Is your Virtual Business Idea Profitable?
When coming up with a virtual business idea, it’s easy to get ahead of ourselves and start dreaming of all the money we’ll be making. But, is your business idea even profitable at all? Not sure and wondering how you can find out? Here are some three ways to discover whether or not your business idea has a chance at making money:
1. First, head to the web and search for it.
– If it’s a service, simply type it into your favorite search engine. Are lots of people selling what you want to offer? If yes, that means there is a market already out there for it and you could be able to sell it too. If no, you might want to keep researching or come up with another idea.
– If it’s a product, look it up on popular shopping sites like Amazon. Are boatloads of them selling? The way you can determine this is if there are loads of reviews on the product. Crickets in the review area could mean no one is buying, whereas a bunch of reviews usually means it’s a top seller.
2. Second, ask people if they want what you are selling.
Put feelers out everywhere- in your network, on social media, via email, etc… You could even create a survey and send it out to everyone on your list explaining what you are selling with a simple yes/no question like “Would you be interested in ___________?” and a follow up question of “If you answered no to the first question, do you know anyone who would be interested in __________?”
3. Create a website and an ad campaign on facebook ads, Google Adwords or something similar to see if any interest is generated.
You don’t need to go all out- just design a simple one page website with an opt-in about the product or service you want to offer. If the ads get lots of clicks, you’re onto something. But, again, if you get crickets- it might be time to consider an alternative idea.
Be brave! If your research proves that your idea is a good one… go for it!
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