by Jim Daniels

Are you considering creating your own product or service? This issue will help you choose a niche and a format.

Most small business experts agree that the best path to long-term, reliable profits in business, is developing at least one product or service of your own. You'll enjoy bigger profits, as well as complete control over your business.

Plus, thanks to the web, you can easily let others sell for you on a commission-only basis. (Otherwise known as starting an affiliate program!) That's a huge benefit.

But we're getting ahead of ourselves. First you need find out if you have a product or service in you...

As you'll see later in this piece, your product or service does not have to be anything too intense or complicated. But it should be in a niche you are familiar with.

The first step is to simply reflect on your life experiences. Consider all your favorite hobbies, past work experiences and quite simply, your interests. Is there knowledge you have gained over the years that might be valuable to a niche market?

If so, you may have an information product or other related product/service in you!

Heck, one of my clients developed a video on salsa dancing and sold 180 before it was even completed! That's just an off-the-wall real example.

Once you've considered a few ideas, it is time to do some research. This will help you discover if there is a niche market for your ideas. Start your research using this keyword suggestion tool from overture.com - one of the top pay-per-click search engines on the web...

Overture Keyword Selector Tool

At that page, enter a keyword related to the ideas you have in mind, and the tool will present you with the number of times that keyword was searched for via their network. Think along the lines of what your target market may be searching for. That tool will also show the number of times related keywords were searched on. This will give you an indication of what your niche market(s) bear for interest.

If you find a decent amount of interest, say a few thousand or more combined monthly searches on keywords directly related to your idea, then you may be in a solid niche. Next consider what specific information or help those people are looking for, and think of ways you can offer that help. Remember to keep a potential customer's mindset as you go along. Once you've determined there is a niche market in your area of interest, start developing a product or service to fill the need.

Thanks to the web, there are many product and service formats you can consider. They all have advantages and disadvantages.

Below is a quick guide to help you decide on a format for your new product or service. Along with each format, you'll find links where you can get more help.

Ebook
Advantages: Easy and affordable to create and update. Instant delivery via web.
Disadvantages: Lower price point than many other forms.
Ebook Creator: http://refer.ebookedit.com/click.cgi?id=bizweb2000

Print book
Advantages: Gives higher perceived value than ebooks.
Disadvantages: Difficult to keep updated. Costly printing fees.
Printing resource: http://www.greenepublicationsinc.com/price-schedules.htm

Audio book
Advantages: Customers can listen in their car, home or office. Brings print to life.
Disadvantages: Production can be difficult. Quality can suffer if you lack knowledge or proper tools.
How-to resource: http://www.audiobookselfpublishing.com

Membership site
Advantages: Content can easily be kept fresh. Monthly charges guarantee residual income.
Disadvantages: Managing memberships and billing can be a hassle.
Top how-to resource:
http://www.membershipsiteadvisor.com/affiliates/stetje.cgi?32

Teleseminar
Advantages: Offers real-time help. Can be recorded and sold as an audio product.
Disadvantages: Production can be difficult. Quality suffers if you lack know-how or proper tools.
Top how-to resource:
http://www.webmarketingmagic.com/app/aftrack.asp?afid=133717

Telephone or email consulting
Advantages: You can offer one-on-one personalized help at a premium price.
Disadvantages: Time consuming. High cost can deter many customers.
More info:http://www.entrepreneur.com/article/0,4621,295970----2-,00.html

Multimedia software product
Advantages: Can be delivered via web or CD. Pricing very flexible.
Disadvantages: Can be costly to produce unless you can do it yourself. Requires lots of planning and research to get proper tools.
Top how-to resource: http://software.secrets-exposed.com/e/?bizweb2000

DVD Video
Advantages: Offers a personal touch.
Disadvantages: Production can be costly and difficult. Quality can suffer if you lack knowledge or proper tools.
Info: Link at bottom of http://www.bizweb2000.com/gazette

*** Jim Daniels is author of five Internet Marketing books and one of the few marketing experts who will still consult with you personally. (And he's actually affordable.) Hire'm!