Business Idea

Start A Data Sharing Business

About

Starting a data sharing business requires a great deal of effort, dedication, and most importantly passion.

If you're interested in how to sell data sharing, or selling data sharing online, you can use this page as a guide for everything you'll need to know.

Key stats

market size
$2.3B
starting costs
$20.5K
gross margin
85%
avg product price
$15
time to build
210 months
growth
Brand Authenticity
business model
Advertising
time investment
Full time
work from home?
Yes

About

Starting a data sharing business requires a great deal of effort, dedication, and most importantly passion.

If you're interested in how to sell data sharing, or selling data sharing online, you can use this page as a guide for everything you'll need to know.

Key stats

market size
$2.3B
starting costs
$20.5K
gross margin
85%
avg product price
$15
time to build
210 months

 

growth
Brand Authenticity
business model
Advertising
time investment
Full time
work from home?
Yes

Startup Costs

Min Startup Costs Max Startup Costs
Office Space Expenses $0 $7,000
Employee & Freelancer Expenses $151 $352
Website Costs $223 $7,215
Business Formation Fees $5,600 $20,400
Software Expenses $162 $3,094
Advertising & Marketing Costs $0 $2,700
Total Startup Costs $6,136 $40,761

Successful Businesses

Business URL Rank
Mendeley mendeley.com #5,459
Jumpshare jumpshare.com #15,808
data.world data.world #26,318
FastShare.cz fastshare.cz #34,941
Knoema knoema.com #40,972
Onehub onehub.com #70,183
iDeals Virtual Data Room idealsvdr.com #73,784
Firmex firmex.com #114,911
CapLinked caplinked.com #130,045
Humdata humdata.org #178,055
dunnhumby dunnhumby.com #281,077

Pros & Cons

Pros Description
Flexibility You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.
Ability to start your business from home It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!
Scalable With businesses and processes changing daily, there will always be demand for new features, products and services for your business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.
Traffic to your website A data sharing business gives people a reason to visit your website and to keep coming back to you!
Meaningful business connections You never know who you will meet as a data sharing business. This could be the start of an incredible business opportunity!
High customer retention rates Once a customer invests in your product, they've invested their time and energy to utilize your product/service which is highly valuable to them. Typically, your product or service becomes indispensable to your customer.
Cons Description
Motivation of employees If you plan to have a sales/content team on board, finding creative ways to motivate them can be a challenge. It's important that you're able to offer great incentives and a good work environment for your employees.
Time commitment With starting a data sharing business, all responsibilities and decisions are in your hands. Although this is not necessarily a negative thing, work life can take over at times. This can place a strain on friends and family and add to the pressure of launching a new business.
Difficult to build trust with your customer With starting a data sharing business, there can be minimal face-to-face interaction, which means it can be a lot more difficult to establish trust with your customers. You'll need to go the extra mile with your customer to grab their attention and business.
Impatient customers You may offer an engaging user experience for your customer, but customers expect a lot and may be impatient if they aren't pleased with your product or service.
Be prepared to get out of your comfort zone! Although this is exciting for some entrepreneurs, it can be a big challenge for others! You may find yourself in uncomfortable social and business situations, jumping into tasks and responsibilities you aren't familiar with, and pushing yourself as far as you can go!
Learning Curve When you start your own business, you no longer have upper management to provide you with a playbook for your roles and responsibilities. You should know the ins and outs of every aspect of your business, as every decision will come down to you.

Marketing Ideas

  • 1

    Affiliate Program

    Affiliate marketing is a great way to bring in a new revenue stream, especially when you don't sell products or services.

    Simply put, an affiliate program is an agreement where a business pays another business or influencer ("the affiliate") a commission for sending traffic and/or sales their way.

    The affiliate typically gets a unique link where clicks and conversions can be tracked.

  • 2

    Word of mouth

    Word of mouth is when a consumers reflects their interest in a company’s product or service in their daily dialogues.

    Therefore, word of mouth advertising is essentially a free advertising triggered by the customers experience.

    According to Nielsen, 92% of people trust recommendations from friends and family.

    Therefore, in today’s hyper-connected world, a single recommendation through a word of mouth can have a huge impact to your business.

  • 3

    Social Media Advertising

    Social media advertising is the use of social media platforms to connect with your audience with the objective to build your brand, increase sales, and drive website traffic.

    According to Oberlo, approximately 48% of the global population use social media, and the number is ever-growing.

    Therefore, social media allows brands access to cost-effective advertising by enabling them to interact with a large audience.