If you were to start a new online business, what would you do ...

19 replies
Hi! If you were to start a new online business, what are the different steps you would do to find a niche that will bring you profit?

I'm stuck at the beginning of my startup so maybe a little inspiration will help me
#business #online #start
  • Profile picture of the author winkbrew
    I would first figure out the most interesting thing to me online, preferably something that is scalable and then start exploring competition and what you can do / offer different and better.
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  • Profile picture of the author Regional Warrior
    Originally Posted by theworldtraveler View Post

    Hi! If you were to start a new online business, what are the different steps you would do to find a niche that will bring you profit?

    I'm stuck at the beginning of my startup so maybe a little inspiration will help me
    Not trying to be rude but if you use the search tab there are hundreds of threads just like yours
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  • Profile picture of the author leilani
    Niches that fall under the following categories. Especially niches where people are desperate for solutions.

    Health
    Wealth
    Relationship
    Sex
    Identity

    Leilani
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    • Profile picture of the author Boris Qs
      I will start with what I really love doing or use the list leilani outline
      Health
      Wealth
      Relationship etc.

      Then I start digging deeper to find a specific niche

      Here below is also a link to a thread I found that share other start up stories and strategies. Thought you might find it useful.

      http://www.warriorforum.com/main-int...ess-start.html

      Hope that helps
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  • Profile picture of the author BranTheMan
    I wouldn't do anything differently. However, I would have to say I'd be more happy running some type of business where customers can opt in to pay a set monthly price for a service I can provide. Many of my niche sites and other services just generate random income. Sales are made at random and every week I make a different amount of money.

    I plan to one day get into the web hosting field. At the moment I know very little about it, but it has been something that I have been very intrigued by. That's probably a project I wont even attempt to tackle for at least a few years though.
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  • Profile picture of the author brettb
    I'd make some website templates. Not WordPress, but Bootstrap.
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  • Profile picture of the author ZanyZebra
    Originally Posted by theworldtraveler View Post

    Hi! If you were to start a new online business, what are the different steps you would do to find a niche that will bring you profit?

    I'm stuck at the beginning of my startup so maybe a little inspiration will help me
    Your business model is the single most important thing you possess online.

    It fundamentally shapes what potential you have to earn. Critically, various models result in very different returns. A fantastic marketer with a poor business model will almost certainly fail. A mere mediocre marketer with a great business model is much more likely to succeed.

    Recently I responded in a WF thread urging someone who was starting out in online business to first consider the whole gamut of different business models within IM (typically people never even think about this and simply ‘fall’ into a model that appeared to work for someone else).

    As a result i’ve since been asked, specifically, about different ecommerce business models for people thinking of entering this field. So, using the ecommerce business model to illustrate universal principles:

    Within ecommerce there are a lot of choices to make in creating your business model. Choose carefully and after some consideration. A few of the main elements include:

    Your Offer:
    What do you want to sell?
    1. Physical - the most popular choice, the key challenges include storage and shipping
    2. Digital - many within IM sell digital, often the key challenge include perceived value and piracy

    Your Product:
    How will you acquire your product?
    4. Make - often the route of the hobbyists, the challenges are around scalability and time spent.
    5. Manufacture - find a company to produce your own product, challenges include sourcing.
    6. Wholesale - buy from a middleman, challenges include subsequent profit levels and availability
    7. Dropship - buy others’ products to sell, challenges include thin profit margins and competition.

    Your Sourcing:
    Where will you acquire your product?
    8. Domestic - buy from the country you will sell in, challenges can include available range and margin.
    9. Abroad - buy from another country, challenges include culture difference and shipping.

    Your Proposition:
    How are you going to compete?
    10. Price - lower price, challenge includes small profit margins and price wars.
    11. Quality - higher quality, challenges can include costs and quality control.
    12. Range - wide selection of products, challenges include inventory management and storage.
    13. Branded - unique added value, challenge includes positioning and set-up.
    14. Service - competing on customer service, challenge includes infrastructure and costs.

    Your Marketing:
    How will you attract customers?
    15. Ads - the placement of direct advertising and ppc, challenge is costs and skills.
    16. Social Media - using social interaction sites, challenge is scale and time commitment.
    17. Hybrid - a combination of above, ads for short term and social for longer term brand building.

