martinibuster - 8:34 am on Oct 7, 2011 (gmt 0)

1 - Modify a known success (first MySpace, then Facebook)

Traffic does not equal profit. MySpace and Facebook didn't turn a profit for a long time. Is Facebook profitable? MySpace just sold for a fraction of what it originally was bought for.

2 - Check Alexa Top 500 sites (alexa.com/topsites)

Traffic does not equal profit or significant earnings.

3 - Make a list of problems - many web sites solve some type of problem

Now you are getting warm. But you have to think if the solution involves a product that you sell or an affiliate partner sells.

4 - Make a list of things you love to do - hobbies, passions, etc. and focus in those areas.

Whether you are passionate about a hobby is irrelevant to whether that hobby site will generate income.

5 - Check Flippa to spot hot selling web sites to see what's in demand

Maybe DNJournal may be a better resource?

6 - Record all of your web site ideas somewhere

Good idea.

7- Ask people what kind of web site they would like to exist

People don't know what they need. Did people sit around wishing for an iPod before that was invented? Not really. They had a walkman/discman and were happy with it.

8 - Google Trends - check for latest trends

Traffic...
Does not...
Equal...
Earnings.

Google Trends documents the wave hitting the beach. Hard to surf that. To surg a trend you have to be there before it shows up on GT. There are ways to do that. Here is the top ten on Google Trends:

1. threadworm 2. jorge posada 3. detroit tigers 4. yankees 5. matthew shepard 6. anywhere but here 7. the league 8. oregon ducks football 9. ashram 10. westboro baptist church

Good luck squeezing a buck out of that.

9 - Check for popular Facebook groups

Traffic does not equal earnings. Popularity PLUS a way to sell something is what you're looking for. I'm repeating this because it needs to be said. Traffic does not equal earnings.

10 - Take note of really active forums to get ideas

Traffic does not equal earnings. There are a ton of active forums that aren't making ANY money at all for their owners. The activity is not a signal of a shopping opportunity, it's a signal that people like to talk about a topic.