Chase your passion, not paper
Lately these three questions have come up frequently.
- How do I find a niche?
- How much money can I make?
- How to find a niche for making lots of money?
If you are looking to make money online, these are the wrong questions to be focused on. Yes, this post will cover how to find a niche for your online business, however I want to make something abundantly clear. It’s not about the money. I know reading that may seem almost blasphemous! “Dan, I need money” While that may be true, more importantly you need a purpose. John C. Maxwell is a personal mentor of Barry’s. He said that the “two greatest moments in someone’s life is the day they are born and the day they find out why”
As you progress in the world of internet marketing you will find that your motivation for money will only take you so far. In fact, in the dark times ahead (yes there will be dark times) this motivation for money may in fact cause you to give up in pursuit of short term gains elsewhere. What will ensure you push on to the success waiting for you on the other side of the dark times is your purpose. Never lose sight on of your purpose, vision, and goals.
Ok. Stepping down from the soapbox now.
Before you continue to read I must warn you that this post is what I call an active post. It will require work and action from you. If you don’t like to work or take action, please stop reading as you have landed on the wrong blog.
Finding a niche to start with has only 1 prerequisite: Passion.
Start thinking about what you truly enjoy doing. Open up your notepad or sticky notes and start answering this question: “What is something that I enjoy doing so much that if it was my job I would do it for free?” This thinking exercise is probably foreign to you as our day to day life is full of focusing on the “have to dos” and “must dos” which leaves little to know time to focus on what truly matters. If you are stuck or staring at a blank sticky note, you are not alone.
When I first went through this exercise I was stumped, until I started thinking about my 4 kids. I started brainstorming on things I like to do with my kids. One of the greatest joys as a parent is teaching your kids a lesson and seeing the light bulb go off in their heads. My brainstorm session lasted over the span of a couple of weeks. During my brainstorming session I was at a social gathering that consisted of two groups: Tired parents and very active kids. I call it a social gathering, but many commonly refer to this activity as going to the park. I was sitting on a bench actively watching my kids to make sure they contained their chaos, while a couple other parents were discussing other ways to make money. What happened next is part of the next step to finding your niche
2.Find a need and fill it
The other parents both agreed that making money online seemed like an awesome way to go, however the how part of making money online seemed to evade them. At this point I rudely injected myself into the conversation and connected the dots for them at a high level. When I saw the light bulb go off in their heads, I felt a rush. It was an awesome feeling. They became so excited as if I opened up an entire new world to them. We talked for a while longer and it would have been much longer had the kids not been tired. On the drive home, I realized two things.
- I had a tremendous passion for teaching people
- A lot of people are looking to learn how to make money online.
Once you identify what you are truly passionate about, then the task becomes finding a problem in that topic. Now time for the next phase of your assignment. Open up a second sticky note and start thinking of problems that exist. If you are unsure of problems, you can always search on Quora for your topic to see what questions people are asking.
3.Know thy enemy
Actually, your competition is actually not your enemy, however I’m a fan of Sun Tsu. Now that you have an idea of what you have to offer and who you are going to offer it to, start searching for people already doing this. The key is to identify a way you can stand out from everyone else. There are countless examples where someone has come in and crushed the competition by standing out. There are really 3 main ways you can accomplish this
- Subpar content: Does the content you are finding really serve the people reading it? You would be surprised how quickly Google will rank your high-quality information above those that are just throwing out information. While you are checking out the competition and the thought of “I can do better” comes to mind then you are in business
- Non-existent paid competition: As you start researching keywords you may come across a search term that has high search activity with little competition and paid advertising. This typically happens when the competition is lazy and doesn’t fully dive into mind of their audience. A good example of this is people trying to target newbies to internet marketing. They cover popular topics that complement their product or service, but they leave out one important question their audience is searching for. That question is how to find a niche for making money. Obviously, they are more focused on trying to make money rather than adding value to their audience.
- Lack of transparent authenticity: As you are looking at your competition are they just another faceless persona? In the Facebook world Mark Mc Garry calls these people Facebook phonies. Although Mark is talking about people being fake on Facebook, the same principal applies. If you don’t know Mark you should definitely check out some of his Facebook lives. He’s an awesome example of how to engage and serve your audience. Check him out here
4.Can you monetize your niche?
One thing you want to avoid is diving into a niche that is very difficult to monetize. There is always money to be made from most niches, however you don’t want to start off behind the 8 ball. It’s quite simple to determine if a path to monetization exists. If products exist for your niche, then you are in business. Ready for the next assignment? Well though luck because I’m giving it to you anyway. Visit the following sites and search for products in your category.
If your search turns up millions of products or only a couple that is a red flag. Ideally you want a decent number of products available but not a vast number. As you are going through your search make a record of the price ranges of the products, so you can price your own products in line with the market.
If you aren’t keen on creating your own product, you can select some of the products you find in your search that catch your interest and become an affiliate of those products. This is a great way to get started as creating a solid product from scratch takes time. In some cases, the commissions are residual, which means you can start building a passive income.
Before you dive in head first, please allow me to share how $15 dollars can prevent heart break and frustration. Before you invest the time and energy required to develop your product, I strongly recommend testing the markets reaction to your product concept.
To start your field test, create a landing page to pre-sell your product. Then go onto Facebook and create an ad targeting your audience to drive traffic to the pre-sales page. You don’t have to take pre-sale orders, you can simply have them sign up to be notified when the product launches. If you have no one sign up to be notified, then you may want to rethink your product. Before going back to the drawing board double check your sales copy as that could be the reason for the lack of interest.
Congratulations. You have found your niche! Now the journey begins! One important thing is you need to establish authority in your niche. This takes time so your next assignment is to start a blog. A blog will help you establish authority and at the same time start generating traffic. I know this may sound scary, however it is not as difficult as you think. There is an awesome place you can go that will give you 2 sites for free that you can use to start your blog today. Check it out here Barry is a top 100 member and is very active in this community. Pop by and say hi to him here
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