    There are many other elements to consider, for example should I sell on amazon and/or should i have my own online store and/or should i develop other routes to market?

    Different selections from the different options will often build very different ecommerce models with very different financial outcomes. I've experienced this personally (thankfully now have a large and fully thriving business).

    I hope this helps some people think through, logically, the different possibilities and positively impacts their income.
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    • Profile picture of the author cevor
      Originally Posted by ZanyZebra View Post

      Your business model is the single most important thing you possess online.

      It fundamentally shapes what potential you have to earn. Critically, various models result in very different returns. A fantastic marketer with a poor business model will almost certainly fail. A mere mediocre marketer with a great business model is much more likely to succeed.

      Recently I responded in a WF thread urging someone who was starting out in online business to first consider the whole gamut of different business models within IM (typically people never even think about this and simply 'fall' into a model that appeared to work for someone else).

      As a result i've since been asked, specifically, about different ecommerce business models for people thinking of entering this field. So, using the ecommerce business model to illustrate universal principles:

      Within ecommerce there are a lot of choices to make in creating your business model. Choose carefully and after some consideration. A few of the main elements include:

      Your Offer:
      What do you want to sell?
      1. Physical - the most popular choice, the key challenges include storage and shipping
      2. Digital - many within IM sell digital, often the key challenge include perceived value and piracy

      Your Product:
      How will you acquire your product?
      4. Make - often the route of the hobbyists, the challenges are around scalability and time spent.
      5. Manufacture - find a company to produce your own product, challenges include sourcing.
      6. Wholesale - buy from a middleman, challenges include subsequent profit levels and availability
      7. Dropship - buy others' products to sell, challenges include thin profit margins and competition.

      Your Sourcing:
      Where will you acquire your product?
      8. Domestic - buy from the country you will sell in, challenges can include available range and margin.
      9. Abroad - buy from another country, challenges include culture difference and shipping.

      Your Proposition:
      How are you going to compete?
      10. Price - lower price, challenge includes small profit margins and price wars.
      11. Quality - higher quality, challenges can include costs and quality control.
      12. Range - wide selection of products, challenges include inventory management and storage.
      13. Branded - unique added value, challenge includes positioning and set-up.
      14. Service - competing on customer service, challenge includes infrastructure and costs.

      Your Marketing:
      How will you attract customers?
      15. Ads - the placement of direct advertising and ppc, challenge is costs and skills.
      16. Social Media - using social interaction sites, challenge is scale and time commitment.
      17. Hybrid - a combination of above, ads for short term and social for longer term brand building.

      There are many other elements to consider, for example should I sell on amazon and/or should i have my own online store and/or should i develop other routes to market?

      Different selections from the different options will often build very different ecommerce models with very different financial outcomes. I've experienced this personally (thankfully now have a large and fully thriving business).

      I hope this helps some people think through, logically, the different possibilities and positively impacts their income.
      Well said. Thanks for share.
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  • Profile picture of the author gjabiz
    Originally Posted by theworldtraveler View Post

    Hi! If you were to start a new online business, what are the different steps you would do to find a niche that will bring you profit?

    I'm stuck at the beginning of my startup so maybe a little inspiration will help me
    The good news, you haven't just jumped in. DON'T!

    Spend some time looking and examing the model which best meets your goals. Goals, you do have them, right?

    If not, start there. What do you want? And why?

    OK, this is my 30th year online, and if I were starting afresh, probably the one model I would pursue is the "Middleman" model.

    You get paid by being in between a buyer and a seller, you collect a TOLL on the transaction.

    Examples: all dot com sites; guru, elance, outsource, upwork, writer access, dribbble, fiverr, etc.

    These sites are HOOK UP sites. They match your need to a provider.

    Other examples of a middleman type business are:
    All the dating sites; matchmaker, okcupid, eharmony, zoos, ourtime, etc.

    There are hundreds of sites and models in these arenas. Also,

    contractorconnection, angies list, yelp, and CRAIGSLIST,

    and the many referral services.

    What they all have in common, is they connect people, hook them up. Offer an introduction, give service searchers a choice of service providers.

    Well, I hope you get the point.

    You can start small, as a one person operation, and grow, here is an example and I have no connection, presented only as an example:

    hrnbiz dot com started by Debra Cohen from her kitchen table, and today has over 400 locations.

