Originally shared on jtcllp.com
Published May 15, 2023
Expertise For Identifying Your Entrepreneurial Dream
So, you’ve got some big entrepreneurial dreams, and now you’re ready to jump into the wonderful world of online business! With a superabundance of potential ideas swimming around in the vast digital ocean, it’s no surprise that finding the perfect one can feel like searching for the elusive Moby Dick. But fear not, dear reader, for we have some clever tips to help you navigate the choppy waters of online business. With a bit of luck and a bit more planning, we’re confident that we can help you fish out the best small online business idea for your profitable venture.
Brainstorm: Consider Your Skills and Interests
You’re going to want to start by brainstorming and compiling a list of all your skills and interests.
- What are you passionate about?
- What do you enjoy doing?
- What are you good at?
Answering these questions will help you identify online business ideas that align with your interests. For example, if you love food or cooking, you could start a food blog, an online cooking course, or perhaps even your very own cooking channel via social media.
Homework: Research Market Demand
Now that you have your list of potential ideas, it’s time to do some homework. This is the time to research the market and learn what kind of demand there is for what you’ve written down. Look for niches that are underserved or have a high demand. Use keyword research tools like Google AdWords or SEMrush to see what people are searching for. This will help you identify profitable ideas that have a high chance of success.
Recon: Analyze the Competition
Before launching your small online business, it’s crucial to analyze the competition. Look at other businesses in your niche and see what they’re doing. You’re going to want to consider things like:
- If they’re successful, how can you learn from their business model to also be successful?
- What can I offer customers that they can’t or don’t?
- What sets you apart from your competitors?
- What unique value proposition can you offer your customers?
Use this information to create a business plan that sets you apart from the competition.
Plan: Roll Out Your Business Model
Ok, now it’s time to roll out your business model. Here you need to consider things like:
- How will you advertise your product or services?
- Will you sell physical products, digital products, or services?
- Will you use a subscription-based model, a one-time purchase model, or a combination of both?
It is also detrimental that you consider the costs associated with each model and choose the one that makes the most sense for your business.
Pre-Launch: Test Driving Your Idea
Finally, it’s time for the pre-launch, where you let a small group test drive your idea. This small group of potential customers will try out your product or service, allowing you to see if there’s a market for it. These testers will also provide you with important feedback that you can use to adjust your product, helping rule out any potential issues or concerns before the launch. This is detrimental to avoiding costly mistakes and ensuring your business has the best chance of success.
Starting a small online business isn’t easy, but by following these tips, you can easily find the perfect small online business idea and work toward launching a profitable venture. Of course, for your best chance of success, always remember to seek the advice of professionals, like JTC CPAs, for tax and accounting questions and any other business-related inquiries you may have.
Forbes, “20 Businesses You Can Start Tomorrow”, https://www.forbes.com/sites/seanstonefield/2011/06/09/twenty-businesses-you-can-start-tomorrow/?sh=66494ddb59ca
Shopify, “How to Start an Online Store in 2023 (Step-by-Step Guide)” https://www.shopify.com/blog/start-online-store
Contributor: Tony Bostian