Welcome to the Small Business Ideas Forum! We are a community of over 100,000 small business folks with over 163,000 posts for you to browse. We pride ourselves on being the friendliest forum you will find and we'd love to have you as a member of our community. Please take a moment and register for a free account. If you need any help, please contact Chris Logan.

Small Business Ideas Forum

Small Business Ideas Forum

A friendly place to share small business ideas and knowledge, ask questions, find help and encourage others that are involved in the small business industry. Topics include small business marketing, generating revenue and small business computing.

Go Back   Small Business Ideas Forum > Inspiration & Ideas > What Type of Business Should I Start?
Register Search Today's Posts Mark Forums Read

Reply
 
Thread Tools
Old 25th November 2011, 04:38 PM   #1
trn579s
Member
 

Join Date: Nov 2011
Posts: 3
Default Paralysis By Analysis... Starting An Online Business But Worrying About Competition.

A little about me... I'm a full time web applications developer for a huge multi-national business. I've been there for 4 years and this job was always supposed to be a solid, stable income while I built my side business up. Its been 4 years, and that side business is still 'under development'.

I'm pretty lucky in that I work in software development and can do any kind of web development needed. I'm not much on design, but am good at customizing templates :-) I've tossed around the idea of creating a time and attendances tracking website, which I'll charge employers per user per month to use. It'll be a simple clock in / clock out website with automated reporting. I won't get down into the compensation piece, but rather just simply tabulate time worked and report on it.

The issue is I get worried about the amount of competition out there. Search for time and attendance website on google and there are tons of them. I plan on really focusing on marketing this to niche markets, and allowing the user ultimate flexibility in how they use the system... that is how I'll differentiate my service.

Has anyone else out there overcome this paralysis by analysis? Should I just take an inventory of the competition and just push forward? Obviously the 'big guys' in this field have teams of developers working on this so I cannot compete, but I'm also coming in a lot cheaper than they are and aiming more at small businesses, like 50 employees or less.

I'm finding there is no way to tell how many customers these websites have... so my research doesn't really get me any estimates.

Thanks,

Tom

trn579s is offline   Reply With Quote
Register or log in to remove this ad.
Old 28th November 2011, 02:08 PM   #2
DeniseTaylor
VIP Contributor
 

Join Date: Mar 2010
Posts: 302
Default

Hi

I think the solution to analysis paralysis is either

1. Have a tried and true method of determining whatever factors are pertinent and trust it.

or

2. Do the best you can to think of all barriers to success, research and test for them, come up with a plan to eliminate them, then weigh the pros and cons. If you choose to go forward, work the plan you came up with and be prepared to be flexible. If you need to make adjustments, do so along the way. Don't beat yourself up if something presents itself that you may not have accounted for, yet learn from the experience.

Most of all, continue to come up with new and innovative ideas to replace unworkable ones.

That's the best way to overcome analysis paralysis, in my experience.

DeniseTaylor is offline   Reply With Quote
Old 7th December 2011, 03:10 PM   #3
Rachelz
Member
 
Rachelz's Avatar
 

Join Date: Dec 2011
Posts: 16
Default Read this article

Hi Tom,

Check out this article. It might help.

Best of luck...

Rachelz is offline   Reply With Quote
Old 7th December 2011, 08:57 PM   #4
trn579s
Member
 

Join Date: Nov 2011
Posts: 3
Default Thanks

Thanks DeniseTaylor and Rachelz for your insight. I do like your ideas of taking stock of what you have to offer, what you can do better than your competition, doing your research (due diligence) then moving forward with a plan. I do believe that competition is good for business, and that certainly means you can take your slice of the pie if you have a plan and can execute.

trn579s is offline   Reply With Quote
Old 22nd December 2011, 10:01 AM   #5
Safeserps
Member
 

Join Date: Dec 2011
Location: Near Coventry
Posts: 12
Default Strange but true

The competition is the key to your success.

Firstly, high competition usually means high rewards and secondly, the competition a going to provide you all the answers as to what you have to provide for the visitors to your site.

They will also show you the best designs, the best choice of keywords and the best method to achieve PPC success.

It's all been done before, so do as any other good Internet business does and copy the best, but do it just a little better.

Tony

Safeserps is offline   Reply With Quote
Old 22nd December 2011, 10:23 AM   #6
trn579s
Member
 

Join Date: Nov 2011
Posts: 3
Default

Thanks Tony, I am coming to realize your point as I dig deeper into researching the competition. Of course there are some big competitors out there with teams of developers that a single personal dev company really cannot compete with, but they are targeting large corps with large $$.

I've put plans into action and have actually made some good progress in development. I have given myself a May 1st go-live date so that should help keep my nose to the grindstone.

If you think about it, in my career field (web applications development), this is a no-lose situation for me. Every time you code another project you learn something new, hone your skills, and at the very least you have a showpiece to show potential clients/employers. Having recently sat on the other side of the interview desk, I would have been completely impressed if a developer had shown me some of their work instead of just describing it.

Thanks for everyone's input, it was much appreciated.

Tom

trn579s is offline   Reply With Quote
Old 22nd December 2011, 11:36 AM   #7
Safeserps
Member
 

Join Date: Dec 2011
Location: Near Coventry
Posts: 12
Default Easy competitor research

Semrush is very good at giving you competitor information, both organic and PPC.

As for Web Developers, a great choice.

Most of my clients are always on the lookout for new developers if they're any good.

__________________
Branded Experience Marketing from my favourite client.
(this is not an affiliate link)

Last edited by Safeserps; 22nd December 2011 at 11:38 AM. Reason: Addendum.
Safeserps is offline   Reply With Quote
Old 31st December 2011, 11:34 PM   #8
Rachelz
Member
 
Rachelz's Avatar
 

Join Date: Dec 2011
Posts: 16
Smile Link change

Quote:
Originally Posted by Rachelz View Post
Hi Tom,

Check out this article. It might help.

Best of luck...

Sorry guys, the link to that article has changed. If you want to have a read, click here.

Thanks

__________________
Business Epiphany
BIG System, Personalized Business Ideas, Motivation and Coaching
Rachelz is offline   Reply With Quote
Reply   

Bookmarks


Similar Threads
Thread Thread Starter Forum Replies Last Post
I'm Looking For Online Business Ideas. paulpaul What Type of Business Should I Start? 15 9th November 2013 10:31 PM
Dismantling Your Business In These Tough Economic Times? Allectus General Small Business Issues 4 9th October 2012 03:12 PM
Before You Even Think About Starting A Business MorpheusReturns What Type of Business Should I Start? 8 10th May 2010 09:49 PM



Thread Tools

Get Updates
RSS Feeds:
RSS Feed for What Type of Business Should I Start? RSS for this Category Only: What Type of Business Should I Start?

RSS Feed for Small Business Ideas Forum RSS for Entire Forum
Forum Rules


Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


Small Business Ideas Forum


 
At Your Business - Small Business Directory
Free Business Forms - Prewritten Documents
 
Search Engine Guide
Small business guide to search marketing

 
Small Business Brief
Fetching the Best Small Business Info


Free Links - Free Advertising
Free Guide - Online Directory



Advertise your business here
Contact us for more details!


Semantic Juice
Register now to access free Quick SEO service!


Rocket Lawyer
Sign up for free 7 day trial. Boost your biz!


Buy UPC Codes
Get your products listed online!




All times are GMT -5. The time now is 01:09 AM.


Powered by vBulletin® Version 3.7.3
Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.
Copyright 2004 - 2018 - Privacy