When you decide that you want to start an online business, the first thing that comes to mind is often “what kind of niche market am I going to sell to?”
At first you might instantly think “the money! I want to go where the money is!”. While that’s high on the list for most marketers, it’s not the only single thing to consider when choosing the right niche for you.
There are two main things you want to consider when choosing a market before you dive right in.
And these are the 2 questions to ask yourself, (and not necessarily in this order)
1. Is there money to be made in this niche?
2. Am I passionate about working in this market?
Ok, let’s talk about the first one first, “is there any money to be made?” Of course, if you’re doing business for profit, you’ll want to get into a profitable niche rather than one that isn’t right?
Some people say that you can monetize any niche, and although that might be true to some extent, some niches are more “full of buyers” than others. You want to know which ones have the buyers so you’re not wasting your time with tire-kickers.
So how can you tell if a niche is profitable?
A good way to gauge how many people are buying is by looking at how many products are for sale and how much marketing is going on already in that niche. If you go to a related site within your potential niche and see a lot of advertising going on, then you can assume there is money being made!
Another way is to go to a popular affiliate market place such as clickbank.com and check out the latest top selling products. I say ‘latest’ because as the times change, so do popular and profitable niches/products.
Next, are you passionate about the niche you’re looking into?
Even if you find a profitable niche, you may not have the passion to give it all you have keep at it before you make your venture a success.
Being an Entrepreneur, a home business owner, Internet marketer or whatever you want to call it is more than just a way to make a living, it’s a lifestyle. And it’s a lifestyle that requires hard work and dedication, just like many other “jobs”.
Luckily for us, we can choose what we want our lifestyle and “job” to be – that’s the beauty of being an entrepreneur!
Make sure you choose a niche you have a love for, something you can see yourself doing everyday.
Even when times get tough, you will still have enough drive and enthusiasm to battle through if you’re doing something you love.
Another point I might add is that it’s ideal that you have some kind of “expert” knowledge about your niche topic. Most of the time however, we are experts at what we love, even if we know it or not.
Sometimes we forget just how much we know about a certain topic because we’ve been “into it” for years. Don’t short sell yourself by thinking you don’t know enough about one type of niche.
Chances are you know 95% more than the rest of the world on the topic you have a passion for.
To your online success,
Stu “Sensei” Stirling