Last updated on August 15th, 2020 at 08:41 am
No doubt, your passion is one of the most important things to factor in when planning to start your online business. But it’s NOT the most important; there’s a much more important factor that will determine whether you’ll ever make money online or not.
And that’s… availability of a market.
Your main aim of going into online business is to make money. But, ironically, your passion isn’t what you need to achieve that aim. What you need is a market — a big one.
So, the most important question to ask yourself before starting any online business is…
Is there a market for what I want to offer?
If you’re convinced that there’s no market for your offer, then consider offering something else that many people are interested in. Why? Because the market — not your passion — is what will fetch you money.
For example, if you’re skilled in bead making and have a strong passion for it, starting a blog that teaches every aspect of that craft might sound like a great idea. But in reality, it’s a bad idea because there’s no market for it.
In other words, such a blog won’t attract traffic because most people are not interested in bead making, and only very few people will ever think of searching the web for information about bead making. So, even if you consistently churn out loads of quality content and promote it aggressively between now and the next four years, you won’t make a dime with that blog!
Similarly, if you’re a graduate of Civil Engineering and are passionate about anything related to building construction, you’d probably jump at the idea of crafting an e-book that reveals the intricacies involved in the construction of magnificent buildings. That’s wonderful information, no doubt. But nobody is interested in it. You won’t sell a single copy in seven years!
So, whether you’re looking to start a blog, publish an e-book, market affiliate products, or sell physical products, the most important factor to consider is the availability of not just a market, but a market that is big enough to fetch you decent profits.
Before starting any online business, you need to check if people are searching the web for what you plan to offer. You also need to check if people are willing to pay for that offer if they find it. If your offer ticks both boxes convincingly, then you can go ahead. But if it doesn’t, offer something else!
If you’re looking to target a Nigerian audience, read this post, in which I’ve detailed 27 online business ideas that offer what many Nigerians are desperately searching the web for and are willing to pay for.
On a final note, if you’ve chosen an online business idea based solely on your passion without, you need to analyze the market for that idea now. If the market isn’t encouraging or there’s no market at all, ditch that idea and choose something else! It’s never too late.