Perhaps you think that you have nothing to say or you do not have the knowledge necessary to create a business, but I am sure that this is not the case. Look at your life. Chances are you're a member of many overlapping insider groups: current and past jobs, industry you're in, school you graduated from, family, neighbors, favorite sports teams and hobbies, kids or relatives. And also - national roots, religion, political preferences, charities that you support, health problems that you yourself or your family members have experienced, issues related to insurance, travel, interior design, gardening ... Everything you study every day, adds knowledge to your personal piggy bank in a variety of areas - most likely, you don’t even realize it.
We live in a unique era: retail marketing is breaking into niches, and the old media is losing the attention of its audience. Consumers and businesses around the world are fundamentally changing their shopping habits and the way they consume information. As a result of these fundamental changes, millions of small flowers, niche opportunities are blooming for you - you can build a business system around your lifestyle, based on your own experience and interests. On the Internet, you can connect buyers with similar interests, whose needs are undeservedly forgotten, and satisfy their demand with useful, profitable products - which, in turn, will improve your lifestyle.
Your task is to find a niche that you like and gather an interested audience before competitors do. If you succeed, you can consider that a huge leap towards the business of an Internet millionaire has been made.
The most important thing is to start right now.
Attract attention and form a profitable audience in your niche
Today we are all busy and things are only getting worse. There are more products and information trying to grab our attention than ever before. To be successful, your company, product, or content must clearly answer the consumer's ultimate question: "Is this worth my time?"
In the twentieth century, in order to make a purchase, we went to the store. And this store was making huge long-term investments in the buildings, equipment, staff, advertising, and distribution channels needed to restock. At the same time, the media industry was limited to professionals working for major newspapers, television and radio corporations, or publishing houses. Today, both retailers and media businesses are fighting for their existence with online stores and amateur content providers. Plus, the attention of users is scattered, they are taken away from the stores by video games, Facebook and mobile devices (and the video games they play through Facebook on their mobile devices!).
How to Make Money in the New Attention Economy
Today, the demand of the audience is much more important than the supply of the product, so the most important task when creating your internet millionaire business is to find your audience.
Don't make the mistake of thinking first about the products you are going to sell. Supply-side focus is an outdated way of starting a business that was effective in the days when distribution was difficult. If you can't get it right the first time, you risk losing thousands of dollars and being left with a garage full of junk food samples. Today, the Internet has made almost anything or information available, so it's worth taking the time to find people you can help, whose needs you can meet, whose problems you can solve, and build an audience around that consumer demand.
To achieve all this, you need a good website. “Good” means more complete than a general media stream or a retailer that caters to a consumer’s niche interests. However, do not rush. Every day of a shopper consists of many hours, and there are many shoppers around. So, your first task is not to find or create the perfect product, but to get attention. If you build a consumer audience, you can make money online on just about everything from African anteaters to microbiology and jokes. All you need to do is figure out a way to meet the needs of selected groups of readers, listeners, and contributors to your content, product, or community. After that, you can earn by combining the sale of advertising space, digital products, subscriptions, and anything else you can think of, as long as it interests the audience.
Start building your audience today, because if you start now when no one is looking at you, you can make mistakes and enjoy building your site and experimenting with social media. In addition, it is easier to make friends when the pressure of circumstances has not yet become too strong, and these relationships can turn into the connections you need, without which it is difficult to build a long-term successful business. Start
different from small, you can learn along the way what is most important to your audience, therefore, you will have every chance to serve their interests better and more profitably for yourself. Plus, if you want to catch up later, it will cost you dearly! Competitors will appear, and, most likely, you will have to break into the market with the help of expensive advertising.
Don't think it's too late
It may seem incredible to you today, but even after 15 or more years of Internet business development, you can find niches on the Web in which you can make money. However, since the release of my first book, Internet Riches, in 2006, more multi-billion dollar businesses than I can count have appeared on the Internet - YouTube, Facebook, Twitter, Zynga1, Groupon, etc. All these sites appeared out of nowhere and gathered hundreds of millions of users (and billions of dollars in profits). And these are just the names of large companies that everyone has heard of. Imagine how many more “humble” entrepreneurs have made six-, seven-, and eight-figure fortunes online and succeeded as well.
