What should I start a business in? Help please!

9 years ago

Hello karlstech

When choosing a business really needs a lot of things to consider. First is your area, what is in demand there and what are the things that is needed by the people there.

Next is your field of expertise is also important and last is whats your passion.
Because at the end of the day it all goes down to being happy of what you are doing.

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Steve B

9 years ago

Karlstech,

Welcome back to the forum.

I know long-standing members will get tired of hearing me say that you should begin by focusing on demand in the marketplace . . . but it really is the very best place to start.

How do you know what marketplace to begin researching?

Inventory your own skills, education, experience, training, network, passions, hobbies, things you'd like to study or do, and anything others would say you are good at doing.

You are looking for something that you know and do well, maybe better than others. You don't have to be a master at it, but you should be somewhat experienced in that thing so that you have an advantage over others in that marketplace. You may find there are several things where you have a head start - an advantage. Research all of them if you like.

Do some keyword research (again, use the WF search function if you don't know how to do it) to find the phrases people online are using to search on the subjects you've chosen. You are trying to find the sub-topics of the broader subject where there is demand in the marketplace. Write down those keyword phrases that are similar or that refer to one specific area where you might have an advantage that other folks are also trying to learn about.

Here's an example: Say you are good at writing and you enjoy doing it. What you're looking for in doing keyword research are those sub-topics that others are searching online for that you might be somewhat an authority on. Writing is too broad a topic. But maybe you enjoy writing poetry. Or you like making up fiction stories about super heroes. So you notice what keyword phrases are being searched for online relating to your passion. Those are possible markets that you might enter with a business.

When you have a list of phrases, go online and search those phrases and notice the top 20-30 sites showing up in the results. What are they doing? What are they selling? Could you develop a fairly similar web site and produce your own product or service in that sub-market? You've already shown there is some demand for it.

Check out the competition by typing in those URLs into the search bar at SimilarWeb.com . That site will tell you a lot about the competition, where their traffic is coming from, etc.

Go to eBay, Amazon, Dummies, Magazines.com, etc and other large sites and search on the same keywords. See if there are books, magazines, courses, etc on the subjects of these same keywords you identified. If there are magazines and books about these topics you know there is some level of demand.

Go online to see if there are forums, blogs, portals, directories, and chat rooms about the topics. Go to those places and join in the conversations. Learn about the market. See if you can identify some issues and common problems these people in the niche are concerned about. Those are things that you could find solutions for and sell as a product or service.

"Dummies" books - there are thousands of them and if you find a book in the subject you're considering, there's a good chance there is a profitable market involved. Once you find your niche, buy the Dummies book and you will have a good overview of important topics.

Check places like Nextmark for mailing lists of folks in the niche. This site is a goldmine. It's a searchable directory of 60,000+ mailing lists in all sorts of markets. You can even find lists to do some advertising within your niche if you desire. The logic is- if people join a mailing list, a magazine subscription, etc, they are active in the niche. The idea is to verify that people are interested in the niche and that they want more information about it (hence, they have joined a list, or have bought a magazine subscription, etc.)

The Encyclopedia of Associations (by Gale) - If there's an association created around a topic (or many), there's a good chance folks are interested and engaged in that market. This is an expensive set of four large books published every year. I bought a set on eBay for $15 (it was an ex-public library copy that was two years old.) Try the larger public libraries. Also, some universities have online databases that will let you search these encyclopedias. They are a real wealth of information - especially once you're in a niche and want to do some very targeted marketing. (Here's a valuable hint: If you can get an association to advertise your product or recommend your newsletter, do you think that would be great leverage targeting you audience about as well as anything you could do?)

You should be getting a good idea of whether there is interest in the subject and how many people might respond as your subscribers if you do a site and newsletter on the topic.

Before you create a product, service, or even a web site, do a small bit of paid advertising in the niche and give away a free report with tips or something else valuable in the niche. You want to verify that people will trade an email address for content in the niche. If they will, and if you can find some areas where you can solve a problem or help people in the niche in some way, you have a good idea that there is enough demand to create a web site and sell into that demand.

