Start & Run an Internet Research Business. Gerhard W. Kautz
investments, but may require additional research service for some of their projects.
2.2b Information technology companies
Information technology companies must keep up-to-date on the latest technological developments around the world and usually need help in doing so.
2.2c Lawyers
Lawyers need information to support and defend trials, lawsuits, divorces, etc.
2.2d Engineering and architecture firms
Engineers and architects must also keep up-to-date on the latest technological developments around the world and usually need help in doing so.
2.2e Business and trade organizations
Business and trade organizations are made up of companies with something in common, such as the defense industries or forestry companies. They often do research projects for their members and they usually contract out some or all of this work.
2.2f Individuals needing information
Individuals who need information could include almost anyone. Some examples include inventors who need help in patent searches, people considering starting a business but who need more information about it, or people working on family histories.
2.3 Government information research needs
The three levels of government require considerable information, but usually rely on their own staff to obtain it. They do occasionally contract out for help in this area, but the contracting process can be long and very documentation intensive. Many small companies do not bother with pursuing government business because they cannot afford the time and effort it takes to get the work.
3. Your Internet Research Business
Now that you understand the need companies have for information, the question is, “Why should they hire you to do the work?” The answer is simple — it costs them less if you do it. However, your biggest challenge will be to convince them of this fact, and that is where this book will help you.
It will take you through a process to evaluate your personal skills, experience, and knowledge that will help you select the area of expertise you should concentrate on in your Internet research business. You will then be shown how to develop a business model for your business; that is, what you will actually do to get business and make money. From the business model you can decide on the company structure you need and calculate some preliminary pricing. Good marketing and sales skills are the keys to any successful business and this book will help you with these important aspects. This book will guide you through your development of the process or processes you will use to actually do the work you are contracted for — efficiently. You will then be shown how to put all of this information together in a business plan. A business plan is a must for any business, for a number of reasons such as the following:
• It will make you consider problems before you encounter them in real life.
• It will indicate if you can make money with the business, and how much.
• It will help you predict your cash flow and help you decide if you need additional financing.
• It will explain the business and opportunity to those from whom you seek financing.
• It will generally keep you focused on the business, rather than allow you to go in several different directions.
The various concepts and issues covered in this book are explained with the use of examples of different Internet research businesses. A series of samples provide documents and tables that you can adapt to your own Internet research business. This book also covers the boring but necessary administrative chores such as bookkeeping and income tax.
As you read and work though this book, you should be in a position to set up and run a profitable Internet research business. The business will not only be very rewarding for you, but a lot of fun as well. In effect, you will be getting paid to surf the Net.
2
Choosing Your Specialization
1. Why You Have to Specialize
There are several reasons why you have to specialize in one specific area of the Internet research business. The main reason is to utilize your personal experience and thus avoid a potentially steep learning curve. This chapter will help you analyze your experience, and direct you toward the specialty you should consider.
There are many other reasons to specialize that you will discover as you develop your business. For example, you will become more experienced in researching in a specific area and be able to identify relevant websites. You will also become more experienced at marketing your service to clients in your specialized area.
Having a specialized area will enable you to focus your marketing. You will have to market yourself, and it will be much more effective if it is focused. Chapters 6 and 7 will help you develop your marketing strategy and do the actual marketing.
2. Assess Your Skill Set
Before you begin identifying your area of specialization in the Internet research business, you should first determine if you have the skills to carry out the business. You have the basic skills of being able to read and make logical decisions. However, you will need some additional skills to have a successful Internet research business. These are discussed in the following sections.
2.1 Computer skill
It is pretty obvious that to do research on the Internet you have to have at least some computer skill. You do not have to be a computer whiz, and you certainly do not have to know the technical aspects of a computer. All you need is the basic skill to use a computer as a tool, and know how to access the Internet.
2.2 Communication skills
Good communication skills are essential in running any successful business; not necessarily to do the work, but to get the contracts and understand clients’ needs. Written communication skills are required to make the initial contact with potential clients, and to deliver the final product in the form of a written report.
Listening skills are required to understand what the client is asking you to do. You will often have to augment this with perception skills to fully understand what the client wants, even though he or she is not being clear in his or her request. The skill of knowing how to ask the right questions is also important for understanding the client’s wishes.
2.3 Investigative skills
You should also have basic investigative skills to do the work. For example, as you are going through a company’s annual report to assess it as a competitor to your client, and you see that the company has just purchased a smaller company, you should investigate the smaller company as well. However, you must be able to curb your investigative curiosity to avoid going off in a direction that will only waste your time.
2.4 Personal skill assessment
If you are weak in any of the previously mentioned skills, you should do something to improve your skill set. For example, if you are worried about not being good enough on the computer to be successful, a basic community-run course on how to work the Internet may be all you need. Or, maybe reading a book on the subject would help improve your skills.
If you think you have all the necessary skills, then you have