1. Create New Ideas
Think about your current, past jobs, hobbies or interests. I am a figures person and always been mathematically inclined. As a result, I am a management accountant and been a financial accountant in the past. A financial controller and Finance director. Some of my niches are in Finance and Management Accounting. What is yours? These past jobs alone can give me niches and markets to look into.
Freinds and family are also best people to speak to enter into a joint venture with. I have entered into joint ventures with a friend who is an artist. Business partner with valuable knowledge in air condition and heating. The list goes on. The opportunities and enormous. This list gives you opportunities to enter into markets you have no knowledge about. What you will bring to the table is your online knowledge and expertise. The foresight of an opportunity where the average person would ignore or can’t tap into due to lack of knowledge in online business.
Use your interests and passions to set High Expectations. I know I am very good with numbers and enjoy the using of technology to analyze the number, I can present these figures in a concise story form to help stakeholders make business decisions. I enjoy teaching people the techniques I use to tell a story with data.
I also enjoy using my hands on computers and software until it functions in the best possible way. I think this passion comes from my childhood days when I was known to be inquisitive with anything mechanical.
I will list 10 topics I am interested in and narrow them down.
You need only lists areas that you have a lot of interests in because you want to enjoy doing it, the money will be secondary.
Have high expectations of changing the world. Don’t limit yourself to your village. The internet is the world. Think big! See yourself as the CEO of your niche, with hundreds of employees. Apple started from a garage now see where they are. Your niche can start out of thoughts and reach countries. Don’t sell yourself short.
The good thing about starting a list is you can always go back to edit it.
Find out ideas and information about your areas of interest through what people are talking about on Social media, the news. Conduct interviews and surveys to reach your own conclusion.
A board, showing continuous education can produce good ideas
Keep Educating yourself. What are you lacking but also realize that it is that if you can learn well push make your niche unique? I recently took a twitter course to help me boost my traffic.
The internet industry is changing each day. Better products are released daily. There are people ahead of the curve who have knowledge about what is working. How do you get your hands on their experiences?
How can you adapt the new technologies to your niche, be unique in your offering and be ahead of the competition?
Have a plan which includes investigations into government regulations, key industry players, international trends to increase your knowledge in your market. Do scenario planning. Knowing what you know plus considering who will be president in the next 5 years where do you find your niche? If 5 years is long, do the same for 1, 2, 3 years.
With the knowledge acquired you need to research to satisfy yourself, is this really where the market is going? Test it on social media and other groups. Peruse forums. Search Quora, take a look at the discussions that are taking place. What questions are people asking? What problems do they have?
Even though the information out there may be true. It may be outdated and certain disruptions in the industry will render it archaic. Research keywords. Explore different keyword combinations with the keyword tool at wealthy affiliates.
You can go a bit further and have one-on-one conversations or idea-extraction sessions with your target market. Did you know the title of the best selling book on the New Your times, ‘Four-hour work week” by Tim Ferris was determined through a survey. My point is you can use these steps even if you already have a niche. Continuously update your niche.
Constant improvement may be the only way to stay competitive. I attended a training a month ago that opened my eyes to a lot of the things I could do quickly. Identify how you learn. There are times I want to do it myself but that takes longer. In this industry, you want to get it quick and that requires investment.
Keep a record of your progress. I can not stress this enough, record your progress, your research, I am working on a few spreadsheets, I will make available to help you keep progress reports on your keywords, affiliate links, statistics etc.
The traditional system of education will teach you a brand topic as well as some specifics you will need for your niche. Spend less time educating yourself targeting the specific area you need knowledge in. If it is Facebook ads then find a course, a workshop or one to one tutor for that.
3. Be Creative
You can choose a product before noticing that you can create a niche for the product as well as have other products to sell within the niche. Think long term, unless your strategy is only on short-term niches. Short-term niche strategies are doable so long as you are aware of your strategy and won’t carry when the niche is out of date.
The internet is a level playing field seek out inspiration from the big players. You may not have a big budget for a website, with all the modern graphics but with less than $100 you can create a website similar to the corporations and have a personal touch with your followers which money can not buy. Visit websites such as Tech Coast Angels and read publications such as PricewaterhouseCoopers MoneyTree Report
Let your information stand apart. Put your mark on the services you provide. Go outside the box. I read about a wealthy affiliate’s blog post about healthy African food. Fantastic website and blog. I can see the limitless opportunities here. Look to other entrepreneurs, and discover how they’re building successful companies by perceiving things differently. Look at others ideas and enhance on your idea. Copying someone’s idea is not creative. In the end, someone will be out of business and you don’t want it to be either you or the person whose creative idea you pinched.
Creativity will set you apart from the competition. Competition is a good thing, it means the niche is profitable. Do your own analysis and create how you can differentiate yourself from the crowd.
Signs that you can enter a niche and still be successful:
- Low content
- Lack of transparency
- Little or no paid competition
- Boring websites
- Expensive competition
The list can go on and on. Whatever your niche, with the careful research you can find a way to make an improvement. Offer new and existing audience something more attractive. Note that most products have been improved upon, but before that, the manufacturers had to do REVERSE ENGINEERING. Think Apple iPhones. Their sales would have plummeted if they didn’t come out with improved products. The competition like Samsung would have certainly hung them dry by now.
The split of the brain, thinking positively
Maybe I should have made this the number one step. I can not stress this enough because I hear the negativity all the time. I do understand that people close to you may not have a clue what you are on about. This online business, niche etc.
