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Starting An Online Business From Scratch: Part Two - How To Research Your Idea

by Tim Whiston


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Summary : In part one of this article series you created a simple list around your interest and skills, and brainstormed a few basic ideas for starting your online business. The next action step toward a successful online business venture is the research phase.

In part one of this article series you created a simple list around your interest and skills, and brainstormed a few basic ideas for starting your online business. The next action step toward a successful online business venture is the research phase.

You may be tempted to skip this step, or to move quickly through it in an effort to launch your business as soon as possible. Please understand the most critical part of starting an online business is doing the proper research.

In fact poor or ineffective research is the main reason most online ventures go under. People are often so eager to start making money they rush forward without a good understanding of the marketplace and with little or no business plan.

Sadly, many individuals buy into the get-rich-quick mentality perpetuated by late night infomercials and other farcical advertisements. But the truth is an online business must adhere to the same basics of planning and execution that a successful brick and mortar operation relies on.

So don't skip the research phase! Put your heart into this process and you'll greatly improve your odds of success.

Your first step will be to find out if a market already exists around one or more of your general business ideas. Select what you believe is your best general idea. You should complete the assessment of this idea before moving onto another item from your list of possibilities.

Let's return to the previous example of an interest in martial arts, with the possibility of creating and selling video tutorials that help beginners choose the martial system that's right for them. In this scenario you need to find out if there is a substantial number of people online, actively seeking information like that which you intend to sell.

Basic Keyword Research

The easiest way to do this is through some basic keyword research. There are a wide range of free keyword tools online, and you can locate a good one by entering the term "keyword research tool" at your favorite search engine.

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