The whole idea is to verify that there is demand in the marketplace for whatever niche you have chosen. You should be able to get a good idea of what kind of activity there is online for your topic after spending an evening doing this type of research. You will know if it's a viable topic for an online business. If you have trouble finding anything online in the topic at all, I would move on to something else.

That's really all it takes - good old fashioned research. Just spend some time online searching for what others are saying and doing so you know that you can take advantage of one of your strengths or passions. From there you can build your authority and presence online by building a mailing list and nurturing your prospects over time. Become the authority that your list listens to and buys from.

The very best to you and any others just starting out.

Steve

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karlstech

9 years ago

Originally Posted by Steve B

Karlstech,

Welcome back to the forum.

I know long-standing members will get tired of hearing me say that you should begin by focusing on demand in the marketplace . . . but it really is the very best place to start.

How do you know what marketplace to begin researching?

Inventory your own skills, education, experience, training, network, passions, hobbies, things you'd like to study or do, and anything others would say you are good at doing.

You are looking for something that you know and do well, maybe better than others. You don't have to be a master at it, but you should be somewhat experienced in that thing so that you have an advantage over others in that marketplace. You may find there are several things where you have a head start - an advantage. Research all of them if you like.

Do some keyword research (again, use the WF search function if you don't know how to do it) to find the phrases people online are using to search on the subjects you've chosen. You are trying to find the sub-topics of the broader subject where there is demand in the marketplace. Write down those keyword phrases that are similar or that refer to one specific area where you might have an advantage that other folks are also trying to learn about.

Here's an example: Say you are good at writing and you enjoy doing it. What you're looking for in doing keyword research are those sub-topics that others are searching online for that you might be somewhat an authority on. Writing is too broad a topic. But maybe you enjoy writing poetry. Or you like making up fiction stories about super heroes. So you notice what keyword phrases are being searched for online relating to your passion. Those are possible markets that you might enter with a business.

When you have a list of phrases, go online and search those phrases and notice the top 20-30 sites showing up in the results. What are they doing? What are they selling? Could you develop a fairly similar web site and produce your own product or service in that sub-market? You've already shown there is some demand for it.

Check out the competition by typing in those URLs into the search bar at SimilarWeb.com . That site will tell you a lot about the competition, where their traffic is coming from, etc.

Go to eBay, Amazon, Dummies, Magazines.com, etc and other large sites and search on the same keywords. See if there are books, magazines, courses, etc on the subjects of these same keywords you identified. If there are magazines and books about these topics you know there is some level of demand.

Go online to see if there are forums, blogs, portals, directories, and chat rooms about the topics. Go to those places and join in the conversations. Learn about the market. See if you can identify some issues and common problems these people in the niche are concerned about. Those are things that you could find solutions for and sell as a product or service.

"Dummies" books - there are thousands of them and if you find a book in the subject you're considering, there's a good chance there is a profitable market involved. Once you find your niche, buy the Dummies book and you will have a good overview of important topics.

Check places like Nextmark for mailing lists of folks in the niche. This site is a goldmine. It's a searchable directory of 60,000+ mailing lists in all sorts of markets. You can even find lists to do some advertising within your niche if you desire. The logic is- if people join a mailing list, a magazine subscription, etc, they are active in the niche. The idea is to verify that people are interested in the niche and that they want more information about it (hence, they have joined a list, or have bought a magazine subscription, etc.)

The Encyclopedia of Associations (by Gale) - If there's an association created around a topic (or many), there's a good chance folks are interested and engaged in that market. This is an expensive set of four large books published every year. I bought a set on eBay for $15 (it was an ex-public library copy that was two years old.) Try the larger public libraries. Also, some universities have online databases that will let you search these encyclopedias. They are a real wealth of information - especially once you're in a niche and want to do some very targeted marketing. (Here's a valuable hint: If you can get an association to advertise your product or recommend your newsletter, do you think that would be great leverage targeting you audience about as well as anything you could do?)

You should be getting a good idea of whether there is interest in the subject and how many people might respond as your subscribers if you do a site and newsletter on the topic.

