You have two choices, if you want to create a lucrative online business:

  • Make your business highly unique
  • Specialize

The ideal is to do both – but what you most need is for your online business to stand out from the crowd. Think of this example: Ten thousand potters selling stoneware pottery would generate a lot of competition.

If you were to join their ranks as just another generic potter selling the same generic stoneware pottery, you’ll sink without even a bubble being noticed on the surface.

However, find out that people are passionate about frog ornaments, open an e-store that specializes in frogs, and populate your online catalog with your own stoneware frog mugs, plates, bowls, lily pad plates, and paperweights; and accept frog crafts from other vendors (like stained glass frog panels, hand-made frog tea cozies and trivet pads); and you may corner the frog collector market… And still sell all your stoneware through your online catalogue.

That’s a perfect example of taking the skills and assets you have and giving them – and your business – a new, original twist.

What if You Sell Services, Not Goods?

You can apply much the same principles to service-based businesses. For you, however, it will be even more important to find a niche that is competitive, but not so competitive that your website and business services is drowned out by the sheer number of competitors. For that, you need to specialize.

Say you want to be a Virtual Assistant: Simply searching for “virtual assistant” online is guaranteed to yield literally over forty million results!

But say you specialize in setting up and maintaining online shopping carts; Search Google using keywords your ideal client is most likely to use and there is a dramatic drop in the number of results – at only 184,000, that brings it within range of the “ideal” maximum number of search results (about 150,000). You want there to be demand for your services, and healthy competition, but not total market saturation.

Excerpted from:

Starting A Business 1-2-3
The premier step-by-step interactive training system
for starting your business with confidence and clarity

Module 1: Research and Development