The Process of Selecting an Online Business

You've seen the claims of massive profits being made on the internet. Are they true? YES! ...Well, at least they can be. How can you get your share of this internet wealth? First off, I am not gonna lie, the odds are against you! Probably at least 90% of people who venture into internet marketing fail to make money. You are going need a plan, or some sort of process, that is proven to work. If you work this plan and stay true to the process, your chances of succeeding online are greatly improved.

Remember the process may work, but there is no guarantee that YOU will work. Success is absolutely dependent on you! If you are persistent, determined and willing to learn as you go, you should do very well.!

The online business selection process is broken down into 7 steps. They are listed below, in order, what will work if you put in the time and effort...

1. Niche Selection
2. Site Selection
3. Prioritizing the List
4. Product Selection
5. Presenting and Proposal
6. Logistics
7. Review

The seven-step process is a repetitive process. After reviewing, you may find that you have to go back to step one and do whatever you need to do to find a winner. Let's go through step one in more detail...

Step 1 - Niche Selection

- You will want to find a niche that is tightly focused within a wider niche. Basically, a niche within a niche. Typically the more narrow your focus, the easier it will be to rise to the top of that niche. Once you have conquered the tightly focused niche, you can usually expand to a wider niche, and on up the ladder. You can get ideas from online resources such as any of the big search engines, Google, Yahoo, MSN, etc... A narrow niche will usually have 2 to 4 key phrases associated with it. An example would be a wide niche of "home". Narrower niches would include "online home based business", "home business opportunity", "work at home business", etc... You can see that this would produce a pretty good list of 2 to 4 keyword phrases that would narrow the wider "home business" niche.

Another thing to keep in mind when selecting a narrow niche is the content that will be available for the products in the niche. Will you be able to find enough content related to the narrow niche to create plenty pages of information? The more content available or that can be produced, the better.

What are the best ways to identify a niche? There are probably as many ways to identify a niche as there are people looking for a niche.

Here are some tried and true methods to locate a niche that will allow you to identify some great niche ideas...

- Your own knowledge and/or personal interests. A hobby or passion for which you already have expertise is usually a great choice. Remember, you are an expert if you canback it up with useful information.

- Research: Articles, Browsing, Newsgroups. You can find all kinds of ideas looking through publications from many sources. Keep an eye out for the advertisements. If you see certain ones over and over, they are probably making money and would be worth looking in to.

- Paid-for Research. If you have more money than time, hire a consultant to find a niche that meets your specifications. You should be able to find excellent information with the right consultant. Be up front with them from the start as to your expectations, and they should be able to come up with great ideas.

- Keyword/Niche Search Tools. Another tried and true method is using keyword tools to find niches that will be profitable. Keep in mind that when you do a search on the search engines, such as Google, you are seeing the supply for that niche.

Keyword selector tools will provide you with the demand of a keyword. You want to find keyword phrases for your niche that have low supply and high demand. For example, a search on Google for "search engine optimization" shows about 17,500,000 sites that are listed for "search engine opimization". This might not be a good niche to start in because of the ratio of supply to demand. You want low supply and high demand.

You also want to see how hard it is to duplicate the higher ranking sites popularity. To assess this, check the sites Google PR rank, Alexa ranking, and number of back links to the site.

In later articles, we will also take a look at subsequent steps in the online business selection process...

Step 2. Site Selection

Step 3. Prioritizing the List

Step 4. Product Selections

Step 5. Presenting and Proposal

Step 6. Logistics

Step 7. Review

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