Starting an online business;
The topic you select will determine your success.
When starting an online business your time and effort should be focussed on finding the right topic before you do anything else. The online business you are about to create will revolve around the topic you select; the topic you select will determine your specific niche market, all your website content, all your products, all your marketing and all your revenue. You have to get your topic right when starting an online business because everything depends on it.
How to select the best topic for your online business?
Topic selection is a detailed subject and this is where I spend the bulk of my time coaching clients. The right topic is determined by answering these two questions
- Can you see yourself still interested in this topic 5 to 10 years for now?
- Is there people online spending money on this topic?
Whether you have an idea for your topic or not, answering these two questions correctly will help you select and refine your topic take make it the best possible topic to give you the best chance for a successful online business.
Answering these two questions where the pivotal point in my online business and I wish I had this information before I started, it would have saved me so much time and money.
Can you see yourself still interested in this topic 5 to 10 years for now?
It is very important to have a passion for your topic, or at the very least enjoy the topic for the business you are about to build. One of the key reasons people fail with their online business is they select a topic that does not interest them or they have no real knowledge or expertise in the topic. They select the topic because it is related to hot niche market that they believe is the only way to make money online.
As you already know, starting an online business is about solving a specific problem for a group of people. Your topic needs to relate to solving a problem so if have limited knowledge or expertise of the topic or problem you are solving, how can you provide a trustworthy solution for your niche market?
Also without passion for your topic, what will motivate you to work on your online business? Without passion your online business could become a drudge, a chore and could turn into that job you didn’t enjoy and you’ll want to leave for something else. The more passion you have for a topic, the more motivated you’ll be to succeed and you will ultimately have more fun.
The best method to determine your online business topic is to write a list of all your strengths and expertise. If this is a short list add to it by listing your experiences, your achievements, your hobbies or anything that interests you. Highlight 3 topics you’d like to explore as your online business go to question two.
Is there people spending money on this topic?
The biggest mistake a lot of people make is they forget to check to see if people are spending money in the topic. To earn money online you need have a topic that has an established niche market with competition where people are already spending money.
To determine if people are spending money the first thing I recommend you do is a google search. Search a few keyword phrases for your topic and review the first few pages for each search. If the search results return mostly websites giving away a lot of free information, free products and free services it is going to be difficult to make money in that topic. This type of result tells me that the people searching these topics only want free information and are not willing to spend money. If this happens to you either forget this topic and move onto the next or refine it to be more specific and search again.
If your search results return a good selection of websites, selling a variety of products and services this is a good start. Next check the advertising on the search results, if there is a lot of advertising this means people are spending money to attract customers; businesses only spend money on advertising if they can earn money.
Amazon is another very good place to determine if people are spending money or not in your desired topic. You can review anywhere on the web were people buy and sell products on mass to help you understand if people are spending money or not in your topic.
Conclusion; starting an online business
When you can honestly answer “Yes” to both these two questions; you are on your way to starting an online business. The information you have gathered in this process about your topic and niche market will form the basis of your online business plan and all future decisions.
If after reading this you feel like you need some help to make sure you select the right topic for your online business, you can book an hour of my time through my coaching program. I am happy to help you with selecting your topic or any aspect of starting an online business. Click here to book your hour to be coached through selecting a topic.
Next step; Competition is good; In my next article I will discuss why competition is important and how your competition will determine how you can make your product unique and stand out in the crowded web. By understanding your competition you can better narrow your niche market into a hot niche for your topic.
Here is to your success with your online business and abolishing the need for a job.