The rise of successful internet ventures is more prevalent than one might assume, and it's not just the big corporations that are reaping the benefits. In fact, the internet has become a lifeline for small businesses, creating more millionaires at a faster pace than any other platform. This article will delve into the common thread behind these success stories and provide insights on how to replicate their success.
The internet has undeniably been a savior for the economy, particularly for small businesses. The digital landscape, known as the World Wide Web, has been instrumental in creating a new breed of millionaires at an unprecedented speed.
Having had the privilege to interact with numerous successful internet business owners, I've gleaned valuable insights from their experiences. One recurring theme that stands out is the concept of meeting an unfulfilled need.
It's logical to steer clear of competition. If you're the first or the only one addressing a particular need, your chances of success skyrocket. This principle applies to developing a website as much as it does to creating a product. Why would anyone invest in a product that no one wants? Similarly, why would someone create a website that doesn't pique anyone's interest?
A successful webmaster, who made over 3 million last year selling tools online, once shared a valuable piece of advice. He said, "Identify a need within a niche that is not currently being met or is being met poorly. Figure out how to meet that need better than anyone else, and then decide if it's profitable."
Ray Owens from JokeaDay.com is a prime example of this strategy. Starting with minimal capital, Ray envisioned a humor mailing list that has now grown to over 300,000 subscribers, making it the world's largest. Ray capitalized on his sense of humor to meet a need that was virtually untapped. He monetized his venture by selling ad space in his popular e-zine and website, leading to a lifestyle many can only dream of.
Steve Loyola from BestWebBuys.com is another excellent example. He created a site that allows people to search for books and music CDs online and displays all the online stores selling that product, listed from least to most expensive. While online book and music stores were not new, Steve identified an unmet need within this niche and met it. He monetized his site by signing up as an affiliate with the sites he lists, providing a search tool to help people find the best deal.
Bob Bingham and Jeff Swearingen from TheGift.com saw an unmet need in the highly competitive gift market. They designed their site to assist gift buyers in choosing the right gift, making the process much easier. When asked why his site has become so popular, Jeff simply replied, "It's an unmet need. Most e-commerce sites are like a department store, which is a lousy way to select and send a gift."
When developing your online business, consider whether you're meeting the needs of your site visitors. You may not be the first to meet this need, but you might be able to do it better than anyone else.
