Building an Online Business – Identify a Money-Making Business Idea
A Money-Making Business Idea Is the First Critical Step
You have made the decision! You have decided to build an online business and work from home. Congratulations! The first step is to identify a money-making business idea – one that is unique and personal.
It won’t be easy, but it will be fun, challenging, and immensely rewarding if you have the will, discipline, and creativity to make it happen.
You may already know beyond the shadow of a doubt what type of business model will fit our passion and create the income that your desire, but it is still important to do your homework.
Step One: Brainstorming
You have probably heard (or read) online that it is very important to “follow your passion” when creating your business. The trouble with that directive is that sometimes your passion does not have the potential to actually pay.
If that is the case, you may have to let go of your first amazing idea: “I want to sell pet accessories” – for a similar or related version that is either expanded to be more lucrative or narrowed to be a more specific niche business, for example: “I want to sell my Doggy-Do Hair Styling Kits.”
The best way to start is with a brainstorming session (by yourself). Sit down, relax, breathe and make a list of everything that interests you – your hobbies, talents, educational focus, work experiences, personal life experiences, and all of your unique skill sets . . . plus subjects that have always intrigued you and you promised yourself that one day you would learn about them.
Take the time to make a very long list – don’t qualify or discount anything in the first session. When you finish, set the list aside for a little while, or overnight. When you pick up the list a few hours later, you can look at it with new eyes. From the list pick the topics that jump out and grab your attention. Go through that list one at a time and think all the things that relate to each topic that have a need you could fulfill or a product that you could provide.
Use your results as keywords to do a thorough search on Google with don’t forget the variations on the keywords. See what else Google can suggest to you – both in its search results…
…And through its Autosuggest feature:
Be sure to explore results that interest you further as you serch for a money-making business idea – get a real feel for:
- What is already on the market? (Products, services, etc.)
- How many similar businesses there are? Do they pay?
- Are people selling in this niche?
- How many similar products are being sold on Amazon and eBay?
- What categories are being used in the various sites?
- Who seem to be the top competitors in this niche?
- What has been covered in each niche area – and what has not been covered! (What are the hidden gold mines that others have not yet discovered?)
“What is NOT there (in the search)” is often a big clue to gaps you can fill with great success and significant profit. When you find some good potential gaps (niches), continue to research the topic/subject/product to make sure the reason the need or gap has not been filled is not because there is no demand for it!
This brings us to an important step that many people tend to overlook………..check in for the next installment – Step Two.
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