Adrian Newman’s latest ‘e-Wealth Daily’ article is titled “Creating a Demand for Your Supply”. [Adrian Newman’s Article]

Adrian Newman’s latest ‘e-Wealth Daily’ article:

Creating a Demand for Your Supply

When starting your own business, there’s one very important  factor that has to be determined. And while having it won’t  guarantee success, not having it will almost surely guarantee  failure.

And that factor is a market.

If there’s no one who wants what you’re selling, you won’t be able to give it away. That’s a cold, hard fact.

And as I’ve said before, there isn’t one product or service that everyone needs. What you might think is a necessity of life could be totally useless for someone else. And that’s one of the biggest mistakes of business start-ups: misjudging the marketplace because they’re so “starstruck” by their own idea and how it would help them that they fail to do any research to see if anyone else is in need.

So, how do you determine your market?

The best way is to use Google. However, and this is important, do not Google your business idea. This is a common mistake people make. They Google their idea, see that there are minimal search results and think to themselves, “Great! I’m the only one doing this; I’ve got the entire market to myself.”

On the flip side, they get a lot of results back and think, “Oh well, the competition is too steep. I better give up!”

The key isn’t to Google your business idea, but rather to Google the problem that your business idea solves.

So, if you have an invention or idea that, let’s say, helps senior citizens do everyday errands, don’t Google “senior citizens assistance.” Instead, Google “need help for my elderly mother” or something similar.

See what kind of buzz is going on about the problem you are attempting to solve. If there aren’t any complaints about the problem, then there isn’t a need to solve it.

Another thing to remember is to start locally. I know that, with the Internet, you can start marketing your business on a global scale. But when it comes to actually doing business, you might be in a bind over geography. I mean, let’s say you start a vacuum repair business in Boston and you market around the globe, and your first order comes from London, England.

Keep it local to start or, at the very least, stick to the largest metropolitan community closest to you that you’d have no problem traveling to at a moment’s notice.

If you can find a solid amount of people in proximity to your location who have a genuine need for your business, then you’re ready to take the next steps in determining if your business is viable.

http://www.ewealthdaily.com

About e-Wealth Daily

The e-Wealth Daily Bulletin brings you daily tips, advice and breaking news related to home businesses, small businesses and internet marketing. Our team of experts gives you the information you need to take your business pursuits to the most profitable level. Founded by Adrian Newman in 2003, the e-Wealth Daily Bulletin andwww.ewealthdaily.com are a division of Lombardi Publishing with online newsletters reaching over 100,000 subscribers each month.

* IMNewsWatch would like to thank e-Wealth Daily for granting permission to reprint this article.

Sharing is caring