31 Dec 12 4:08 pm
As long as it takes to answer the questions,
Can I make money here?
What's the competition like? (SEO/Paid)
Is the traffic scalable?
Can I keep pumping out new content for it? (i.e. 'butterfly catcher nets' might be hard to produce content for long term.)
if yes, then do the demographics,
age, gender, income, etc.
problems, fears, dreams, ideal mind picture solution, etc.
If I can create a site, fill it with content, create a product/service around it eventually, build a list, and get traffic to it without a giant budget busting sole killing struggle, I think it would be good to go for it and fail fast or succeed.
Another way to test if I'm done researching for say, knowing who my ideal prospect is, is if I can write a full long form sales letter draft, with most of what goes into a sales letter (the offer, value, headline, the lead, story, bullets, hook, etc.) off the top of my head (or from notes), if I can't then I don't have all the pieces of the puzzle yet and need more data. What really is going to mess with your head is that, the 'guru' I learn from says to do research for a sales letter in 20min. or less!
Really though even if you have a winner you should always be researching and developing new things on-going.