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
This is what you found out when you thought about the criteria to use and the research you did.
|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|
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.
We use the same process. First we think about it.
|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|
The clear winner is Caring for a child with cerebral palsy.
You already have a business selling goodsExample - you sell printers
|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|
|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|
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 arthritisAids for arthritis sufferers
|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|
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.