| Most entrepreneurs fail when they start an | | | | You've got to drill down, down, and down again -- |
| internet home business because they make one | | | | until you finally strike gold! How do you find these |
| simple -- but avoidable -- mistake. They decide on | | | | markets? |
| a product to sell without finding out if there's a | | | | With a simple keyword research tool like BeBiz |
| market of potential customers who want to buy | | | | you can find out exactly what people are looking |
| it! That's the "bass-ackwards" way to go about it. | | | | for -- and failing to find -- online, based on the |
| Successful entrepreneurs start home businesses | | | | passions and interests you identified in Step One. |
| by finding under-served niche markets -- BEFORE | | | | Then all you have to do is think of a way to sell |
| they decide what product or service to sell. Then, | | | | them what they're looking for. |
| when they come up with a product or service for | | | | If you start your business this way, you'll know |
| that niche, they do lots of market research to | | | | there's a market of eager potential customers |
| make sure they've got a winning -- and profitable | | | | out there who need your product... even before |
| -- business idea. | | | | you've spent any time or money creating it! |
| So if you want to avoid the deadly mistake that | | | | But even when you think you've found a niche, |
| causes the majority of Internet startups to fail, | | | | you can't just rush off to create the hot product |
| follow these three essential steps. | | | | you think everyone will want to buy. The next |
| Step #1: Brainstorm your own passions and | | | | step is to validate your market. |
| interests | | | | Step #3: Validate your market |
| Entrepreneurs who start home Internet | | | | Validating your market means confirming it has |
| businesses based on their own knowledge, | | | | profit potential. In other words, can you actually |
| experience, and expertise are far more likely to | | | | make money from it? To find out, ask yourself |
| be successful. | | | | these four key questions: |
| After all, if you're not passionate about what | | | | 1. Is the market easily defined and reachable? |
| you're doing, you simply won't find it as enjoyable | | | | Most potential markets will already have places |
| -- and you'll be less motivated to stick with your | | | | where they congregate. Online groups, forums, |
| business and do the work necessary to grow and | | | | discussion boards, clubs, and special websites will |
| improve it. | | | | give you the opportunity to analyze who exactly |
| So before you even begin to find an untapped | | | | your potential customers are. Once you know |
| niche of hungry customers, you should brainstorm | | | | who they are, you'll have a much better idea of |
| your interests and passions... and let them guide | | | | whether they'll buy from you. |
| you!Unique skills and interests can come in a | | | | 2. Is the market small enough so there aren't |
| surprising variety of forms. For example, knowing | | | | many competitors, but big enough to be |
| how to pass the exam required to become a | | | | profitable? You want a small pond, but it still needs |
| firefighter is a skill on which you could base a | | | | enough "fish" in there to make it worth your |
| business. So is quilting, or collecting model trains, or | | | | efforts. If you find lots of competitors who are |
| kicking a bad habit like smoking or biting your nails. | | | | well established, well supplied, and well funded, |
| But a lot of people find it difficult to think of their | | | | back away! You should look for a smaller, more |
| own unique expertise. The best way to get | | | | precise niche. |
| started is to create a list of all the jobs you've | | | | 3. Do your potential customers have money... and |
| ever had... all the hobbies you've ever pursued... all | | | | are they willing to spend it?You need to know if |
| the volunteer work you've ever done... all the | | | | these people actually buy stuff... so it's a good sign |
| times you've helped someone and felt really good | | | | if there's some competition already selling |
| about it... and all the challenging situations you've | | | | products to the market. You'll have a much |
| had to overcome in your life. | | | | harder job selling to people if there are too many |
| Then go through the list and pinpoint where your | | | | free products or free sites available. |
| particular areas of skills and interest lie. When | | | | 4. Are they passionate enough about the problem |
| you've got a few different topics, you'll be ready | | | | they're trying to solve that they're willing to spend |
| to do some research into potential businesses. | | | | money on your product?A motivated market |
| Step #2: Find a niche | | | | eats, sleeps, and breathes their interest... so you |
| When it comes to finding a niche market, you've | | | | want potential customers who are so passionate |
| got to think small if you want to find big profit | | | | that they must have all the information related to |
| potential. | | | | their subject. Think about video gamers or antique |
| The fact is, most people do not go online to buy... | | | | collectors... their obsessive passion is a big reason |
| at least not right away. They go online looking for | | | | those markets are so profitable! |
| information to solve a problem. | | | | Final thoughts |
| And that's where you come in. Once you've | | | | It's essential you follow these three steps when |
| found a group of people who are all looking for a | | | | you start an internet home business. If you can |
| solution to the same problem -- without much | | | | find a niche market based on your interests, you'll |
| success -- you'll have discovered the "hidden | | | | be able to create a business you're passionate |
| treasure" that will form the basis of your | | | | about. And if you validate your market before |
| successful online business! But you've got to think | | | | you create a product, you can be confident your |
| small. If you start with a large, general market, | | | | business will be profitable. |
| you'll likely find it saturated with competition. So | | | | It's a simple, but effective, formula... and it will set |
| be patient and explore all the possible avenues. | | | | you on the road to success. |