Internet advertising, e-commerce, international expansion, and especially mobile technologies are all coming together to create new business opportunities for you as you read this book. Even after 20 years of commercial development, the Internet still attracts only 15 percent of all advertising spending in the United States, and online sales account for only eight percent of all American retail2. Thus, it is definitely possible to earn billions of dollars on the Internet, and this is also available to you!
The Internet enables people to communicate despite the limitations of time, place and even language. On the Web, they find each other, discuss rare activities and niche hobbies, communicate on highly specialized or professional topics, although they were previously isolated from each other. This creates new niche markets that you can capitalize on, especially if you have the ability to create services, products, or communities that can meet the previously ignored demand of these groups, or you can provide them with platforms to connect with each other. The bottom line is to find an audience whose interests are not fully satisfied and which interests you personally so much that you are ready to build a business around it.
Why I love niches
Niche interests and subcultures are the best place to find your potential buyers, and for a number of reasons.
The competition in niches is not so developed, so you can quickly gather an audience around you and start making money.
The people found in each niche are usually enthusiastic about their topic. This will give you the opportunity to save a lot on advertising, since these people already know others who are interested in the same topic. If they like the way you work, they will tell their friends about it. In the age of the Internet, this kind of word of mouth marketing is very effective from an economic point of view.
If you choose a niche to your liking, you will enjoy your work more than ever. This is the meaning of business as a lifestyle of an Internet millionaire.
Finally, niches are essentially all that's left. The big, obvious business opportunities on the Internet are almost all realized. And those new ones that do emerge are quickly swooped in by teams with venture capital, a wealth of experience, technical skills, and connections. You shouldn't compete with these guys. A great recipe for your own profitable business is to build something small in a niche that is close to you and gives you joy.
Examples of market niches
Do not neglect any of the categories that interest you - today the money is in niches. You can find quite a few business opportunities in sub-categories that merit more specialized products or services.
Figure 1 shows that such a seemingly narrow niche as French culture can be broken down into many smaller sub-niches. Each of them, in turn, has its own potential audience - and it will support the Internet millionaire who will be the first to build a business here.
Rice. 1. Examples of niches in French culture
Note. This mind map only shows examples of possible niches for the Russian language and for consumer audiences. There are plenty of others if you dig deeper, speak other languages, or target a corporate audience rather than a consumer one.
Here are a few more examples of niches to give you an idea of how to think about the markets that interest you.
Main Market > Market > Sub Market > Niche > Sub Niche
Health > Diseases > Diabetes > Juvenile Diabetes > Juvenile Diabetes in Canada.
Airspace > Airplanes > Jets > Jet show > Participants in the jet show.
Education > High School > International Student Exchange Programs > International Student Exchange Programs
Real Estate > Residential Properties > Properties for Rent > Texas Rentals > Rentals
real estate on the Texas coast for the holidays.
Sports > Cricket > Pakistani cricket fans > Pakistani cricket fans living in the USA.
Internet Millionaire Secret: Earn Your First Dollar First!
First of all, focus on the method of making a profit that is most likely to work, so you will see that your efforts are not in vain, and you can pay your bills. If you need 100,000 users to kickstart your great idea and start making money, you're setting yourself up for failure. Instead, do your best to earn your first dollar as soon as possible. Then earn two dollars. Keep going, earn a few dollars, but make sure you build a business system that requires the least amount of effort from you.
Don't go broke trying from the very beginning to implement ideas that are too big or take a long time to pay off. When you have an income, it will be much easier to implement these ideas, so do not take the last dollar out of your pocket before you get at least some profit.
To find potentially profitable business niches and avoid too much competition, you often have to shovel through four or five levels.
Money is not your only goal
When evaluating potential niches for your business, keep the balance between money and lifestyle in mind.
Yes, first of all you will think about how much you can earn. But don't forget, by "designing" your life, you have an unprecedented opportunity to build your life goals into the daily processes of the new business you create for yourself.