Before you create a product, service, or even a web site, do a small bit of paid advertising in the niche and give away a free report with tips or something else valuable in the niche. You want to verify that people will trade an email address for content in the niche. If they will, and if you can find some areas where you can solve a problem or help people in the niche in some way, you have a good idea that there is enough demand to create a web site and sell into that demand.

The whole idea is to verify that there is demand in the marketplace for whatever niche you have chosen. You should be able to get a good idea of what kind of activity there is online for your topic after spending an evening doing this type of research. You will know if it's a viable topic for an online business. If you have trouble finding anything online in the topic at all, I would move on to something else.

That's really all it takes - good old fashioned research. Just spend some time online searching for what others are saying and doing so you know that you can take advantage of one of your strengths or passions. From there you can build your authority and presence online by building a mailing list and nurturing your prospects over time. Become the authority that your list listens to and buys from.

The very best to you and any others just starting out.

Steve

Thank you very much Steve for the detailed response, will dive into the text when I get home from work!

Talfighel, it's not that I don't want to make money the first or second year, it's just that I don't expect to see anything significant within this time period. Basically, I don't have any high hopes other than growing as an online marketer and business person. But I definitely understand your point!

Thanks

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aizaku

8 years ago

Originally Posted by Steve B

Karlstech,

Welcome back to the forum.

I know long-standing members will get tired of hearing me say that you should begin by focusing on demand in the marketplace . . . but it really is the very best place to start.

How do you know what marketplace to begin researching?

Inventory your own skills, education, experience, training, network, passions, hobbies, things you'd like to study or do, and anything others would say you are good at doing.

You are looking for something that you know and do well, maybe better than others. You don't have to be a master at it, but you should be somewhat experienced in that thing so that you have an advantage over others in that marketplace. You may find there are several things where you have a head start - an advantage. Research all of them if you like.

Do some keyword research (again, use the WF search function if you don't know how to do it) to find the phrases people online are using to search on the subjects you've chosen. You are trying to find the sub-topics of the broader subject where there is demand in the marketplace. Write down those keyword phrases that are similar or that refer to one specific area where you might have an advantage that other folks are also trying to learn about.

Here's an example: Say you are good at writing and you enjoy doing it. What you're looking for in doing keyword research are those sub-topics that others are searching online for that you might be somewhat an authority on. Writing is too broad a topic. But maybe you enjoy writing poetry. Or you like making up fiction stories about super heroes. So you notice what keyword phrases are being searched for online relating to your passion. Those are possible markets that you might enter with a business.

When you have a list of phrases, go online and search those phrases and notice the top 20-30 sites showing up in the results. What are they doing? What are they selling? Could you develop a fairly similar web site and produce your own product or service in that sub-market? You've already shown there is some demand for it.

Check out the competition by typing in those URLs into the search bar at SimilarWeb.com . That site will tell you a lot about the competition, where their traffic is coming from, etc.

Go to eBay, Amazon, Dummies, Magazines.com, etc and other large sites and search on the same keywords. See if there are books, magazines, courses, etc on the subjects of these same keywords you identified. If there are magazines and books about these topics you know there is some level of demand.

Go online to see if there are forums, blogs, portals, directories, and chat rooms about the topics. Go to those places and join in the conversations. Learn about the market. See if you can identify some issues and common problems these people in the niche are concerned about. Those are things that you could find solutions for and sell as a product or service.

"Dummies" books - there are thousands of them and if you find a book in the subject you're considering, there's a good chance there is a profitable market involved. Once you find your niche, buy the Dummies book and you will have a good overview of important topics.

Check places like Nextmark for mailing lists of folks in the niche. This site is a goldmine. It's a searchable directory of 60,000+ mailing lists in all sorts of markets. You can even find lists to do some advertising within your niche if you desire. The logic is- if people join a mailing list, a magazine subscription, etc, they are active in the niche. The idea is to verify that people are interested in the niche and that they want more information about it (hence, they have joined a list, or have bought a magazine subscription, etc.)

