I've got an idea and I want to share it with WF to see if you can help me better the idea, or perhaps uncover some potential problems / objections that I have not thought of.
I am thinking of starting a niche-specific directory in a specific state. Instead of jamming as many businesses in as I can, I intend to focus on working with a capped membership base of 100 businesses (in that niche).
I would also like to have a maximum of 1 business per suburb/town/locality. This would ensure that the 100 businesses were somewhat spread among the state, and not having too many in one spot.
The idea is to work with 100 businesses (of which there are thousands in the state) and be more of an exclusive directory for their business type.
I would bill them somewhere around $200-$400 per month and much of that (especially at the start) would be reinvested into online advertising (predominantly) like Google PPC, FB PPC, SEO and also some offline advertising like Radio, paper, mailings.
What do you guys think about an idea like this?
The absolute biggest objection I believe would be that since it is a new directory, there are no stats to back it up. I am hoping that by being a niche specific, exclusive 100 member directory that is heavily reinvesting into paid ads - this objection could be handled.
But are there other things I should be aware of here?