You Must Discover Your Why
Why do you want an online business?
Family? Money? Time? Freedom? Lifestyle? Impact? Legacy?
Let's Research Your Options
Take all your brainstorming and start to compile a list of possible ideas.
Anything in the health market? Anything in the wealth market? Anything in the relationship market?
Anything mission based? Anything passion based? Anything opportunity based?
Do you want to do products, online digital products, e-commerce products, service based, events based?
List them all out. List as many ideas as you have all on one sheet of paper.
Now take the top five favorite ideas from the list and circle them.
You are going to take these five top ideas and turn them into key word phrases; like if you were to google them, how would you write them.
You could actually start to write them in the google search bar and see what other ideas pop up.
For example if you type in public speaking: public speaking classes, public speaking tips, public speaking in a diverse society and public speaking anxiety pop up.
Once you look up keywords for your top five list. Turn your list into “I want to help people….do blank”
It would go something like, "I want to help people with public speaking anxiety.
Do this for all five ideas.
Now we need to evaluate these five options.
Check each one, do they suit your personality, is it in line with who you are and who you want to be?
Can you see yourself doing this for the next 5 years, if yes, keep them on the list. If you answer no to any of these questions, cross it off your list.
Next search google keywords to see if there is enough people searching for your key words. Is the term too broad or is it not searched enough?
This is tricky. Something like yoga would be too broad, it would have way too many searches for you to jump in and be affective in that market. Yoga mat may be too narrow and not enough people searching for that term. You would want to find something in the middle.
You may have heard of red and blue ocean. Red ocean is when there is too much competition fighting over the possible customers in that market. A blue ocean is when there is no fighting and the waters are calm.
A red ocean (keyword search with a lot of searches) is not good to start a business in, you could be eaten up by the competition it take a lot of resource to be successful in this type of market.
A blue ocean might not be good either. It might be blue because there is no one in there wanting your product.
Ryan Levesque in his book choose has a key to finding out if your keywords are in the category of too many search terms or not enough. Check out his book or check out our Get Ready Kit.
If your term is too broad change it until is works by adding words to it to make it more niched. If it is too narrow, try changing it up to make it work.
Take your term and look on the first page of an amazon search.
Are competitors advertising on the page? How many are?
Here again is where too many is not a good sign and neither is too few.
Now here is where Ryan Levesque has you take the terms you have created run the terms through this criterion
1. Are their players with money? For example the Pet industry, people spend gads amounts of money on their pets. High school graduates, maybe not players with money
2. Is their a fanbase?
3. Is their conventions around this topic. For example comic con, or small business expo, are their facebook groups on the topic are their clubs that meet.
4. Is it evergreen, avoid topics like iphone 11 or fidget spinners. These are great short-term markets, but better for you would be something that would last longer
Now – here is the moment of truth.
Take your narrowed down list. After having run it through all the steps we have taken. Even if two or three business ideas have made it through to the end.
It is time to make a decision.
*Oh and if you got here and there is nothing left, then go back through your brainstorm and start again with a new list of five.
But when you get through the exercise and you are down to one, two or three choices, make a decision.
Commit to it and run with it.
No more second guessing, no more dabbling. This is your new idea.
Later, once you get this business off the ground, go back and see if another idea is one you want to start, but in the meantime. Kill those ideas. And focus on the one you picked.
This has been a huge step if you have gotten to hear.
