After you understand how this process is going to work, start thinking about ideas to research, develop and choose a profitable niche topic for your website/blog.
This is a process and it could take you months or it could take you a few weeks. Start with thinking about 3-5 things that you love doing, talking about, know alot about.... What do you think about when waking up on a Saturday morning when you don't have to go to work? What do you know about from your work or hobbies? Here is a big list with tons of website business ideas.
I call the process of coming up with a site concept for your website - spinning. You spin ideas around but you also combine the ideas itself with real research starting with keyword research. Solo Build it! provides all the tools you need for starting and completing this process. SBI!'s keyword research tool - Brainstorm it! will help you conquer the overwhelming process of choosing a topic for your site. It gives you the best chance of choosing a PROFITABLE topic.
Keyword research is important because it will tell you many things about your possible topics so you can compare them to choose a profitable niche topic. It will tell you the Value demand of the keyword - How many people are searching for that word and how much is it worth. The Real supply of a keyword will tell you how many sites there are out there with that keyword in their meta tags. It tells you how competitive it will be to get found for that keyword. There is also profitability number is calculated based on the value and supply.
Personally I always get overwhelmed by the numbers. I really go more on passion and what I know. It will take a few years to create this online business and more to keep it going. Passion and knowing a lot about your topic or always wanting to learn more about it weighs more in my mind than what the numbers say. I also have been using Solo Build It! since about 2002 so I know it works and I know I can spin a topic into making money if I just stay with it long enough and work on it enough. I generally believe as long as you have traffic, and you obtain it by providing great content, then you can monetize it in some way.