subject: Finding A Niche Thats Ideal And Profitable [print this page] Within the scope of your talents, passions and knowledge there is an ideal niche where you can become the go-to expert, and where finding ideal clients will be easier. Often finding the niche where you can have the biggest impact and making the most money can make the difference between struggle and success. If youre having difficulty becoming clear about the right niche, here is a simple process you can follow to help you choose.
You need to have a niche strategy. There are 5 simple criteria you must meet to identify your Perfect Profit niche. Thats the niche where you can be as profitable as possible and serve the most people. Imagine how much easier it will be to make tons of money if you are actually giving people something they really want to buy.
Many business owners pour their heart and soul into creating a product, only to find they cant easily find buyers. Within the scope of what you are capable of doing with your passion, knowledge, and talents there is a sweet spot where you can accelerate your success.
I call these 5 criteria the 5 Ps.
1.Passion
What are you passionate about? What message, talent or knowledge do you want to share with the world? You can make money without passion, but it becomes a dry and tedious journey that can easily lead to burn-out. Its hard to have the drive and determination you need long term without it.
2.Problem
People today are overcome with information and marketing messages. What is so important to them that they will jump at the opportunity to read your message?
What are the biggest problems, challenges or wants your clients have for which you can provide a solution or desired result? Only by doing some research can you know if people want what you have to offer. Keyword research is a wonderful way to find out what people are actually searching for. What is selling in your niche? What books are popular? You must know what people want before you decide what products or services you need to offer.
3.Pay
Are those same people willing and ABLE to pay you a competitive price? If not, its the wrong market. Just because people need something doesnt mean theyre willing to open their wallet and buy it. You must know this if you want to build a profitable business.
4.Profit
Can you make a decent profit after you pay all of your expenses? If your products arent profitable, your business will struggle to stay open. Also, what quantity of each product could you expect to sell? Get out your calculator and run some numbers. The most profitable products are downloadable information products and there is rarely a business that couldnt create passive income this way.
5.Positioning
Can you find a sweet spot in this niche where you can be positioned as the go-to expert? If the niche is overcrowded with very similar experts, how will you stand out? Or could you offer an approach thats slightly different to help you stand out in a crowded marketplace?
By answering the questions above and testing the niche youve chosen against these 5 criteria, youll be on your way to finding not just any niche, but a profit niche.