Your goal is product or advertising revenue, both current and ongoing. Ideally, your niche should give you the opportunity to build a "ladder" of sales, where there will be goods of different price categories. After some time, expensive products will bring you additional income from the most loyal customers.
Niche Determination System for Internet Millionaire Business
To help you find a profitable and satisfying niche for your business, here is my nine-step Internet Millionaire System. Take some time to work through the exercises below. I think as you develop your new lifestyle business, you will soon see that you have unique experiences and perspectives worth sharing with others. Be sure to keep your Internet Millionaire Idea Journal handy so you can write down all the answers as you go through the exercises.
Nine steps to define your niche on the Internet
To help you develop an Internet Millionaire Business System built around your personal interests, I will walk you through the nine steps of the Internet Millionaire Business Niche System (see Figure 2). With its help, you will find the best niche market for you and create your own lifestyle business.
Rice. 2. Niche Determination System for Internet Millionaire Business
Step 1: Start With Four P's
Before you begin the process of defining your personal niche, choose one of these four P's as the basis for your new business: passion, audience, problem, product.
Developing a niche business model around a passion. If you want to build your business around a hobby, passion, topic, or industry, start by analyzing your hobbies, passions, knowledge, calling you follow, an idea that you want to convey to the world, a business area where you have special knowledge, or a topic that, in your opinion, deserves a wide discussion.
Developing a niche business model around the public.
Think about the people you enjoy spending time with the most. If your business is focused on providing services to these people, you will have the opportunity to spend even more time together. Start analyzing your biography, education, family roots, hobbies - so you can find the people with whom you would like to work the most. Today, almost any interest that you share with someone can become the basis of the audience for a new Internet business. Who would you like to help the most?
Development of a niche business model around the problem. Pay attention to the needs, shortcomings and inconveniences that you meet in your daily life. If there is a problem, there is a need for a solution, and your internet millionaire business could be built on that. Start by analyzing customer problems, then develop solutions that your business could offer. The main question here is this: can you somehow simplify people's lives?
Development of a niche business model around the product. Evaluate your business or personal life: can you name a product that deserves a wide audience? You may want to create one yourself. Or maybe you already have a product, service or information that you would like to sell.
To determine which of the four "P" (attached
tie, audience, problem and product) you will use as the basis for your new business, remember what you like and dislike about your life and work. Once you get past the first step and find your niche for an internet millionaire business, move on to the next steps.
Internet Millionaire Secret: Sketch Ideas and Don't Rate Them (Yet)!
Take the necessary time to identify the opportunities that best fit your Lifestyle Shopping List and are also potentially the most profitable. The time spent finding a niche that is truly interesting to you will pay off financially and give you the opportunity to rebuild your life with a business that you enjoy! Don't jump to conclusions about your ideas right away. Go ahead and don't be afraid to be creative.
Set aside at least ten pages in your Ideas Journal just for writing down the ideas you will have in response to questions about the four P's.
Step 2: the audience needs to be analyzed
Now think about the needs of the audience that your passion, audience, issue, or product will be drawn to. How can you help your audience? According to the first principle of Internet millionaire success, the basis of a great business is the ability to help others. Speaking of people who share your passion or have a problem that you are willing to work with, what are their basic needs that your internet business can satisfy so that you can make money?
Step 3: Potential Profit
Estimate the size of your target market, as well as the needs and purchasing power of your potential customers in this market. Is the audience willing to spend money on the goods, services, or information that you are going to offer them? Looking at the needs you listed in the previous step, consider whether clients will pay for your help? If so, are there any products you could be selling right now? Will advertisers pay you to tell your site visitors about their products?
Step 4: competitor analysis
Look at similar sites to see what is already working to serve needs similar to those your business is targeting. If you take the time to analyze, the market will show you what works. Look not only at direct competitors, but also at similar products/services in other markets. What is offered on these sites? Do you like what they do, or do you think your site could do it better? Can we say that the content of the site is cool, appropriate and specialized enough to serve the chosen niche well? You don't have to reinvent the wheel, especially at first. Take the best you can find on similar sites and develop your own business model and products. Compared to your potential competitors, what is new and different that you can offer people to make them want to read your blog, watch your videos, buy your e-books, etc.?
