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Do Your Research!

It’s amazing how many people just “KNOW” their brilliant idea is gonna work!

And that’s without the benefit of doing any investigation at all into whether it will :)

Seriously, there are two things you need to look at very closely!

Your Market

hungry crowdFind out if there’s a “hungry” market for the brilliant product or service idea you have, and what sort of competition is currently in that market.

Lots of really excellent ideas come unstuck when you find out that consumers just aren’t interested in them!

So that means hitting the search engines (mainly Google) and seeing what’s there – look at how many web sites are doing the same thing (and take a close look at what they are doing and how they are doing it), and look at how many businesses are actually advertising on Google (on the right hand side of the search results) and look at their web sites and what they’re doing!

Ask yourself whether you are going to do the same thing as everyone else… or are you going to do something different to rise above the noise to claim the spotlight?

And if there is no noise… no competition… then maybe that “hungry” market just isn’t there!

Once you’ve identified your competition, you’ll need to sign up for their newsletters to see how they do things. Sign up for every newsletter and free offer you can (don’t use your “normal” email address) to find out what the “market” is used to (both consumers in that market, and the people promoting products).

Other places to investigate include:

  • Ebay (look at what’s hot there)
  • Amazon’s best seller list
  • The ClickBank marketplace (and other affiliate marketplaces like Commission Junction and PayDotCom)
  • Relevant industry/niche forums
These places will give you a very good idea of whether there is any “interest” in the marketplace with what you have in mind!

Your Personal Skills

A fairly detailed personal skills inventory should be an important part of any intitial research you do. What skills (relative to running an online business) do you currently have, and what skills do you need to learn or develop?

I cover this in more detail a little later on, but for now remember that running an online business is (usually) a totally new experience for practically everyone who has a go at it.

There is an AWFUL LOT TO LEARN!

There’s a totally confusing array of information and advice which pulls you in many different directions simultaneously.

And then there’s you – most likely operating in total isolation – with few trusted people you can talk to about what’s really needed!

»» So let’s take a quick look at some of The Barriers To Online Success