Starting a business online has never been more popular. I can actually remember the skepticism of my parents when the “.com” boom happened in the late 90’s and early 00’s. Since then we’ve all accepted this as a viable business strategy.
But, like many things in life, not knowing exactly where to start can be daunting. Well, I’m here to dispel your feelings of apprehension and show you a way forward.
How To Find The Real Online Business Opportunities
There are a few questions you need to ask to find out if a business opportunity is actually worth pursuing.
#1. Is This A Growing Industry?
The industry might be there to jump into. And you could conceivably blindly pick an industry from the list at the Bureau of Labor Statistics and just get to work on a niche. But some industries just sit fallow for years.
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This could be due to a number of factors. Perhaps technology has eclipsed the industry just like the car eclipsed the buggy and cart in the early 20th century. Or maybe the industry is collapsing due to a lack of resources.
But you don’t want to jump in on a business opportunity that is sinking.
#2. Is The Market Industry Too Vast?
You don’t want to be one in a million. You want to be one in a thousand or a few hundred depending on the industry. Some of the most competitive online markets may not even be something you would guess.
You want to think niche. Something only a few people offer. That’s where the opportunity to grow is. That’s also where the competition is sparse.
If you play your marketing cards right, you can grow your niche into something incredible and profitable.
#3. Do You Find The Industry Interesting?
I know this may sound like something coming from a Millennial, but you’re going to be married to your business. Would you marry somebody whom you found boring?
If you have zero interest in the industry you’re examining, don’t go for it!
The compensation plan and the money are not worth the doldrums. You need the drive to do well. You also need to believe in what you’re selling. If you don’t, you’ll burn out too quickly.
#4. Does The Company Identify Themselves?
If you’re looking to buy into an online business or buy one outright, how much information is actually out there about them? Do they have a following on social? Are there actual people behind the name?
A lot of companies think it’s perfectly fine to remain just a web page and nothing else. And some industries might allow this. But how are you going to get a feel for how the business was built if you can’t talk to those who built it?
Conclusion: Hit It
After you’ve determined the answers to these questions, you’re either going to hit it or not. Don’t hesitate.
Once your research is done it’s done. There aren’t enough hours in a lifetime to sit there and deliberate. The key to grabbing great online business opportunities is flinging yourself at a good deal when you see one.
What have you learned about researching good online business opportunities? Let us know in the comments below.