Choosing a Winning Business Idea

You've probably heard it a hundred times by now - if you want to make alot of money with an online business you have to offer your own product or service. Well, make that a hundred and one times...

It's true. Although affiliate programs are a great way to add additional streams of income, the best money maker is still a unique product or service that you control. That way you earn all of the money instead of only 10% - 40%.

Here are six tips to help you choose a winning business idea:

  • Start with what you know. If you have experience in a particular area, either through your work or hobbies, then the best place to start is thinking how you can turn that experience into a business. It doesn't have to be something you've worked at for 20 years, think of the things you're good at and that you could expand your knowledge on to create a business.

  • Don't waste time trying to find a brand new idea. At the height of the dot com era there was a race to be the first to launch a new product or to service a particular market. Although many of the first launched services received alot of recognition for their innovation, they ultimately failed because they were breaking new ground and didn't know how to succeed. Many of the second and subsequent businesses in those markets succeeded because they saw the mistakes that were made and capitalized on fixing them.

    When thinking of a new business idea don't assume you have to find something that isn't currently being done. A better strategy for most new entrepreneurs is to find something that is being done but that needs improvement.

  • Find a business area that needs improvement. Think about the products and services you use or that you've heard other people talk about. Are there any that could be improved on? Is there anything they're not offering that would be of value? Consider starting a business that fills a need that isn't being met by the current providers.

  • Focus on a niche. Select a specific market to which you can offer unique products or services. You can't be everything to everyone, and trying to offer a giant selection of goods to a huge and generalized market is the route to frustration, disappointment, and failure.

    As a small business, focus on a promising niche market and work hard to offer them the products and services they need. If you do this well you'll become known as an expert in this area and you'll be able to generate new business from your reputation alone.

  • Be careful of "hot" industries that are already overcrowded. Although you have to be the first person into a market, you have to be careful of markets that are already over crowded.

    One of the keys to success in business is differentiating yourself from your competitors. If your customers can't see value in doing business with you over someone else you'll never be able to attract the business you need to succeed. If there are already so many businesses doing what you're considering that you can't figure out how to make yourself stand out then choose another business idea.

  • Think about what works online. There are some products and services that work well online, and others that don't. Consider the following rules when choosing your business idea:

  • The product or service offered can't be readily available offline ? or there must be an advantage to ordering from you such as price, bundling with other products, etc.

  • It has to appeal to the masses ? the Internet is a global medium. That said, there are local opportunities but you need to explore them carefully.

  • It must be easily shipped around the world.

  • You can't charge for something if it's already available online for free.

    Before you decide what business you'd like to start, be sure to research it carefully. Knowing upfront how big the market is, who your competitors are and what your competitors are offering will help you avoid costly mistakes.

    About The Author

    For more great tips like these, subscribe to the MyDigitalAdvisor newsletter by visiting http://www.mydigitaladvisor.com/newslettersignup.htm. With a MyDigitalAdvisor membership you'll have access to hundreds of similar articles plus reviews of the tools and resources the Internet millionnaires use to succeed. Learn more at http://www.mydigitaladvisor.com

    jennifer@mydigitaladvisor.com

    In The News:

    • pen paper and inkwell


    cat break through


    Techno Witch II - Magick With Your PC

    You've heard of applied science, well how about applied Magick.... Read More

    Peace Alliance vs. Fighting a Battle

    We read in the press about the "War on Drugs"... Read More

    Business Innovation ? the Best Ideas

    Creativity can be defined as problem identification and idea generation... Read More

    12 Tips for Taking Smart, Calculated Risks

    Most of us know we should take more risks. But... Read More

    Intuition: Your Best Career Coach

    Since I derive most of my life lessons from reading... Read More

    Creativity and Innovation Management ? Fast Feedback

    Creativity can be defined as problem identification and idea generation... Read More

    Business Ideas ? Need a New Idea? Try Changing Your Perspective

    One definition of creativity states that creative people look at... Read More

    A Time for Rebellion!

    When is it right for you to rebel against the... Read More

    Creativity Management ? Theres Nothing New Under the Sun

    Creativity can be defined as problem identification and idea generation... Read More

    Starving for Intimacy

    Some are seeking love in a bottle. Others look for... Read More

    Innovation Makes Leaders

    Basically what innovation does is making your business unique and... Read More

    Innovation Management ? Testing Ideas

    Creativity can be defined as problem identification and idea generation... Read More

    Make Ideas Your (& Their) Own: Persuade Yourself and Others

    Have you ever watched a TV program where the supporting... Read More

    Perfectionism - The Dangerous Trap!

    Just when I have something figured out, along comes another... Read More

    Harness the Power of Skill Sets and Mindsets

    When you have a problem, sometimes you need a new... Read More

    Business Innovation ? Radical and Disruptive Innovation

    Creativity can be defined as problem identification and idea generation... Read More

    Business Innovation ? the Value of Role Play

    Creativity can be defined as problem identification and idea generation... Read More

    How To Be An Innovator In A World Of Change

    Innovators are opportunity-oriented.What's the hidden opportunity in that problem? Where... Read More

    How to Turn Nothing Into Something

    Excerpted from the Jim Rohn Weekend Seminar-Excelling in the New... Read More

    Think Outside The Cup and Saucer

    There were four of us at dinner. Three ordered "regular"... Read More

    Creativity and Innovation Management - Special People?

    People often think that there is a creative type. This... Read More

    Let the Seeds Grow

    The thought that every great thing that has ever happened,... Read More

    Types of Innovation

    Creativity can be defined as problem identification and idea generation... Read More

    Create An Idea Journal

    When I first heard Jim Rohn talk about the importance... Read More

    Use Your Intuition As a Valuable Tool for Change

    Here's a subject that we don't normally think of when... Read More

    Accelerate Your Learning

    Although you may not currently be a student, learning is... Read More

    Innovation and Competitive Advantage

    Creativity can be defined as problem identification and idea generation... Read More

    Innovation

    Innovation, in a business context, is generally thought of as... Read More

    Become an Idea Collector

    Have you ever gotten a really great idea ? one... Read More

    How To Benefit from The Power of New Innovations in the Year 2005

    How many times have you heard the phrase "knowledge is... Read More

    How To Do What You Dont Want To

    Before I reveal it, shall we review some things that... Read More

    Improve Your Business Dealings with Improvisation

    "Nothing is accidental ... use everything." -- Keith JohnstoneEven the... Read More

    Humankinds Greatest Inventions

    There are a number of amazing inventions that have been... Read More