I know that there are hundreds if not thousands or hundreds of thousands of various things your blog and your website can be about but there’s no point in going into any of these silly little niches if they aren’t profitable.
Is scuba diving training profitable or surf boarding, I don’t know, but by looking at these three components you can easily decide if a niche is worth going after. Figure out if you have competitors, ask yourself if you have any existing contacts in these areas and explain to me how this can help me.
First of all, you don’t want to blaze a trail when it comes to marketing on or even off the internet. It’s good to have competitors. Competitors mean that everyone else has already made the mistakes for you. It means that you already have some people you can contact for interviews or to promote you as an affiliate or even for you to promote as an affiliate and it’s overall proof that it’s possible to make money in this niche. That means that if you don’t have any competitors at all or anyone to even compare yourself against, then that might not be a good niche for you.
The next thing you should think about is do you have any existing contacts in that niche. It’s one thing to go on the internet one day and tell yourself I want to teach real estate, but it’s quite another if you are an ex-realtor, if you know people who can recommend you or who can be a part of your product or who you can interview to capture leads. If you used to have a job in a certain industry that’s perfect because it means you probably know people who can help you along the way. You almost never want to go into a niche cold. Go into something where you are already trained in that area, where you also know the players in that area so that you have an easier time not only making your products but getting traffic in the future as well.
Finally, think about the ‘what’s in it for me’ factor because we want to make this exciting. If your niche was how to solve crossword puzzles, can you explain to me how that saves me money, saves me time, avoids pain or gains me pleasure, And if not, it’s not a very good niche but it becomes a lot easier to justify any price or justify any offer if it’s, for example, $100 and by buying this it saves me more than $100. If you were selling a real estate course for $1,000 and it saved me six months or a year of aggrevation, you could easily justify that to me. Think about if you can save money, save time, avoid pain or gain pleasure.
Those are the three components to figuring out if the niche you’ve chosen is profitable. Do you have competitors, contacts and what’s in it for me,
Jack HM Wong Is an author of his Amazon bestselling book Cracking the Entrepreneur Code: 7 Tips to Build the Business You Always Wanted. He has been featured on CBS News, Fox, ABC News and NBC News. His mission is to improve the quality of lives of over 1 million people worldwide. His message to people who are stuck in the rat race is straightforward - "Anyone can start Any Business, Anyhow, Anywhere and Anytime".
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