Business Ideas
How Well Do You Know Your Market?
Way too often I run into frustrated new entrepreneurs that understand very little about the marketplace they plan to enter.
Some may have a written business plan (although this important step is neglected way too often). Some may even have experience in a niche market but have not spent time researching that market in earnest given they want to do business in it. That’s a big mistake.
Part of the problem lies in the simple fact that business owners sometimes feel they are not capable of researching a market. They have never done it before and wouldn’t know where to begin or what to look for in their study.
Others don’t feel any need to delve into the market – they may have some experience in it already and figure “I’m a professional in the market and I know what my prospects and customers want.”
I can honestly tell you that the Internet superhighway is littered with products brought to market that no one wanted! Had market research been done in the first place, most such disasters could have been avoided.
The Internet is such a wonderful tool when it comes to researching a potential market and niche (and by the way, they are not synonymous).
Here are a few questions you can ask (and the answers are there online for you) prior to creating a business, product or web site that will help you to analyze whether your business hopes are realistic.
- Who are my perfect customers? I consider a perfect customer to be one that wants exactly what I have to offer and the ability to pay for it. Remember, you don’t typically create new demand for a product or service. The demand exists in the marketplace already and your charge is to find it and then sell into that existing demand. Yes, some persuasion may be needed in a sales letter … but if the prospect isn’t looking to buy what you are offering (or something very close) … well your conversions will not be good.
- What are the demographics and characteristics of that perfect customer? What is the customer gender, age, skill level for the product, where do they live, what is their education, income level, and past experience in the market? Understanding these things helps you to better target your product to meet the profile of your customer so that you can provide something that gives great benefit, solves existing problems, and is easy to understand and use. If your offering is not a good fit for the customer’s technical or skill level you risk a “one and done” customer buying experience which is never appropriate.
- Where do these perfect customers congregate? As you get into marketing your product or web site, it’s important to laser target your ads and even branding message to be seen by those most interested in what your are offering. You always seek a high ROI (return on investment) for your marketing dollars.
- How many, and what kind of competitors will I have? Understanding the direct competition is critical. It can be a daunting task to break into a market that is filled with heavy hitters who are already established and have a track record of success. It can be done, but most likely you will need a product or service that fills a different and important need in the niche.
- Another reason for understanding the competition is that you need to see what is currently available for your perfect customers. What other choices does your prospect audience have? When you know this, you can better position your business and products to address a unique need or a “gap” in the marketplace where the competition is non-existent or at least not so heavy. A great example is the retail book business. How will you ever compete with Amazon in that space? Local bookstores by the dozens have been put out of business because Amazon has become a consumer favorite in that marketplace. So one must ask the question, “What do my prospects want that they can’t get from Amazon?” Do they want some very deeply focused niche books? Do they want a more personalized buying experience? Do they want a physical place to hang out? Do they want book reviews from experts instead of average consumers? What else can I provide that Amazon (because of its size) can’t?
- Do my customers usually buy this kind of product online? Maybe there are reasons why you shouldn’t try to sell your product on the Internet. Maybe the cost to deliver the product is exorbitant. Maybe the exact product that you would sell is already online and selling well. Maybe the product is conveniently available in local physical locations.
- Is my product timely? Or did I just miss the “hay day” of my product and now the demand is petering out. You don’t want to be chasing fads or trying to sell out-dated information or technology. You want to be on the leading edge of the product wave … not floundering in the back wash.
- Have I incorrectly estimated the size of the market? This mistake can be a business breaker. A market too broad means there is too much competition and it will be difficult to differentiate your business brand and effectively target your customers. A market too small means you might find some saturation – too many competitors for the small amount of potential buying customers. If that’s the case, you can still compete in the market but you must position your business differently. Some suggest that the biggest markets are always the best because if you see there are lots of sellers you know there are lots of customers. I personally don’t buy that logic completely. I would prefer to have a unique product in a very targeted market – it means less competition. Most viable markets are larger than you think since online markets these days reach across the globe.
