For a startup idea, the best place to start is to analyze the below stated pointers:
- What is my investment capital?
- Do I wish to invest in infrastructure and the rest of the paraphernalia?
- What can make customers willingly pay for it?
Let’s look at the answers to these questions to find the easiest possible route to finding the best startup idea.
1.I’d like to keep it as low as possible to start small and start fast. I’ll scale by investing from the earned revenue, once the business gains market traction.
- Infrastructural investment will require planning, resources, manpower, and time.
- Customers are willing to pay for something that adds value, solves a problem, or eases their lives.
Taking into consideration, all the above stated conditions 一 a lucrative business that provides customers with products/services with a unique value proposition, and can be started with low investment capital, and no need for extensive infrastructural development is 一 daily deals eCommerce website.
What is a daily deals eCommerce website and how does it work?
Let’s see the illustration below to understand how a daily deals website functions
Conclusion:
Daily deals eCommerce website means benefits for all those involved in the process 一 portal owner, merchants, and the end-customers. This means that it makes good business sense for startups.
Although the investment costs can be significant if you opt for developing the website from a scratch.
The better alternative is opting for a self-hosted, standalone eCommerce software like Yo!Deals, developed by FATbit Technologies, the eCommerce industry’s leading developer of intelligent eCommerce products. It comes with all necessary features out of the box required to run such a business. Moreover, it is secure, scalable and available with one-time payment. It is also backed by an Agile team for end to end after sales support.
If, however, you want to run an business but there is competition for daily deals website in your targeted region, multivendor eCommerce products still provides with multiple opportunities to start a business considering the three points mentioned in this post.
