Passion and Profits Part 1

The next step after figuring out what type of business you want to build is figuring out what business you should be in. Even though very few people cover it, it’s important to take the steps outlined in that post, because you might find some businesses just don’t fit the mold you want. For example, on the next few posts you’ll see that I like to research my market first and see what the competitors are doing.

What if I have an idea for a business, but when I look in the top ten of the Google results (both free and paid) and notice every single one of them has a phone sales process? They collect leads and have people follow-up in a long series to make the sale. If I have a growth maven personality, that’s fine. I’ll build up my in house sales team and build that business.

But if I’m the lifestyle guru type, that means I’ll likely have to team up with an outside call center. More than likely I’d need to partner with a call center to go deeper in this project. If I don’t have a contact to help me set this up, this likely isn’t a business concept I’ll pursue on day one.

The business model needed in that market is important to what you choose. When you look at your competition (top ten in Google and then on the Adwords side), whatever you see is likely what you will have to build to be successful in this field. Of course you can innovate and bring in new ideas, but consider your future business by what you see today. It’s the most practical and honest way to look at what your future holds.

In addition, are you passionate about the subject? Notice I didn’t ask if you’re a premier expert on the subject.

You don’t have to be
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