- Can I get repeat sales within my niche? Most business owners don’t make a living on a single product. You’ll be ahead of the curve if you choose a niche where multiple products can be created and sold to repeat customers. Selling a happy customer on another quality product in the same niche is almost always easier and less costly than finding a brand new customer. Build your business on repeat (back-end) sales.
- When my prospects are looking to buy a product like mine, where do they go? Understanding the places typical niche participants shop is important. It helps the business owner to focus advertising and it opens the door to knowing how best to make an offer that will work. Observe the best competition. Look for the authority sites in your marketplace.
- What are typical customers in the niche willing to spend on a product like mine? Pricing decisions can be very important to a business. I think the best approach is to understand the price points in the niche that are now working and then test and track price points for your own product before you roll it out in a major way. You can always ramp up marketing, but you should only do that after you understand where the best pricing points for your niche rest.
- How much support are my perfect customers going to need? Support requests for a solo business owner can get to be overwhelming. Time is money and if you get an avalanche of support inquiries it’s going to mean a lot of your day is taken in answering phone calls and emails. Many folks are lazy (or lack confidence in their own ability to figure something out) and will pick up the phone to get help even if simple, clear and plain instructions are sent with the product.
- Are my perfect customers candidates for a community? By that I mean, are they the type of people that like to get together and interact? If so, you have a perfect niche for a forum, a subscription or membership site, or even physical or webinar events. People like to meet and interact with like-minded enthusiasts. When I think about this phenomenon, the Harley Davidson brand comes to mind. Folks that buy Harleys seem to want to get together. The product brand is recognized and esteemed. Business owners can create a lot of recurring revenue if they can enhance the brand’s user experience and provide a community platform or infrastructure for their customers.
- Will the market prospects for my product or service also be candidates for another unrelated-niche? If so, a business owner can capitalize on affiliate offers in that other niche. In addition, there are joint ventures and cross-promoting that can generate a lot of new leads and additional revenue. Just as one example, a business owner with a bridal product might decide that brides are often candidates for printers (announcements), photographers (wedding pictures), and soon, baby supplies. All of these businesses could be potential partners in sharing leads, cross-promoted product offerings, and customer back end products.
- Finally, does my market share product or web site information? Certain kinds of businesses attract customers that tend to be social. If this is the case with your product, the use of social media in your marketing can be a huge advantage. Word of mouth advertising is very effective and if your customers have a great experience with your business and share their feelings about it with their friends, you are going to reap nice benefits in your business.
There you have it: fifteen questions to ask and resolve in order to better understand and analyze the potential of your marketplace for your online business. Initial market research is ignored by many entrepreneurs. Before you decide on a product to sell , or a web site to create, or even the business model you’re going to employ, you need to research the marketplace. It makes creating a profitable and lasting business so much easier and legitimate!
To your online business success!
Steve Browne
www.stevebrownedirect.com
Advertising
Consumers Love “How to” Articles, Ebooks and Reports

It’s no secret really. People buy “How to” information in every niche, sub-niche, and marketplace there is. Why? I believe it’s because the human mind is curious and always seeking to find a new way of doing things.
The reason I wanted to address this topic is simply because consumers search for, purchase, and read (or watch) “How to” information in their subject of interest without the usual apprehension and hesitancy that they might otherwise experience with a regular report, ebook, course, or video.
Consumers understand the structure and format of “How to” articles and reports. They have seen and already consumed them often and I believe, subconsciously, they expect the format to provide them with the information they are seeking. They know that they are going to get a step-by-step or natural progression of instructions that will lead them from where they are to where they want to be.
Providing “How to” information to your audience can be the very basis of your business. In fact, there are very popular services online like Lynda.com (recently sold to LinkedIn), Teachable, and Udemy that allow experts to offer courses of instruction to targeted prospects in order to teach consumers “How to” do various tasks and solve problems or fulfill desires and dreams in the consumer’s life.
