Use The Probability Factor To Start Your Small Business Home Business
How 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 h
ttp://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!
About the author:
Start your Internet Business/Home Business the right way and
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Written By: Dan Foley
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