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10 Steps to Testing the Viability of Your Online Business Idea That Won't Break the Bank
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" successes 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 offering 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 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 emaÃl 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 submittÃng 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 the 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 term 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.
By Donna Gunter
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" successes 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 offering 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 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 emaÃl 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 submittÃng 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 the 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 term 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.
By Donna Gunter
10 Best Strategies to Massively Increase Your Visibility Online
Increasing online visibility is the goal of most online business owners. After all, without visibility, you have no traffic and thus no business. However, when you start to research how to improve your online visibility, you discover many options, but find that there is little time for research and implementation. Where does an online entrepreneur turn first to get the visibility (and traffic) to promote an online venture?
New tricks and gimmicks come out every day, but unfortunately, most of them are like so many recording artists and become one-hit wonders. In my business, I've discovered that there are a handful that are able to stand the test of time. Some have been around for as long as websites have been around, while others are newer kids on the block. Here are my 10 most effective strategies to massively boost your visibility online:
1. Press releases. Press releases are a well-known marketing strategy that have worked for years with print and broadcast media. In recent years they have found new life as an online visibility tool. Just like in the old days, your release should carry some newsworthy angle that has been optimized with a select few keywords by which you want your business to be found. Don't waste your time submitting your release to the free press release sites -- the release simply sits on the site and goes no where else. Instead, invest in a fee-based service (I prefer PRWeb.com), which will ensure your release gets the recognition it deserves.
2. Social Networking. A "johnny come lately" to the online visibility scene, social networking now ranks near the top in terms of attracting visibility to your business for a very low cost. If you don't yet have accounts on the two most popular social networking platforms, Facebook and Twitter, today is the day to hop on board and begin to network. Choose 1-2 social networking platforms where your target market hangs out, and then begin to work it by making connections, joining groups or networks, sharing resources, and asking questions. Dedicate 15-30 minutes each day to your effort to begin to see results.
3. Article Marketing. Writing and submittÃng articles to major article directories has definitely stood the test of time for online visibility. Article marketing will drive traffic to your site, establish you as an expert in your target market's eyes, and give you valuable content to repurpose into information products. For maximum effectiveness, your article needs to contain a strong resource box (author's bio) that drives traffic back to your site, needs to contain useful content that solves a problem of your target market, and be written in a tips-based fashion, like this one, since it is the easiest format for a website visitor to read and digest.
4. Blogging. Business blogs (a web log or journal), have gained popularity over the last few years as an online visibility tool. Blogs use RSS feed technology to immediately get new posts and updates out to your blog subscribers through a feed reader. Unlike ezines or traditional websites, search engines index blog posts almost immediately, which help you generate traffic to your website. To use effectively as an online visibility tool, you need to post 2-3 times per week to keep your readers interested and coming back.
5. Search Engine Optimization (SEO). Optimizing your site or your blog for organic (naturally-occurring) searches has been around from the beginning of Internet marketing. Use a keyword research tool and create a listing of keywords applicable to your business. Don't forget to add things like "how to", "tips", or short descriptions of your target market's problems to your research. Then, take a look at your page titles, page descriptions, page headlines, and formatted text on a page (bolding, italicizing, underlining) and include your keywords in those areas, as well as sprinkling 1-2 keywords throughout the content of your page. Make the SEO appear to be natural, not forced, and the search engines as well as your visitors will love you.
6. Email Newsletter (Ezine). Regular publication of an email newsletter (weekly is most effective) will enable your prospects to get to know, like and trust you and have you be top of mind when they are ready to solve the pressing problems that fall within your line of expertise. If you make opting into your ezine the primary call to action on your website, you continually build your list with prospective customers. Best of all, if they like what you write, they are more likely to pass along the issue to their contacts, thus increasing your visibility yet again.
7. Signature Teleseminar/Speech. Have you created your signature speech or teleseminar that you can present whenever you're asked to speak to any type of group (face-to-face or virtual)? If not, design a signature speech or teleseminar that demonstrates your knowledge and expertise without giving away the store (focus on the what and the why but not the how) that compels your listeners to visit your website or request your client attraction device and get on your lÃst.
Then, begin to research groups that contain your target market both in your geographic area and online. Once you've landed a speaking gig, strategize your best call to action for the group -- do you want participants to sign up for your ezine, purchase a product, or book a consultation? Add that call to action to your presentation.
8. Videos. With the popularity of broadband Internet connections, it's much easier for almost anyone to view online video these days. And, with high-quality yet low-cost web cams, video cameras, and screen capture software readily available, anyone can make a video today. You might record a live Q&A session on UStream.com and post it on your site. Or, perhaps you want to record a "how to" tutorial using screenshots from your computer and upload that to your YouTube.com channel. Remember to include your call to action in your video so that you drive traffic back to your site. Just think -- your video may cause you to become the next YouTube star!
9. Expert question sites. Most people conduct online searches to find free information that answers their questions. Many online entrepreneurs are registering as experts on an expert or answers site, like Yahoo Answers or AllExperts.com, in an effort to get visibility online. To be an effective expert on these sites, you need to seek out questions that you can knowledgeably answer as an expert. Your answer needs to be very detailed and as specific as possible. The more thorough your answer, the better chance you'll have of getting chosen as the "favorite" answer, which is the one rated highest on the site and in the search engines.
10. Viral marketing. Viral marketing involves creating a marketing piece (ebook, video, software) that gets passed along free of charge from person to person. Publicity Hound Joan Stewart does this quite effectively each year when she compiles the best tips she's written about in the previous year in a "best of" ebook compilation that she gives away free of charge on her site. She also encourages her lÃst and website visitors to "regift" it.
