The main reason a new business will fail is the initial lack of proper research, to see if it will be viable. Proper advice on how to start a business would probably not have been sought.
Many people will have some business idea of what to sell. But instead of doing market research on their products, their business will be set up as quickly as possible. Act in haste and repent at leisure will then become a reality. Because their new business will eventually fail, if proper initial market research has not been done.
A business problem with most new start ups is knowing what to sell. Most people will eventually see some product that looks nice, or feel it could make them appear important, and decide to sell it at the onset. Without having researched the market to see if there would be lots of potential customers. Without demand for your products your business will not be viable.
There are basically three different types of business you can start.
- You can start a land based business. You will obviously need a reasonable amount of money or capital to start a land based business. If you are wise, you will also have a website connected to your land based business.
- You can start an online business. You will not need a lot of money to start an online business. But you will need some money. With an online business you can either sell your own products, or become an affiliate, or do both. As an affiliate, you will market other peoples business products on your own website. When someone buys a product via your website, you will get a share of the profits. As an affiliate you do not buy any products, but you can generate a high income from your share of the products sold.
- You can sell products from your website via dropshipping. Dropshipping can be an excellent way to start a business online. Dropshipping is also an excellent way to start work from home. First, you find a business willing to send their products direct to customers buying from your website. A customer will then buy a product via your website and pay you direct by credit card or PayPal. You will then order that product from the dropshipper and pay for it, which you already have been paid for. When the customer purchased via your website, you will have added an additional sum to the dropshipped product to cover your own profit. Probably about 20% to 30%. The drop shipped product will arrive at the customer, with your business name and address on it. The customer will not know it came direct from the dropship company. You can also sell dropshipped products on auction sites like eBay, and you do not need a website.
No matter what type of business you decide to start, you will need to market research lots of products. The best method is to research keywords using business software. Keyword research let you know what products are in demand and which products are a waste of time.
You want one keyword research software for your business that can do the following:
The business software should have several options for building your keyword list.
The software should return anything from 100 to 10,000 keywords.
After you have purchased the software, there should be no additional monthly payments. You should receive free lifetime upgrades.
You should be able to do more advanced text editing to all of your business keywords.
Your software should create a Google AdWords Ad group.
The keyword software should be able to view Google AdWords advertisers. Viewing successful business ads can give you ideas for writing your own adbrowse around this website.
Your software should upload your business ad directly to your Google AdWords account.
The software should be able to create Google AdSense website pages. Software should include AdSense templates.
Keyword research software should create new projects, save and edit all projects.
The research software should analyze each individual keyword. That includes analyzing a keyword on top pay per click search engines like Google and Yahoo. After a keyword on those search engines has been analyzed, you should receive a special criteria report giving: KEI, Top Bids, Title Results, Anchor Results, Text Results.
The top bids report will show you what the top ranked websites are paying to advertise a particular keyword in the like of Google and Yahoo.
Keyword research software should allow you to spy on AdWords competition. Once you know what keywords your business competitors are bidding on, you can monitor those. You can then find out what business keywords are producing a profit.
Once you have analyzed all of the above, you then know what types of products are worth selling, whether for yourself or as an affiliate. You then get a better awareness of what type of business or businesses to set up.
Before you start a business you should purchase the best keyword research software that can do all of the above mentioned analysis. you will then vastly increase your chances of your business not failing within the first three to five years.