For many people this can create a rather extreme state of “analysis paralysis” as there literally are thousands of profitable areas throughout the internet.
If this sounds like you then I empathise greatly as I experienced the same mind-jam back in 2010!
Here’s how to solve the problem and keep the momentum going building your business:
Step 1: Follow The Niche-Finding Process!
To make money online you are looking for marketplaces that have a decent sized audience (use the Google Keyword Tool to check this) AND there is clear evidence that other people are already making money.
This second step (i.e., checking that others are making money) is crucial. We are NOT looking for “untapped” niches here or areas of interest that are full of free-information seekers. There’s nothing worse than putting in the work to get set up in a niche only to find that nobody is remotely interested in buying anything!
So check for products on Clickbank and the number of ads that are displayed in Google (click here to see an example of a profitable niche with lots of ads). Other good signs of profitability are if you see magazines listed in Amazon and if there is a Dummies guide available.
Step 2: Acknowledge That There Is No “Perfect Niche”
Although we have a clear process to brainstorm and find niche ideas unfortunately there is not an exact formula to decide which one is best for you.
After the audience size and profitability checks it really does comes down to what you’re interested in.
Remember that you are building a real and long lasting business here so think about whether you are interested enough in the subject matter of your niche to carry on with it 1 month, 3 months and 6 months+ down the road.
It’s very difficult for most of us to maintain motivation when our hearts are not really in it!
Step 3: Decide On A Niche, Or….
Make a decision!
A decision that turns out later to be wrong is a thousand times better than stalling your progress and making no decision at all.
You learn so much online from doing, so don’t worry about making mistakes – you’ll still gain massively! Successful people in online and offline business make mistakes and just see them as part of the learning process. Richard Branson’s ill-fated Virgin Cola and Virgin Brides for example. Do you think he’ll ever give up?
If you really can’t decide on a niche then set up a personal blog. This can be your online diary which you can use to document your progress. Hey, you can even write your first blog post about how you’re finding it tricky to choose a niche!
The great thing with a personal blog is that you’ll still learn all of the core skills that you need to make money online. Plus, as I wrote about in my last post you don’t need to be an expert. Even if you’ve been studying internet marketing for a couple of weeks you will still know more than someone who is just starting out. Just be honest, real and helpful and you’ll do well!
I set up my first blog before I had settled on a niche. It gave me some breathing space and I really started to learn so much. So, if you’re struggling in your search for a niche I really do highly recommend this – you’ll break the analysis paralysis and benefit greatly, I promise!
What do you think? All thoughts and questions (good and bad!) are most welcome so please write a comment below…