How to Identify the Best Online Business Opportunity

Online-Business-OpportunityWell I guess you have to stay hungry just like all other entrepreneurs out there to land on the right opportunity. In essence, it is the case but let me break it down a little for you.

If you are serious about making money online, you need to be able to quickly grab the opportunities that are presented to you at any given time. In order to grab those opportunities, you need to look for them and know how to identify them as they emerge.

For example, within the last few months we had a 17 year old kid launched a simple, but yet most entertaining, idea on the internet. I stumbled upon it while reading my regular technology news. First it didn’t click for me but then my local news paper here in Toronto picked up on it a week later. Hence I went to the site to check it out. I am sure you are aware of this site – it is the latest fame www.chatroulette.com. Is there any practical application to this idea? Maybe not unless it is incorporated into an existing product.

I had a domain name for a long time that one of my friend from the Gay Community convinced me to buy years ago – called GayCiti.com – The Gay Chat Roulette Site! I simply put together a website and implemented the same technology that was used in ChatRoulette to allow people to have random video conversations with total strangers.

Now – Why did I choose this domain name over hundreds of other domain names that I have? Well it is simple. At the time when I was about to launch my site, there were already many other Chat Roulette Clone sites. Yes maybe about 15 to 20 of them. However, I liked the concept and I knew the hype will be only around for a short period of time because this application on it own will not last for long. Therefore, I thought about how I could be a little unique and I thought about which niche market I could target. I thought about what my friend used to tell me when I registered the site GayCiti.com – that the Gay Community has money to waste and that they love entertainment! BINGO!

Well I just didn’t copy and make a similar site to Chat Roulette! I made a site that required users to register before they get to the simple random video chat application! Now you may ask, why did he do that? Well I did that because I knew it was a short term hype and that I needed to maximize the opportunity. I wanted to capture the leads for future needs.

Today I have over 6500 registered users on GayCiti.com and everyday about 75 to 100 new users are registering just to check out the site. I am sure I can take advantage of the contact information when I want to launch a real product on that particular site.

Why did I share this information with you?

I basically wanted to let you know that you have to keep your eyes open for opportunities. They don’t come knocking on your door for you. You have to go after them and you need to know which of the opportunities to take advantage of. The simple example I’ve provided to you should give you a quick sense of what I look out for. I was looking for long term gain rather than just a short term gain – build a site and flip kind of idea won’t go with me at this time. I used to do that before to make quick money. Imagine how much I could get for GayCiti.com if I sell it today with the kind of users and traffic. I am sure I will get ten fold for my investment but that is not what I am looking for. I want the returned to be many many times more than my investment.

Everyday new technology, new platforms, new communities and new tools are being created and formed by someone else. Learn to take advantage of this sort of technology advancement. The good thing about this is that someone else is spending the money to create the market for you to make money! What else do you need?

Now how do you find those opportunities?

You need to stay alert and you need to stay on top of the niche that you are good in. You need to setup time daily to read the latest news so that you can identify what is emerging in that particular market. You can use your smart phones to read news and blogs during your commute to work, etc. You can setup particular triggers and keywords to alert you in most news feed services. It is not difficult but you need to look out for them.

I hope you found this useful. Please leave comments below and share it with your friends.

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{ 1 comment… read it below or add one }

residential mailbox May 26, 2010 at 10:53 am

Aw, this was a really good post. In theory I’d like to write like this too – taking time and real effort to make a good article… but what can I say… I procrastinate alot and never seem to get anything done.

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