Competing w/GPS Market/But Different!

Hoping some kind soul will post their advice. I have an idea for a business but the competition will be the GPS market which we all know is growing. Do you think this is futile? Without giving it away, the advantages of my idea will be that it's much, much cheaper and it's a one time direction-finding service.

Any comments? Thanks.

I understand that you are unable to provide too much information. However, based on what you've written it's rather difficult to say whether it's a good business idea or a bad idea. Sometimes good ideas will fail to succeed if there isn't a good marketing plan behind it. Base on what you've provided, I would say do as much research as you can on the subject; plan as best as you possibly can; and try it out. Basically do your best. Nothing ventured nothing gained?

Is there any inherint advantage to your idea over gps?
is it
cheaper
available where gps is not
more accurate
simpler

other advantages,
if you answered no to all of the above then its probably not worth while.

umm GPS is free, you just gotta buy the hardware which is not too expensive. As for the software well bittorent has what people need. By much cheaper either you mean you are making cheap software or you are making cheap gps hardware or a combination of the 2.

Maybe you are planning to launch you own gps satellites, or maybe you are using a different type of way to to get co-ordinates. Well if you are planning to use Wifi as a reference signal for your stuff then, MS streets and trips 2006 already does that.

Honestly is is impossible to evalute your idea without knowing it.

If you're thinking of starting up your own 416.. OnStar it won't work.

There's an european competitor to the GPS that will be released soon (can't remember name, I read abotu that a while ago).

I'd say don't waste your time... How much is a GPS now? 100$ top?

for the input. I realize it's hard to guage but it's really not in any state to be revealed without more information. Thanks a lot. I really do appreciate the insightful comments!!

This isn't the right forum for this type of advice.

If you've written a business plan before, then you should be able to delineate the assumptions that need to crystallize for your business to suceed. If you haven't, then I would recommend some background reading first. You'll need to have a very good business plan in order to raise the necessary venture capital for your business.

ahh I think I know what you are doing, I am goona shoot you pm to see if I guessed right.

Flyinggonzo, what is the more appropriate section for my question about a small business idea other than the Canadian Small Business section? More importantly, this is not the right forum to discourage others, don't you agree?

Keep at it.

You must offer "value" to the customer. Value is not the cheapest price or a better quality GPS-type service. It is giving customers MORE than what they perceive or expect to be the cost for the product/service they are purchasing. It's going beyond their expectations.

The challenge is determining what customers value and when they value it (timing). This is where research is critical to help understand the opportunity.

For example...
Do they value low price even though it may not be the most reliable or effective? (buying a motion detector)
Do they value reliable service even though it will be at a higher cost? (buying a security service which includes the motion detector and other stuff)

Another example...
If you're single with no dependants, then insurance & wills are not biggies on your list. But if you own a home, are married and have kids, insurance & wills are on your radar. This is because you value security differently.

Thank you Canucklehead. These are important things for any idea inception. I do completely believe there is a high value based on your definition. I'm in the beginning phases of research and I'm not organized yet, but I feel good about this.

Thanks for the nudge!

Originally Posted by Sanhedralite

Without giving it away, the advantages of my idea will be that it's much, much cheaper and it's a one time direction-finding service.

Are there cell phones involved?

Originally Posted by Sanhedralite

Hoping some kind soul will post their advice. I have an idea for a business but the competition will be the GPS market which we all know is growing. Do you think this is futile? Without giving it away, the advantages of my idea will be that it's much, much cheaper and it's a one time direction-finding service.

Any comments? Thanks.

I am assuming that you are thinking of offering a service that will utilise existing GPS hardware. I say this based on the assumption (as has been mentioned before) that GPS hardware is cheap and/or free (now bundled with many PDAs and soon phones) and mass produced in China. The GPS service is free, now exceptionally accurate and pretty stable.

Navigation software market is pretty saturated with MSN coming hard into the market, TomTom and Google Maps who will no doubt offer a gps service shortly. Yes, Canada still has flimsy coverage but that will change shortly.

Not trying to extort information from you but can you at least confirm or deny that you're 'using' GPS or not??

Honestly sit down and take a stab at a business plan of sorts, list your ideas, projected expenses, investment capital requirements, existing market share/competition, your objectives and most importantly how you will market your idea and accentuate any unique features/services you may provide over and above any existing services.

Hope it goes well for you.