You've got two options when you try to get online visibility: the "steady and effective over time" method or the "quick and short and probably get banned" method. I prefer to use methods that have stood the test of time and won't result in my site being removed from the search engines. Use one or more of these time-honored strategies to get you the visibility you deserve online.
By Donna Gunter
New tricks and gimmicks come out every day, but unfortunately, most of them are like so many recording artists and become one-hit wonders. In my business, I've discovered that there are a handful that are able to stand the test of time. Some have been around for as long as websites have been around, while others are newer kids on the block. Here are my 10 most effective strategies to massively boost your visibility online:
1. Press releases. Press releases are a well-known marketing strategy that have worked for years with print and broadcast media. In recent years they have found new life as an online visibility tool. Just like in the old days, your release should carry some newsworthy angle that has been optimized with a select few keywords by which you want your business to be found. Don't waste your time submitting your release to the free press release sites -- the release simply sits on the site and goes no where else. Instead, invest in a fee-based service (I prefer PRWeb.com), which will ensure your release gets the recognition it deserves.
2. Social Networking. A "johnny come lately" to the online visibility scene, social networking now ranks near the top in terms of attracting visibility to your business for a very low cost. If you don't yet have accounts on the two most popular social networking platforms, Facebook and Twitter, today is the day to hop on board and begin to network. Choose 1-2 social networking platforms where your target market hangs out, and then begin to work it by making connections, joining groups or networks, sharing resources, and asking questions. Dedicate 15-30 minutes each day to your effort to begin to see results.
3. Article Marketing. Writing and submittÃng articles to major article directories has definitely stood the test of time for online visibility. Article marketing will drive traffic to your site, establish you as an expert in your target market's eyes, and give you valuable content to repurpose into information products. For maximum effectiveness, your article needs to contain a strong resource box (author's bio) that drives traffic back to your site, needs to contain useful content that solves a problem of your target market, and be written in a tips-based fashion, like this one, since it is the easiest format for a website visitor to read and digest.
4. Blogging. Business blogs (a web log or journal), have gained popularity over the last few years as an online visibility tool. Blogs use RSS feed technology to immediately get new posts and updates out to your blog subscribers through a feed reader. Unlike ezines or traditional websites, search engines index blog posts almost immediately, which help you generate traffic to your website. To use effectively as an online visibility tool, you need to post 2-3 times per week to keep your readers interested and coming back.
5. Search Engine Optimization (SEO). Optimizing your site or your blog for organic (naturally-occurring) searches has been around from the beginning of Internet marketing. Use a keyword research tool and create a listing of keywords applicable to your business. Don't forget to add things like "how to", "tips", or short descriptions of your target market's problems to your research. Then, take a look at your page titles, page descriptions, page headlines, and formatted text on a page (bolding, italicizing, underlining) and include your keywords in those areas, as well as sprinkling 1-2 keywords throughout the content of your page. Make the SEO appear to be natural, not forced, and the search engines as well as your visitors will love you.
6. Email Newsletter (Ezine). Regular publication of an email newsletter (weekly is most effective) will enable your prospects to get to know, like and trust you and have you be top of mind when they are ready to solve the pressing problems that fall within your line of expertise. If you make opting into your ezine the primary call to action on your website, you continually build your list with prospective customers. Best of all, if they like what you write, they are more likely to pass along the issue to their contacts, thus increasing your visibility yet again.
7. Signature Teleseminar/Speech. Have you created your signature speech or teleseminar that you can present whenever you're asked to speak to any type of group (face-to-face or virtual)? If not, design a signature speech or teleseminar that demonstrates your knowledge and expertise without giving away the store (focus on the what and the why but not the how) that compels your listeners to visit your website or request your client attraction device and get on your lÃst.
Then, begin to research groups that contain your target market both in your geographic area and online. Once you've landed a speaking gig, strategize your best call to action for the group -- do you want participants to sign up for your ezine, purchase a product, or book a consultation? Add that call to action to your presentation.
8. Videos. With the popularity of broadband Internet connections, it's much easier for almost anyone to view online video these days. And, with high-quality yet low-cost web cams, video cameras, and screen capture software readily available, anyone can make a video today. You might record a live Q&A session on UStream.com and post it on your site. Or, perhaps you want to record a "how to" tutorial using screenshots from your computer and upload that to your YouTube.com channel. Remember to include your call to action in your video so that you drive traffic back to your site. Just think -- your video may cause you to become the next YouTube star!
9. Expert question sites. Most people conduct online searches to find free information that answers their questions. Many online entrepreneurs are registering as experts on an expert or answers site, like Yahoo Answers or AllExperts.com, in an effort to get visibility online. To be an effective expert on these sites, you need to seek out questions that you can knowledgeably answer as an expert. Your answer needs to be very detailed and as specific as possible. The more thorough your answer, the better chance you'll have of getting chosen as the "favorite" answer, which is the one rated highest on the site and in the search engines.
10. Viral marketing. Viral marketing involves creating a marketing piece (ebook, video, software) that gets passed along free of charge from person to person. Publicity Hound Joan Stewart does this quite effectively each year when she compiles the best tips she's written about in the previous year in a "best of" ebook compilation that she gives away free of charge on her site. She also encourages her lÃst and website visitors to "regift" it.
You've got two options when you try to get online visibility: the "steady and effective over time" method or the "quick and short and probably get banned" method. I prefer to use methods that have stood the test of time and won't result in my site being removed from the search engines. Use one or more of these time-honored strategies to get you the visibility you deserve online.
By Donna Gunter
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