w do you find a business that is right for you and has a
great probability of success?There are two steps that you
should take.
1. Pick something that interests you. Better yet, pick
something that you are passionate about. If you are not
interested or you don't like it, the work rapidly becomes
drudgery and you will likely quit after having invested a
lot time and money.
2. Find out if there is a market for you business. This is
important because if there isn't a market, you could spend
months developing your product and if only a couple of
people care about it, and no one else is interested, you
just wasted a lot of time, money, and potential income.
How do you find out if there is a market for what you want
to do?
3. Do a search on Overture
http://inventory.overture.com/d/searchinventory/suggestion/
and enter one or more words that describe your business.
The suggestion tool tells you how many people have searched
for your term in the past month. Multiply that number by
five to figure the approximate number of searches in the
past year. This will tell you how many people are searching
for your product or services.
4. Look at the top 20 returns for your product on the
search engines (Google, Yahoo, and MSN) to see what
competition you have. Review your competitors' sites to see
what they are doing well and to see what they are doing
poorly. You may be able to see at what price they are
selling a product or service similar to yours.
5. Look at the ads presented by the search engines. They
are usually located above the search results and to the
right of the search results. If there are a lot of ads for
your search terms, then there is probably a market for your
product or service.
6. If you have found that there is a lot of activity, go
to
http://uv.bidtool.overture.com/d/USm/search/tools/bidtool/
and enter your search terms to see how much people are
paying Yahoo to advertise your keywords using Pay Per
Click. To use PPC you bid for placement on the Yahoo search
engine pages. The higher you bid, the higher your
placement. If your competitors are bidding $1.50 or more it
is a good indicator that there is a real market.
If there is little activity, then you probably won't do
well and should look for something else or reframe your
product or service.
If there appears to be a lot of activity for your product
or service, then go for it!
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