I work in real estate development. When a new project swings my way, we do what’s called a pro forma. We basically make a investment report. The next stage is the feasibility study. We have a development team that looks at the properties and all the data. We check each and every detail of the project to see if things pencil out. It’s in important step for any type of money making venture.
Next time you want to start a new website, do a feasibility study. Since you’re reading my lame ass blog, i’ll assume that you’re a noob. Here’s a short but sweet feasibility study checklist.
So you want to start a new website.
1. Google to see if such a site exists. (believe me, it does)
2. Google to check out the sites that already exist.
3. Check the stats of each site that is similar to the one you want to start up.
4. Check the search terms for such sites. Do a lot of relavant searches and see which sites come up on top.
5. Contact the webmasters of those sites and ask them questions.
6. Talk to a few programmers to see how much it would cost.
7. Figure out the budget for your new site. (monthly hosting, initial marketing, 6 months working capital)
8. Ask a few trusted friends for their input. Key word is trust. Don’t tell every tom dick and harry. Be cautius and protect your idea, but don’t guard it like it’s your virginity.
9. Buy a few possible domains.
10. Rework the budget and launch the site. Most of you will never reach this step. If that happens, set up a “make money online” blog.