How to Pick a Niche You Can Succeed In

There’s a certain hesitation people have before starting their online business directly related to picking their niche. You can’t really go any further and build a site, create products or blog about your insight if you don’t have your niche chosen.

Yet the sheer number of factors to consider when choosing a niche is a daunting task for many new online entrepreneurs. Your main concern right off the bat is profitability, because who wants to go to any effort whatsoever if there’s no return for you?

There are five basic things you need to analyze before finalizing your decision on which niche(s) you’ll be targeting. Nothing you do can guarantee success, but these tasks allow you to mitigate some, if not most of the risk.

Stop Worrying About the Competition

One of the biggest non issues people worry about is competition. There are people who will throw up their hands and walk away if anyone else has ever done a topic before. And some who will walk away if a certain number of sites exist (whatever number they’ve made up to depict too much competition).

The reason they’re overly concerned with this is because in the past, many guru marketers have spent ample time selling courses teaching people how to target low hanging fruit and avoid saturated niches.

The truth is, most consumers like to learn from and follow many people in a niche they’re interested in. Even you do it! If you’re interested in a topic, like fasting for instance, you don’t land on one person’s blog and only vow to learn from them and no one else, do you?

No! The fact is, you will look up many people and companies to learn from – you might buy 2-3 or even more books on Amazon to read about it. You’ll hit up YouTube and start watching all kinds of related videos to get differing insight and opinions on the topic.

We love to learn from many people for several reasons. First, they have differing teaching styles. Some people are brash, some coddle you – others give advice daily while some release big information less often.

Some use text in a blog that you can read, while others publish videos or stream live from their social media pages. There are some who prefer to teach through a podcast, too!

Your opinion and insight doesn’t have to be better than someone else’s. It just has to resonate with that one person who prefers your teaching style over someone else’s. As long as the information you’re providing is viable, don’t be afraid to compete with anyone and everyone.

Try to stay away from distractions when building your Business.

There is always a new launch coming out Make sure you don’t follow all the Shiny Objects this may confuse your Audience.

There are some people who love self help topics who fall all over themselves whenever Tony Robbins speaks. And there are those who can’t stand listening to him. How boring would it be if there was only one person per topic we had available to us to learn from?

So ease up on your self-doubt, put away your tools that calculate the competition and understand that there is plenty of room for everyone, regardless of your experience, your appearance, your income level or any other measurement you might be using to talk yourself out of making the leap into a niche you’re truly passionate about.

A Drilled Down Versus Broad Approach

So now that you know there’s no such thing as too much competition, your next task is to consider whether you want to take a broad approach to your niche or drill it down a bit.

And when you drill it down, how much is too much? You want to pick the right amount of depth because if you go too narrow, you might whittle your audience down to almost nothing, making it hard for you to profit from your efforts.

Let’s look at how a niche is drilled down. We’ll start with the diet night.

Diet à Fasting à Intermittent Fasting à 5:2 Diet à 5:2 Diet for Women à 5:2 Diet for Women Over 40 à 5:2 Diet for Vegetarian Women Over 40

This is a typical way to drill down a niche. You can certainly do whatever level of depth you want, but it’s important not to go too detailed because then you’re excluding large demographics from your audience.

Drilling down to fasting excluded other kinds of dieters who don’t want to fast. That’s fine because there are many people who want to learn about this method of losing weight.

Going into the 5:2 fasting method eliminates everyone wanting to do the 16/8 method, the eat stop eat method, and the alternate day fasting method. As soon as you added women into the niche, it excluded all men, too.

So as you can see, the more narrow you get, the more potential customers you’re weeding out. As long as that demographic stays large enough, and you can use common sense to gauge it, you don’t need a statistician to configure numbers for you, it’s good.

Keep in mind your site can start out broad and have drilled down categories in the sidebar where each category drills down even further into individual blog posts covering the most narrow of topics.

So you might have a Best Diets for Weight Loss blog that serves as an umbrella for a huge number of diet plans. In the sidebar, you might have the following categories:

Keto Diet
Vegetarian Diet
Paleo Diet
1200 Calorie Diet
Low Carb Diet
Fasting Diet
Mediterranean Diet…and so on

In each category, you can create specific blog posts covering all of the narrow slants under that diet, including a blog post titled: The 5:2 Fasting Diet for Vegetarian Women Over 40.

Make sure that before you choose an approach, you keep in mind that if you have a broad topic, your audience will expect ongoing content that covers a wide variety o subjects.

