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Could this be a profitable online business idea?

I really want to make six or more figures a year. I was thinking first about ecommerce online, but it would be hard to sell (office chairs or teen clothing) since there is so much competition. I then heard of Lisa Irby who makes 6 figures making tutorial websites gaining profit through ads and affiliate products. I am deciding wheter or not I should do this online business model. Okay. My main online business idea is a website where users can submit original songs. Other users can listen rate comment and share with friends. I would be making money through ads. If there was lots of traffic, I could have a top 10 list and have users pay a small fee to get on the list. I like this online business idea a lot but it would cost a lot to make. Do you think I should follow through with it? Do you think it could make me six or more figures a year? If not, I will probably sell online and do a content website to make my money online. What do you think? Please help me choose. Thanks!

Public Comments

1. For each of your ideas, write up a business plan to prove out if it is valid.l Pick the best one and go with it.
2. To be honest the difference between a website which makes money and one which doesn't is usually down to the driving force behind it, i.e. you! I have been developing websites for over 15 years for small businesses and blue chip clients alike, the ones which have succeeded in every case have had someone who truly believes in the project and puts every effort into making it a success. If you simply want to tell someone what to do and get a site designed, then someone market it and site back you'll probably not get your 6 figures. If however you get the right suppliers on board to develop your site and market it whilst also do everything you can to make it a success you stand a good chance. Promoting a website is a full time job, not the 1 or 2 hours a week which so many people would have you believe. I'll be honest and say that it may be worth going down both routes, the song site and an ecommerce site. I would however look at selling something which is related to music and would be of interest to the same target market as your songs. This way any marketing activity can target both of your sites, or one site which sells and promotes songs. If you have a good idea of how you would like to go ahead I suggest reading the below article on internet business ideas, it may point you in the right direction. I hope the above is of some use, an example of a product based website using ecommerce is www.nationwide-bathrooms.co.uk.
3. whenever you're planning to do a business, yes you really should have a business plan. it must be something that you love, dont do it for the money, the money will follow if you love what you're doing. make sure your niche is very very specific. you have to do something you love because the money will not motivate you long enough. try looking up lisa's blogs on youtube and check out 2planawebsite.com and 2createawesite.com ps you dont have to make 6 figures to live like 6 figures lol. yes doing what lisa does can definitely earn you A LOT of money. you have to do your research before you jump into it though best of luck! :)