The Encyclopedia of Associations (by Gale) - If there's an association created around a topic (or many), there's a good chance folks are interested and engaged in that market. This is an expensive set of four large books published every year. I bought a set on eBay for $15 (it was an ex-public library copy that was two years old.) Try the larger public libraries. Also, some universities have online databases that will let you search these encyclopedias. They are a real wealth of information - especially once you're in a niche and want to do some very targeted marketing. (Here's a valuable hint: If you can get an association to advertise your product or recommend your newsletter, do you think that would be great leverage targeting you audience about as well as anything you could do?)

You should be getting a good idea of whether there is interest in the subject and how many people might respond as your subscribers if you do a site and newsletter on the topic.

Before you create a product, service, or even a web site, do a small bit of paid advertising in the niche and give away a free report with tips or something else valuable in the niche. You want to verify that people will trade an email address for content in the niche. If they will, and if you can find some areas where you can solve a problem or help people in the niche in some way, you have a good idea that there is enough demand to create a web site and sell into that demand.

The whole idea is to verify that there is demand in the marketplace for whatever niche you have chosen. You should be able to get a good idea of what kind of activity there is online for your topic after spending an evening doing this type of research. You will know if it's a viable topic for an online business. If you have trouble finding anything online in the topic at all, I would move on to something else.

That's really all it takes - good old fashioned research. Just spend some time online searching for what others are saying and doing so you know that you can take advantage of one of your strengths or passions. From there you can build your authority and presence online by building a mailing list and nurturing your prospects over time. Become the authority that your list listens to and buys from.

The very best to you and any others just starting out.

Steve

i thought mark ling had a great way to research niches, this takes it to a whole new level.

great reply!

Thanks

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talfighel

9 years ago

Originally Posted by karlstech

If I'm to begin anew, it's going to be something I truly enjoy and something that I can stay passionate about even when there's no money to be made (like in the first year or two).

Karl,

If you are not planning to make money in your first or second year online, then you should not even get started.

If I start something, I want to be in profit in the first month at the latest.

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Stuiebee

9 years ago

Amazon. Easy to get started. Just takes a bit of investment capital.

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EPoltrack77

9 years ago

Supply and demand! Requires doing a little research as simple as using the google keyword planner. Keep it simple just how marketing online is....

Understand your main markets online where the majority of the traffic is at! Niche and even subniche off of those.

Create and optimize your marketing funnel with some traffic and learn to get that front end paid commission.

Now you have a list of prospect and customers that you can stay in contact with through email. More powerful than a one hit wonder

Find a new market/niche and rinse and repeat

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Rauken

9 years ago

Originally Posted by karlstech

Hey there folks,

It's been a long time since I posted something on this forum since I took a long break from the whole online-business-scene due to a lot of other work and travelling.

However, I interested in getting back into the game of online marketing, but this time I want to make it work and not do anything half-ass. If I'm to begin anew, it's going to be something I truly enjoy and something that I can stay passionate about even when there's no money to be made (like in the first year or two).

Now, I understand that none of you can truly decide what I should start a business in and around and therefore I'll propose a different question to all of you:

How can I figure out what I should start a business in and around? What has helped you in the past with this predicament?

Just let me know what you think about this. And yes, I know that in the end I'm the only one who can figure out what my online business should be about, I just need a little starter help, so anything from managing a business to finding out what one's interests are is welcomed!

Regards,

Karl

Hi karlstech!

Glad to see that you are also from Sweden

If you are interested in online marketing and have the will to work hard to achieve your goals, I have something for you.

I have recently started with a fantastic training to become internet entrepreneur from home. Here you will learn everything from scratch, and learn from them the best.
An incredible opportunity for those who want to change your life, get more freedom, increase your income.
Anyone can make success on the internet, and you must have the right mindset. I do not regret a second that i started this training to run my own business from home.

Your success!

Lars

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superowid

9 years ago

What is your hobby? Start from there.

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Jan Brzeski

9 years ago

As stated above me, start with your hobby and work from there.

Why would you be okay with working hard for over a year with no pay? If you are okay with that...I know a bunch of people (myself) who could use some free labor

You should pick something that you like AND will make you money, if not you are treating your new IM journey like it's a hobby.