Your consumer who is interested in learning about diets will be disappointed if they land on your site and see nothing about low carb because you’re too bogged down in writing about fasting, calories and plant based diets.

You have to be able to plan strategically with your content and keep up enough. So if it’s too overwhelming to meet all of their needs, consider narrowing down a bit so that you’re able to deliver content that meets the needs of all of your readers consistently.

Learn How to Gauge Profitability

Profitability is on everyone’s mind when they’re just starting a new business branch online. You want the money to start flowing fast, and lots of it! There are a few different ways you can measure the profit potential of a niche.

First, digital products can be lucrative. They’re the kind of product a customer can get instantly by clicking a buy button and downloading directly to their computer to consume.

So you want to be looking to see if your niche has products on sites like ClickBank, for example. Of course, if there are none, that doesn’t mean all hope is lost. If consumers buy courses or books on the topic, you could create your own content (or use private label rights content – PLR) to do it.

Tangible products are another area of profitability. In the fitness niche, for example, you might have digital courses that teach people how to exercise and eliminate fat and get toned, but more money comes in the form of commissions from the promotion of machines they’ll be using, protein powder, calipers to measure fat, scales and more.

Services, like coaching or doing things for others they don’t want to do themselves, is another way to make money in a niche. If you want to help someone achieve success, you might be a sort of life coach for them – or help analyze someone’s efforts to improve their relationships, for example.

Look at price points and frequency of purchases, too. Whenever you find a program that the consumer will be renewing monthly or annually, this provides even more profit potential for you to consider.

With pricing, you might instinctively worry about promoting high ticket items, but you’d have to sell fewer of them to equal the volume of sales you’d need of a small commission item.

Understand that unless you’re selling services or using paid ads for traffic, it will take a little time to gain traction in any niche because your site has to get indexed (found) in Google. Stay consistent and build up your content and following.

Knowledgeable Leadership Requirements

Worry about not measuring up to your competitors in terms of knowledge is common for many new online entrepreneurs. They don’t want to step foot in the arena unless they have all of the answers ahead of time.

But nobody has all of the knowledge they need in every situation. The key is to be a good learner and sharer – someone who, when asked a question they don’t know, is willing to go find an answer and share it.

That’s all it takes – willingness and the ability to uncover things people want to know. This is actually part of what’s thrilling about being a niche leader. You’re always discovering things and broadening your knowledge about a topic.

It would be very boring if you woke up day after day and already knew everything there was to know about the subject matter. So embrace the starting point you have now and understand there’s no shame or humiliation in saying, “I’m not sure about that – let me get an answer and get back to you.”

But make sure you’re not just waiting for questions you don’t know to pop up before you embark on a learning adventure. You should always have time carved out in your schedule where you’re diving into niche topics and learning interesting, new or trending details to showcase to your followers.

Stay abreast of news stories, read consumer or trade magazines in your niche, study the competition to see what they’re talking about, and lurk in forums and on social media to see what the buzz is.

When you find information to share with your audience, don’t be afraid to share your opinion on it, too. People want to know what you think of it – even if you disagree with what someone else is saying.

Put a twist on it if you can or want to. If some news comes up about how getting 8 hours of sleep a night helps you lose weight, you can pass that information along to your audience.

But then add on ways they can achieve that slumber, if they don’t already know. Give your own personal bedtime routine hacks if you have any that might help them. Experiment with new methods of getting to sleep and share a daily account about what worked and what didn’t.

Longevity Issues to Consider

There are a few things you have to keep in mind in terms of adopting this niche for the long haul. Unless you plan on flipping your site to someone else, chances are you’re hoping this will grow into a formidable business branch for years to come.

But will you run out of information to share? There are some niches, like health, that are always evolving. Sometimes it’s because of technology and sometimes because of new knowledge that’s gained that wasn’t known before.

Then you might find something such as how to store water that has you scrambling for new topics to cover after a few months. Maybe you covered rain barrels and treating water, you did product reviews and a how to series, and now you’re all out of ideas.

You want to make sure that the niche you choose isn’t difficult for you to garner ideas with. Before you begin, brainstorm from of your categories that fall under your umbrella niche topic and write out lists of possible things to cover.

Would you be able to find something new a couple of months from now? How about a year from now? It’s helpful, depending on how much creativity you have or lack, to pick a niche that makes things easy for you in terms of brainstorming topics to blog about.

