How To Find Your Niche For An Online Business Opportunity With Adwords Competition
How well can you narrow your niche?
You have an idea of the type of business you want to get started online, but you wonder whether your market will be worth targeting. You feel like Goldilocks testing out three different chairs. One can be too much, one can be too little, but one could be just right
So how do you find that comfortable chair? Which porridge is heated just right? Which bed is going to be the most comfortable?
The only way to find this out is doing what Goldilocks did…test the market with your online business opportunity. You need to find a personal niche market where other people are making money. This would apply even if you have assistance from mentors or franchisers in a small business franchise opportunity.
Measure It
After you have picked a topic based on your interest, you need look at some advertising metrics to figure out if a niche is large enough and whether people are willing to spend enough. One way to do this is to find out what advertisers are bidding for sponsored links on Google for your targeted keyword.
Realize that marketers bid on topics with the intention of at least breaking even on their clicks. If they can do that they can capture names and upsell their customers down the road. So they will bid higher if they can make more.
First you need to check the average bid prices on a site like Google Adwords or Yahoo Search Marketing.
Yahoo works well for some people, but now that Google Adwords is improving the quality of it’s metrics I use them as a litmus test. This is an obvious choice because all the market we are targeting are on their sites so they would have the best statistics to track keyword competition and potential.
Google Free Keyword Tool
Go to the Google Free Keyword Tool at https://adwords.google.com/select/KeywordToolExternal.
This site is going to give you a good analysis on the competition and potential of your topic. First we are focusing on potential of a keyword, which is an important step to deciding if this is a market I want to go after.
It is more important that I figure out there is enough size in the market originally then if it is too big. You can always drill down and target niche topics within your main topic initially and go after larger markets as you grow. You need to make sure you at least have a market where there is a sizable audience to advertise to or else you will hit a ceiling with no room to grow.
Type in your topic and fill out the ‘captcha box’ to show you are not a robot.
Then in the drop down column entitled ‘choose columns to display’ click on the estimated ad position. This will bring up a column showing different brackets of estimated adwords positions. 1-3, 4-6, 7-10 etc. Initially all will be 1-3
Next you want to adjust the dollar amount on ‘Calculate estimates using a different maximum CPC bid:’ to different amounts. Check out $1.00, $3.00, $0.50 or whatever.
When you do this you want to see what the positions are for your estimated adword positions. You are trying to figure out how much it costs to be in positions 4-6. That is the sweet spot for educated marketers. Spots 1-3 tend to be skewed a little because often people will bid like crazy with little education on Pay Per Click marketing.
You want to make sure that you are at least finding the 4-6 position between $0.50 and $1.00. The higher the better because that means that other marketers are making money on these bids and they can afford to pay more. Simply put they have higher profit margins.
Next step we want to not only make sure there is money to be made, but that there are enough people searching for your topic. There are some ways to test the size of a market that we will discuss in the next course.
Some Suggested Resources
A lot of these notes I have come to realize over time from other successful internet marketers. Some of the people I suggest you take a look at is Courtney Tuttle at courtneytuttle.com, Dr. Glenn Livingston, and Perry Marshall. There are also plenty of other solid marketers that we will continue to talk about and provide worthy information from.
This is as much your blog as it is mine and now the blog is yours.
Let me ask you what is your single most important question about an online business opportunity online?
What brought you to Write To Right?
What would you want to see more of on this site about online business opportunities online that would excite you, but you can’t find?
This is your chance to make this site better one comment at a time. Feel comfortable to express your inner feelings and don’t hold anything back!
If you liked this post then make sure to subscribe to Write To Right for more information on starting a successful business.
Filed Under Online and Internet Business Opportunities, Starting A Business | Leave a Comment
How Do I Find A Small Business Franchise Opportunity
Where have you been searching for your franchise?
We all have the dream of being the boss and setting our own schedule. We get tired of working for others and not being able to change the things we know needs to be changed. We want to break out, but how?
If you are looking to scratch this itch then I suggest that you look at investing in a small business franchise opportunity. You have actually so many different options out there to choose from other than the normal restaurant chains that we hear about. Many options exist like online businesses, pet setting, boutiques, furniture companies, etc.
Franchise Opportunities Handbook
You need to get your feet wet to the different ideas that exist out there. One of the best ways to begin is by looking at the Franchise Opportunities Handbook that is published annually. It contains over 1,400 businesses of all different shapes and sizes for you to skim over. The U.S. Department of Commerce puts this together and contact them for further questions.
Once you have figured out areas of interest feel free to contact those companies personally to see what potential you have in your local area to buy and operate these franchises.
Face To Face
One of the first steps you should take is a business meeting with the current owner in person. Find out why they would be willing to sell it and get a good history including financial expectations of the business. The more transparent they are the more you should be willing to buy.
