Ever had any internet business ideas pop into your head while in the shower or when you’re going for a walk? I have had many. The real problem is not coming up with good ideas for a business, it’s picking the excellent ideas out from the good ones. After all, it’s pretty easy to tell whether an idea is good or bad but good or great? That’s tough.
Fortunately, Susan Deluzain Barry, President at Hive Marketing, wrote a wonderful article titled “How do you conduct market testing for new Internet business ideas with low cost?” Of course, you should check it out but I want to point out a few of the best gems she gives about Internet business ideas.
Is There any Competition for Your Internet Business Ideas?
First of all, she makes an excellent point that if you want to know if there is a demand for your Internet business ideas check to see if you have competition. Competition is good! Competition is healthy! Competition shows you that there is a demand for your Internet business ideas.
Even in the Internet world, this rule holds true… let’s look at a few examples of great Internet business ideas!
MySpace? Well, back then, MySpace was the #1 social site and the Winklevoss twins knew it. But they also understood that they could carve out their own niche by only allowing Harvard students to join their network. They chose to corner a niche and now Facebook is the #1 social site and recently bought MySpace… poor Tom.
Google: Another prime example of one of the best Internet business ideas of all-time! Remember the days of Netscape and AOL when you had to hop from one directory of sites to another to find what you wanted? And when Yahoo! was the hot stock to the point that in the movie “Frequency”, Dennis Quaid goes back in time and tells his friend to buy Yahoo! stock. When the movie came out, that seemed like such a no-brainer but with all of the problems that Yahoo! is having now, it’s not so clear-cut.
Anyhow, my point is that Yahoo! was first on the scene for search engines but a severely under-financed startup called Google now dominates just about everything online. They didn’t worry about competition… they just “built a better mousetrap” as they say.
Three Quality Questions to Ask About Your Internet Business Ideas
Do your Internet business ideas complement a item that exists within the marketplace and sells nicely? By way of example, cell phone accessories are a $63 Billion annual business, in line with ABI Investigation. Items like skins and cases complement an current item that sells properly, so it stands to cause that they’re going to also have powerful sales.
Essentially, can your Internet business ideas ride the coattails of another business?
Do your Internet business ideas let you achieve a activity in a much more effective, much less annoying way? Ticketing firms like TicketAlternative, Brown Paper Tickets, and other companies purport to be much improved and less irritating than the behemoth within the marketplace, TicketMaster, and they are staking their companies on the idea that there is certainly space from improvement.
Think about McDonald’s. Their hamburgers aren’t anywhere near as good as In-N-Out, White Castle or just about any other mom and pop joint but they are the #1 restaurant in the world because of how convenient they make getting breakfast, lunch and dinner. How can your Internet business ideas benefit from Ray Kroc‘s business model?
Does your idea meet a will need that hasn’t been met just before? Possibly one that hasn’t been imagined just before? For example, GPS devices have replaced paper maps on the typical household road trip, happily eliminating lots of an argument between Mom and Dad. iPhone apps are an additional terrific example of this. Who knew that we needed our phones to also be flashlights until one day a guy noticed that a lady was using her cell phone to see her way down the aisle of a movie theater or that it would even lead to other great internet business ideas?