The common mistake most people make when starting their business is creating a product without determining a hungry market and thinking that they can make a profit or profit from it.
Why is this concept dangerous or incorrect? Because if the product is not what the market wants or needs. You will have a hard time trying to market it. It’s like selling ice to an Eskimo in Alaska. Maybe you can if you are a super seller. Without demand, no one would buy the product and that would surely be disastrous for any business.
Therefore, the first lesson of any internet marketing course should be on how to find profitable markets.
Now, as intimidating as this topic may seem, it’s actually quite easy to pull off. All you need is an idea. Yeah, like one of those eureka moments.
This idea can come to you at any time, such as while watching a movie, reading the morning papers, or looking at the signs on your way to drop off the kids at school.
This idea can also be inspired by your current or former profession or a passion you nurtured while still enrolled as a student.
It is always advisable to carry a small notebook with you, so that each time these ideas arise you can write them down so that they do not fade from memory, if you have a personal digital assistant (PDA), it would be better for you
So how would you know if the idea that comes to mind is the right one to build a business?
This would not be difficult to decipher, surely an idea would involve thinking of various possibilities that you do with it.
An idea about dog grooming can make you think of a dog grooming service.
Once you have an idea, it’s time to determine its profitability.
http://www.inventory.overture.com or http://www.nichebot.com
Just type in the idea you have in mind and hit the submit button, then you’ll be presented with a list of keywords and key phrases that are related to the topic you’ve entered.
Each keyword or key phrase would have an indication of how many searches they have collected from Internet users.
Naturally, you’ll want a keyword or key phrase that has garnered a lot of searches, right?
This should not be the case. The lawsuit is only half the battle. You would also need to determine how much competition you would have for that particular market.
To do this, you just have to run a search using the particular keyword or keyword phrase that you have selected. Look at the number of web pages that cater to that topic. If this number is less than the number of searches performed for it, then you have a profitable idea!
Let’s illustrate.
Your idea is about dog care, so you use the tools mentioned above and write the phrase “dog grooming”.
You will immediately get some keywords or key phrases like “shih tzu dog grooming” or “dog grooming cases”.
As such, you might think of them as highly profitable markets. These markets are what many people call niches. Finding a niche is the integral first step in making money online.
Once a niche is determined, focus on it. If you are not familiar with the topic, do some research. Create a website that provides accurate and educational information on the topic. Employ marketing strategies to give it the exposure it deserves.
It all starts with finding a niche. The sooner you discover one, the sooner you realize the many promises the online world has to offer. All you do is have a tried and tested marketing strategy that you can follow step by step. to online success.