Internet Millionaire Secret: Respect the Competition, but Don't Fear It
Just because there are competitors doesn't mean you can't succeed! Don't stop generating ideas because you're worried about the competition. In any large market, there are at least three to five top players. Yes, the best one takes most of the business - but the rest also earn, otherwise they would simply not be doing it! Second - or even fifth - in the market can be a great opportunity to create an Internet millionaire business - and your own lifestyle.
Step 5: Format and distribution analysis
The format you choose to distribute your content can have a huge impact on success, even if it's the same information. For example, a blog, podcast, or video has different audiences. So, if you have already found what your audience needs, what is the best way to communicate this information to them? You should consider the following formats:
blog;
forum;
mailing;
podcast;
video;
teleseminar;
mobile app.
The best format for your internet millionaire business is the one your target audience prefers. So where do your customers spend their time and how do they prefer to consume information?
Step 6: product development
Turn your research results, life priorities and ideas into a prototype "product" that you will create. What things, services and ideas offer you the best opportunity to earn? Which of these would you include on your Lifestyle Simulation Shopping List and Environment? Test each idea with the rest of the questions in the exercise to see if they work for you.
Focus on helping people and offering them a concrete solution to their problem. You should be selling them a "medicine" (a must-have), not vitamins (they're just "nice to have").
Step 7: Operations and Production Cost
To evaluate each of the business and
activities you have so far, answer the following questions:
how much time and money will you need to launch your new project?
what are the fixed operating costs?
Do the site, content, advertising, and the product itself require regular updates?
How much of production can be automated using software (Internet Millionaire Success Principle #3)?
can you hire people to do the work, or is your personal involvement in the project required (Internet Millionaire Success Principle #4)?
Can you build a business in such a way that the audience is as involved as possible in content creation (Internet Millionaire Success Principle #5)?
If the business becomes successful, will it scale naturally, or will additional resources be needed to serve more customers—time or money (Internet Millionaire Success Principle #6)?
How will scaling up affect profitability—positively or negatively?
These sobering questions will help you separate the opportunity to profit from mere dreams. Also, I wouldn't advise you to take money from outside investors, so costing start-up and day-to-day operations is important to weigh if you can open your business on your own.
Step 8: Marketing Analysis
Finding cost-effective ways to communicate with your target audience is a critical part of any business plan. Luckily, the internet makes talking to new customers easier than ever. Even better, with the help of the internet, your customers can tell their friends about you - using social media tools like Facebook, Twitter, Google+, blogs, site reviews, etc. A good strategy today is to build your business by offering lots of freebies. information and tips to share. This helps attract new customers and encourages them to spread the word about you - at minimal cost to you. Take a close look at your competitors' marketing strategies. Try to find a gap in their marketing approach that your business can fill by building on them and effectively getting the message across to your target audience. Remember, the supply of goods today is no longer difficult. On the agenda is consumer demand, which you need to identify and encourage.
(For more information on modern marketing strategies, social media, SEO, and audience acquisition techniques, see the Internet Millionaire Training Video: www.TrafficBuildingSchool.com or my book e-Riches 2.0: Next Generation Online Marketing Strategies. Both sources contain a wealth of tips on how to get more visitors to your site with cost-effective marketing strategies: email, blogs, social media, podcasts, online video, and even public relations.)
Step 9: Think and Decide for Yourself (Readiness Check!)
If I asked my clients what they wanted, they would just want a faster horse.
Attributed to Henry Ford
Your goal is to find people you want to spend time with who have strong and persistent needs, and then build a system to meet those needs so that you can make money and still enjoy yourself and your new job. However, the data from all the studies in the world will not necessarily give you the correct answer about your personal situation.
You are now the "boss" and your first decision as a leader will be where to direct your energy. You will need to weigh various factors and make a difficult choice: which of the new business ideas to implement first. A lifestyle business should reflect your personality and your personal goals more than spreadsheets can describe.