Do thorough research to figure out potential earnings short term and long term and be willing to bring in legal and financial assistance such as franchise lawyers and accountants.
Always make sure that everything they say is in writing and that you can get them to commit to it. The more you negotiate the better off you will be and never feel forced to make a decision. There is nothing wrong with leveraging other firms.
Keep Your Options Open
If you continue to face troubles go back to the Franchise Handbook and look at other options. Do not become so emotional about one business. There can always be more opportunities and in the long run you will be more experienced and make wiser decisions with any potential franchise opportunities.
When you are locked in it can be difficult to get out of small business franchise opportunities and often the franchisor can terminate your contract at any time for pretty much any reason. You have to decide if they are worth trusting because this is your livelihood. So feel free to contact others including government officials, business advisers, mentors, etc. You can never be too thorough with this decision.
After you have made the decision then stick to your business plan and make it worthwhile. The last thing you want to do is go back to your old job being told how to do your work the wrong way.
This is as much your blog as it is mine and now the blog is yours.
Let me ask you what is your single most important question about a small business franchise opportunity?
What brought you to Write To Right?
What would you want to see more of on this site about small business franchise opportunities that would excite you, but you can’t find?
This is your chance to make this site better one comment at a time. Feel comfortable to express your inner feelings and don’t hold anything back!
If you liked this post then make sure to subscribe to Write To Right for more information on starting a successful business.
Filed Under Business Opportunity Leads, Franchise Business Opportunities, Starting A Business | 2 Comments
What Should I Consider About How To Find Small Business Franchise Opportunities
What analysis have you done for your franchise?
There can be a huge upside to being a franchise owner and at the same time you have immense obligations with starting a small business franchise opportunity.
Small business franchise opportunities take a huge load off your shoulders when it comes to name recognition and branding. It saves you a lot of marketing efforts and at the same time if a business is franchised then it has business systems and trainings in place to help you succeed.
Price To Pay
With this potential success, there is no promise that you are going to make it big just because you purchased a franchise. Not only do you have to usually pay an initial fee, but also reoccurring fees to the rights active for you to franchise.
These fees are going to very being there are millions of franchises out there. You could end up paying fees for equipment, office space, storage, potential inventory, business insurance, marketing and advertising, operating licenses, and the list goes on and on.
Fees don’t stop there. You could have to pay for monthly revenue that you make. Some of these royalties could be hard to overcome if your inventory and cost of existing is too high.
Legal Aspects Of Franchises
Also there is a legal side to all of this. You have to pay attention to all of the responsibilities that you have with a franchise because your franchise contract can be terminated if you violate any of the terms. Often a franchisor will have the right to not renew your contract and the length of those may vary (Some last up to twenty years).
One of the biggest steps to look for in any franchise opportunity is what your expected income is. Often that can be misleading information based on fees, business costs, and other aspects of the business you might not account for. The last thing you want to do is to bust your butt only to find out that you are getting paid very little with small upside.
Protect Yourself
To avoid being trapped one of the best things you can do is take their earnings information, company history records that they have and any other information and bring it to other trusted sources. Check out what the Better Business Bureau, the attorney general, or other trusted business owners might have to say.
You might have great upside with what seems to be a great company, but end up becoming a customer service nightmare because of product issues, marketing tactics, etc. Make sure this is going to be a fit and take your time to decide.
When you go through this process of a contract make sure to have a lawyer and accountant with you to help you with all of the financial and legal hurdles you may have to face with this franchise. They can be great for contracts and disclosure documents that you would have no clue on.
They would also be great at advising you on potential investment sources and solid business plans to make sure there is no confusion for you as you move forward with your business ideas. Trust them over the franchisor because even with a solid brand name, a franchisor might be out for his own interest of plugging someone into his “downline” and letting them work hard for very little profits. Be willing to look at another home based business opportunity because In the end you could be no different than a manager or grunt employee.
Questions to ask:
Are there hidden or unexpected fees?
What overhead do I have to pay for business costs?
What is the expected time I would have to work with this business until I created a reasonable income?
What training is provided?
What other resources do I have?
Could I see examples of other franchises and how they operate?
What other contractual obligations could I have?
Ponder over these topics and figure out logically and emotionally what is going to be best for you and your family.
This is as much your blog as it is mine and now the blog is yours.
Let me ask you what is your single most important question about a small business franchise opportunity?
What brought you to Write To Right?
What would you want to see more of on this site about small business franchise opportunities online that would excite you, but you can’t find?
This is your chance to make this site better one comment at a time. Feel comfortable to express your inner feelings and don’t hold anything back!
If you liked this post then make sure to subscribe to Write To Right for more information on starting a successful business.
Filed Under Franchise Business Opportunities, Starting A Business | 1 Comment
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