Home business articlesMarketing  ecommerce  home based  online internet business  free course
  16 hours of free training in just 5 minutes a day. Teaching you how to grow your online
internet business,
by learning about marketing your home business or ecommerce website with
easy to understand articles.
Sign Up Here To Get Free
Business / Marketing Tips
  Home              Index Mission Statement Links                  Articles

Sign Up Now

Web .foxonlinelearning.com




10 Steps to Testing the Viability of Your Online Business Idea That Won't Break the Bank

Copyright 2009 OnlineBizU.com

The economic recession is pushing more and more people to consider self-employment. Starting an online business is a very low-risk way to put your toe in the entrepreneurial pond because the start up costs are minimal, the overhead is low, and the returns can be high. Despite these benefits, however, an online business is just like any other and needs to be thoroughly researched before starting to determine if there's a need in the marketplace and how viable the business idea is.

The Internet is rife with exorbitant claims of how much money can be made as an online entrepreneur and that you can be rolling in the dough by next week. Remember, most "overnight" success are 1, 2, or more years in the making, and online businesses are no exception to this rule.

How do you determine if your online business idea will sink or swim? Here are 10 steps you can take to test your idea without breaking the bank:

1. Research. Comprehensive research is always the first step for any business idea. Brainstorm a list of keywords someone might use to find the product/service that you're offering, and then use a keyword tool finder to see how many searches have been done on these keywords. The keyword tool will also make suggestions of related keywords to try. Once you have a list of keywords, conduct searches (use quotation marks around your search term for stronger results) in Google, Yahoo, and MSN to see who else is out there. Evaluate the popularity of the sites you discover by checking out their Google Page Rank and Alexa ranking. Use the same keywords to see if articles have been written about your topic in the major article banks. You'll uncover your competition in this research, as well as potential strategic alliances. Employ a powerful bookmark program to help you track your research results.

2. Monetize the idea. After completing your research, have you discovered enough competitors in the marketplace who are making money from doing something similar? If so, how are they making money -- is it from the sale of info products, consulting services, subscription to their site, advertising, etc? If you don't see much competition, that usually means one of two things:

a. There's not enough demand for the product/idea or

b. You're ahead of the curve in seeing the profit potential.

Unfortunately, in most cases, that result means that there's not enough demand for your idea in the way that it's been presented.

3. The "so what" factor. From your research you should be able to clarify what it is that you're offering and what group of people need what you're offering. In order to be successful, your offer must pass the "so what" factor in light of your competition. To take this test, you must successfully be able to answer the following question after telling someone what you do, "So what? How is that different from what x, y and z are offering?" You can answer these questions best if you review the benefits of what you're offering (the What's In It For Me) rather than just a listing of the features, and if you can speak from the heart about your idea. An online business will take time to manage and develop, so you want to settle on something that you love. If you don't enjoy what you're doing, you quickly become a prisoner in a prison of your own making.

4. Industry information. Set up Google Alerts for your industry keywords and track them from info posted on websites, blogs, and newsgroups. Reviewing the alerts you receive over the next few weeks should help you expand your view of the problems/issues with your subject, help you see the "movers and shakers" in the industry, and help you discover other places (blogs, discussion forums, social networks) where your target market hangs out online.

5. Test the waters. The easiest way to test your idea is by creating a blog. Buy a keyword-rich domain name for the blog and map your blog to that domain. Then begin to blog about your insights on your topic, or reprint articles others have written on your subject. The idea here is to begin to establish your online presence and your online brand.

6. Build a list. Once you've got a blog set up, you need to begin to build your marketing list. The easiest way to do this is to create a free giveaway on your site (ebook, video, report, audio recording) and a form for the visitor to input his name and email address to receive your giveaway. Your privacy policy should be readily available to them and outline how you'll use their info and what they can expect to receive from you. You'll also need an email marketing service or shopping cart service to manage your list.

