The most common advice when choosing a niche is “Do what you love.”
That’s not bad advice. I definitely wouldn’t tell you to do what you hate.
But ‘do what you love’ simply isn’t enough. It’s just a starting point.
Just because you love something doesn’t mean it’s going to be profitable.
When I’m helping a client find a profitable niche, we go through 5 major steps:
#1 – Brainstorm all the possible niche ideas.
You do this by asking yourself several questions including, “What subjects have you read more than 3 to 5 books about?”
If you’ve studied a subject, you’ve shown an interest in it. Ask yourself multiple questions involving work experience, skills, hobbies, education, accomplishments, etc.
Find what you’re good at…not just what you enjoy.
#2 – Find a market that’s EASY to target online.
Do some searches. Can you easily target this market online?
For example, if you look in Facebook ads, are you able to target precise audiences that fit the customers in the market?
If you don’t know how to reach the target audience cost effectively, you’re just setting yourself up for failure.
#3 – Investigate the market to see what people are ALREADY buying.
A market with zero competition is a huge warning sign.
It usually means there aren’t enough buyers around.
Instead investigate the competition and find out what products/services are selling.
#4 – Analyze the core desperate problem in the market.
What is the number one problem or the biggest desire in the market?
What ‘itch’ are buyers trying to scratch? This information is very easy to find if you know where to look.
You’ll know what people are buying and exactly what motivated them to purchase.
#5 – Offer a ‘more enticing’ solution to the desperate problem.
This could be a cheaper solution. Or it could be a more complete solution.
Or maybe it’s specialized for a portion of the audience. There are a lot of ways to create a better mousetrap when there is a hungry buying audience available.
That’s the biggie in the whole system.
You have to find a hungry group of buyers.
That’s the secret that makes it easy to get traffic, convert visitors into sales, and monetize the traffic.
Each month I do a webinar for my Monthly Mentor Club members.
The 3 previous webinar recordings are available to members only.
Last month’s recording was “Choosing a Market Full of Hungry Buyers.”
We went over the system above including how to complete all 5 steps. In addition I reviewed several niche ideas from one of the members.
This month we took the next step and covered, “5 Ways to Grow Your Email List FAST.”
Find a market full of hungry buyers. Grow your email list fast.
Do both of those…and you’re on your way to success.
You can download both of these webinar recordings plus my slides in PDF format inside the “Webinars” section of the Monthly Mentor Club now.