Identifying Your Home Based Business Opportunity Market
Written by Myles Krueger on September 23rd, 2008In order to find a market there are some ways that you can figure out if the size is big enough. Here are some steps that will help you decide if your home based business opportunity is worth going after.
The biggest thing you need to do is make sure that your competition is improving on their revenue. In order to figure this out you need to go to Google Adwords Keyword Tool and use this as a barometer for your niche. It will give you a universal feel of what the market looks like and although it might not help as much with an offline business, it is still a good way to read your interest.
You want to figure out the average bid and keyword searches for your targeted keyword. If you type it in then you will get results from that keyword and other related keywords that would generate a good deal of traffic. You would be amazed at the size of the market because it might not be what you expected. If you have 100,000 plus searches then you are doing well.
Next I would check out the average cost per click on the bids for those keywords. If people are spending more and more then that means they are making more and more. They will be willing to break even and if you see bids that are at least around $5 then you are going to be in a solid market.
You want to see how many sponsored links are showing up for your keyword when you type it into Google Search on the top and side of the search results. The more the better for you because that means that more people see money opportunities in that field. If you are seeing at least 10 then that is a great sign.
I would follow that up by going to a library or book store and seeing how many books are being offered on a topic. If I see rows on a topic then I know that it is going to be a worthwhile market to go after. If I see a couple books then I would probably turn away from that topic.
It is fine if you start big because there are always markets to be focusing on where you can be successful in within that large market. After time you are going to be able to narrow down on niches and really figure out what your ideal client will want.
So check these steps out first and see what benefits they have to giving you a good idea of your market size. Then move forward to either shrinking or enlarging your pool.
Tags: Marketing
