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How to Select a Profitable Niche to Make Money Online

How to Select a Profitable Niche

When it comes to making money online, the first obstacle to overcome is to select a profitable niche. Too often, new entrepreneurs don’t realize how important that choosing the right niche is. But, the truth is, if you select the wrong niche, you are doomed. Selecting the wrong niche will absolutely destroy your chances of achieving success online. So, what are the wrong niches?

Don’t Select the Wrong Niche

There are several types of pitfalls that can ruin your venture before you even begin. It’s important that you know what niches are wrong, so that you can recognize them when doing your niche market research and select a profitable niche that will enable your success.

The primary reason that niches simply aren’t profitable is because there is little or no money in the niche. There are a lot of hobbies out there that people love and partake in regularly. However, if these people aren’t spending money, then it’s a niche you must avoid at all costs if you want to make serious money online. I’m sure you can think of an activity that you enjoy, but you don’t spend much – or any – money on.

The competition is too strong. The fact that there is competition within the niche is more of a good sign than a bad sign. If businesses are actively advertising and selling within a niche, then there are people spending money within that niche. However, if there are dominant businesses that have a stronghold on the market, then it is a good sign that you should avoid the niche. However, generally the competition is strong in the market overall, if you dig deeper you may be able to find a great sub-niche to expose for profits.

A rapidly changing niche that you don’t know much about is a bad niche to dive into. Notice, there are two parts to this equation: a rapidly changing niche that you don’t know a lot about. This is a recipe for disaster. While it’s widely said that you should be an ‘expert’ within your niche, there are some niches that you can essentially rinse and repeat what is already in the market; whereas, other niches are constantly changing which causes you to constantly spin your wheels to keep up. An example of a slow-moving market would be fitness. There are rarely ground breaking exercises being invented these days and the way to build muscle isn’t changing anytime soon. An example of a fast paced market would be actively researched medical conditions. Markets such as these will have constant information that you’ll have to keep up with.

Another niche to avoid is any niche that isn’t in an evergreen market. Evergreen markets have withstood the test of time. If you select an evergreen niche, then you’ll have definitely selected a profitable niche. Evergreen markets include things like weight loss, fitness, dating, sex, making money, or even dog training. These markets will always be full of people that are spending money. And when you drill down into them find niches that are extremely profitable – and will be forever. On the other hand, if you build your business around a flash-in-the-pan, or temporary craze, then you will eventually lose everything you worked hard to build.

As a rule of thumb, we also recommend that you avoid niches and markets that can adversely affect the lives of others. We often see people promoting “cures” for medical conditions; however, these people are not licensed professionals. There are several moral and legal issues with promoting offers in niches that you are not qualified to give advice on. Typically, these niches are within the medical field.

Markets Vs Niches

I probably should have mentioned this a little earlier, but it’s not too late. If you were reading carefully above, you may have noticed that I substituted “markets” for “niches” a few times. But realistically, the terms “markets” and “niches” are not interchangeable – they are very different.

Markets cover a wide variety of niches and sub-niches. They are the overall category for which the niches fall under. Primary examples of markets are health, finance, and dating.

On the other hand, when you niche down, you’re drilling into these markets and finding a specific target market. For example, a niche within the dating market would be “dating for widowed women.”

The Three Mainstay Markets

Unless you are brand new to making money online and/or businesses, then I’m sure you heard of the four golden markets: health, wealth and romance. These are the three dominate markets when it comes to making money. They hit everything on the checklist: they’re evergreen, they are extremely profitable, and they offer endless opportunities to grow.

Five Considerations When You’re Researching Niches

Now, that’s not to say that these are the only markets that you should consider. Other markets, such as self-help, embarrassing problems such as bad breathe, and pet care can be extremely profitable as well. However, if you’re brand new to market research, then the health, wealth and romance markets are great niches to start diving into.

When you select a profitable niche, you will set yourself up for success . If you choose a niche that’s too hard to penetrate and capture market share, then you’ll fail. Likewise, if people aren’t spending money within your niche, then you’re set up to fail. There a few keys to consider when you’re selecting a profitable niche.

First, is the niche evergreen? If you’re going to build a sustainable business, it’s essential that you do it in a niche that won’t be vanishing into thin air. Fads come and go and if your business is built on a fad, it will eventually go. However, evergreen niches are here to stay.

Second, how can you actually make money from the niche? The easiest way to make money is to identify a problem within the niche and develop the solution to that problem. However, if there is a free solution that’s widely available or that has established itself as the go-to solution, you could find yourself in a niche that isn’t profitable. You should not build a business that is “fighting to reach the bottom”. In other words, do not build a business in a niche in which there are slim profit margins.

Third, make sure the niche is suitable for you. For example, teaching people to speak Chinese online is very profitable. However, I cannot speak Chinese so this extremely profitable niche is very obviously not for me unless I’m willing to pay someone to develop the training material for me.

Fourth, develop a unique selling proposition. Why should you customers buy from you and not someone else? Does your product have more information? Is your product in a better format? Do you have exclusive content from other experts? Does your product come with bonuses?

Fifth, identify your target market and find out where they hang out online. You can build the greatest product in the world, but if nobody ever hears about it then you’ll never make a dime. It’s extremely important to identify who your target market is and to find out where they hang out online. Do they use forums or message boards? What blogs do they read? Having a plan in place to put your product in front of your potential customers will go a long way to your success. In the product development stages, you should consider your target market input and feedback and tailor the product to their needs.

Should You Follow Your Passion or the Money?

