Are you considering launching a new blog as a business? Do you have several ideas in your mind, but you’re not quite sure which ones are worth pursuing? If you’re stuck trying to come up with a good money-making blog idea, you’re not alone.
There are probably hundreds, if not thousands of people asking themselves the same question right now. It’s an important question. After all, you don’t want to waste any time on unprofitable ideas.
Although it’s wise to take your time, you’ll eventually need to decide, and this article will help you choose your most profitable idea.
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Which idea are you willing to commit to?
All ideas can be profitable, but the ultimate factor that determines profitability is you. Your investment of time, money, and commitment are the foundation of making your blog profitable.
All ideas have potential, but all will fail without your commitment. A profitable business will always be the result of a great idea and commitment to your business.
Can you choose not to give up in hard times?
Your most profitable idea will be the one you’re willing to follow through with even when things get tough. The business you want to pursue is one you won’t lose interest in and quit just because you’re faced with big challenges.
If you can’t see yourself pushing through hard times with a certain business idea, then that idea is probably the wrong choice. You need to love your business so much that you’re willing to engage difficulties to see success on the other side.
Is your idea new or existing?
One of the most important questions to ask yourself is if your idea is new or if it already exists. New business ideas aren’t necessarily better than existing ideas. Sometimes existing ideas are more profitable because they’re easier to market and people will recognize the value right away.
Although existing ideas can be highly profitable, if you’re going to launch a business that has been done before, you’ll need a competitive edge. That edge doesn’t need to be too sharp, but it does need to exist. For example, a competitive edge can include:
- Better prices
- A better customer service/experience
- More value (the product is built better or comes with a bonus)
- Support for a product that doesn’t usually come with support, but should (like furniture warehouses that offer live phone support)
- Additional products that meet the same market’s demand (like razor clubs that also sell hair products)
- Additional features, as with software applications
- Anything else that would make people choose your business over your competitors
If you’re going to launch a new business idea, you’ll have to do a bit more work.
Are you prepared to work harder to launch a new idea?
There may not be any existing market research for your business idea, so you’ll need to start there. Even when you’re not launching a known business, it’s important to research your market in-depth. However, this type of research needs to be done by a professional and isn’t something you can Google your way through.
Also, you won’t necessarily find any existing ideas or templates you can use to create your content and sales copy. You’ll have to create all of your content from scratch. That’s easy enough to do, but you’ll need to run more tests to get a baseline for what kind of copy and calls to action are effective for your market.
If experimenting with calls to action and sales copy doesn’t appeal to you, you can always hire a professional marketing firm to write your content and optimize your landing pages.
Marketing will require more experimenting
If your business idea is new, you’ll need to create your marketing strategy from scratch. This begins with market research, but also, you won’t have any existing models for pay-per-click (PPC) ads to follow so you’ll need to come up with your own ideas.
Additionally, when you start performing SEO, you’ll need to do your keyword research from scratch, and you won’t have any competitors to analyze. This will significantly increase the amount of time it will take to become profitable, but it’s worth investing that time when you’re passionate about your idea.
Ultimately, your most profitable idea is the one you’re passionate about
You need passion to build a profitable blog. Without it, you won’t have the energy or desire to follow through and do the work. Although, passion alone won’t make your blog a success, but passion combined with commitment, and hard work will.