If you are not offering “How to” information to your audience and subscribers, you should be! The “How to” format or model seems to be universally accepted across all subjects and topics and it has some advantages over other alternatives.
- “How to” information is relatively easy to outline, write, and publish. As the creator of much “How to” information, I can tell you that it is a very intuitive and easy format to produce. If you can create a list of steps in outline format, starting at the beginning and moving from one step to the next logical step through to the end of the sequence, you can create “How to” information.
- “How to” information lends itself to all types of media … from articles, to short reports, to white papers, to infographics, to ebooks, to video, to audio, and podcasts, membership site content, and just about every other publishing format there is!
- “How to” information allows the reader to quickly move through the information and spend more time on those steps that need further focus or less time on points that he has already accomplished or that he currently understands.
- “How to” information is easy to “put down” and then come back to at a later time. Steps can be checked off or highlighted as they are accomplished. The information doesn’t need to be totally consumed in one sitting because the reader can simply leave the material and return later to continue progressing through the information until the end.
- “How to” information lends itself to browsing and skimming. It is an easy format to follow and to “pick apart” for highlights, key thoughts, important instructions, and quick consumption if that is the desire of the reader.
- “How to” information lends itself to easy and enticing marketing. Think about all the books and reports and articles you’ve seen over your lifetime that were titled “50 Ways to …” or “The 10 Best …” or “The Top 5 …” Well, you get the picture I hope. It’s easy to title your information and if you’re dealing in a marketplace of rabid fans and consumers, you have a ready-made template for your information.
- “How to” information lends itself to lead magnets, teaser copy, summaries, and other snippets or shortened versions of the full “How to” information. It’s very simple to include 1-3 ways, or steps, or tips, or tricks in order to entice the reader to want to see more … which can lead to a curiosity about the full document and process.
- “How to” information can be published in many different formats (all at the same time, if desired) including on a blog, in a newsletter, in an email series, in membership sites, in books, reports, videos, podcasts … well, in just about any type of media there is!
Here are a few suggestions about how to find information and examples of this type of writing in your niche.
Go to Amazon books and look at the titles in any niche. There is an excellent probability that some of the most popular books will include some variation of this format: “101 Ways to ______________.” or “10 Steps to _____________.”
Try all of these descriptors:
- Ways
- Steps
- Ideas
- Secrets
- Facts
- Things
- Reasons
- Basic
- Rules
- Tips
- Best
- Popular
- Easy
- Tricks
- Hacks
- Little know
- Undiscovered
- Brand New
- Amazing
- Fool proof
- Proven
- Professional
Well, hopefully you get the idea of the various ways of setting up your “How to” information steps and instructions. There are many more things you might say to introduce what you are going to “teach” or expose in your information.
The Internet is the perfect vehicle for sharing your knowledge, your expertise, and your instructions if you desire to base your business on providing information to consumers in your niche. It allows anyone with an Internet connection and a little bit of technical savvy to record and publish their “How to” material so that it can be presented to millions of people across the globe!
The Internet plus your valuable “How to” niche information can become the basis of a home-based business that will provide a very nice full-time income for its owner. It’s a tried and proven business model that anyone can dive into!
To your online business success,
Steve Browne
www.BusinessEmpires.com

Biz Opps - Make Money
A Student Created Online Business?
I remember vividly a debate carried on some forty years ago in one of my graduate school classes that centered on the question of whether it was a good idea to encourage students to set up and operate for-profit businesses prior to their completion of formal education.
There was a very distinct minority that took the side of believing in student run businesses. I was not one of them.
I felt that education shouldn’t be interrupted by business world training and pressures. The classroom needed full attention and focus at this critical time.
I remember thinking how risky and uncertain business creation was and that a wrong step or two could seriously jeopardize a student’s schooling because it would throw him quickly into ultra debt, maybe burdening legal problems, and possibly a lack of time to accomplish college studies.