    So, before you dive in, THINK about what you want, where you want to go and how you plan to get there.

    Give the middleman model some serious consideration, after 30 years of online marketing, this would be my choice for a "start over".

    Good luck,

    gjabiz
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  • Profile picture of the author discrat
    Originally Posted by theworldtraveler View Post

    Hi! If you were to start a new online business, what are the different steps you would do to find a niche that will bring you profit?

    I'm stuck at the beginning of my startup so maybe a little inspiration will help me
    No need to make it hard and complicated.

    Look at your own self and do a mental inventory and ask yourself what really gives you a kick out of Life. Of course there is no guarantee that there is money to be made in this "kick".

    For example, I'm passionate about Disc Golf but this Niche is very limited in Income potential.

    But nonetheless, this approach is a good starting point


    Robert Andrew
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  • Profile picture of the author Big Al
    I'd work on creating products, adding in a continuity program of sorts on the back-end for the regular income.

    Along the way I'd also focus on mastering a particular skill, that's a) valuable to the business and b) can be offered as a service so if everything goes pear shaped... or if I needed to swap, trade, sell or barter with other people I could.

    Products and learning a skill.

    I guess the steps are:

    1. Decide on my target market
    2. Start to research and share what I'm learning
    3. Build an audience (to share the information above with).
    4. Sell an affiliate product
    5. Create my own product
    6. Eventually become the expert
    7. Keep creating products, JV with other folk and keep on working on being the expert.
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  • Profile picture of the author massmailresponse
    select some products or service and make a perfect website then make your website marketing or select many affilliate websites, ppc, ptc websites etc there is lot available google it
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  • Profile picture of the author Brent Stangel
    a niche that will bring you profit?
    Internet marketing tools with recurring payments.

    In the Gold rush, the people who get rich are not the ones who dig for Gold but the guys selling picks and pans and shovels.
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  • Profile picture of the author LisaGrocke
    Hi, I want to congratulate you on starting a new business
    You are right, finding the right niche is essential for the success of any start-up. So I am sharing here some ways or tips to find your appropriate niche, hope it will be some help to you.
    1) Know what you are selling
    2) Do your research
    3) Trust your vision
    4) Your business model matters
    5) Be aware of the limits
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  • Profile picture of the author tywe
    Starting a business based around what you love or have strong interest in is a great place to start and is the ultimate goal, BUT you should really focus the soul searching on the big 3 niches: Health, Wealth, and Relationships. Find a sub-niche you like within these 3 main niches and your chances of success will be far greater than picking some niche that doesn't have hungry buyers by the truckload in it.

    If you only care about making the money and don't plan to invest your whole life in it, then you could skip the soul searching and go right to one of the 3 big niches. In this case, you would want to find the buyers FIRST and then figure out what their main problems are and build your business model around solving those problems.. Most people do it the other way around and build some great stuff but then have no idea where the buyers can even be found, so they fail.

    This is where affiliate marketing can really save you a lot of time and money, since you can immediately pick from thousands of affiliate offers, pick from hundreds/thousands of traffic sources, and then start testing and tracking things to see what the niche really responds to. Once you have data and know what they like and are willing to spend money on, THEN you can proceed to build your business model around what you already know works and already know where the buyers can be found, and at what price it costs to advertise to them.. This is a much better plan that can save you tons of time and money in the long run compared to building things and hoping it sells and hoping you can find the hungry buyers for it that can be reached profitably..

    Don't forget too that you are competing with people that already are ahead of you and they have better funnels in place that gives them better earnings per click/visitor, so you should also be analyzing what they are already doing and trying to model yourself based on this, then all you have to do is tweak and improve things to be better than what the others are already doing and you are now able to outbid everyone else for the traffic and win
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  • Profile picture of the author Randall Magwood
    I come up with starving niches everyday. If I were to start a new site and target a different crowd.... I'd start research again on Amazon. See what kind of products are on there, see how well the books are doing, and then investigate further as far as what kind of competition there are - and also advertising opportunities.
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  • Profile picture of the author n3o
    aggregator or platform for the target niches
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  • Profile picture of the author Sarevok
    I would find a hungry end user demographic that I had economical access to.

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