What type of online business should I start
Many of us dream about starting an online business. The idea of breaking free of paid employment whets the appetite. Sacking your boss and handing in your resignation gives a personal sense of well-being. You have an urge to be in total control of your own destiny and nothing can stop you. You’re no longer making your employer that little bit wealthier, it’s time to turn the tables and put the focus on yourself. But what type of online business should I start?
This is the million dollar question. You have seen many high street businesses selling products and services in thousands of different niches. You do a quick search of the Yellow Pages directory and you will be inundated with just about every type of work on the planet. An online search reveals a plethora of businesses doing well. But you want your slice of this lucrative pie but where do you start? What type of online business should I start?
What Online Business is Right For Me?
The key to success in the majority of online business is to simply stick to what you either know or you have a passion about. Knowledge can take you all the way online. If you have a pastime or hobby that you can expand into a business then your on the right track. This is not hit and miss. I will tell you from experience that getting involved in an industry or niche you know nothing about is going to create problems.
Can you imagine sitting at the computer for hours researching and creating content? Writing articles of 1000-words or more on a topic you don’t care about? Answer emails from people who you have no personal connection to? It’s a tough ask and not recommended. Millions have tried and the same amount has failed. They have wasted their time and money getting involved in an area for one reason only…to make money online.
You have to build a business around a passion, interest or knowledge.
I get emails all the time from budding new entrepreneurs and one question always turns up on a daily basis…what type of online business should I start? My answer is always the same. Make a list of all the things in life that you enjoy. Write down all your hobbies and pastimes. Think about all the skills you possess. What are you good at? We are all good at something and you will be no exception. Jot these down as well. What about experiences? Travel for example. Put them all down on paper and review them. Choose your three favorites and then we can move onto the next step.
Is it possible to build a business around your niche?
Now you have settled on three areas of either skill, expertise, knowledge or pastime we have to ensure a business can be developed around these niches. This won’t take a minute to accomplish. A quick search on Google will reveal everything we need to know. On another piece of paper, we need to write down the top 10 websites in that niche. These are our competitors and they are located in the top results on the biggest search engine in the World.
Check out each website and what is your reaction. Write all these thoughts down. Is the website an authority website in that niche? What are they doing right? Where is their business failing? Do you think your business could do better? When was their business established? In other words how long have they been in business?
Keyword research the competition to avoid building a business that will fail.
Think of other keywords in your niche and type each one into Google search. Make a note of the results. Do the same websites keep appearing for each keyword? You can try this as many times as you like. After a while, you should see trends appear. Common websites that turn up in the top 10 for different keywords all the time. If this happens on a consistent basis in your niche then I would not recommend getting involved in this business. So what type of online business should I start where it’s possible to leverage the traffic?
How to start an online business in my niche?
The research confirms there are too many authority websites within that niche. They have been established for many years and have written and published articles of every description. They have cornered the market already. How could you get a slice of this market? How are you going to rank in the search engines for these same keywords? Your website is new, Google doesn’t trust it, so how can you compete?
Take advantage of low hanging fruit keywords and phrases.
What type of online business should I start if the competition is tough? If you are focused on this one niche and determined to proceed then I have one piece of advice. Target the low hanging fruit. Expand your keyword search to longer tails that are between 5-7 words long. These will get less traffic but you should be able to rank for these quite easily. Don’t be put off by the low traffic levels of these keywords. Join the traffic count altogether and you will see they are worth pursuing. You will see results from these less competing keywords in no time.
Don’t get too excited yet though! We need to go back to Google and do the same keyword research. If you see many different websites with no real authority then that is your foot in the door. An opportunity to build a business around a niche of your choice.
What if the keyword research shows many different websites?
If the search results show mixed results for your keywords that could a very good signal. If they show Yahoo answers, Forum posts etc then that’s good news. Once you build your authority website in your niche you should be able to outrank them. Think of it on the Google side? They are going to reward authority websites because that is what the searcher wants. Specific content to relate to the keyword search. They will rank an authority website higher than a third party website because it’s too broad.
What type of online business should I start that makes money?
Once we have identified a niche that we think can develop as a website and get traffic then we have to ensure there is money in the industry. The exception to this is non-profit websites. But let’s assume that the idea is to start a website to make either a part-time or full-time income.
Do something different and freshen up the marketplace.
Let’s go back to the competition. How are they making money in this niche? Follow the links to any products and services they promote. Join their mailing list. You may find they will push free content before they offer a paid offer? Could your business do so the same? Maybe you have other ideas about products to promote and sell. Could you introduce your own products and services? This would be unique and your markup would be 100% and not a percentage affiliate commission. Look for gaps in the marketplace you can explore to develop your online business.
Next time somebody asks me what type of online business should I start? I reply…do your homework. You cannot start anything without detailed research. Those scraps of paper where you listed information on the competition will be invaluable. These are the seeds you need to sow before starting a business. Without the initial time spent on doing the groundwork and competition analysis then your business will probably fail.
Remember the question? What type of online business should I start? Remember the answer, the one that passes online investigation with flying colors.