Happy 1st Birthday CompareBroker! – Great year 2010 Ahead

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CompareBroker was launched in the first week of march in 2009, March 3rd to be exact. Compare Broker as the name suggests, was started to help new and / or novice investors in choosing the best brokerage firm from the lot. Since then we have evolved and we have several other projects lined up to be launched over next several months. Someone had once told me that you should know the art of detaching yourself from your favorite ideas if the need arises. That is one thing which we have realized over time that we are lucky to be able to think beyond our initial idea. CompareBroker’s original idea of helping people comparing brokerage account is almost exploited completely. So we have to provide some value add to the user who is arriving on our site.

Value Add is Must for Success

If you want to become a truly successful entrepreneur, your business has to make sense. It has to add a value to the users’ experience. End of the day you got to have something useful that your competitors do not have. Now that is something worth repeating, you got to have something USEFUL that your competitors do not have. That was something which we probably ignored, we saw a business need and jumped into it without identifying the distinguishing factor. Well, it was better than just sitting idle! Look at the bright side though, we have recovered all the costs invested and our new service / product development is supported through the money generated in the past 12 months. Now that is an achievement. On top of that we are bubbling with ideas now, thats my friend is an achievement ! I am obviously not going to describe my idea just yet

Focus on Quality rather than quantity

Lot of people forget to realize that quality is 100 times better than focusing on quantity. If you focus on the later, you will probably land the initial success but in the long run you are going to hit a wall. On the other hand quality will take you places. If you produce quality content for example, it will get picked up by search engines, social networks and the next thing you know you are flying high. I realized that lately and it changed the entire business plan. We took a step back and use what we have done as launchpad to leap forward and make it a successful endeavor.

CompareBroker plans for next 12 months

Its really hard to predict for next 12 months when you are a two persons team, that too working part time on it. For now the plan is to improve the usability of the website where our bounce ratio drops down. Next idea is to rollout the immediate projects that are being developed right now (again, cannot disclose the ideas right now). And the next thing we plan to do… wait, by the time that happens, I am sure our plans would have changed and we will be on a completely different track. So why even discuss that. So lets just say we are operating on a business plan which is kinda clear for next three months. After that, we do have plans but those are subject to change based on our experience in near future.

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