In the year 2000, I took a course in Windows 2000 server, my plan was to be ahead of my accounting colleagues because I predicted that accounting and computer will be the future. Close relatives thought I wasn’t focused enough, that is on my accounting profession. Not only did I get ahead of my colleagues but I also found out my interest in computer hardware and learned how to successfully assemble and build a computer. I also got an accounting job with a good firm 2 years later and guess what differentiated me from the other interviewees, my computer knowledge. This is thinking ahead.
Let me share this adopted message from ‘Think and Grow Rich” with you.
If you think you have failed, you have,
If you think you dare not, you won’t
If you’d like to succeed, but you think you can’t,
It is almost certain you won’t.
If you think you will lose, you have lost.
For out of the world we find,
Success begins with our will
It’s all in the state of mind.
If you think you are outclassed, you are,
You’ve got to be sure of yourself before
You can ever win a prize.
Life’s battles don’t always go
To the stronger or faster individual.
But sooner or later to the one who succeeds,
Is the one WHO THINKS THEY CAN!
Update your mindset to succeed, through affirmations and persistence. You have crossed the first hurdle of the desire of having a niche, but desire without action is NOT PROGRESS.
5. Profitable Niche
You have a good idea what your niche is. You have used various methods to find it.
I have devised a few more methods for you:
- Passion and interest to niche
- Products to sell to niche
- Subscribed recurring income to niche
- Pain or discomfort to niche
- Economical or political issue to niche
- International problem to niche
- Niche to get rid of scammers
You get where I am going with this. It can be vice versa (the other way round). I could go on and on. My point, don’t let a niche get you stuck. When it comes to a profitable niche, budget the commissions you will earn from your affiliates once you know your niche.
The above is only a summary, you can have detailed daily commission on different tabs populating into the summary page. Here you can analyze how you have grown in sales, what strategy is working. Which affiliate is taking lots of your time. You can adapt the 80/20 Rule in a future review. A whole blog on the 80/20 rule – one of my peck topics to come in the near future.
The above also gives you a visual picture of what is doing well. Which affiliates are your stars, cash cows, question marks or dogs? If they are dogs that means nobody has been able to make money on them or they are out of date and need you to get rid of them quick.
Notice that you are providing a valuable service and any space occupied by these affiliates are costing you money. If they placed their product in any of the shelf space in a big shop it would cost them money. In your niche, the time you spend writing the blog and all the costs that have been invested in your niche needs to be recouped before you make a profit. Check Amazon market, there is a subscription cost, a commission on the sale, charges on labels and storage if you use the fulfillment service. More on the financial statement of your affiliate business to come in the near future. Your biggest cost is your time. How much would you have earned if you had a second job somewhere? What if you were the manager at this second job. I am sure you will charge not less than $20/hour.
Develop the strategy for developing better products in future once you build a following, sell them your own products. Do not stick to online affiliates for life. Go to your locals and team up with a shop or service provider who provides a service or product in your niche, strike an agreement. Get a good bargain and get it in a written agreement. Don’t forget to honor your side of the bargain by advertising their products.
Monetizing your niche can be daunting. Like anything, once you will get the hang of it you will be fine. I will be blogging a lot on monetization so stay on the lookout.
Test, test and more testing. Use landing pages or autoresponders to drive traffic through paid advertising. Don’t rush to blame your niche yet. Check your messaging. Try different techniques. Research your audience, are you targeting the right demographics? Facebook and Twitter have done a lot of work with targeting the right demographics for your niche. You can optimize conversions and find out whether or not there is anything stopping your target market from taking action.
You know your niche, you have researched on how to make money. Have high expectations. See yourself being excellent in your online business. Have in your conscious mind how you have helped people. What you have given others and how you have made a difference in people’s lives. You can’t earn something by doing nothing. Giving equals receiving and vice versa.
Education is Yourself. Learn the right things you need for your niche and business. Learn what will get you ahead of the curve. Cut down on many hours of learning by learning from the experts.
Be creative. Think outside the box. Do this by tapping into interests and passions and you will be surprised to find how that complements another niche. More importantly, enjoy what you do. This is for the long term. Lack of interest in the future will drive you out of the market.
Have a positive mindset. All we do is in our thoughts. Take time to read the book “Think and Grow Rich”. Get the audio version if you prefer that. The desire to be successful put action behind it by having faith, be persistent and you will achieve whatever you desire.
Profit from your niche. Have a scenario and determine who your avatar is. How do they look like? What are their needs and where do they hang out? At what point will your avatar buy? Have they bought in the past? What is their buying pattern? Record your income and review. Think about your own product or other sales funnels in the future.
Test your strategies. Don’t rush to conclusions. Learn from the tests, record your progress. How you can develop the progress you have made so far. Join social media groups and test your idea. Be tactical and don’t take the results as final facts neither should you be complacent. Be truthful to yourself and be fair in your conclusions.
How to find a Niche in a Market
6 Steps – Finding a Niche in a Market?
There are millions of websites and blogs out there that are in different niches in different markets. How do you get a slice of the pie?
When starting a business or buying an existing one you have to conduct a DUE DILIGENCE. It is always better to learn on the way than wait. TIME WAITS FOR NO ONE.
If you’re struggling to, or you need more data to find out which niche to choose from and markets to research, use the following five steps for to find your niche in a market.
I am definitely on high expectations and about find a niche in a market and so should you. Day in day out there are niches all around us in our daily activities.
Think and Grow Rich by Napoleon Hill