally Posted by creditbuilder

Forgive me if this sounds harsh, but what your post sounded like to me is that you have 10k and you are looking to spend it, like someone with $20 going to the mall thinking of what to spend the $20 on, versus someone who wants to buy say a scarf sees the price being $20 and saves it up and then goes to buy that scarf.

Did you save the 10k because you know that is how much it will cost or is your thinking that that would be your initial investment? Because if its your investment and you start a project, you may find yourself with a half finished project where it will take another 10k to complete and now you are scrambling to find investors, which now means giving away chunks of your business you did not want to. There are so many online gaming sites (my guess is you've been playing on them) so its probably something that interests you, another question is, is your site going to be unique? I mean who needs another online gaming site? I hope you understand I am trying to help here. Now if you're idea is unique enough have you done a survey to see if people will actually gravitate to a site like that? How much is it going to cost to get traffic to the site? oooh I C... you want to do "SEO" on it... don't count on that working.

Do you have a blueprint of how the site will work? If so have you spoken to programmers about it? I am not saying its a bad idea. What I am saying is that the idea alone is not enough. I do however wish you the best of luck

Thanks for the feedback...

Well i have just saved this 10k to start online venture and i have done
a research and survey about the same..

I met webmaster,programmers and other guys who are into this niche
and earning huge sum of amount per month and sold couple of their very
simple site for 25k and 30k after year of running it...

I have learnt quite a few things from this guys also they charged me for
explaining and knowing more about this niche.

Thanks

Thanks

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Patho

12 years ago

What i would do is,

Build an email list with your investment..

Build your audience, your brand and products or services...
Think about investing in Solo Ads..

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1 reply

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rred 12 years ago

Originally Posted by Patho

What i would do is,

Build an email list with your investment..

Build your audience, your brand and products or services...
Think about investing in Solo Ads..

Thanks for your feedback.

Well i don't have any idea about building a list or product
or anything, i will start learning about it from now and hopefully
sooner or later i will start working on the plan/idea you mentioned...
- Thanks
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Alex Blades

12 years ago

Dude, keep your 10k and keep researching. I can only imagine how many offers you got in your inbox about helping you invest that ten grand, I'm sure the vulchers are flying over this thread

By the way I have a bridge in Brooklyn, want to invest? Just kidding

Think about creating a product. Do some extensive research on what people need, than if you come up with a solution, you will have funds available to have it built. I would not recommend going into games, there is way to much competition out there. Most of these games that make it big, only spend about 10% in creating them, and 90% on promoting them.

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rred

12 years ago

Originally Posted by Alex Blades

Dude, keep your 10k and keep researching. I can only imagine how many offers you got in your inbox about helping you invest that ten grand, I'm sure the vulchers are flying over this thread

I rather assume as well,

But to be frank not many from WF inbox me anything about
their plan or idea to utilize my 10k so i m just stuck with my idea
of online gaming business..

Thanks

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Weedy92

12 years ago

Most businesses take $5,000 to test the waters. If you're doing well, that's another $5,000 in funding so that's more than enough. Authority sites can be built for ~$1K right now... My only advice is to be smart with your money, don't blow it. Do manual labor yourself even if it means saving a few bucks here and there... That's how I got started, I had literally nothing and just invested back into my business. With both money and my time, even if I had spare cash to pay others to do the work.

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dumitrumidon

12 years ago

A simple plan. Maybe it can work for you.
Take 5k go on Flippa and buy a proven profit making website with potential in future too.

If you are lucky you will get a 5k+ money making per year website.

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Alex Blades

12 years ago

Originally Posted by dumitrumidon

A simple plan. Maybe it can work for you.
Take 5k go on Flippa and buy a proven profit making website with potential in future too.

If you are lucky you will get a 5k+ money making per year website.

Great idea, but you have to be careful with Flippa since alot of stats are fakes, and alot of the sites that are making money that are being sold are being sold because profits are going down. For example, a clickbank product sold many units, and has already peaked. No more promotion, emails being sent out, so sales are still trickling in, but less and less as time goes by. That's when people post them on flippa and sometimes even using the stats when the product was being promoted on every list out there.

Use due diligence when spending a decent amount of money on flippa.

Flippa is fast becoming a place where people look to sucker people into buying worthless sites IMO, you really have to sort the good sites from the bad...

Thanks
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rred

12 years ago

Originally Posted by Alex Blades

Great idea, but you have to be careful with Flippa since alot of stats are fakes, and alot of the sites that are making money that are being sold are being sold because profits are going down. For example, a clickbank product sold many units, and has already peaked. No more promotion, emails being sent out, so sales are still trickling in, but less and less as time goes by. That's when people post them on flippa and sometimes even using the stats when the product was being promoted on every list out there.

Use due diligence when spending a decent amount of money on flippa.

Flippa is fast becoming a place where people look to sucker people into buying worthless sites IMO, you really have to sort the good sites from the bad...

Thanks for the feedback

That is nice idea "dumitrumidon" but i agree with Alex too...

Thanks

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Matthew Anton

12 years ago

You still haven't presented a business plan. This basically sums up this thread:
https://www.youtube.com/watch?v=tO5sxLapAts

Sit down, write out a plan, revenues, expenses; how you are going to monetize, etc. Can't really give you a credible response without a credible first effort on your part.

Thanks

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