I'm largely self-taught, I run several websites and I've worked in a professional capacity for a few private clients.
The way I usually work is by picking a core keyword phrase, building a small site (ten pages or so) and getting that ranked on either the first or second page for its focus KW. This works to test two things: its ranking viability and it's profitability (by looking at what its early earnings are). After that, I will build the site out and implement my long-term SEO plan. it's obviously more complicated than that but that's the basic gist.
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