Cheers,
Jan

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Christopher Deo

9 years ago

I was planning on posting something along the same line as what Steve B did above but he beat me to the punch! Follow his advice as he outlined and you will get off to a good start. Also, be sure to stay within the realm of something in which you have a deep interest. You will be spending a great deal of time working on your site, content and marketing and being fully engaged because you enjoy the subject matter makes those tasks less cumbersome. Follow your passions and the profits will come, provided you've laid a good foundation upon which to build out your business.

I would also encourage you to rethink your revenue plan. There really isn't any reason you shouldn't be enjoying profits relatively quickly. I've found that one-two year time frame more applicable to traditional business models where the start up costs can be extreme. Here it's usually just a few hundred bucks to get online, create site and content, and launch product line. Because costs are so much lower in comparison, you should realize profits in shorter period of time. It may not be millions in profits, but remember that even if you've generated $0.01 more than the costs to make it, your'e showing a profit and that is progress, even if small. Test, test, test, track, and scale as results dictate.

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Asadullah72

9 years ago

do what actually you love and want, Do not try to do something by seeing other people earning screenshot..

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art72

9 years ago

Having recently returned from a sabbatical of sorts myself, I would definitely start with Steve's advice... find a demand you can supply a solution to or provide visitors with their desired outcome.

In my experience, as with many, it goes without saying; despite what may appear important to us ( like starting a successful business or in essence, making money) - the focus should always be on the consumer, regardless how hungry 'we/you' are to succeed.

Naturally, good research can save time & money. I wasted a little of both over the years jumping around.

Leading to my suggestion, start with an affiliate product or service. Once you know there's a demand, and you have a quality offer... then start building your strategy (ppc, articles, email marketing, video ads, etc...)

Keep it simple at first... I have repeatedly started projects that were 6 levels deep, with a product like an ebook, and planned to do upsells ( video courses) with other 'affiliate cross-promotions, leading to a membership site, and the eventually mentoring, etc... And burn out, because that is a time draining exhaustive process!

While that goal still remains, like you, I've decided to explore the demand, match that audience with the best available affiliate product/service and build simple campaigns around that formula.

1.) Demand - is there one?
2.) Market Research - where are my buyers?
3.) Affiliate Product/Service - offers value, provides solution or remedy?
4.) Landing Page Design - builds email list? Or - Straight to affiliate offer? (test)
5.) Paid Traffic - Does my ad convert? Is it building my list? Is there a good ROI? -or- can I build a list cheap or break even on my ad spend?

Obviously, you'll need to split test, as I am getting ready to do to answer these very questions, it's a good way to start earning while I piece the longterm goals of product creation, membership, cross-promote, and scale up to a level of authority.

In Layman's terms, it boils down this:

- Advertising (free or paid) Traffic
- Landing Page w/ Opt in -or- w/o Opt in
- Product/Service offering
- Email follow-ups ( if you build lists, recommended)
- Analyze results... find 'winners'
- Rinse & Repeat

Then scale up, and use that capital and experience to start building authority, and in essence your longterm business plan.

All the Best, and welcome back!

Art

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bestmarketing

9 years ago

I recommend you go into eCommerce business by using shopify with facebook and twitter ads
buy cheap products from aliexpress and sell them with double gain.....no long time to wast,no shipping handle instant profits guaranteed...

if you want more about this i will personally send you the guides to learn more about it.

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Alex65

9 years ago

Hello
This question makes me think also.
The best thing is Please select the niche where you have more to say ... and study and read up on it.
Sure to become an expert in a field that you do not know is more difficult!
good luck
alex

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sirtiman

9 years ago

You can keep travelling and doing more with no too much wasting time online. Try something automated and passive way to bring income online.

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Randall Magwood

9 years ago

Selling anything is fairly easy. For fast money, I would start on Ebay and Fiverr. If you want to sell on your own website, then you shouldn't "jump" or "start" in just anything. Do some simple research about what a relatively small amount of people are looking for to solve, or achieve... then create products for these group of people. After that, the marketing part is easy. But it all boils down to your research as to where you should start.

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Freedom4rmUrJob 9 years ago

I agree that it would be good to start with something that you love. For me, the issue is that you cannot always make money in a niche that you love without having a little capital if you're trying to make money from it. I experienced this myself.

