Before you start making money online you need to choose a niche market. You need to decide what it is that you want to focus on, what it is that you want to write about to educate people.
But how to discover profitable niches? Because you want to find a niche that is profitable, don’t you?
Actually you can make money in any niche market, but some markets are more successful than others.
When choosing a niche market, try to choose something that really interests you as well as adding value for others. It’s best to choose a niche you enjoy and you can talk about or that you’re ready to learn about.
While looking for a niche ask yourself the following questions:
What are my hobbies and interests?
What are some of my life experiences and achievements?
What problems big or small have I solved in life?
Like I already said above: it’s possible to earn money from every single niche, but sometimes it’s easier to make money in one niche than in another.
1. Finding a Profitable Niche!
Choose a market that is the right size and is monetizable. You can have a massive market, but if nobody’s willing to spend money for it, it’s not monetizable.
- Brainstorm a list of potential niches
- Discover a search volume (find out if there are enough people searching for this niche)
- Determine the competition (if there are advertisers actively promoting this niche – that is a good sign. Competition is good)
- Find out if there are existing affiliate products out there
Dummies.com is a great place to start profitable niche research. Check how many books there are in the given category. They will give you ideas of existing niches.
Uncover potential niches with Amazon.
Remember that you want to sell information, something downloadable. You can find there millions of products. There are tens of thousands of categories.
Go through the categories and see if there’s something that interests you. Check the bestseller list. Remember that anything can be a niche: sports shoes, digital cameras etc.
Other places you should go to find potential niches:
- Ezine Articles – the most popular article directory on the web, great place for ideas. Pick a category, anything that grabs your attention. Write it down and check it later.
- Go to magazines.com
- Go to weddles.com/associations
- Go to dmoz.org
2. Discover a Search Volume
Once you’ve found an interesting niche, then you need to find out whether it’s profitable or not, whether it’s worth your time and effort. You need to know how many people are searching for the given information.
So, if you want to determine the market size use a keyword research tool. The one I use is called Jaaxy (you can create a free account and do some searches). In my opinion it’s one of the best keyword research tools available on the market.
Or go to Google Keyword Planner, and check whether there are at least 20,000-30,000 searches a month for the top 5 keywords in this market (20,000 ‒ 30,000 searches aggregate). If you’re going to use Google Keyword Planner, pay attention to Local Searches, not Global.
Next check if there are active blogs in your chosen niche. Go to Google and type in: “market blogs” (the word “market” replace with your market), “best market blogs”, “top market blogs”.
Check if there are active Facebook Fan Pages
Check if there are active forums. Google: “market forum”, “best market forum”, “top market forum”
Find out if there are active email newsletters. Google: “market newsletter”, “market ezine”, “best market newsletter”, “top market newsletter”.
Check if there are offline magazines.
3. Determine the Competition
Competition means that there are lots of interested buyers. To determine the competition conduct a search on Google and take a look at the sponsored links.
The more paid ads you see the better (I like to see at least two). Sponsored links show up either on the right hand side or on the top of the page.
Find out if somebody is already doing what you’re going to do.
Check if there are well-known advertisers.
Check if there is indirect competition (company selling dog’s food is your indirect competition, you’re selling information about dogs)
Remember that in the information space competition is good. Lots of competition means lots of people are searching for the given keyword, which means it is popular and there’s a potential to make money within your chosen niche.
4. Make sure there are exciting affiliate products out there
One of the most common ways to make money from a niche is promoting other people’s products and services.
Start with Clickbank.
Go to Clickbank to determine if there are any affiliate products within your chosen niche.
You need to check how many products are selling on Clickbank.
It’s very important to make sure if there are available affiliate offers. If you don’t have your own product, affiliate programs are the best thing.
Even if you find a good niche, but later you will discover that there are no affiliate products within this niche, how will you make money?
Another way to find affiliate programs: Go to Google and type in, e.g.: “affilite programs + baby clothes” or “affiliate programs + bodybuilding” or “affiliate programs + electronics” (do this with your chosen niche)
Check also this place: Commission Junction
Jaaxy is helpful in finding affiliate programs as well.
Remember, you can always try to make money in two, three of four different niches.
However if you’re just starting out I would stick to only one niche. The truth is that you need to be successful only in one niche.
When you start making money from your first niche, then you can think about building a website in another niche.
Once you are successful in one niche, you can always repeat the process with another niche.
And remember: SELL WHAT IS ALREADY SELLING.
If someone is selling something, or if there is competition, and if there are paid ads on the internet, then it means that you can make money on it.
And don’t worry that all the good stuff has already been found.
There is always room for you, especially if you are selling information. In 2014 you won’t find a market that hasn’t been yet discovered. Just sell what is already selling.
One more thing, read this article to learn more about what a niche is: A Niche is a Group of People Looking For Stuff.
How to Become an Expert in any Niche (available only to Premium members of Wealthy Affiliate)
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