How To Determine New Business Success

Before You Invest a Ton of Time and Money in a New Business

Choosing a niche for your new business is one of the most important decisions you need to make if you want to start a  new business. If you choose the right niche, your odds of success increase.

Pick a niche that’s too big and competitive and it can result in failure to compete.  Choose a niche that’s too small and your chances of success are very limited.

Here’s a few tips to choose a niche that’s just right.

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Is there enough competition in your chosen niche?

Competition is a good sign that there’s demand in a specific market.

You might be afraid of too much competition, but, stop for a moment and listen.   

A niche with lots of competition is a good sign. It means that there’s enough demand in the niche.

Most people think you need to re-invent the wheel or do something totally new or unique to succeed in a new business.

Maybe if you want to be a huge corporation like Microsoft or Google.

But for most new business ideas, it’s a much better option to take part in niches that have already proven to be popular markets.

In most local and freelance markets, the professionals who work there aren’t adept at sales or marketing, so it’s actually less competitive then you might think.

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Is your new product or service a commodity item/service? (Do people understand the value?)

Do you offer varied products and services with big ranges of pricing levels?  If so, you could set yourself up for success and will be able to create a perception of value.

For example, if you do article writing, you could outsource the writing, costing a few, to hundreds of dollars.

Take the complete articles, add a markup and resell them to prospective clients.

Provided your articles are of good quality, you could ask for good rates, especially of you come across as a specialist in a specific niche or industry.

The reason you could ask for higher rates is that your specialty has a higher perceived value.

Specializing in writing sales copy or being knowledgeable in certain topics within a niche can be helpful.

Simple things like candy, tablets and toys are easy to find commodities available in stores everywhere.

The more popular your product is perceived, the less value is placed upon it.  Competition and price become negative factors to consider.

Avoid markets/niches where you’re competing directly with big brands with large advertising and marketing budgets.

Creating a unique product with a distinct difference from the rest of the crowd is the way to go.

You could even take an existing commodity like coffee, but serve it in a different way, or create a brand image for yourself, and have the coffee be a byproduct of your new business branding. 

Just make sure you’re working in a niche with demand.

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Whatever business you run, you need leads to succeed.  In order to get leads, you need to advertise or create content to get leads into your CRM.

We do inbound marketing, which means, we create SEO optimized content that gets visitors to come to us from search engines and we don’t spend a dime on ads.

We also re-purpose all our content and distribute it across social media in the form of micro-content.

All of these activities drive traffic and generate leads for our business, which we can also implement for yours.

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The financial field is rather complex.  You still need leads to be driven to your financial institution.

You need sales of policies, accounts to be opened and to get customers to find and understand your products.

We create SEO optimized content in the form of Articles, web pages and Blog posts.

Combining our knowledge of writing, we re-purpose written content into multiple formats and distribute these across social media channels, driving traffic and generating leads for a number of different industries.

Are you a marketing agency, creative agency, personnel agency or any other type of agency?

We can help you create SEO optimized content for you agency.

We write articles, blog posts, product descriptions and create videos that are all SEO optimized, helping your business get into Google Search results.

No matter what business you’re in, you need leads to continue operating.

Let us help you with inbound marketing strategies and increase the number of leads finding your business.

Finance 60%
Industrial 36%
Health 70%
Relationships 80%
Design 21%

Is there growth or a decline in the market of your new business, or, is it stable?

It’s no use entering a declining market.  That means not long after you start, you will need to close or reinvent yourself.

Rather choose a market with growth opportunity, or, at least one that’s stable.

An online tool like Google trends can help you determine if your chosen niche is in decline or trending upwards.

All you need to do is type in one or more keywords related to your chosen niche.

(A keyword is the search term that a person might type in to search for your product or service.)

Try multiple keywords, not only results from one.

Looking For Content?

We write SEO optimized content for a number of industries and in a number of different formats.  If you want to build your content library and fill it with quality content, talk to us. 

Do Product Testing

If your new business venture will be completely online, you could try out ideas with paid advertising using places like Facebook or Google to run ads and gauge interest.

If you don’t have a budget for advertising, then you could consider contacting people that the type of traffic that you want and offer your services to their audience in exchange for commission.

It’s better to gather your own audience to test your ideas.

You risk alienating people if you try market a horrible product to their audience and you won’t ever get another chance.

You could run polls and quizzes.

Ask people if they would be willing to pay for your product/service.

Let people try a part of your product for free, then let them pay to have the rest of the course at a fee that you set.

For a local new business,  test your product/service in your area at the lowest cost.

For example, if you wanted to open a bakery, try sell samples of baked goods at a street fair.

See if they sell before you decide to invest in a lease.

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