What are the best internet business ideas? We all want to know the answers to this question when we start an online business. But we are often given conflicting advice.
Our best friend tells us, “My sister made a ton of money writing a fashion blog. You should do that.”
Larry in the office says, “Affiliate products are the way to go.”
We wonder if we should start a fashion blog or sell affiliate products. But a successful business idea for one person may be a total flop for someone else. This is because we all have different skills, personalities, and experience.
The real question we should be asking is what is the right business idea for me?
Finding the right idea
When I first heard stories of successful online entrepreneurs, I was excited. I knew this was something I wanted to do. But I wasn’t sure how to find the right business idea. I wanted a business that I would enjoy, where I could make best use of my skills and experiences.
So I took did some research. It proved invaluable. I discovered a great process that you can use to find your ideal business.
Factor 1 Personality
I used an online personality questionnaires to identify my best qualities. A very good survey can be found at personality questionnaire (go to the signature strengths questionnaire).
I work best with people and data. I have strong creative skills such as imaginative thinking. My best communication skills are listening and coaching.
Factor 2 Interests
Running an online business is hard. You have to be in for the long haul. You’ll be more motivated to work hard if you enjoy what you are doing.
I made a list of my interests and passions. My interests are writing, languages and travel. My passions include online business, careers and coaching. So I decided to start a business that involved writing about small business and education.
Factor 3 Experience
Ask yourself how you can use your past experiences (both work and life) in your new business.
I had blogging and teaching experience. Outside of work I had traveled and lived in other countries. I decided to start a blog about internet businesses.
Factor 4 The Market
Money may not everything. But if you don’t make enough money then you might have to close your business. Does your idea make sense financially?
You can find lots of useful market information on the internet. Search Google and visit Google Trends. Find out which sites are popular and which are declining. Try your library as well. The reference library in my home city has a department and website dedicated for business. This will help you assess your idea’s chances of success.
I planned a strategy to earn money from my blog. I considered a few different ideas to monetize my blog, including affiliate products and advertising. In the short-term I decided to use my blog to attract blogging clients. In the long term I also hope to sell information products.
Evaluate Your Idea
If after completing this research you don’t think your idea is financially sound, don’t despair. Can you adapt the idea?
For example, you have an interest in model trains. Your initial idea is a site selling model trains to the public, but the cost of shipping and storage makes the idea unfeasible.
Ask yourself how you could adapt your idea. You could write a blog about model trains and add Adsense to it. You could seek sponsorship from model train manufacturers. You could add affiliate links to model train supplies.
It is worth spending some time and effort considering these four factors. Your future success and happiness depend on choosing the right idea.
How did you pick a business idea? Share your comments below.