If you want to create an Internet millionaire business for yourself, you need to start thinking about yourself, doing your own research, operating on your own numbers, investing personal time and money in the business. If you need help making this important decision, download the advanced electronic version of the Internet Millionaire Business Niche Tool. It contains dozens of additional pages and specific questions for each of the steps that will help you work through the process of choosing a niche in detail. The e-book is available at www.ClickMillionaires.com immediately after registration.
Niche Math: The Internet Millionaire Success Formula
The interest of a niche audience in what you say and sell is much more important than its actual size. A large audience with mediocre interest may bring less income than a small one, but interested and engaged. The level of audience engagement is directly related to profit, as it shows how interested your fans are in buying your products, inviting their friends to the community, and regularly returning to your site and clicking on ads.
If this idea is tried
If you can represent it in the form of a mathematical formula, you get something like this:
Audience Size x Revenue Per Audience Member Based on Engagement Rate = Revenue Potential
If you have 100,000 low-engagement fans that generate only $1 a year in purchases or ad clicks per audience member, you make $100,000 a year.
You can earn 100 thousand a year in other ways:
10 thousand fans with an average level of engagement $ 10 income per person per year - your profit is $ 100 thousand per year;
1,000 high-engagement fans $100 in income per person per year - your profit is $100,000 per year;
100 Very Highly Engaged Fans $1,000 in income per person per year - your profit is $100,000 per year.
As you can see, the size of the audience plays a role, as well as the level of its involvement, interest in your content and products. The Law of Large Numbers is a financial lesson I learned in my first job as an investment banker on Wall Street. I talked about it in my first book, Internet Riches. This law states: "A small number multiplied by a large number becomes a large number." Banks use this math to collect a small percentage of all the huge deals they deal with and make billions of dollars in profit every year. In the context of an internet millionaire business, the “big number” you need to make money online can either reflect the number of members of your audience or the quality of your small audience, i.e. the degree of interest in your products, content or relevant advertisements.
If you can reach a large audience and generate really high levels of engagement, your niche math might look like this:
10K Fans x Very High Engagement $1,000 per person per year = $10 million in revenue per year!
As the owner of your own internet millionaire business, you have a choice between attracting a large number of visitors to your site, or increasing the level of interest of a small group. You can work with the attracted audience by playing with advertising, products, content and pricing.
Market Size: Look for Big Opportunities, but Keep Your Company Small
Now that you know the Internet Millionaire Success Formula, you can use it to evaluate potential business approaches on your own. For example, if you look at online dietary products, you will notice that their sales are often successful, because both variables from the formula are high: a huge audience (everyone wants to lose weight) and a high level of engagement (weight loss is a personal matter). and ongoing need). This brings good money to those who create "diet" products. Unfortunately, this success also means huge competition in popular niches like dieting. So your goal is to find a niche market with a large potential audience but low competition.
Don't bite off more than you can chew. When deciding which audience you will work with, I encourage you to be ambitious, but also wise. The option of "playing big" and targeting a large, broad market looks attractive, but most of the big, obvious market opportunities have already been taken. You need to be wiser and look for opportunities that the "tough guys" have not yet seen or considered too small to take on.
On the other hand, choosing a very insignificant niche is also not worth it. When I ask them to pick a niche, it's not uncommon for newcomers to my online community to settle on niches that are too small to make money in. Often they are so worried about competition, wasted time, or so unsure of themselves as entrepreneurs that they limit themselves to “comfortable” and familiar target markets. The most common case is geographic restrictions. Examples include working with audiences as small as those interested in selling a home in one area, students in one elementary school, members of one church, an alumni association of one small college, a sports team with a limited number of fans.
These audiences are interesting and curious, but their size is naturally limited, since there is only a small group of people at the core. If there are only 300 houses in the area, or only 500 people go to that school, church, or sports events, to earn some money, you will have to sell something to every family, every house owner, every fan.
These kinds of target markets are good for testing your ideas, but you need to think ahead about how you will grow and attract more fans in order to increase sales and/or traffic for advertisers. As your business grows, your website will
The listing may also work with multiple neighborhoods, or it may include information about additional services, such as plumbers, gardeners and insurers, as this is also of interest to your homeowner audience. For other examples, you might want to post news from schools or churches in your area, or sporting information about the entire league, not just your favorite team.
