Everyone in business should agree that the primary reason of starting any business is to make profits, which means in order to make profits, you must engage in a profitable business. To my biggest amazement I discovered that lots of those who fail in business followed their passion only without considering the profitability of such passions.

It is very good to have passion for something but is your passion profitable? Are people interested in your passion? It is a big mistake to use passion as the only reason for starting a business and that it is important to do some research before making up one’s mind.

Before you start any business, it is important to use the law of demand and supply to discover what people are ready to buy but few people are selling. A product with high demand and low supply will bring you more profit than just a passion.

You might ask, how can anyone know whether a product is having a high demand and a low supply? For example, in online business, there is a tool used in knowing the demand and supply of people’s needs called the Google keyword tool. There are many ways of using this tool. However, I may not be able to explain how this tool works in this same article. You can read about how to use the use of Google Keyword Tool in my previous post.

Google keyword tool allows you to know the most profitable businesses based on country, language and devices. The interesting part of this tool is that it is completely free to use.

In offline business you can discover profitable businesses by engaging in a market survey, you can conduct a market survey based on your metropolis or you can conduct a wide range market survey, covering many states. You also need to understand how to conduct an effective market survey. Surveys make you understand the needs of your potential customers. By knowing what your potential customers are looking for, you will be able to provide the appropriate service they need.

 

Every skill is learnable if you can create the time.

Wishing you success in your business

Ademola Oladoja

www.projectweb4all.com

The Google keyword tool is a free tool created by Google used primarily for keyword research. Keyword research is the process of looking for an ideal word or phrase to be used for SEO (Search engine optimization) – This is the process of making your website visible to search engines like Google search.

Some people use Google keyword tool to setup Google Adword campaigns, some use it for niche research. Whatever reason you find to use this tool, there are important settings you should consider while conducting your keyword research.

 

Setting Number 1: match Types

Broad match, exact match and Phrase Match are the three match types available in the settings. With broad match selected, you will be able to see other keyword suggestions related to the same thing you’re searching for.

Phrase match will bring results that contain the phrase you typed in the search bar. Other keyword suggestions that do not contain your search phrase will not be displayed.

Lastly, exact match will show the search volume of just the keyword you typed. No keyword suggestions will be shown.

Settings Number 2: Location and Languages

The location and language option will allow you to specify the region you are doing the research on for instance, if you are dealing with a product, service or business relating to the residents of United States only, you can specify United States in the country list. It is better to select English in the languages option, except you are selling to people speaking a different language.

Settings Number 3: Filter Ideas

Here is where you can filter the results based on the search volume or competition. You can specify a minimum local monthly search or global monthly search. This is a very sensitive setting that will affect your results especially when you are using a broad match.

Local monthly search means the number of searches of a particular keyword in your country while global monthly search refers to the search volume all over the world. In order to enjoy the Google keyword tool without the need of filling a CAPTCHA every time you conduct a search. You can sign up for a Google account.

 

Ademola Oladoja

www.nigeria.projectweb4all.com