As per Scott Fox, author of, “Internet Riches,” Millionaire Types Theory is basically a series of steps used to evaluate your own interests to find a business idea. To get started; you will want to look at the things that interest you; things you love doing and know how to do well.
“Caution!” It is highly ill advisable to attempt to start an online business based on something you currently have no experience in. You may have been told that, because you are working on the internet, you can pass yourself off as an expert in anything you choose. “However,” this is a load of crap and will result in your eventual failure; if burnout doesn’t get to you before you are outed as a fly by night.
“However,” if you have specific talents and skills, even if it’s centered around something you do just for fun, it’s worth looking at closely. If you like doing it, for money or no money, “It has potential.”
If you are into a niche that is popular like cars, you’re going to want to break things down a bit. For example; if automotive truly is your thing; one might ask…
- Are you into a specific make and model vehicle?
- Is it a vehicle that folks are having trouble getting parts for?
- Is information pertaining to the maintenance of said vehicle limited?
- Do you know that a respectable number of people are looking for anything they can get their hands on pertaining to said vehicle?
You get the idea here I think. “Yes,” a niche like cars will have to drastically be narrowed down, especially if you expect to have a snowball’s chance in hell of successfully making any money online.
I should probably mention here that the idea of copying what has already been done, “Is bad.” Unless only a handful of other people in the world are doing what you are attempting to copy; if it’s wealth you are after, “Forget it.”
“Anyhow,” once you’ve matched what you love doing with an identifiable market; the next question you will want to ask yourself is, “What business model best fits what I have to offer in said niche?” Will your business model be efficiency based, product based, or information driven? Perhaps your business model will need to be a combination of these three.