When people get started as an entrepreneur, often people give the advice to do something you are passionate about. However, this is the wrong place to start.
While it is important to do something you love, it is not the first thing to look for when deciding upon a business. The most important thing to look for is what solutions are people buying right now and for the foreseeable future.
Wherever you look in the world, people are constantly searching for solutions to problems they are having. Several years ago I went with a friend to a new restaurant in town that was supposed to have a classic 1950s diner feel to it. The owners were really passionate about their business and figured it would attract customers. However, the problem was people were looking for healthier choices as well as a variety to choose from. This business was around for around 6 months before it closed.
In today’s world, it is extremely important to understand what consumers are buying before deciding upon what type of business to create. If people are not going to buy what you are offering then you will not have any customers.
One of the fastest ways to determine if your idea has merit is to start with a simple search query. Think about the keywords that people would use to search for your product or service. With your list of keywords, utilize Google’s keyword planner to determine how many searches are made for your terms each month.
If there are substantial searches for your terms each month, then you want to look at what types of ads are showing up on search. If there are a wide variety of ads, as well existing products on the marketplace, then you will have found a potential product to offer to the marketplace.
Essentially your goal is to look for products that people are already paying money to promote. This indicates that it is something people are willing to buy, as business owners would not invest in ads if they were not generating a return.