Business Models

When you are brainstorming different business ideas, it is useful to have an understanding of the types of business models available. Here is a link to help with web business models specifically.

There are many ways to do something. An idea to use a product in your business could foster many ideas given different business models. You could make and sell an item, or buy that same item from someone else and sell it, or maybe just affiliate with a company that sells that product and gain a percentage of the sales made through you. Or you could even just blog about that item, and have advertisements pertaining to the relevant audience.

Comparing Ideas

How can you compare ideas that are likely very different from each other? To remain objective would require some real numbers to compare. Considering competition, demand, and suppliers will help you establish criteria to weigh your ideas on.

Keyword Planner is a great tool that can help you quantify some of these measures. But it is important to understand what these measures mean and evaluate what is going on behind the numbers and ranks.

For example, an idea having little competition could be a good opportunity if it is simply an untapped market. However, it may have little competition because it has been tried and tested and no one could make money out of it.

Just because something gets a lot of searches doesn’t mean it gets that many clicks. Rearranging the words in your phrase could change these numbers dramatically, so it important to explore wording and their singular compared to plural equals.

Depending on your goals, you can weigh the different criteria you come up with according to what is most important.

Don’t Settle

Looking at possible suppliers tells you about their levels of customer service, shipping rates, minimum order quantities, and more. There are a lot of options so you don’t have to settle for something that doesn’t fit your needs. You may even be able to negotiate with the suppliers.

There is a lot of possible risks, so you want to make sure you make an informed decision. Many suppliers will offer samples.