Creating a profitable online business Idea! This is the very first thing any internet entrepreneur should focus on to successfully make money online.
This is the make it or break it factor to be successful online or offline. You may spend a lot of time, effort and money chasing the wrong idea. This step is the most important step. Frankly there is no right or wrong way to brainstorm ideas, there are only best practices, common sense and of course some luck. Below I will present the best practises on how to develop profitable business ideas based on my own experience and the world best entrepreneurs. Now fast forward to the good stuff.
Create a profitable online business idea by inventing something new
This is rarest and the hardest of them all. Like Thomas Edison who developed many devices that greatly influenced our lives. From the motion picture camera to the long lasting electric light bulb.
If you can picture a certain product or service that would make people lives’ easier, then you are on business.
• Tim Ferris Did this. The Author of the world phenomenon “The Four Hour Work Week” Where he preached to live an awesome lifestyle while putting your business on autopilot! He is a master hacker and he managed to outsource his life and his business very cheaply. He has built a huge passionate follow who are ready to help him sell or promote his products and he gives them his mind, body and soul. He gives presents, free info and help as much as he can. His blog went to rank around 6000 most visited website -among millions- in SIX MONTHS!! If you have something special, unique and awesome please do it.
Create a profitable online business idea by fulfilling a personal need
If you needs a product or a service, be certain that there are other people who are searching for a solution for that exact same problem.
Personally when I was a project manager at one of the biggest engineering firms. I had to self-study every single day and night to be able to compete and sustain my edge at that level and to deliver projects on time, under budget and at the highest quality standards. Self-learning was not easy and taking courses and workshops were both time and money consuming.
• My first online business was an E-learning hub for professionals. filled with articles, audio and video training and discussion boards. I added more value by giving them assignments and research work to further solidify the learning experience and make it as practical and as close to real life as possible. I developed it further and created a membership area for different niches like: Project Management Professionals and Marketing professionals… etc. Professionals would post their most urgent questions and problems and collaborate with other on how to solve them. They would share their experience in their current projects pointing positives and well as negatives. And exploring alternative ways and solutions to try at their next project.
As you can see I took a simple E-learning portal and turned it into a thriving community filled with passionate professionals who are sharing their ideas, experiences and recommendation. They sat goals and worked hard to achieve them. And we congratulated each other for the completion of our goals.
We were such a beautiful little community.
Do you have a current need? Write it down. It maybe your next big thing.
Create a profitable online business idea by making people lives EASIER
We are in love with the easy way. We go to Google to find a quick answer and we ask a friend for a recommendation.
We want the easiest and the shortest route to our goals.
If you can develop an idea to make people lives easier! They will love you for that.
• Google made our lives easier and now we can find exactly what we need in a blink of an eye. And they are going that extra mile every single day from local search, blog search, Scholar search, image search, movie search, news search and every other kind of search you can think of.
• Mint Made our lives easier in terms of managing our personal finances. They develop free and premium software to help people control and manage their budgets more efficiently. They were one of the fastest growing companies in the world and they were featured in The New York Times, The Wall Street Journal and Money magazine as the best tool to manage your personal finances.
• Aweber when CEO and Founder Tom Kulzer was a sales leader for a computer hardware firm in mid 90′s he noticed that leads were falling due to lack of proper follow up from the sales agents. He went on his way and started Aweber the best email marketing solution I have ever used and the number one in the scene right now.
Create a profitable online business idea by upgrading a current idea and make it better
Not everyone has the vision to spot a growing trend or a specific need. So it’s easier to develop and upgrade a current business idea and make it better than the original one.
• Google did this. When they witnessed that search engines were merely displaying search with no clear standards. They developed a search engine that displays results based on user preferences and history by exploiting cookies. Try to search for any term and make your a friend search for the exact same term with different computer and you would find different results as Google scans your history and browsing behaviour by a very complex Algorithm and displays the most relevant results for you. They grew and became the number one search engine and the number one website on the internet today.
• Tumblr did this. When 21 years old David Karp saw the growing interest in Twitter and Blogs. He combined the best of both worlds. Many people loved to share on Twitter but the 140 characters and the limitations were an issue for some. Others wanted a platform to express themselves freely but Blogs were too technical or too serious for them. The young genius made it and established Tumblr where you can share easily like Twitter but with the powerful features that Blogs only have. Tumblr now is the 35 most visited website on the internet today. And the future looks awesome.
Create a profitable online business idea by offering unbelievable service
Sometimes we can’t figure out a new business idea or an upgrade to a current business model. Well the best thing to do is to choose a business model you like. Study it and differentiate yourself not by lowering prices -I am totally against this strategy btw- But by offering unbelievably good service.
• Zappos Did it. They started by offering great shoes for sales on their website like the hundreds of thousands of other websites. But they took the customer service to limits never seen before. They would occasionally send you flowers or a present or a voucher at your birthday. They may send your products by speed delivery at no additional costs to you and you would be happily surprised. Their customer service would speak with you on the phone as long as you need explaining every detail over and over. Actually there is a documented phone call that lasted for 8 hours! This is how far they took it. The Result? Now they are making over a billion dollar in sales each year! They are the biggest shoes retailer! And their huge customer base do all the promotion and advertising work for them because they were happy and impressed.