If you have built a website, or are thinking about building a new service, here are 6 things you will want to think about to help you improve the way you are going about making money online.
1. Is there a customer base
2. Is the market flooded
3. What is the assumed return value
4. Initial investment requirements
5. How will your service differ from others (Pricing, Service, Other)
6. Do you know your customer needs, and will they see the value in buying your product
1. When looking to start up a new business or website you will always need to develop a service in a market where there is a considerable customer base, otherwise you will be selling a high ticket items, or find yourself struggling to make ends meat as the startup expense and daily cost of doing business will exceed the value of providing the service.
2. The 2nd biggest mistake that entrepreneurs make is thinking they are in a hot market with millions or even billion of customers with no end it sight of hitting bottom. What they fail to see is that the competition has flooded the market with easy or low expense startups and has provide to many venues for customers to choose from or has lowered the price and killed the industry.
Great examples of markets that have faced lowering of pricing and flooding of services are services like cellphone ringtones, online adult entertainment, and the bloggersphere.
All three of these industries have low startup cost, so just about anyone can find a way to get in the market. From affiliate programs to white label sites, as well as, the endless amount of templates and free content management system available to anyone with an itch to build one of these services.
3. With any investment there is risk, and with high risk comes high investment requirements. With markets like above that have little or no risk in startup, you will be faced with lower returns then you would see from well know services like YouTube, MySpace, eBay, or Amazon.
At the birth of Amazon or eBay they both revolutionized the industry by providing a unique service that was like no other, and in some cases even developed technology that had not been developed before that time.
While eBay may have started its life by being hosted on Pierre Omidyar’s internet service provider box, it did not take long for him to seek out 5 million dollars from a CV for 22% share in his idea.
4. With services like Amazon, YouTube or even eBay having a high risk in the amount of money it would be required to startup the service or bridge one of these companies to the next level, we can see that the reward could far outweigh the risk, as history has shown.
All these companies had a good idea, with a strong business plan and marketing plan to help them reach their goals. Additionally they had an idea of what type of revenue they could expect from their business venture from using the very same information we just talked about.
5. If all business where all the same, no one would buy from anyone. Even gas stations, chain stores or even website can never be the same. When customers see the same service with nothing to help you standout, they will never remember you and have no reason to buy from you.
Always make your services unique. One of the ways I have found to convey unique in my business investments is to take everything my competitors are doing and label them as a standard, from their I know I must at minimum reach their level of service, then pull ahead with new and improves ideas.
6. If you think you have a great idea, you better know your customer base, and how you’re going to get in contact with them. If you have no bloody idea how to reach your customers then you better find out how, or move on to the next idea that’s rolling around the back of your brain.
Additionally if you think SEO and PPC is how you’re going to connect and building the next million dollar idea you better quit kidding yourself. As a business you need millions of avenues to reach out and grab your customer’s attention. So the next time you pick a market, look for the 6 signs above, and you will make more money than you have ever dreamed of.
Remember find a market with a good level of customers that is not flooded, with a better rate of return then you would find on the stock market, then make your service unique and rake in the millions.


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