Finding Your Niche Talk (Part 3 of 3)

                               Part 3 of 3
   click here if you haven't read the first part of "Finding Your Niche" yet
This is a transcribed part of a seminar at which I taught on internet marketing.
I broke it down in three parts so that it's easier to read for you.

Also I want to talk about another subject that is related to selecting a niche. And that is competition.

Many beginning online marketers are looking for a niche that has no competition. They believe that a niche that has no competition is a great opportunity to make money. Let me tell you, that is one of the most common mistakes beginning online marketers make.

If you are beginning with online marketing, and you find a niche that has no competition, I beg you please stay away from. In your own interest. Because 99% of the low hanging fruit on the Internet has been picked. There are very few undiscovered niches left. We have to dig very, very deep to find an undiscovered niche.

Let me tell you what it means if you find a niche that has no competition. It probably means that somebody already tried making money in the niche and they failed. BecauseĀ  that niche is zero dollar niche.

If on the other hand there was a niche that has competition, then you choose the niche that has proven itself to be profitable already. And that is good. Because that is a clear indicator that there are people in that niche who are willing and able to spend money. Willing and able to spend money on products like yours.

Again, that does not mean that you should go in the most competitive niches and try to start making money there. Some of the most competitive niches online are related to financial services, debt relief, credit counseling, insurance, business opportunities and so on. If you are just starting out, do not take on these hyper competitive niches. Because your competitors can eat you for lunch. They have professional copywriters working for them. They have a whole crew probably the Department of marketers are doing nothing but promoting the product. They have people who professionally developed products for them. They have connections in the industry and they have multimillion dollar budgets. Every once in a while, there is a David versus Goliath story in these hyper competitive markets, but in general I really advise you to stay away from these hyper competitive markets.

So as you can see, selecting the right niche is not so easy. There’s a lot of fine tuning to it. There are some details that you need to look at. Even after reading all this, you don’t have the precise structure, the precise step-by-step tutorial on how to do it. Because there’s so many steps involved.

Finding your niche is an art and science in and of itself. But the process can be broken down into manageable steps. And then it’s not hard. You just have to do the steps.

And I know how easy and tempting it is to skip these steps, and say wow, I’m just going to do it my way. I’m convinced that this market is going to be profitable.

Please, I beg you, don’t do that. Don’t skip on market research, don’t just do a lottery style niche selection.

You have to ask yourself: do I want to build a business or do I want to gamble? If you want to gamble, then go ahead. Pick a niche anyway you like.

But if you want to build a business, then make sure that you build a business on a solid foundation. Make sure you build the business that has the potential to make money. Already see what happens to businesses that start out in markets that are not profitable. They go out of business. Because starting, growing and managing the business is something that takes time and energy and money. And if you invest time and energy and money for nothing, at one point you don’t have any time energy and money left to invest and that is the poind where you go out of business.

The Internet is a great way to make money online. It can give you financial freedom, it can give you the lifestyle you want. But you need to do it in a systematic way. Especially when you start out, systems, processes, step by step instructions are the things that can accelerate your success enormously. Don’t try to reinvent the wheel, it’s already rolling. Just copy it.

To learn more about selecting the right niche and evaluating markets sign up for the free How To Find A Niche MiniCourse. Simply put in your e-mail address in the field of above and click on submit.