Will you get bored of the niche – or feel some other negative emotion having to tend to a site on this topic all of the time? What if it’s a depressing niche and you have to write about it day after day?

It’s important for you to feel excited about work and not dread facing it every morning. So pick a niche that truly makes you feel fulfilled or happy whenever you share thoughts with your audience.

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August 24, 2020December 20, 2020

Analyzing Business Models to See What’s Best for You

Find the Business Model that is Best for You.

You can pick a niche and build a website, but you still have to do your due diligence and analyze the various business models to see which one (or more) will work best to bring you the kind of success that you’re after.

There are dozens of business models you can consider to earn money from your efforts, but you may want to start with one of the five most common ones – affiliate marketing, info product development, service provider, self-publishing and online coaching.

Starting Easy with Affiliate Earnings

Being an affiliate for someone else’s products is one of the best business models for newcomers to the world of online marketing. With affiliate marketing, you don’t even have to have your own site necessarily (depending on the program).

You can make money promoting to your list or on social networking sites if you don’t have your own blog to review and promote products from. It also takes a lot less effort to review products than it does to create them.

With affiliate marketing, you can recommend products from a variety of platforms, depending on your niche. Be sure to check out both tangible and digital marketplaces to see what all is available to recommend to your subscribers and blog readers.

There are many places to find products such as:

ClickBank

JVZoo

Warrior Plus

Amazon

Share-a-Sale

Commission Junction

…and direct programs, too!

One thing you can do is type in the niche or type of product that you want to promote in a search engine and add the words affiliate program to see what comes up. There are many companies who run their own programs that aren’t listed on the above platforms.

So for instance, if you were in the survival niche, you could go to ClickBank to find an info product to review. Then you might go to JVZoo and Warrior Plus to find content or courses to promote.

For tangibles, you coud go to Amazon and see what all they have, but what if you wanted to promote some different MREs (meals ready to eat)? You could type this phrase into search engines and find more programs: survival food affiliate program.

As an affiliate, make sure you’re getting the proper commission (typically 50% of the sale) and take notice of how long the customer is cookied with your link to make sure that if they buy later, you get credit for the sale.

Creating Your Own Info Products

If you want to have an army of affiliates out there working for you, sending you tons of sales and subscribers, too – then consider creating your own info product and releasing it with an affiliate program.

Some new marketers get nervous about launching or doing it with affiliates, but this is the best way to brand yourself and build a quick following. It requires you to network with others and see if they will promote your product.

Decide what topic you want to create a product about. Don’t worry about competition or whether or not a subject has been covered before. Just pick something you feel people need help with in your niche.

Then figure out which method of disseminating the information would be best based on what your audience wants and what skills you possess to get the job done. Sometimes the two may not match, and that’s okay.

You might have an audience who devours video, but it’s not your forte – and in that case you can either outsource the videos, improve your skills, or simply use text and see if they’re accepting of a different media format.

If the information is good, they usually won’t care. Text and video are the two most common methods of creating courses, but a few have been done using audio podcast formats, too.

When you create your product, make sure you price it competitively. You want it to earn enough to make it worth it for the affiliate promoting and reviewing it. But you don’t want to price your audience out of their opportunity to buy it, either.

Do a comparison to see what others are charging in your niche and strategize from there. Make sure you also develop a hearty affiliate program that boosts sales and helps you build a list quickly.

Create a JV (joint venture) page that details the dates and times of the launch, how the funnel is laid out and with what price points, specifics about the course, and any other elements such as prize money or swipe files that help them promote for you.

Decide which platform you want to launch from – ClickBank, JVZoo, Warrior Plus, Udemy, Teachable, or your own system like Amember, perhaps. It’s up to you, but make sure that your affiliates are well taken care of and paid on time for both commissions and prize money, if you offer it.

As you build a list of buyers from your first launch, be working on the second in your line of info products. You can find out from your current buyers what else they’d like to see by polling them – or simply continue serving them what they need based on your initial research.

Using Your Skills as a Service Provider

Sometimes, you have no other resources or knowledge besides the talent you possess as a writer, graphics designer or customer service representative. If you don’t have the money or desire to invest in a site to launch a product from or promote as an affiliate from, you can get started working for others who already have a business online.

Many people get these jobs through word of mouth when a friend in need of a provider connects them with a person who has the skill to fulfill their job request. It might be that they need an eBook written, an eCover created, or their inbox handled with customer service requests.

