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Need straight-talking feedback/advice on new business idea

  • 07-07-2010 3:50pm
    #1
    Newsite
    Closed Accounts Posts: 820 ✭✭✭


    Hi all,
    Just looking to be pointed in the right direction and get some tips here. I currently own and run a website which is just a hobby site at the minute. It doesn’t actually offer a product or service – it provides valuable info though and could be monetised through the likes of advertising and partnerships. It will almost certainly never make millions or even hundreds of thousands, but it would be at the very least a nice sideline income. However, it certainly addresses a gap in the current market and definitely has potential and has been described by several people (mostly people I’ve never met etc) as a great idea.

    Now, I would probably be in a position myself to invest the amount required to do all of the above and bring the site up to standard so that it is in a much more realistic position to make money. However, while I am open to risk for sure, I don’t want to spend my own hard-earned money on something that may not work – or may not be a runner at all really (this would be approx a €5-8/9k investment.

    However, the more pressing reason is that I don’t have the business experience to know whether there is a real market for this or what the realistic chances of success really are, and I suppose what I am asking is where would be a good place to find a business person to speak to about the possibilities and as to whether I could expect to get any investment/support from someone in the know? Are there any ‘Dragons Den’ type evenings on around Dublin city?! Any week-night events or gatherings, etc where you could talk to a potential investor or mentor? I’d really just be looking to speak to someone (i.e. not on a forum, etc) with experience as to judge potential interest in the idea and to seek out a potential partner in the venture to support this part- time effort. It’s really the support side of things and to be steered in the right direction along the way that’d I’d be looking for! Mainly someone who would be on general lookout for a punt at an idea and would say ‘nice idea, but not something that will make you any money’ – or ‘great idea, definitely could run with this and support this and invest’, etc.

    Any tips appreciated, I know it limits the scope of the response but I’d prefer to keep the business idea to myself.

    Thanks


Comments

  • #2
    fishy21
    Registered Users, Registered Users 2 Posts: 159 ✭✭fishy21


    as far a mentors go, im sure the enterprise boards would have someone to talk to.

    There is a fella who works with one of the dublin eb who is very up to date with online ventures

    a chat with him could be very benificial to you.

    Regards
    Peter


  • #3
    Newsite
    Closed Accounts Posts: 820 ✭✭✭Newsite


    fishy21 wrote: »
    as far a mentors go, im sure the enterprise boards would have someone to talk to.

    There is a fella who works with one of the dublin eb who is very up to date with online ventures

    a chat with him could be very benificial to you.

    Regards
    Peter

    Thanks mate. Any chance you could give me further details on name/contact details and any other info maybe by PM?


  • #4
    fishy21
    Registered Users, Registered Users 2 Posts: 159 ✭✭fishy21


    Newsite wrote: »
    Thanks mate. Any chance you could give me further details on name/contact details and any other info maybe by PM?

    sorry i cant remember his name, but i thinks its south dublin enterprise board. Just give them a ring.


  • #5
    buckled
    Closed Accounts Posts: 30 ✭buckled


    Hey Mate.

    My advice to you is to keep the venture capitalists as a last resort. You could very easily end up owning very little of your own business.

    There are different schemes available, if you are serious about this. e.g. Seed Capital scheme, Innovation vouchers & feasibility grants. Also look at the 3 f's, family, fools & friends.

    A good place to start, is definitely the your local enterprise boards.

    Give enterprise Ireland a ring and tell them you are looking for a business mentor, fill out a few forms and they should assign you a mentor for a few sessions.

    If you truly believe in this idea, asking somebody, "is this a good idea", is not the first thing you should do. I suggest you do feasibility study to figure out how you are going to make money out of this. When you have completed the study and you know how your going to make money and how much, then it it time ask peoples opinion.

    Now that's just my humble opinion. Hope it helps.

    Dave


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