Maybe I was concentrating too much on the negative side of business. I was looking for the pot holes and reasoning that there were too many potential down sides to student business to recommend that path to anyone.
Besides, there would always be time for entrepreneurship and taking some risk after graduation – why confuse academic learning and practical hands-on experience?
Today, my position in this debate (if there still is a debate) has changed 180 degrees – if the business is of a certain nature. What has changed to make me do an about face on the issue? The Internet.
When I was a graduate student the Internet was only a dream in some computer expert’s mind. The only kind of business was brick and mortar based and certainly much more labor and capital intensive than what is required for profitable business today.
Why can’t a college, or even high school student create a small Internet based business while still in school? The education and skills that could be gained by the young entrepreneur, regardless of the profit generated by the business, would be invaluable upon graduation and entry into the business world.
Even if the graduate decided not to go into business ownership full time as a career choice, he/she would have the understanding and experience of what it takes to run a side business if extra income was needed.
I am not advocating that students drop out of school or not attend college if they know they want to seek a career in business ownership. Higher education is important from both an academic and social standpoint. Some of life’s hardest lessons are learned at this time. Often life-long friends and helpful habits are established pre-full-time-employment.
But a small student run business is easy to create, very inexpensive, and could lead to a great education in entrepreneurship if it is executed and run with balance and attention to academic priorities.
Gaining the proper balance between business and school could be a challenge for most young people, especially if the business was actually profitable. But the lesson learned from the experience would be invaluable.
Balance in life, especially between business and home/family concerns is one of the toughest lessons a small business owner faces. Learning that lesson early on in one’s business career would be a very good thing!
This might be the perfect situation for a mentor or business coach (formal or even informal) with experience in setting up profitable businesses to take the student under his/her wing and provide the guidance necessary to help the student get going in online business.
To your online business success,
Steve Browne
www.SteveBrowneDirect.com
Automate your Business
The Perfect Business
If you haven’t picked up a copy of this little book yet, go get one and look at solo business in a whole new light.
On my reading list for all online solo business owners is Michael LeBoeuf’s little paperback called The Perfect Business.
The corporate salaried employee stereotype with stock options, a hefty 401K, and holiday pay may soon become a relic of the past; in fact, it probably is already for nearly everyone.
Job security is no longer prevalent. Corporate downsizing, mergers, and take-overs can spell unemployment for even the most proficient and tenured of workers. New technology and Internet automation have replaced the need for many small business employees.
LeBoeuf’s book, while a little dated now, is perfect for the employee that decides to leave structured business life and test the waters of self-employment. His writing is motivational, inspirational, and filled with solid reasons why solo business may be just the solution for those ousted from the 8-to-5 routine.
Michael LeBoeuf shows in his examples and illustrations how he has achieved the new American Dream of wealth and independence owning a small business.
He touts the wisdom and savings of starting and maintaining a company having no payroll obligations, no employee problems, and no heavy business debt to encumber the entrepreneur.
His key to home business success seems to be this: the owner must possess the proper go-it-alone mindset. He must think in positive and creative terms and in a less confining and rigid mental framework of what the perfect business must look like. Mindset is so important as one contemplates earning a living in a whole new way!
Traditional thinking leads to traditional business and the usual business problems and “bloat!”. Maintaining all the physical and financial business baggage of days gone by makes no sense and only serves to just handcuff the owner.
How we think, how we problem-solve, and how we understand our business and our customers is paramount to success.
LeBoeuf’s approach to home business operation is very practical, sensible, and strategic. It begins with the owner conserving his cash by keeping extremely low overhead and no employees (and their associated hassles, complaints, and financial commitments.)
His book covers such topics as choosing the right business for your skills and education, using digital information technologies to increase business execution and productivity, and thinking like a millionaire.
The Perfect Business is a mere 224 pages and a quick read, but it describes plainly and simply that there is no better business model, no more perfect business, than a solo niche business executed on the Internet and managed from home.
To your online business success,
Steve Browne
www.SteveBrowneDirect.com
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