Choosing The Right Niche
There are literally millions of niches to choose from, so how do you go about choosing the right niche? Well, unless you are building a niche site for yourself you need to find out if your niche has interest from other people as well.
I don’t care what niche it may be, for 99.99% there are others that have the same interest.
The keys when choosing your niche are: How competitive the niche is and Can you make money from it. Both of these answers are fairly easy to find in a short amount of time.
I’ll give you an example. One of my students from a couple of years ago is a retired autoworker. He has a nice retirement plan but he also wanted to try and build some extra income online.
First thing I ask him is what do you like to do, what is a passion of yours. Just so happens he loves magic.
Who doesn’t love magic, right. But, the downside of this is the competition is huge! So I asked him the different forms of magic tricks to try and get a better idea and drill down to a more specific niche of magic.
We went thru different keywords such as magic for beginners, magic tricks for kids, magic with coins, magic with cards, etc. I’m sure you get the picture. Anyway, all those keywords still had too much competition, I’m talking 400 million!
An easy way for free to find how much competition there is before choosing your niche just type in the keyword of the niche you’re thinking about in Google and that will give you a ballpark figure.
My rule of thumb is to get the competition to below 2 million. So, we continue to research keyword ideas until we came across Mentalism.
Bingo! We got a winner to start with under 2 million. We drilled down even more for less competition and found these keywords as well. Mentalism tricks, mentalism books and mentalism lessons.
We also wanted to know how many searches are done for these keywords so we can put him in front of potential customers. You can use google’s keyword planner but it’s a little more of a learning curve so I recommend kwfinder.com.
The free version is great for most beginners to get the information you need when choosing the right niche. As you start seeing results from your site I would think about upgrading as it does provide much more data.
Plus you can start gathering keywords and data for other niches you may want to go into.
You can see my client’s site mentalismzone.com for yourself on the first page for mentalism as well as the other keywords and there are more but you get the idea.
Monetizing Your Niche
Okay, I hope that gives you an idea on how we checked the competition for his niche and how you can apply it to choosing your niche. Next we wanted to make sure that he could monetize his site.
When I talk about monetization I’m figuring out the different ways we can earn from the site. Can we use Clickbank to sell them a book about mentalism? Can we use Amazon to show them products related to the mentalism niche?
Do we want to create our own product and keep all the money or create a membership site that people will pay monthly to learn new tricks?
Using the kwfinder tool it shows us that 1,100 people each month are typing in the keyword mentalism books.
Knowing this I recommended using Clickbank or Amazon and promoting their books which pays you an affiliate commission. Which he decided to go with Amazon, lower payout but hey, it’s his business.
I also recommended to add an optin form/capture page with a autoresponder so he could build an email list and send them links to new books or tricks to add to his income but he decided not to.
Learn more about: How To Find A Profitable Niche
Choosing the Right Niche – Conclusion
Listen, anyone that tells you it’s easy to start making income overnight by just copying and pasting is feeding you a line of bul@@#$. You can make money, you can create financial freedom but it will take work. It will take a plan.
What I’ve shared here is a starters guide and though my student after 2 years is making around 1,800/month with a pretty basic website and a few pages, what do you think would happen if he just repeated the process with a different niche?
I believe the quickest way for anyone new to internet marketing to build a long term business is by choosing the right niche. If you have any questions just shoot me an email.