Just for me personally, I would develop some capital in something that you can get some profits. I'm a big fan of Fiverr because I was able to get capital AND it opened up doors for me that were closed and so now I can actually spend money on those things that I want to be successful in. At the sametime, I'm still making money from Fiverr doing things outside of the niche that I have a passion for.
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- MrJazzz 9 years ago
  
  All the above sure is true but if you hae any expertise or specific knowledge in some niche, that could make you go forward faster...
  
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TheMindsetMarketer

9 years ago

Blogging when done the RIGHT way can be a viable business. Check my profile for a case study I did.

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AdscendMichael

9 years ago

There is a lot of great feedback on this thread. I agree with your initial assessment regarding being passionate about your ultimate decision, and what others here are saying about going with something you are passionate about. It feels a bit less like work when you are passionate about what you do

It's exciting to think creatively as well when you are passionate about your business. Good luck!

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64wegrow

9 years ago

Originally Posted by karlstech

How can I figure out what I should start a business in and around? What has helped you in the past with this predicament?

First I would ask myself what am I good at and passionated about. Then I would follow up with "Can I make money with said passion".

I would pretty much answer this question the exact same no matter who was asking it. Just jump in and start getting your hands dirty, so to speak. Start off in a direction that you enjoy and see where it leads you. Start throwing some money around. Try establishing some joint ventures with someone who has talents/abilities in areas where you lack. And when you shut your laptop for the day, keep dreaming, and most importantly never give up!

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art72

9 years ago

Anyone ever watched American Idol?

How many of those people had a passion for singing, but were completely tone deaf to their own noise making?

Seriously, I doubt the makers of Charmin toiletries made millions because they were passionate about toilet paper!

I certainly wouldn't argue that for those who have no experience in creating a business, to make sure you're passionate about building a business... Which in any translation requires; "money coming in to cover costs of operations, and eventually if you like to live well, will actually pay you!"

Before the always present passionate ones start with the blow-torches... I agree, if you can make a business work while fueling a passion or hobby, and get paid... Sure, pursue it relentlessly.

But, I am testing a theory... I picked a product I'll never use, don't need, and know will help others solve a problem.

Why?

Because, as a 'marketer' first, and a business building strategist second, I know; my passion doesn't mean diddly squat to my targeted customer base, nor does my desire to be financially independent...

What matters is; they want 'X' for 'Z' amount they can spend, 'Y' - I sleep easy knowing; my skinny-ass just helped obese people find a solution, while there wallet gets thinner, and mine gets fatter!

Seriously, STOP focusing on YOU or you will never KNOW YOUR AUDIENCE!

Despite the undertones of sarcasm, I am passionate about helping others first, and providing relief, solutions, and delivering benefitial information, guidance, and support as they navigate through life.

Cause I know, business requires compassion for others...regardless of the niche, product, or my continued desire to pursue such passions, like singing; "Roxanne" in the shower!

Reality is, unless your filthy rich, you're business requires capital... Or your passion is suffering, impovershment, and you may never afford to explore your true passion.

My end goal/passion = "becoming a philanthropist!"

It's a passion to want to give back... So, in the end, it's not my passion I'm focused on... It's always in fueling theirs!

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karlstech

9 years ago

So many great replies and thoughts here folks!

Like many of you have pointed out, a good idea would be be start with something that I'm actually very interested in, to minimize the chances of getting burned out. This is something I've known since the beginning, but I always find it hard to capitalize from from interests since it boils down to the inevitable question:

"Why would someone take advice/buy from me when there are so many marketers like me in this market?"

This question is in my opinion justified but at the same time an excuse not to take a leap of faith. It's justified in a way that you actually need something special in order to attract people and get their attention. At the same time it's an excuse because it puts fear in the eyes of rookies like myself.

In any case, you've all given me a lot to think about regarding my next step, keep up the discussion!

Thanks

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gabrielrala

8 years ago

This is the common question for someone who wants to do business, what I can advised is think of your abilities, likes, intentions, capital and market. think of something that you know you will shine and you really good at!!! hope you think something where you will really excel and successful

Cheers

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