One of the hardest thing to do when starting a niche business is to nail down your niche.
Some folks even give up at this point.
Because they’re unsure if they have chosen the right niche or whether they might find a more profitable niche elsewhere.
And the reality is – you can turn just about any niche into a business if you’re passionate enough about it.
Having said that, there are a number of quick “methods” (for lack of a better word) that will not only help you find a niche, but also see if it’s profitable, BEFORE you put all of your valuable time and effort into it.
And I’m gonna let you into a few of my secret methods.
But first …
A lot of people understand what a niche is on an intellectual level, but as you start probing deeper into niches you might come up with other questions like …
– Is this Niche REALLY big enough for me to make money – long term?
Last thing I wanna do is put all my time and effort into building a website only to find out that I’ve reached a financial ceiling.
– Is this Niche profitable? Will I make money in it?
Because – ain’t no use in developing a website with awesome content if I don’t make money with it.
– Is anyone else interested in this Niche besides myself?
I mean – am I the only one interested in purple turtles?
These are all valid questions.
So although some of this may look familiar to you, I assure you, I uncover a few well kept secrets that a lot of successful bloggers like to keep to themselves for obvious reasons.
Some of the premium members at Wealthy Affiliate might have already seen me mention these secrets a couple times in the community, but I’ve never layed it out like this.
This is the “meat and potatoes” of finding a profitable niche, before you invest your time and effort into it.
Why am I sharing this information?
Well, as the Zohan would say.
“I just want to make hair silky-smooth”
I know that doesn’t make sense – but it’s funny.
Anyway, you’ll see why soon.
How To Find Your Niche Big Frankie Style
So you gotta start somewhere – right?
So why not with the things that you’re most interested in.
So create 3 lists of 10 – 20 items.
Mine would probably start out like this and not necessarily in order…
1) Interests – as in what are you interested in.
2) Stuff that’s cool, but you don’t know anything about.
Automatic gate openers
Pitch forks that always bend
Losing tv remote
Post workout nutrition
I mean – what’s up with pitch forks that bend?
Hate it when that happens.
So why start here?
I usually start with “stuff” that interests me because it’s just so much easier to create content if I have an interest in a subject.
And as you start finding out more about the niche, it becomes a lot easier to understand the wants and needs of the niche.
And when you find this out, then you’ll naturally be able to offer them solutions to their problems.
Which is sort of what I’m doing for you now – capesh?
How does this translate into money?
Well, some of the solutions that will help solve the problems of your niche may cost money (solutions that you’d be an affiliate of) and because your advice has been of such high value to them, they’d be more likely to trust your recommendations and purchase the solution.
Now, that piece of information (ie. “high value” and “trust”) is what’s missing from a lot of bloggers who never make money with their blogs.
I’m a little off topic.
So lemme back it up a bit.
Where was I?
Arhh yes …
Search Volume Determines Interest
So once you have got your list together, sort each group by what you’re most interested in.
Then start plugging the seed keyword into the “WA keyword tool” and then sort by search volume.
Why search volume?
Well, I’m glad you asked.
The search volume is the number of times that that keyword phrase has been typed into a search engines every month.
Therefore the higher the search volume – the more interest there is for that keyword phrase.
So if there’s a lot of searches for “wireless headphones for tv” that means a lot of people are interested in wireless headphones for tv.
Not trying to state the obvious, but sometimes there’s a disconnect between the numbers and keyword phrases for some.
It didn’t make much sense to me when I first started affiliate marketing – so there you go.
Why sort by search volume?
Because like “cream” the most searched for keyword phrases float to the top.
This then gives you a birds eye view on which direction to take your niche.
Just follow the flow of traffic and you should be good to go.
Hmmmm I hear you say.
So How Do I Know If This Niche is Profitable
Okay, so at this point we know that if we can rank for some of the keyword phrases that get traffic, then we’re going to get a portion of that traffic coming to our website – right?
But we are still unsure about whether there’s any money to be made in that niche.
So how can you assess the marketplace before you dive deep into your niche?
1) Paid Advertising
So one of the quickiest ways to see if your niche is profitable is by looking for Ads.
So if you’re in Google – do a search on your keyword phrase and any related keyword phrases – then look for ads at the top and the side.
If you see Ads when you type in your keyword phrase and related keyword phrases then you have a profitable niche.
Simply, because people are paying to advertise their websites in that space, but more specifically for that keyword.
Lemme say that again – more specifically for that keyword.
You see it would be bad business practice for them to pay for advertising without a return on their investment.
So if they’re making money in that space then it’s profitable.
It took me a long time to come to grips with this concept – until I become an advertiser myself and learnt about getting a return on my investment.
For every click I’d be paying between $0.50 to $1.50 for placement of my keyword phrases, and as you can imagine that ads up if you’re getting over 150 clicks a day.
It’s even worse if you’re not making any sales.
So let’s say I spend on average $150 bucks a day on advertising and worse case scenario don’t make any sales.
I do this for a week.
$150 X 7 – $0 sales = $1050 in the poop per week.
Not a sustainable business model.
So look for Ads, because folks are spending money to make money.
You can also do this in Bing and Yahoo since they have a similar PPC platform.
NOTE : This is not always valid if the space is dominated by big Brands, because they tend to have a large marketing budget to play with and don’t always use it for making sales, but for branding.
2) Are There Many Affiliate Programs In That Niche.
Product creation is time consuming and expensive, which is why it is a good signal that there’s money to be made in that niche.
So if you find a niche that has a number of competing products – especially if they’re not a big brand, then it likely that it’s profitable.
3) Are There Other Niche Websites In That Space?
This is similar to product creation, because as you well know, creating a website whilst a lot of fun, also takes a lot of hard work, time and effort.
So if someone is willing to put in the time and effort, then there’s usually a very good reason for it.
Yep, you got it, they have already done the research for you.
You just have to compete in the same space.
Those are my key identifiers of whether a Niche is going to be profitable.
- Search Volume – is there enough interest.
- Are people spending money to make money.
- Can I rank in the same space.
Got writers cramp now, but I hope this helps with your business.