The Secret of the Internet Millionaire: The Simplest Audiences
The audiences that are easiest to attract to your online business system are those that have a consistent reason to communicate (such as communities that already exist in the real world) but are geographically dispersed. These groups are natural Internet users, they communicate easily and without regard to time zones. Give them a platform to connect with and information that matches their special interests, and they will thank you.
Experts can't believe such a success
When you start to "settle" in your niche, then most likely you will have doubts about the correctness of the choice. The pessimists around you will deny the potential of everything they don't understand.
However, the traditional definitions of corporate success do not fit the business of an internet millionaire. Business school professors ignore such companies because there are not many employees to manage, and bankers prefer to concentrate on large corporations because they have more impressive capital. Professors and bankers look at the lifestyle business with a condescending grin, ignoring the fact that lifestyle, life interests are your first concern in life!
Do not pay attention to their limited views. It is important to understand that when a business brings in only a thousand dollars a month, the game is worth the candle if this thousand appears on a regular basis, automatically, with minimal effort on your part.
Because you can reach a large number of people with the Internet and distribute information and digital products around the world at a very low cost, today you can create a business with little or no employees, in niches that are considered too small by traditional business standards.
And because it's happening online, your new business has every chance of being seen by billions of people. With the right product development approach and good marketing, even a tiny percentage of these potential customers can make you an internet millionaire.
The Secret of the Internet Millionaire: The Myth of the Brilliant Idea
You don't have to be a genius with a breakthrough idea to make money online. Mark Zuckerberg and Steve Jobs are lauded by the media, but there are many more fortunes on the Internet made not from scratch, but on the basis of improving existing ideas. For example, the same Facebook was not a completely original idea. The interest of the audience in online communication existed long before the founding of this company. Facebook's success was fueled by many of the social networks, forums, email lists, and websites that preceded it. To better meet the needs of the audience, Facebook simply used new tools and communication options. Similarly, Google was not the first search engine - it builds on the success of previous search engines, but serves the needs of the audience better than its predecessors.
Maybe you're itching to take over the world with a brilliant new idea. But just because you won't do it right away doesn't mean you won't ever do it! I'd rather you start small and outgrow it later than scatter and fight huge competition. It's far more important to build a foundation of moderate success that you can build on than to try to conquer the world from the start. If you take a bite too big, you'll waste all your money, time, and patience before you really get it right. Most success stories are based on regular day-to-day operations and effective customer satisfaction, not the "brilliant idea" that most people associate entrepreneurial success with.
Service and your plan (USP)
The main point of my reasoning about defining a niche for a business is this: you will benefit if you focus on helping other people. We can brainstorm, analyze competition, process data, and so on, but demand is at the head of everything. By helping others, you lighten their burden, give them the opportunity to earn more, feel better, enjoy life - this is the strategy that can lead you to success. To emphasize the importance of this, I would like to present you with my (new) definition of the term USP, which is used in business schools.
Usually this abbreviation stands for Unique Selling Proposition. However, I would advise not to worry about what you can trade, but to find a unique service and make a plan. Can you provide a service that others really need? What unique
What plan do you follow, what goal do you see? What is there in you that is worth multiplying and what is worth sharing with the world? How can you combine all this with the needs of others to offer a worthwhile service that is useful to others, that can bring you money and something to change in this world? These are the basic questions that the previous exercises and my books have prepared you to answer.
Only you yourself can answer these questions - both in theory and in practice. The ClickMillionaires.com community and myself are here to help. It's time to do something worthwhile, and not just watch TV, try to lose weight and make money. What is waiting for you? How do you become the person you want and deserve to be? You only get one take in this life, it's not a costume rehearsal. How are you going to spend your days?
Test customer demand to avoid wasting time in the future
To help you test your new consumer demand theories, in this chapter I'll show you quick, inexpensive ways to test business ideas with real people and do some simple financial analysis before you go too far. Testing is the best way to protect yourself from wasting time and money.
