Starting an online business is a fantastic way to build another stream of income, and work on something you are passionate about, but it can be tricky to come up with the right idea. Some people say that the best way to have a great business idea is to have a whole lot of bad ideas. There are, however, a couple of tools you can use to supercharge your creative thinking and come up with an excellent idea.
So how do you think of an online business idea? You must be realistic with yourself and ask a series of tough questions about who you are, and where you see a need in a market.
You will need to learn to listen to your instincts and the opinions of others in the market, as well as how you can meet a need. Here are some of the questions to get you thinking:
- What is next?
- What bothers me?
- Where can I identify untapped niches?
- What is your existing skillset?
- Who can I talk to who has any insight?
Once you have used these questions to reflect and begin thinking, you will probably find that your mind will start swimming with ideas. Let these ideas simmer in your mind, and you will be well on your way to your next great business idea.
Why Online Business?
Starting an online business, in some ways, is quite different from starting a traditional business. The rules are different, and because you often need less capital and fewer customers, you have a lot more freedom to explore ideas. Many people start business after business after business online and barely spend any money, until something sticks.
You can sell products online, you can sell a service, or you can sell nothing but ad space on your website. You can sell to your local area, or globally, and you can target consumers or businesses. Think about the scale and diversity of what you can do online, and allow that to empower you as you go through the process of creating an online business.
Online business also gives you unprecedented access to your potential customers. You can market directly to your customers and their interests with targeted social media marketing and remarketing, and you can utilize the fast-moving nature of the internet by creating a business that is responsive to customer needs.
Online business is often cheaper than traditional business because most business costs, like a storefront, office space, or warehouse, are not required at the beginning. But that doesn’t mean it’s free. If you have an idea that you believe in, you will probably pay for web design and app development if it’s relevant. You will want to pay for some form of digital marketing, and you may need to buy physical stock, depending on your business. Most online businesses aren’t free to start, but they are often much less expensive than others.
The best part about online business is the ability to begin slowly and grow at your own pace. If you are not in a position to quit your job and devote 60 hours a week to a new business, you don’t have to! Creating a business online is flexible, and allows you to work and grow at a pace that is sustainable for you.
1. What is Next?
Great online businesses are often born from thinking about where the world is going. There are emerging needs in endless industries, and if you can identify those needs before anyone else does. Think about what trends are on the horizon, and how you can help meet the need that is coming. Sign Up to Google Trends which is a free tool you can use to help you to get online business ideas.
We are constantly experiencing changes in the way we live, the way we work, and the way we socialize, and the internet presents an incredible opportunity to meet people where they are at, and where they are going. Ideas related to the future of social media, online working and learning, and home entertainment are great examples of this.
2. What Bothers Me?
Most of the greatest business ideas were built from a starting point of frustration. If you’ve ever been in the market for something, and even though you’re willing to pay good money, you cannot find the right product or service, then you may have already stumbled upon an awesome business idea. If you are having this problem, there is a very strong chance that other people are as well.
You might also find that you are annoyed at the high cost of a product or service that you believe could be done more cheaply and more efficiently. You might find that a product or service exists but that it doesn’t work very well, or doesn’t meet some part of the need that it’s designed for. Both of those of other ways to let your annoyance guide you towards a profitable idea.
3. Where can I Identify Untapped Niches?
The great thing about starting an online business is that you can fill smaller niches without the huge upfront costs of opening a storefront. You can market and sell to fewer people, and still make a great profit because if you have picked a strong and passionate niche, you are meeting a genuine need that people are happy to spend big on.
There are online communities for endless interests, hobbies, careers, and all sorts of other things. Think about the communities that you may already be a part of or you are aware of, and how you can meet a need or a want within that community. Use the power of these online communities for market research and informal conversations to help you hone your business idea.
4. What is your Existing Skillset?
You likely have a strong, diverse skill set that could be transferred into a successful online business. Don’t just think about the skills you have gained from your career or your education. But think about the skills you have gained from ALL areas of your life.
For example, if you found a particular talent for getting your baby off to sleep as a new parent, that’s a skill, and if you can find a compelling way to market that skill, you have the start of an online business on your hands. You have marketable skills, you just need to discover what they are, and how you can create a business around that.
5. Who can I Talk to Who has any Insight?
To fill a need, you will probably have to get out there and talk to people to find out what that need is. You can do this via online communities where you can hold casual polls, ask questions, and figure out the insight of those in the community you want to tap into.
You can also get the opinions and insights of more causal customers by just hanging out in shops that sell products you are interested in selling and listen in to their conversations and the concerns they are voicing. You can also ask questions to get a more in-depth view of their thoughts. Listen to the people who can lead you right to a great idea in any way you can.
Starting an online business is a fantastic opportunity to grow your income, and work at your own pace to build something you love. To find a business idea that’s right for you, you must think about your personality, and how you can fit your skillset with an existing gap in the market.
“All achievements, all earned riches, have their beginning in an idea.”
Do not leave your idea, but do something about it! Begin with an idea, and continue with your idea.
But if you still do not know what your ideal idea and what to do next after you have your idea, check out Wealthy Affiliate. It is a legitimate training platform that will teach you how to succeed and profit. You’ll learn everything about building your online business from scratch. On one platform you will be able to register a website domain name, get the best hosting, online entrepreneur training, tools, best support.
It’s a perfect opportunity for anyone who wants to build an online business that makes money for not just a year, but years to come.
To Your Success,
I’d love to hear your thoughts. What is your reason why you like to make money online?
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