Fourth Step in Starting a Start-up

Fourth Step in Starting a Start-up

Last week, in our third step, we discussed how to start a new business without having to start at ground zero. If you missed it, go here to read it.

Go here to read the first step, where we looked at coming up with a business idea, and here for the second step, where we asked the question, does your business idea pay the bills?

This week we will continue to focus on identifying money-making business ideas.

start-upCreate a Lucrative Internet Business

Perhaps by now you have selected a business idea to pursue, but how do you create a lucrative online business? First of all, it has to be highly unique and/or specialized.

Let’s explore this a little further.  Say, for example, you make pottery and your initial market research shows that you have a lot of competitors selling pottery.

In the online world, it’s more lucrative to be a large fish in a small pond rather than a small fish in a large pond.  So, how can you stand out in the pottery market?

Stand Out From the Crowd

Conduct further market research to see which type of pottery people tend to be passionate about. Maybe you will learn that there is a market for pottery with butterfly ornaments, and it makes money.

What if You Sell Services, Not Products

The same specialization concept applies to services also. Perhaps your business idea is to be a virtual assistant.  At first glance, there are 31,100,000 Google search engine results for the search term “virtual assistant”; therefore, competition is stiff. So how do you stand out from the crowd?

Conducting a Google search for the term “virtual assistant social media marketing start-ups work at home moms” resulted in 158,000 results. This is a specialized virtual assistant. He or she will assist “work at home moms,” who are start-ups, with their social media marketing.

Ideal Range of Maximum Number of Search Results

It’s important to note that “virtual assistant internet marketing services start-ups work at home moms” had 315,000 results.  However, the ideal range of maximum number of search results is 150,000.

At the result of specializing internet marketing services even further, offering social media marketing, the competition went from 315,000 virtual assistants to 158,000 virtual assistants.

Now that you have your business idea narrowed down to an idea range of search results, we will look at what makes your business different.

Market Niche

To make your business different, do further market research to determine what your target market need and are not getting from your competitors. Fulling that need will make your business different.

For in-depth lessons on any of the steps discussed thus far plus three additional modules on Start and Grow Your Own Business, go here.

Come back next week when we look at methods of researching your market to learn what their unmet needs are. What makes your business different?

As always, thanks for reading!

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