With the tools below, you can quickly gather information that will help you improve your products and increase your profits. In the beginning, getting feedback from real people is much more important than trying to make the product perfect. Websites and information products are easy to change, and testing tools are widespread today. There is no shame in launching a site with a new product today and then deciding that it doesn't work. The software industry's gift to today's businesses is that you can simply call these projects "beta tests." Google does this all the time, and you can too.
Tactics for testing new business ideas
Here are quick and inexpensive ways to test your ideas.
Talk to potential clients. Don't ask your friends and family what they think of your business. They will tell you what they think you want to hear because they love you. Instead, try to glean information from your potential customers and even competitors. For example, go to a forum where your potential customers are chatting, or even make some cold calls3 to potential buyers in your niche; talk to them about their needs and your offer. Many people will readily answer a few simple questions if you are friendly and polite.
Conduct an online survey or survey. Set up a simple online survey about your new products or your website using free tools like www.Vizu.com. Or conduct a more detailed study, technically this is easily done using the www.SurveyMonkey service. com. Ask friends, family, colleagues to circulate questions throughout your network too. You can even spend some money on contextual advertising so that more people participate in the survey. Social media tools such as Facebook, Twitter, and Google+ are also great at helping you spread your survey outside of your circle so that people you don't know personally can give you useful and objective answers.
Explore the internet for keywords. Google AdWords offers a great free Keyword Tool. You can enter keywords for your site or product, and with just one click of the mouse, you will receive a response from the system: the daily number of search queries for these words in Google. For example, if you sell mattresses, then you can use the words “mattress”, “mattress”, “mattress spring”, etc. for analysis. The Keyword Tool will instantly tell you that there are approximately 9,140,000 search queries for the word “mattress” per month across the internet and 5 million searches in your area.
Of course, you already know that the mattress is a popular product. The idea is that you try this tool with your own words and see how many people are looking for what you would like to sell. It is essential that keywords related to your product are used for at least a thousand search queries per month, this will indicate the interest of the audience. Later, you can use this information to optimize your site and drive free search traffic.
Google tools and other useful resources can be found at www.GoogleKeywordsTool.com.
Check the possibilities of contextual advertising. If you plan to make money on advertising, you need to analyze how much advertisers are willing to pay for advertising on sites with similar topics. To do this, go back to AdWords, but now play the role of an advertiser. If you create a free advertiser account, you can test your keywords and see how much each click can cost.
Get feedback on website design. By designing your site,
you might as well try to get feedback on its appearance. You may think that the site is easy to use and beautiful, but potential customers may find it inconvenient to use and not so visually pleasing. An objective review of the design can be obtained on the Internet.
Resources www.Usertesting.com, www.UsabilityHub. com, www.FiveSecondTest.com and www.Usabilla.com offer usability and design testing online. They have expert teams made up of real people who will quickly and inexpensively analyze your site.
www.Unbounce.com will help you optimize your site's landing pages. The service does this by helping you easily create variations of pages to see which ones get more clicks and convert more visitors into buyers.
www.ExpertWebSiteReviews.com is my personal video analysis service. Order an analysis, and I will create a special video for you, where I will personally talk about the design, usability, SEO, layout and product strategy of the site. This is an affordable, personalized and highly useful service that has already collected a lot of feedback from grateful customers on the site itself and on my YouTube channel.
As you can see, getting feedback from customers in the Internet era has become much easier!
Internet Millionaire Secret: Keep It Simple
The best new business ideas are simple—a simple idea in a simple package that is quickly picked up by customers in your target audience. Everyone who hears about it suddenly feels “enlightened”, so do not try to overtake yourself: no one is interested in the third or fourth stage of the potentially “incredible” success of your business until it becomes very clear what constitutes the first and What benefits does it bring to customers?
Sales estimate
Now let's use a simple number analysis to compare one business idea to another from a financial standpoint. Even if you hate math and don't understand numbers at all, rest assured that this is the situation for most aspiring entrepreneurs. A wise guess will in any case be more useful to you than a complete lack of calculations.
