So you’ve decided to take the big step and take on something big huh? If you wasn’t interested in becoming wickedly wealthy in the niche you are trying to pursue then you would not be here on this page. Like you, I was in the same situation when trying to figure out what would work for me. We will get a lot more acquainted with invention and innovation when it comes to products people need in this session. Millions of products and services have been created and re-modified to create better models. We are not going to be discussing techniques of buying a existing then flipping it for a profit instead we are going to put together or establish a new business start up from scratch. Now how are we going to do that? Simple!
Go inside your local mall or store and browse around for a while. You would be extremely surprise at how many devices, electronics, wearing apparel, food, and other equipment that could be improved upon. Thankfully, you do not have to do that leg aching work since the internet is in our grasp. As a matter of fact, using the internet is a better tool to use when proceeding on with your market research. Use Google keyword tool to get an outline of what Google is going to play a huge success in your market research because they are extremely reliable on spreading out the statistics on users of there search engine. People search for information, products and services to purchase for themselves or investigate to make a decision however you will be doing more investigating than trying to buy something.
You want to go after a profitable niche that will show some kind of sign of creating longevity. If you are self vigilant on your search you must compare the markets with others similar. Investigate as many keywords as you can that relates to your idea to see if its a market worth pursuing. For instance, if there are at least 2,500 – 5,000 searches combined within your niche (in which you are going to find out soon buy using the keyword tool) then you have potential growth in your grasp. Have you discover a product that can be improved? If you have found a mechanical function, ingredient, or upgrade to add to a product that could benefit the public then you have a great chance of monopolize on that creation.
One of the methods of researching a niche is surveying it before having hopes that it will be your silver bullet. You can easily structure a social network account, such as Facebook. Fashion this account in such a way that it caters to your new product. In the about section enlist every detail that describes what it offers and upload pictures that shows angled figures on each side. Remember, it must have public appeal. Once the Facebook account is up and running its time to see how many ‘likes’ you can retrieve. If you can manage to build up as many as 10,000 Facebook ‘likes’ then you definitely have a money maker in your hands.
The reason for researching before going forth with a new product, no matter how good it looks or sounds, is so that you don’t waste time and money on something that will not work. Using these methods gives you a look in the future before investing huge amounts of money on something that is simply not worth it. Stay tuned to my second part of my “five steps to gaining riches” course.