Have you written down all of your good ideas for a potential online business? Have you talked to your friends and family about any of those ideas? Did you get any WOW! That’s a fantastic idea why don’t you do something with that? Well before you launch into action might I recommend you do a lot more research? If you recall, you and your friends might think it’s a good idea but will anyone else in the world feel the same way? Part of the whole idea of the validation process also involves some internet research.
Google Searching Your Idea
Everyone surely knows how to Google a subject. The amazing thing is you most likely will get a million results for whatever topic you key in. The important thing is to note what are the top results returned on the first Google results page. This list of first page results tells you how many people are really interested in this topic. Why because Google’s page ranking algorithm determines that very fact.
These first page results are there because they have received the most traffic to their individual sites and they are considered to be most relevant to the topic being searched. Now if the first Google results page contains a number of web sites that don’t seem to really satisfy your search idea/subject then perhaps there is an opportunity for your idea in this niche market.
On the other hand, if there are several sites that have valuable content on your idea, then you know your idea is in a very competitive market. A rule of thumb that could be used is if your idea/topic has less than 15 million search results then you are most likely in a less competitive market with a better chance of being successful in this niche. Anything that results in more than 15 million search results is likely way too competitive for your online business idea.
Keyword Searching Your Idea
Now the next question to be answered is how popular is your big idea. You will need to do some additional research. Keeping in mind, you are trying to find that great business idea where you could provide expertise on and potentially earn some added income down the road. I suggest the following:
- Keyword search forums for your idea subject thru a Google search
- Searching amazon.com for book titles that match your potential big idea and look inside the book cover to see what chapters are being written about. Perhaps your business idea has more relevant content
- Doing keyword searching with adwords.google.com. Sign up for free and then click on keyword planner to check out if you’re topic/subject/idea is being looked for in google searches. This tool is used to estimate what it would cost you to purchase advertising on a pay per click basis and by how many times it shows up (impressions). I’m not suggesting it’s time to purchase advertising, however, for planning purposes this tool can help you decide if the idea is a great one. For example, look at the competition level shown in the tool. Is it low-medium? Then perhaps your idea could work. If it’s too high, then it probably isn’t a worthwhile idea because there is too much competition and little room for a brand new entry. If you don’t find any results then it’s probably not a great idea at all.
As mentioned in my previous blog postings, I have learned a great deal about building an online business from my son, Trevor. Trevor actually has three different online businesses. His latest one is to blog and podcast on how programmers can learn to start up their own business by creating digital information or software products. As of this blog post, he had already recorded over 20 episodes. This episode on How to Choose a Business Idea provides some additional suggestions on how to go about finding that business idea that best fits your area of expertise.
Books to read
These books will not only help you find a business idea, they will inspire you to carry on.
So, make it your mission to do the research and find that niche market where you could begin your journey into building your awesome digital information product.