Define Your Niche To Build Wealth
(please make sure you read my previous articleson making money onlinebefore reading this article)
So you have uncovered your strengths and passions, those things which come easily to you, the things you would do even if you weren't getting paid to do them. This may seem like a simple exercise, but it is a very important first step.
The reason that this is important is that, now that you have defined your interests, you want to start setting yourself up as an expert in your field. Why? Because generally speaking, people are happy to give their money to those in a given field who actually know what they're talking about.
Now let's say that you have a few ideas for topics that really blow your hair back. The next step would be to narrow down your target audience, especially if you have picked a big market.
If you know nothing about whether a market is big or small, don't fret, help is on the way. Here's a little tip that is going to help you immensely online, a secret weapon that you can use at will to discover more about your market The Mighty Google Search Engine.
Go to Google and punch in the phrase 'internet marketing.' Internet Marketing is a HUGE market and do you know how I know this? I Googled it. At the time of writing this article there were 152,000,000 search results for internet marketing.
That's 152 MILLION, folks.
That means there is a lot of interest in this field, which seems great on the surface, BUT there is also tons of competition.
Punch in 'Mortgage' and Google will give you roughly 117,000,000 results. These are huge markets and the thing about big markets is that they're already flooded with people hoping to get their slice of the pie. It's like a gold rush out there - madness.
It will be much easier for you to succeed online if you find your niche. Simply, a niche is a much more focused, specialized market. Let us elaborate by giving a real example.
For argument's sake, we'll assume that your area of interest is Poodles. You love all things Poodle. Poodles were always in your family, and you know everything there is to know about them. If you could, you'd spend all day, every day with Poodles.
Now, this is great because a Poodle is a breed of dog, right? If you were to Google 'dogs' you'd come back with about 292,000,000 search results. HUGE.
In other words, we've already 'nichefied' the search term 'dogs' by being more specific. Not just any dogs, but Poodles. Well, if you were to Google 'Poodles,' you'd get roughly 5 million results - not bad.
But you can do better - we need to get even more specific. What is it about Poodles that you really know a lot about?
Now, if Synchronized Swimming For Poodles is your thing, you may be in for a rough time online. While this is a very specific niche, it is not likely to be lucrative.
Why? Because although this may be what you live for, not many people in the world care about Synchronized Swimming For Poodles, and even fewer will be willing to part with their hard-earned money if you try to sell them something based on this idea.
Instead, let's have a look at 'Poodle haircuts' (by the way, there are some extremely funny and disturbing images that come back for this search but I digress). Well now we've got 224 000 results. This is more like it.
Would you rather compete trying to be the expert in huge a market such as Dogs, or in a much more manageable market, such as Poodle Haircuts? You'd be way more likely to sell your product, 'The Comprehensive Guide To Poodle Haircuts,' than you would be to sell the product, 'My Guide To Dogs.'
It would be well worth your time to find a more manageable niche for your interests. Do some brainstorming for all of your broader ideas and try to come up with some niche options for each one, using Google to check your findings. Next, we will look at how you can know whether or not you have found a profitable niche market.
Define Your Niche To Build Wealth
By: Perry Pearson
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