If you read certain Internet marketing forums, you’ve likely seen this argument a hundred times. It’s a never-ending argument that, in my opinion, doesn’t have a correct answer. Some people argue that if you’re passionate about the niche your business is in, then you’re more likely to stick with it and develop great content and a great business. I don’t think anyone can refute that point. However, you need to make sure that there is enough interest in your niche, and product(s), to build a viable online business.

On the other hand, you need to decide whether you are building a legitimate business or if you just have a hobby on your hands. If you’re building a business, then you need to take into consideration that profitability will go a long way in determining your ability to succeed. You need thousands, tens of thousands, or even millions, of people to be interested in your product(s) or services to build a business.

As I said, I don’t think there is a correct answer on which way to go. However, I believe there is a sweet spot for everyone. The sweet spot is where we find a profitable, evergreen market or niche that happens to coincide with our genuine interest. This is the best of both worlds and one that all of us can find if we research our options to select a profitable niche.

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How to Make Money from Home: Easily Identify Profitable Opportunties

There is a ridiculous number of ways to make money from home. However, it’s often hard to tell the legit opportunities from the frauds. Likewise, it’s hard to tell the difference between opportunities that will make you pennies and opportunities that will make you serious cash. Bank to Blank focuses solely on opportunities that will enable you to make money from home  or anywhere else you choose to be. We’re not going to waste your time filling out cheap surveys or completing captchas. Honestly, you’re time is much too valuable for that.

We’re here to talk about how you can legitimately replace your nine to five jobs with an online income that’s reliable. We’re here to talk about not only covering the bills, but having money left over to travel and live life the way it’s meant to be lived.

Making money online may sound difficult. Heck, you may have even read or heard that it’s difficult – and maybe even impossible. Truthfully, online money making process is extremely simplistic. However, there are a couple of things that you need to do in order to make money online. In this article, we’ll break each of them down

First Things First: Find a Profitable Niche

There’s an old saying that goes: if you fail to prepare, you prepare to fail. This rings true when it comes to finding a profitable niche to make money from home. Once you identify a profitable niche, you are well on your way to making money online. So, how do you find a profitable niche?

There are quite a few different schools of thought when it comes to finding a profitable niche to develop your business around and make money from home. Some will say that you shouldn’t compete in large markets because you’re competing with companies that have multi-million dollar marketing budgets. Others will argue that companies with multi-million dollar marketing budgets aren’t spending their money in markets that aren’t generating a profit. So, this is a dead giveaway that the market is profitable. These people will argue that a very small market share of a large market is more profitable than a large market share of a small niche.

Initially, it all boils down to what is right for you! That’s right; the right business will be determined by what is right for you and your skill set. Nobody knows your strengths, weaknesses, abilities, and desires better than you do. To find a profitable niche, you need to start by brainstorming. Be true to yourself and realistic. You want to identify any and all potential markets or niches that you’re able to provide your customers with value. Here are a few questions to consider:

  1. What topics do I know about?
  2. What could I teach others?
  3. What type of business do I want?
  4. What information do I share with others?
  5. What group(s) of people do I identify with?
  6. What are my overall strengths and weaknesses?

Answering these six questions will put you well on your way to having a list of viable markets and niches and ready to make money from home. Scrutinize your list, think of related niches and utilize Google and Google’s Keyword Planner to find related topics and keywords.

Make Sure the Niche is Viable: Find the Problem and Create the Solution

The one thing that every single person on this planet pays for is a solution to a problem. If you experience engine trouble, you pay a mechanic to fix it. If you want to further your education, you pay a college to take a class. Whether it’s a tangible product, an electronic product, or a service, the ultimate goal is to develop a solution to a problem.

Now, you may ask, what if there’s already a solution to the problem available. To that, I say “good!!!” Do you know why? If there is a solution to the problem that’s already for sale, then that means you’ve found a profitable niche. Trust me; people are not out there selling products that are not returning profits.

However, if you’d like to further confirm that profits are there to be made, give Amazon a shot. See if you can find the product that solves the problem on Amazon. That’s further confirmation that there’s money to be made. As a side note, you can also use Amazon to drill down to find profitable niches. Select a market such as “Toys, Kids, and Babies” then select “Babies” then “Maternity”… And continue to drill down through the options. You’ll find a ridiculous amount of ideas!

Back to the problem at hand, if there is already a product on the market that is capturing market share, how can you compete? The answer is very obvious. Simply brainstorm, what can you do to make the product better? Can you provide more information? How can you provide better, or more precise, information? Can you provide a similar product in a different format? Every product can be improved upon; you just have to find what’s missing. If you think you’ve found a potential winner, it will probably be worth it to buy the product. Take it for a test drive and see what it’s made of. However, don’t rip off another’s hard work. Be sure to develop your own unique solution and set yourself apart.

If there are no products or services available to solve a problem, then there is a very good chance that people aren’t willing to pay for a solution. Or that someone has captured a large market share with a free product. However, there’s a slight chance that you’ve found an untapped niche. So, always do your due diligence.

The Next Level: Find a Hacking Opportunity

What if I told you that finding a profitable product online could be a goldmine for you? You see, while you’re doing market research, you’ll come across solid businesses that have established themselves. They may not have many weaknesses but they have something else. Something that’s more valuable to you… a buyers list.

If you come across a business that’s established, look at ways that you can create a complimentary product to theirs. A product that would greatly benefit a customer that purchases their product will greatly benefit them and you as well. This is a joint venture dream.

You can create your own site and offer their product as an upsell and vice versa. Meaning, you’re both instantly growing your potential income without having to create additional products or services. In my opinion, this is the perfect storm.

Are you ready to make money from home? There’s nothing standing in your way except yourself. It’s time to build a business that you’re proud of and live the life that you’ve imagined.