I had a friend who wanted to start a home business.
He was absolutely convinced that it was going to be a big success.
Problem is, the item he was trying to sell had no demand.
So instead of a big success, he laid a real goose egg.
Many home business startups simply don't build their business on a solid, sound foundation.
They get a wild, crazy idea and think the whole world is going to jump on it.
Or worse...
they go up against the biggest names in the industry and think they're going to get anywhere doing it.
This article is going to give you some common sense advice on how to determine if your business model is a sound one.
Your business model comes down to essentially two things...
the market you're going after and what you plan on selling them and how.
Let's tackle the market first.
There is one thing that overrides everything else.
Do these people have a burning need for a solution to a problem that they are willing to pay for? If the answer to that is no, you can come up with the greatest product in the world and throw all the advertising money that you want at it but you still won't selling any product.
There must be a need and there must be money to spend on it...
period.
So the first thing you have to do is research your market to find out if this condition exists.
After you've done that, should you find that there is a market, the next thing you have to do is study your competition.
How long have they been in business? What do they have to offer? Can you compete with their products and prices? How difficult will it be to surpass them in the SERPs? How much money do they spend on advertising? Can you outbid them? These are a lot of questions that MUST be answered before you even think of diving into this market.
Finally, how are you going to go about getting your piece of the pie? Are you going to write articles? Are you going to use pay per click advertising? Are you going to issue press releases? Are you going to record videos and build a name for yourself that way? Are you going to even use your real name or are you going to use a pen name? What about the product line itself? Will it be one product? Will you sell multiple products? Will you go wide or deep? Is it a broad niche or a very narrow one? If broad, you probably can go very wide (selling related products but for different sub niches).
If it's a narrow niche, you can sell many products within that sub niche (going deep).
These are all things that need to be considered for your business BEFORE you actually launch it.
By covering all these bases, you give yourself the best chance of coming up with a sound business model that can also be quite profitable.
To YOUR Success, Steven Wagenheim
He was absolutely convinced that it was going to be a big success.
Problem is, the item he was trying to sell had no demand.
So instead of a big success, he laid a real goose egg.
Many home business startups simply don't build their business on a solid, sound foundation.
They get a wild, crazy idea and think the whole world is going to jump on it.
Or worse...
they go up against the biggest names in the industry and think they're going to get anywhere doing it.
This article is going to give you some common sense advice on how to determine if your business model is a sound one.
Your business model comes down to essentially two things...
the market you're going after and what you plan on selling them and how.
Let's tackle the market first.
There is one thing that overrides everything else.
Do these people have a burning need for a solution to a problem that they are willing to pay for? If the answer to that is no, you can come up with the greatest product in the world and throw all the advertising money that you want at it but you still won't selling any product.
There must be a need and there must be money to spend on it...
period.
So the first thing you have to do is research your market to find out if this condition exists.
After you've done that, should you find that there is a market, the next thing you have to do is study your competition.
How long have they been in business? What do they have to offer? Can you compete with their products and prices? How difficult will it be to surpass them in the SERPs? How much money do they spend on advertising? Can you outbid them? These are a lot of questions that MUST be answered before you even think of diving into this market.
Finally, how are you going to go about getting your piece of the pie? Are you going to write articles? Are you going to use pay per click advertising? Are you going to issue press releases? Are you going to record videos and build a name for yourself that way? Are you going to even use your real name or are you going to use a pen name? What about the product line itself? Will it be one product? Will you sell multiple products? Will you go wide or deep? Is it a broad niche or a very narrow one? If broad, you probably can go very wide (selling related products but for different sub niches).
If it's a narrow niche, you can sell many products within that sub niche (going deep).
These are all things that need to be considered for your business BEFORE you actually launch it.
By covering all these bases, you give yourself the best chance of coming up with a sound business model that can also be quite profitable.
To YOUR Success, Steven Wagenheim
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