So…sort of as a part of my new year’s resolution – i am now hesitating between 2 potential ideas that i plan to develop – aside from my day job. That is:
Idea no 1: A website which charges just $1 commission for trades on complex financial instruments: Like CFDs, Forex Options, Bonds, etc.
Problems with this idea: At least a few hundred thousands to start with since even a license in Antigua and Barbuda for such thing would cost $50k + and i need also substancial capital to cover leverage. But i have just about $40k to start with and my credit rating isn’t good to hope for a bank business loan.
Idea no 2:
A professional finance software program: which tries to predict stock prices via neural networks. The same program will test strategies on historical data and calculate things that aren’t available online: Like SABR volatility or Bond option prices.
Problems: Do people really need such things? I guess most traders are cocky enough to believe that they need only a chart and a wikipedia article to become a succesfull trader?
So…what do you think? Any advice will be of great help!
10x and happy new year!
1 one is out due to reason you mentioned.
#2 is plausible – Maybe! Think through what you would need to do to have it be sale-able. Target your market and design and build the software for that market, test it and ensure that it performs well, then get a few millionaires to swear by it on camera, then market it and then sell it en mass.
Your outlay in time and money will be vast. If you try to do it all yourself, by the time you have a working product the market may have changed. I think that your idea is too far removed from being sales ready to make it doable without huge cash investments. Think of something simple and easy. You don’t need to do something earth shattering- just make a good, plain jane product or service that people will enjoy or find indispensable. Do yourself a favor and pick something more manageable. Starting a business is easy, making it successful is HARD. It takes vast amounts of learning and time. Don’t practice by blowing your whole wad. Practice on an easy test project. Make some little freeware plug in and if it works, build onfeaturess and cross sell them to that customer base.
Business ain’t rocket science; it’s just focusing on the same simple things and doing them well over and over again. Define success, automate your sales, ensure quality control, marketing never stops, build metrics to track employee productivity and reward the best, find good people to help you and repay them with loyalty. You can’t do it alone without wasting tons of time.
Your first focus should be sales, sales, sales, sales. If you can’t make sales you can’t ever make money. Reading: "Cashflow quadrant" by Rich Dad, Poor Dad; "Ready, Fire, Aim";"The Effective Executive" Druker;"The Art of Transformation", Gingrich & Desmond
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