How do I validate my business idea?
I have built a free website for animal rescue. So far it has all the features for different admins and organizations to join the website and run/manage pet rescue. I want to continue building the site out and need to come up with a way to make revenue. My idea is to offer paid advertising. I've done a lot of research on Google and saw that pay per click costs less. My idea is to approach dog food companies and veterinarian clinics about renting ad space. Will this idea work?
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Sep 13, 2015
Sounds like a great idea bringing a whole community together and finding a revenue model.
Sep 4, 2015
The Word I am going to use is Community: You want to build out a Community and the best way to do that is to ensure that you are part of it. You need to focus on Your Business at is Core Level - what you do, and then how you would benefit, Sponors and Users. The approach is correct in terms of who to approach, I would also look at the Community you serve. If and see what housing or living areas you serve. In 2015 - It Is All About Community - Brick and Mortar and Virtual. The More Angles you Address, the Better!
Sep 3, 2015
OK, given that you apparently started with little to no research, market experience, business model, and a suspect goal, it is not impossible to start now building a business that will fulfill your needs within your resources (that would be the plan, not necessarily successful business). As you may have inferred, is that you need to do some real research into:
market (needs, revenue and expense, regulations, the profile of who would be in the rescues you would target - what they think they need AND be willing to pay for).
competitors If you are the first (doubtful based on my pet industry knowledge) then you would have to educate then sell, after all there is nothing like you for them to consider.
business model how you get paid and how much it costs, and what life cycle you see, as well as organization and type of ownership, as well as governance.
resources what can you bring in before it is launched, what will you need when it is launched
risk plan
communication plan
schedule (only part of the plan)
reporting/control systems
your goals - if you want this for more than a charitable or even low cost hobby then you ought to do what you feel like doing within the planned budget; if you want a sustainable or even transient business than I suggest you approach with that intent. You may want a mentor or advisor (paid or not) so you may have discussions about alternatives, approaches and methods to advance.
Having consulted to and done rescues in the pet industry, it is a business!!!! minimum of 300M pet households in North America - collectively some $40-50B/year (in USA) and growing - it is competitive and rivaling other multi-billion industries in sophistication and technology
good luck!
Sep 2, 2015
You can validate your business Idea at any time by re-forming details by changing some of your details or shape or color what ever is the quality , validating needs to be done according to your business type , market is developing fast so changes are taking place fast too .
Sep 2, 2015
Hi Vamsi,
You have a great idea and also going to the dog food companies and veterinarian Clinics would be great.The only thing which I feel would be more fruitful to you would be to have a consortium of companies ,clinics and government buy this idea beforehand and make them sponsor the whole arrangement including your expected returns and rewards with a patent and copyrights in your favour of the idea and website.
The reason I am saying this is because I foresee a lot of offshoot benefits of the arrangement specially to the dog food companies and Clinics like database of pet experiences on various occasions ,pet safety guidance which can be a good advertising tool etc.
Moving forward even the database could be a good tool for the administrative structure of the country to guide the government in various matters.
This can be a major contribution to the pet welfare accross the globe if I have understood the idea correctly.
Wish you all the best.
Zafar
647-818-8550
Sep 2, 2015
Vamsi
When companies such as veterinarians, dog food stores, pet stores, and animal shelters invest, in most cases, they want to see what their return of investment would look like.
One of the ways to make your sight attractive is to add quality content, build up your audience, and track the engagement to your website.
Once you have a considerable engagement and feed back you will be able to show how your website will add value and benefit your target audience for advertisement.
One of the most less expensive ways to building your viewers to show engagement and audience is to join social media groups that have the same interest and share your content and website link daily.
Finally, every idea can lead to success if it is planned and implemented strategically.
Enjoy the journey.
Sep 2, 2015
You are in stiff competition with the already available sites/organizations that provide that service. What seems to be gaining traction is a rescue for a specific breed, including mixed of that breed, disabled of that breed, abandoned of that breed. Once someone has a positive experience with a particular type of dog or cat they tend to seek out another very similar. I have seen this over and over. I have volunteered with animal rescues and unfortunately had my own precious dog lost or stolen leading me to utilize every service imaginable. There were tons and many for free. They rely on donations or fundraising more than advertising.
Determine the value you offer as a rescue. Then promote through high profile activities. This should not be a revenue generator to put money in your pocket but a higher cause that will hopefully run in the black so you can continue the reason you started this.
Sep 2, 2015
You may have a tough time with big companies. Check out small businesses as they most likely are recently starter and need business for what they sell. Ask consumers as to your idea. You may get great feedback for what you want to do and you may get other information to help you in your revenue efforts.
Sep 2, 2015
Richard Stern-Suggest creating a Marketing Kit and an explanation of the Web Site and its features. Then go to your target market and get reactions to your idea.
Sep 2, 2015
When established companies look to advertise on other complimentary websites, they do it for one reason. They are hoping that the traffic and visibility you have generated with provide exposure and sales for their products. You can make advertising revenue from your site if you do an extraordinary job of marketing your site first.
Once you've identified the purpose of your site and been able to get other organizations to participate by sharing or collaborating with you to promote the purpose of your site, it's mostly a matter of who and how many people come to your site. Is your site viewed as an authoritative site, an interactive site or an e-commerce site? You can eventually have a combination of all three but getting known for something specific is the first step.
Once your site has the viewers and reputation you want, and you can provide some metrics that advertisers look for, you will be able to attract companies who will pay to promote on your site.
I'd suggest you work the organizational use side first. Get as many pet rescue organizations as possible to sign up and start using your site. They in turn can promote your site to their lists.
Sep 2, 2015
Hi Steve,
I had a thought ,what if i keep on building sites for the other rescues and shelter homes ,and when i have say a good number like 7-10 websites which is like covering the majority of the shelters in the country that i am in.I then approach ,dog food companies for ad money through all the websites.
Regards,
krishna
I should have done research about it ,actually i wanted to build it for free to help rescues ,but it took me like one momth to build the site and that is when i thought may be i should earn money from it .