Choosing a Profitable Niche Means Learning How to Gauge Profitability
This is the second segment of a two part training I have written on the topic of choosing a profitable niche. Please read the first part now or read it after you have read what I’m sharing here by bookmarking the two links. Profitability is on everyone’s mind when they’re just starting a new business branch online. You want the money to start flowing fast, and lots of it! There are a few different ways you can measure the profit potential of a niche. Let’s discuss choosing a profitable niche as you’re getting started online.
First, digital products can be extremely lucrative. They’re the kind of product a customer can receive instantly by clicking a buy button and downloading directly to their computer to consume.
So you want to be looking to see if your niche has products on sites like ClickBank, JV Zoo, or Warrior Plus, for example. Of course, if there are none, that doesn’t mean all hope is lost. If consumers are buying courses or books on the topic, you could create your own content (or use private label rights content — PLR) to do it.
Tangible products are another area of profitability. In the fitness niche, for example, you might have digital courses that teach people how to exercise and eliminate fat and get toned, but more money comes in the form of commissions from the promotion of machines they’ll be using, protein powder, calipers to measure fat, scales and more.
Services, like coaching or doing things for others they don’t want to do themselves, is another way to make money in a niche. If you want to help someone achieve success, you might be a sort of life coach for them — or help analyze someone’s efforts to improve their relationships, for example.
Look at price points and frequency of purchases, too. Whenever you find a program that the consumer will be renewing monthly or annually, this provides even more profit potential for you to consider. With pricing, you might instinctively worry about promoting high ticket items, but you would have to sell fewer of them to equal the volume of sales you’d need on a small commission item. Also, we can’t tell a story for our prospects, like believing they will not be able to purchase something above a certain price point, or that they would not purchase such a product from us. I did that when I was starting out online in 2006 and learned the hard way it simply wasn’t true.
Understand that unless you’re selling services or using paid ads for traffic, it will take a little time to gain traction in any niche because your site has to get indexed (found) in Google. Stay consistent and build up your content and following.
Knowledgeable Leadership Requirements for Choosing a Profitable Niche
Worry about not measuring up to your competitors in terms of knowledge is common for many new online entrepreneurs. They do not want to step foot in the arena unless they have all of the answers ahead of time. But nobody has all of the knowledge they need in every situation. The key is to be a good learner and sharer — someone who, when asked a question they don’t know, is willing to go find an answer and share it.
That’s all it takes — willingness and the ability to uncover things people want to know. This is actually part of what’s thrilling about being a niche leader. You are always discovering things and broadening your knowledge about a topic.
It would be very boring if you woke up day after day and already knew everything there was to know about the subject matter. So embrace the starting point you have now and understand there is no shame or humiliation in saying, “I’m not sure about that — let me get an answer and get back to you.”
But make sure you’re not just waiting for questions you don’t know to pop up before you embark on a learning adventure. You should always have time carved out in your schedule where you’re diving into niche topics and learning interesting, new or trending details to showcase to your followers.
Stay abreast of news stories, read consumer or trade magazines in your niche, study the competition to see what they’re talking about, and lurk in forums and on social media to see what the buzz is.
When you find information to share with your audience, don’t be afraid to share your opinion on it, too. People want to know what you think of it — even if you disagree with what someone else is saying.
Put a twist on it if you can or want to. If some news comes up about how getting 8 hours of sleep a night helps you lose weight, you can pass that information along to your audience.
But then add on ways they can achieve that slumber, if they don’t already know. Give your own personal bedtime routine hacks if you have any that might help them. Experiment with new methods of getting to sleep and share a daily account about what worked and what didn’t.
Longevity Issues to Consider When Choosing a Profitable Niche
There are a few things you have to keep in mind in terms of adopting this niche for the long haul. Unless you plan on flipping your site to someone else, chances are you’re hoping this will grow into a formidable business branch for years to come.
But will you run out of information to share? There are some niches, like health, that are always evolving. Sometimes it’s because of technology and sometimes because of new knowledge that’s gained that wasn’t known before.
Then you might find something such as how to store water that has you scrambling for new topics to cover after a few months. Maybe you covered rain barrels and treating water, you did product reviews and a how to series, and now you’re all out of ideas.
You want to make sure that the niche you choose isn’t difficult for you to garner ideas with. Before you begin, brainstorm from of your categories that fall under your umbrella niche topic and write out lists of possible things to cover.
Would you be able to find something new a couple of months from now? How about a year from now? It’s quite helpful, depending on how much creativity you have or lack, to pick a niche that makes things easy for you in terms of brainstorming topics to blog about.
Will you get bored of the niche — or feel some other negative emotion having to tend to a site on this topic all of the time? What if it’s a depressing niche and you have to write about it day after day? It’s important for you to feel excited about work and not dread facing it every morning. So pick a niche that truly makes you feel fulfilled or happy whenever you share thoughts with your audience. Choosing a profitable niche can be fun and rewarding, so be willing to do the work and take action towards your goals.
This article was originally published on my site at https://connieragengreen.com/choosing-profitable-niche/.
I’m author, publisher, and entrepreneur Connie Ragen Green and would love to connect with you. If you are new to the world of online entrepreneurship please check out my comprehensive training on how to set up Funnels That Click and learn how to gain an unfair advantage when it comes to building a lucrative online business.