7. Crown yourself the expert. The only way to become an expert in an area is to believe that you are one. By virtue of the research you've already conducted, you know more than a large percentage of your target market. Therefore, don't hesitate to begin to refer to yourself as an expert in your industry

8 Drive traffic. Once you build your blog, they (visitors) won't come without some encouragement. Create profiles on prominent social networking sites like Facebook and Twitter. Start writing articles about your topic and submitting those to article directories. Discover if your target market hangs out on niche-specific social networking sites and start networking there. Interview experts in your industry and release the interviews as a podcast. Create a weekly email newsletter to stay in touch with the prospects on your email list. Create powerful inbound links by getting your blog listed on various blog and website directories.

9. Implementation time. Rome wasn't built in a day, and neither is a successful online business. Allow at least three months to give your idea a test run and evaluate it after that time. Have you been able to build a list? Are you getting traffic to your site? Are you attracting attention of others in your industry? If so, you're ready to move to the next step.

10. Move forward. If you determine that your idea is viable, what's next? Creating info products or a membership site? What are your longer terms goals to develop this idea into a business? The best way to harness all the info that you've collected thus far is to create a business plan. It doesn't have to be complicated -- it can be only one page, in fact. What you need to commit to paper is your offer, your target market, your ongoing goals for how to monetize the idea, and an outline of how you plan to grow the business over time.

It's not too late to get your start in an online business. Don't be distracted by the false promises of quick wealth overnight. Success takes time and planning, so invest some planning and research time into your business idea. That's the strongest foundation you can create for yourself to become a successful online entrepreneur.

Internet Marketing Strategist & Boomer Biz Coach Donna Gunter helps baby boomers create profitable online retirement businesses that they love by demystifying the tools & strategies needed to market and grow their businesses online. To claim your FR*EE gift, TurboCharge Your Online Marketing Toolkit, visit her site at OnlineBizU.com. Ask Donna an Internet Marketing question at AskDonnaGunter.com

Source: http://www.submityourarticle.com

Permalink: http://www.submityourarticle.com/a.php?a=49063

Have a nice day!

Web www.foxonlinelearning.com


Home Business Ideas
Blogging / Podcast

Affiliate Marketing

Customer Service
Email Marketing


Linking Strategies




SE Optmization

SE Tactics

SE Submission

Small Business


Team Building

Social Networking
Venture Capital

Video Marketing

Web Design

Web Development


Website Promotion

Website Traffic

Site Map

Business Marketing
Tips Index:





1 2 3 4 5
6 7 8 9 10
11 12 13 14 15
16 17 18 19 20
21 22 23 24 25
26 27 28 29 30
31 32 33 34 35
36 37 38 39 40
41 42 43 44 45
46 47 48 49 50
51 52 53 54 55
56 57 58 59 60
61 62 63 64 65
66 67 68 69 70
71 72 73 74 75
76 77 78 79 80
81 82 83 84 85
86 87 88 89 90
91 92 93 94 95
96 97 98 99 100
101 102 103 104 105
106 107 108 109 110
111 112 113 114 115
116 117 118 119 120
121 122 123 124 125
126 127 128 129 130
131 132 133 134 135
136 137 138 139 140
141 142 143 144 145
146 147 148 149 150
151 152 153 154 155
156 157 158 159 160
161 162 163 164 165
166 167 168 169 170
171 172 173 174 175
176 177 178 179 180
181 182 183 184 185
186 187 188 189 190
191 192 193 194 195
196 197 198 199 200



Home & Index
Mission Statement

Sign Up Now!
to get Free
Busines & Marketing Tips


Autoresponders by AWeber

Subscribe and receive 5 popular summaries FREE!    
    Free Articles - Home Business. Ecommerce, Marketing covers USA, New York, Seattle, Philadelphia, Washington DC , Chicago, Baltimore , Atlanta, Dallas , San Francisco, Canada, England, Ireland , and India    
Previous Article   2009 Foxonlinelearning.com   Next Article