Let's try to estimate your potential income using the formula for success of Internet millionaires from the Niche Math section of the previous chapter:
Audience Size x Revenue Per Audience Member Based on Engagement Level = Revenue Potential
Paste the numbers in each of the empty spaces and see your business idea in action. This simple math will give you a ballpark estimate of the potential of your new niche business.
Don't forget to factor in recurring income from subscription products (Internet Millionaire Success Principle #7).
Now, as you look into Year 2, add in audience growth or extra revenue from expanding your product or service line, upgrades, selling more expensive offerings, or recurring subscription revenue—it's likely that your growing business will move in one of these directions.
Additional funds will not come suddenly, but if you make realistic assumptions, it is possible that your second year estimates will be close to reality.
In the third year, hopefully your audience size will increase, engagement levels will increase, and product and advertising revenues will increase.
How to Use Sales Estimation
These ballpark estimates will help you determine the profit potential of various business models, so you can more easily evaluate them and choose something specific. For example, if, according to the most optimistic estimates, your audience will consist of only a thousand loyal visitors, and all of them will make an average purchase from you for a maximum of $ 1 (or bring you $ 1 from ad clicks) per year, your expected income will be only thousand dollars a year. This can be considered a normal result for the first year if you plan to increase income in the second and third years. If not, it looks more like a pleasant pastime. If you want your passion to grow into a profitable business, you need to change your niche, product, or marketing plan.
As you can see, “engagement rate” is a substitute for more sophisticated income modeling tools. However, instead of spending a lot of time on financial models, it is better to spend it on modeling your lifestyle, identifying a niche, developing a product and marketing plan. Working on winning strategies in these areas will take you further than complex financial spreadsheets.
Build a Portfolio of Businesses with Multiple Sources of Income
If you are your own boss, one of the pleasures is that you can implement your own business ideas. Having many ideas can be a problem if you're working for anyone, as most of the time you're required to focus on one project at a time. But for the internet millionaire in
there are several businesses in parallel - it's normal and even profitable, not to mention that it's interesting. What's more, you can build all of these projects around your personal interests, so you'll have a "portfolio" of current projects that you enjoy working on!
This is the way of the Internet millionaire - to explore new niches and work in them for as long as it takes to build a business system that can serve this market. Do not forget to earn your first dollar in each of them first of all. However, as soon as you start receiving money on a regular basis, automatically and without any additional effort on your part, you can continue on your way! You may want to go back and refine some of your previous projects to make them more profitable.
This way you can manage a wide variety of projects (and interests). This helps to fulfill the overwhelming need to start something new that entrepreneurs constantly experience. Try to set yourself a time frame so as not to spray. For example: “For three months I will be working on this new butterfly collecting site, then I will be back in the Volkswagen mechanics community for a week, and in March I will be ready to spend three weeks creating a blog about Italian food.”
The Secret to VC Success
It may seem unbelievable to you, but venture investors make money through this kind of portfolio work. They invest in multiple startups and don't expect each investment to pay off (and you shouldn't expect anything like that). But if one of the companies in their portfolio succeeds, it will not only pay all the costs, but also make them rich.
I doubt you have millions of dollars to emulate venture capitalists, but you do have your own time and the ability to build an internet business at minimal cost. Therefore, by investing in three, five or ten projects, you increase your chances of success. I do the same. I have from five to ten (or more) sites working at the same time, each at its own stage of development. Some of them are small and make only a few dollars a day from advertising, but do not require me to work or update, others are new (and may be on the way to failure), others are successful and bring in thousands of dollars a month. Over the years, I've built up a portfolio of interesting internet projects that help people all over the world, while requiring me to be only partially involved in their work.
You can do it too. Your entrepreneurial success story is waiting for you!
Follow your calling
Do you have a calling, a message that you feel you were born to bring to the world? If so, then the results of the research will not be able to prove the viability of your idea. In fact, more often than not, analysis strikes at the success of an enterprise whose idea comes from the heart, not from the mind. Do you think you should follow your calling anyway? Of course!
Numerical analysis cannot calculate what is in your heart or test your intuition.
You may be crazy - but today the wide reach of the Internet makes it possible to spread any message if you really decide to achieve this.