Before you spend a whole lot of money on a new site, it is a good idea to understand the existing market niches. A feasibility study does just that. The steps we take are:
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Discovering you keyword competitors
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Checking them out to see if:
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Noting whether channels are revealed (Business, Educational, Entertainment, etc)
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Looking at existing real numbers and making Worst Case, Best Case and Likely Case Projections
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Formulating a realistic plan based on available time and money
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...or making the determination that it's not worth it
This is good to know before you get started!