The Best Online Businesses Start With the Right Online Ideas

The Right Ideas make the best online businesses.

So what is the Right Idea?

By now you will have carried out a brainstorm on ideas and narrowed it down to 3. See Day 2 of the Action Guide

Below are some examples of your final 3 ideas depending on your starting point (written in blue).

We add in the results of your keyword research to other relevant criteria. We put this into a matrix, or use ChooseIt do some calculations and we are left with a number. The highest number is the best LOGICAL concept. But don't rule out the others if you have a strong gut instinct for another one - you are the best judge of the best online business for you.

You have a general idea of the subject of your website.

For example - you like cooking.

The best online businesses for you could be:

Low fat cooking - you are always on a diet
Cajun cooking - it's your speciality
Fun desserts - because you love them

This is what you found out when you thought about the criteria to use and the research you did.

Rating Low fat Cajun Dessert
Keywords Low priority Lots demand, more supply. low demand, supply & keywords Good demand, supply & keywords
Knowledge Low to medium Low High Higher
Passion You must be interested High Medium Medium
Competition This is important Loads Low Moderate  
Overall Moderate score Everyone does this ?Gap in the market Gap in market for something different

Having considered this in words, now rate from 1 to 10. Under Rating, you Rate how important the criterion is to you. Under each Concept, write a score out of 10 for how that concept scores against each of the criteria. Now multiply your score out of 10 for each concept by the rating to give it a final score.

Rating Low fat Low fat score Cajun Cajun Score Dessert Dessert score
Keywords 7 2 14 8 56 9 63
Knowledge 5 3 15 7 35 9 45
Passion 9 9 81 8 72 6 54
Competition 8 2 16 8 64 7 56
Overall 7 3 21 7 49 7 49
Total 19 147 38 276 38 267

In this case, Cajun is the winner. Notice that Cajun and Desserts have the same raw score of 38. This is why the rating is important. This method helps to determine the best online businesses for you. In this case Passion makes the difference. Another person might rate differently and perhaps Desserts would 'win'.

None of your ideas have anything in common

Your concepts could be:

Playing amateur Netball - because you play at your amateur club.
Cooking - because you also like cooking.
Caring for children with cerebral palsy - because you do.

We use the same process. First we think about it.

Rating Netball Cooking Caring
Keywords Very important "Some keywords, good demand & supply" Lots high demand and supply Moderate keywords
Knowledge Write about what you know Moderate Lots Moderate
Passion Don't mind You like playing You love cooking Want to improve lives
Relevance Important Quite relevant Moderate relevance Very relevant
Competition Not so important Not much there Loads Quite low
Overall Important Moderate Quite high Very High

And now we score:

Rating Netball Netball Score Cooking Cooking Score Caring Caring Score
Keywords 8 8 64 3 24 8 64
Knowledge 7 6 42 9 63 8 56
Passion 6 5 30 9 54 8 48
Relevance 8 7 56 6 48 8 64
Competition 5 7 35 3 15 7 35
Overall 7 5 35 7 49 9 63
Total 38 262 37 253 48 330

The clear winner is Caring for a child with cerebral palsy.

You already have a business selling goods

Example - you sell printers

Your concepts might be:

Printers for small businesses
Home office printing
How to choose the right printer

Rating small biz Printing Choosing
Keywords Very Important Lots high demand & supply Good range of keywords "Lots of demand, low supply"
Knowledge Important This is your main market Not sure Know about customer needs and products
Passion Not important High Medium High
Relevance Very Important Very relevant Poor relevance Moderate
Competition Very Important Highly competitive Not much competition Few websites
Gap in Market Important No Not sure Yes

Rating Small Biz Small Biz Score Printing Printing Score Choosing Choosing Score
Keywords 8 5 40 8 64 9 72
Knowledge 8 10 80 2 16 10 80
Passion 2 6 12 6 12 9 18
Relevance 7 8 56 2 14 6 42
Competition 9 2 18 8 72 9 81
Overall 7 1 7 3 21 9 63
Total 32 213 29 199 52 356

The last option is a clear winner.

The opportunity here is to offer lots of helpful information about choosing a printer. If done correctly, this will lead the customer to buy the printer from you. With the right after-sales strategy, you should be able to provide the consumables AND a new printer when it is time to replace it.

With low competition and good keywords, you will be able to build up traffic fast and get your online presence going right away.

You are a charity / not for profit

Example - you provide help and advice for people with arthritis

Aids for arthritis sufferers
Remedies to help arthritis
Living with Pain

Rating Aids Remedies Living with pain
Keywords Important Lots high demand & supply lots high demand & supply Good range of demand& supply
Knowledge Must have knowledge Moderate knowledge Limited knowledge Lots of knowledge
Passion Not important Not much interest Moderate Want to help people
Competition Quite important Very crowded Lots Low on pain and arthritis
Overall Moderate Moderate High Would like to help others

Rating Aids Aids Score Remedies Remedies Score Pain Pain Score
Keywords 8 3 24 4 32 8 64
Knowledge 7 6 42 5 35 8 56
Passion 5 4 20 7 35 9 45
Competition 7 2 14 3 21 8 56
Overall 8 5 40 7 56 9 72
Total 20 140 26 179 42 293

As with the last example, giving out information about overcoming a problem is a good way to lead customers to buying your remedies. So the best online business for you could be about Arthritis and Pain and could lead to selling remedies and aids to alleviate pain.