If you want to make money online then one of the first things you need to do is to choose a profitable niche.
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…
I am quite eager to join and learn the a,b,c first.
Hi Dionisia,
Thanks for your comment and the email earlier. Welcome on board to GHG!
A, B, C is what its all about. Break things down into small steps and reward yourself after you complete each one to keep the motivation levels high.
Kind regards – rob
Hey Rob; I’m glad you shared that post with me, it makes me feel a little better. People say they had a rough start, but it just doesn’t feel like that with most marketers. I am still in learning mode and I know that will never end. I’m stuck in lots of ways, but trying to move foreword. Thanks for all the encouragement.
Hey Rusty,
My pleasure, glad you feel better after reading it!
I think most marketers had a rough start, it’s just that sometimes they don’t like to talk about it. Pushing on through and knowing that every problem has a solution is what it’s all about.
Thanks for stopping by here at the blog 🙂
Rob.
Hi Rob.
I think that when you said “It’s very difficult for most of us to maintain motivation when our hearts are not really in it!”, you hit the nail on the head. To start in a niche that you’re not comfortable with is a receipe for struggle. I really like the way you have developed your blog and site as its obviously something you really enjoy doing and this shows in your posts. I think that that is the key. Something you enjoy and can have fun with like you do. You’re a good teacher and it shows. Thanks for all your help and encouragement.
Hi Kate,
Nice to see you here again – glad you enjoyed the post 🙂
It’s quite hard to look forward sometimes and decide whether you’re really interested in a particular niche or whether its more of a 7 day wonder.
Cheers, Rob.
P.S. Love the look of your site – reminds me it’s almost lunch time here in London!
Good advice Rob. It’s not about finding untapped niches because at this point probably the only niches that remain hidden are the ones which don’t make any money.
Hi Cristina,
I think you’re exactly right – most of the time we quickly find out why those untapped niches are untapped!
No need to reinvent the wheel – just focus in on delivering value to people in an already profitable area.
Rob
Hi Rob, excellent advice which I have just put to use, thanks ever so much!
The only thing I would say is that it might be better for UK people to check Amazon UK magazines rather than the US site, as there is a slight difference in our cultures, unless they want to specifically market to the US.
Hello Dawn,
Excellent point – if you are targeting a specific country then definitely consider that culture and you can definitely use amazon.co.uk rather than amazon.com for the magazine check as you rightly point out. Always nice to include the US, Australia and other countries as well though if you can as your reach will be much larger.
Thanks for your input 🙂
Cheers, Rob.
hi rob
this was great.just remind me how to set up a blog. i have not set up anything . you make things look easy but i am nervous as if i cannot do things my self. how does one come out of their shell.
Hey Prad,
Thanks for the comment! 🙂
Glad you found this useful. The “trick” to coming out of your shell is baby steps: Take this information, implement it. Don’t worry if you later decide it wasn’t the right niche, the fact is that if you take action you’re already miles ahead of most people who just stay in a state of indecision.
Good luck, take action and let me know if I can help with anything!
Kind regards,
Rob
thanks rob i am reading throught your different topics Damian
Good to see you exploring the site Damian.
It’s great to have you on board – thank you for subscribing!
Rob