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The Internet Research Business and You

1. The Internet Research Business

The Internet research business involves finding specific information on the Internet, for a client, and getting paid to do so. It also involves arranging and presenting the information in a form that is useful to the client, thus saving him or her considerable time. Occasionally, there will be a requirement to search other sources for information as well; however, most of the information will come from the Internet.

Companies around the world depend on information to stay in business and prosper. They need information on new technology, components for manufacturing, software, markets, competition — the list is almost endless. Companies have to find and evaluate the information, but this can be time consuming and costly for them. Internet research consultants can be hired to do this work for the companies much more cost-effectively than if the companies did the work themselves.

Who are these Internet research consultants? They are often one-person operations, working from their homes, in a specific information area. These people have usually, through previous employment, acquired specialized knowledge in a particular field. More importantly, they know where to go to get more and updated information for their clients. Of course, their main source of information is the Internet, but they do not limit their investigation to just using keywords and search engines. To validate the information and obtain more details, they also look in places such as relevant online magazine articles, company product lists, company annual reports, and press releases. They will search anywhere that will provide them with the detailed information that their clients have requested. This is the type of business that this book will help you get started and run.

2. How Companies Find Essential Information

Some companies subscribe to specialist information services that keep them up-to-date on their particular information requirements, but in most situations the companies get the information themselves. Larger companies may have a dedicated research department to provide the information for them; however, this can be a heavy expense on the company and certainly not one that can be afforded by most companies. Usually the people within the company who require information are forced to find it themselves. This is a very time consuming effort because these people are not experienced information miners. They usually just punch some keywords into an Internet search engine and use what comes up.

The Internet search method is very popular, but there can be some negative consequences. For example, an inexperienced searcher stands a chance of overlooking vital information, or worse, obtaining false information. However, the big negative is the time the employee spends looking for the information. This is time that should be devoted to profitable company-assigned tasks. It can cost the company dearly, particularly if, for example, a high-priced engineer spends days searching to see how other companies solved a particular design issue. This is where a contracted information researcher can save the company money by acquiring the information cost-effectively, and freeing the company employees to do their primary job functions.

The information required by companies varies with the company and within the company. Manufacturing companies rely heavily on information to improve their products, increase their productivity, and market their products profitably. The service industry needs information for the same reasons. The government requires a wide range of information. The type of information required by these potential customers is briefly discussed in the following sections. As you read through the sections, think about how you could help in obtaining the information for them. You may also be stimulated to consider other areas for which you could provide an effective information research service.

2.1 Manufacturing industry information research needs

Manufacturing companies rely heavily on information that is usually obtained by the employees who need it. A much more cost-effective source of information for them is an Internet research consultant, hired for a specific task, or on an annual contract. These companies need information to help them to —

• design the goods they will manufacture,

• develop the goods to manufacturing state,

• establish production methods,

• find the best sources of component supply,

• identify the market they should address,

• assess the competition,

• establish prices,

• determine the best sales methods,

• determine the best distribution methods, and

• obtain customer feedback.

As an Internet research consultant with knowledge and experience in one or more of the listed activities, you may be able to save the company considerable time and money by acquiring the required information for them, verifying it, and presenting it to them in easily usable form.

2.2 Service industry information research needs

The service industry also needs information. The obvious service companies with a need for information are the information companies themselves, but these companies already have trained staff to do the research work. In effect, they are your competition, but with much higher overheads. Some of the other service industry segments that can use the services of Internet research consultants are as follows.

2.2a Investment firms

Investment firms often have their own researchers to assess the viability of individual stocks and other 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.