By Monique Harris
 

Everyday hundreds of budding Netpreneurs open their Web
stores, in hopeful anticipation of making big bucks. And
then in the another part of cyberspace, hundreds more are
abandoning their online projects, because they believe
the Internet gold rush is over.

Is the fever really over? NO! Not even close.

The problem is that most Net business owners neglect to
fully investigate an idea before they sink their hard-
earned money and time, into it. They jump into an over-
flowing pool of business opportunities and affiliate
programs, without considering profitability.

In other words, lack of research is what sinks many Web
sites.

So how can you avoid this problem, and find the perfect
online business? Here are a few easy to follow steps for
researching an online business idea:

1) Use Discussion Groups to Ask Prospects "What Hurts?"

I did this a few years ago when I decided to expand
my consulting business, and the results were quite
surprising.

All I did was join a few business-related discussion
groups, and once I had become somewhat of a regular,
I posted this question... "What is the most difficult
part about doing business online?"

The responses I received were very different from what
I assumed to be the greatest problems. Using this feed-
back I was able to add services that turned out to be
very profitable choices for me.

2) Locate Potential Competitors.

Go to your favorite search engine/directory, and type
in keywords for your business. For example if you want
to sell dance shoes, your search term would be 'dance
shoes.'

Next, write down a list of at least 10-20 of your
closest competitors Web sites. Within this list, you
can include: what they sell, prices, promotional
tactics, etc. This will give you a good idea of your
markets climate, and what your competitors are doing.

3) Find Out How Many Marketing Outlets Exist.

Once you have the scoop on your competitors, you'll
need to find out where a company like yours can
advertise. If there aren't many marketing outlets,
you'll have very slim opportunities to let others
know about your business.

On the other hand, if there are many outlets, you
know that a demand already exists, and you'll be
able to readily promote your business.

To see how many outlets exist, you'll want to look
for e-zines, informational Web sites, search engines
and directories, geared towards your particular niche.
It's a good idea to create some kind of database
containing this information BEFORE you start your
business, so you'll have it for future use.

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