They might be searching for someone to act as an affiliate manager – recruiting potential top affiliates to come on board for future launches. If you can handle any of these tasks, then you may want to start with a service providing business model.

Word of mouth isn’t the only way you can get a job offering your services, though. There are sites such as Upwork and even Fiverr where you can set up an offer or profile to accept gigs and jobs to do work for those who want to hire you for them.

You might find an ongoing job where you’re working routinely for an established marketer, but it might be a series of one off gigs where you get hired by one client one day and another one the next.

It all depends on what you’re offering and long they need help with the task or service. If it’s for something like writing or graphics, it will often be a temporary exchange of money for the service until the job is done.

But if it’s for customer service or affiliate management, then it might be an ongoing position where you’re paid on a regular basis. With affiliate management, there might be a deal where you’re paid a set amount or one where you get a portion of the earnings.

If it’s the latter, make sure you negotiate upfront so that you’re able to get a down payment on what you’ll make. Don’t allow a marketer to promise to pay you after the fact because some unethical marketers will take the money and run.

If you’re setting up a profile on a site like UpWork, be very thorough in setting it up so that it offers a lot of information that puts the client at ease. Remember, many marketers have saved up to outsource, so they don’t want to risk paying a freelancer who disappears with their money.

If you’re offering a service like ghostwriting or graphics, make sure you fill your portfolio with a wide range of options for them to consider. For example, if you can write about almost anything, showcase articles on health, success and relationships so they can see your style.

You also might want to showcase different types of writing, too – like an articles, sales copy, email autoresponders and more. This gives the prospective client an idea of how well you can write for conversions versus simple conveying of facts and information.

If you’re on a site like Upwork, you can go out and bid on jobs rather than waiting on someone to find your profile and reach out to you. Bid carefully and don’t use canned responses to have the best success.

You’re not reliant on platforms to get jobs, either. You can set up your own website where you offer services, and charge whatever rate you want, unlike how you have to be competitive in a bidding scenario on another site.

Make sure you still offer some of the same components. They’ll want to know details such as how much you charge per page – and what do you consider a page? Is it single spaced, a certain sized font, a specific number of words?

You don’t want the client thinking they’re going to get single spaced, 12-point Arial font with at least 400 words per page if you’re using 14 point font, double spacing and giving them only 250 words per page.

Set up a portfolio of examples so they can see your work. These don’t have to be from real clients. In fact, most clients won’t want their work put up to represent your business, because ghostwriting is usually done discreetly.

The client will also want to know a little bit about you. There are many scammers online, so while you don’t have to divulge any personal details about where you live exactly, you should give them adequate details about your experience with the service you’re offering.

Make sure you also have a contact form. Some people put an order form right on their site, but you might want to be careful about doing this. It’s always good to discuss a project with a client before allowing them to buy so that you know if the two of you are a good fit to work together.

Following the Self-Publishing Route

Self-publishing is another business model that you may want to adopt for your business. With this approach, you can become a bestselling author in either the non-fiction or fiction arena, depending on where your skills lie.

Amazon and other platforms have made it easy for the average man or woman to write their own manuscript, upload it and sell it to people on a global scale. You’re paid 60 days after the sale of your books, and you get money even if they buy a digital version they can read on their gadgets!

Although you can do most of this on your own, regardless of whether you’re pursing fiction or non-fiction, there are two areas you may want to invest in. That includes having an editor to go over it and hiring someone to create a professional cover for your book.

Earning as an Online Coach

There are many niches where online coaching is a viable option as a business model for those who want to work for themselves at home. People hire coaches all the time to help them overcome personal obstacles and achieve success in something they’re passionate about.

For instance, you might want to open shop online as a life coach who helps people get through tough times, set goals and work toward them until they see them to fruition. You can use free tools like Skype to meet with customers where you can see and chat with one another on a regular weekly basis.

To make money with this, you can have individual sessions that you sell, or you can have package deals, such as buy 4 and get the 5^th one free. Take a look at others who offer this type of arrangement with clients and see how it can fit into your business on the ‘net.

There are many niches where all of these elements can earn money for your business. For example, let’s take the diet niche. You can promote weight loss tangibles and digital items as an affiliate, create your own info products, publish books on the matter, ghostwrite for others, and even coach people to succeed!

There are many other business models, such as dropshipping, domaining and more – so just take your time and investigate to see what appeals to you most before committing to one of more of the approaches.