Choosing Your Niche For Your Online Business – Part 1

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hey again miles voeckler here and today we’re going to be talking about how to choose your niche now whether you’re going into an affiliate marketing business you want to sort an info product business really any kind of business that you go into you’re going to have to choose your niche at some point now we’re going to look at a few techniques and a few resources you can use to choose your niche so you can do this kind of scientifically based on some data that you get but before we even jump in you got to know that honestly I think this is one of the biggest sticking points for most people who try to get started in an internet marketing or an online business is choosing their niche a lot of people kind of get going and going and they just get into this niche research and they never find their way out of it and they never actually take any action beyond researching niches and looking at niches and I want to kind of predicate all of this with you can always change in the future what I’m doing right now is in a very very different niche than what I started doing in my first online business you have my permission and give yourself full permission that if you get going down a path and it doesn’t work out for you you’re not enjoying the niche for some reason it doesn’t work you have every right to start over with a new niche and just know that all the efforts you took in that first direction they’re still going to serve you because all of those are actually really it’s the learning curve you know it’s it’s like your internship if you will with that said the odds of you picking a niche that you’re going to love and make money in are very good so let’s give this right the first time since we have that chance so how do you choose an inch now there’s two big things that you want to keep in mind when you’re looking for your niche number one is you and number two is your customer right so first of all let’s start with you the niche needs to be interesting to you a lot of people will say you need to choose a mint niche that is something you’re passionate about you’re going to follow your passion another way I’ve heard it placed is you need to choose a niche that’s based on one of your biggest problems something that’s going to take you one three to five years in order to solve and both of the ideas of follow your passion or base your niche on your biggest problem curtis stem from the idea that it’s going to take a few years for you really to build your business and get momentum going so it needs to be something that’s going to be interesting to you it’s going to need to be something you’re going to be willing to dedicate hours and hours every day 20 hours a week or whatever you have to this subject matter you’re gonna have to write content on this subject matter you’re gonna have to research this subject you’re going to read books in this subject so if it’s not interesting to you at all the odds of you kind of giving up someday because it gets boring are really really high so in order to remove that it does need to be something that you’re kind of excited about so that’s the first side of the niche then we look at who you’re going to be eventually selling products to and recommending products to now it needs to be something that’s a problem for them that you can assist them in resolving now you don’t have to know everything at this point but you got to remember that a niche that is based on just kind of having chance or something that doesn’t really create a pain for the person is not going to have the impact as something such as weight loss for people who need to lose weight that’s a very big problem it’s something that kind of keeps them up at night it’s something that keeps them in fear and and it’s a it’s a constant thought that they have that they deal with they battle in some senses and if you’re able to help them find resolutions for that problem they’re going to love you they’re going to buy your products they’re going to listen to your recommendations so in the niche selection process generally there’s three kind of major niches and it’s health and well-being its money finances and money making money or it’s love love and relationships right so the dating niche love and relationships make money online is obviously under the financial side of things but so is how do I invest my money and there’s a lot of aspects of the money side of the game as well not just make money online and then on the health and fitness it can be everything from solving health problems such as diabetes or other kinds of illnesses that people get all the way to wellness and well-being and vegan food auctions and kind of the organic side of life if you want so those are the main three but you never want to target the top of the niche you want to dig deeper and some of the tools I’m going to show you are going to teach you exactly the tools won’t teach you but they’ll give you the resources you need to do this so what you really need to end up doing is go below that surface level and really dig into a sub niche and especially something that would potentially kind of reference or work into play with some of your personal experiences so for example if you’ve been a financial advisor for years and years and years and you happen to be able to help people who are 10 years away from retirement they’re 55 years old and they need to accelerate their savings process at this 55 to 65 period of their life and maybe you have a few techniques because you’ve worked in this industry for 15 years that you could teach them how to maximize their returns while minimizing their risk in these critical last 10 years perfect not only are you talking about something you’re kind of intelligent about and that you’ve worked in but it’s also going really really deep and the fact that it’s helping a very specific segment of the population who have a very specific problem people in their mid to late 50s they can’t tolerate as much risk as I can being a 35 year old and they’re going to need access to their money much more quickly so if they can get growth without the risk that’s something they would be very interested in and you would be able to build a platform around that so as you probably know from previous videos I’m in the meditation niche and a lot of our meditations can fall under a couple of different segments we have some love meditations we have some sleep meditations and we have just general well-being meditations so ultimately this meditation niche that we’re in can fall under the health and wellness side of things but it can also fall under the love side of things we have an abundance meditation that could fall into the money so I’m really overlapping at a very level some of these niches so the first thing I think you should do would be to take out a piece of paper and write down what you have experience in over the last five 10 20 years of your life if you’re fresh out of college you have experience with things you have experienced on cramming for tests you maybe were able to graduate college without any student loans you were maybe able to live on very little and you understand how to live a frugal lifestyle while still enjoying the luxuries of life on a frugal lifestyle those are all skills that you’ve learned and you’ve practiced over the years so it’s important for you to honor that maybe you’ve been in the workforce for a while maybe you’ve worked in daycare for years and years and years and and you have an understanding of how to work with children or how to work with the parents of children whatever it is that you’ve been doing for a while write it down because what happens when you do something for so long you kind of forget that you have specialized knowledge right you might think oh well everybody knows that right no they don’t they definitely don’t and all you need to be able to do is teach people who are one step behind you how to do what you know in order for them to join your email list and potentially listen to your recommendations for products or purchase services from you or even purchase your products so just kind of keep writing take take some time to write out on a piece of paper all the different things that you’ve done all the things that you love to do write do you love woodworking what do you do in your free time maybe it’s not about your work maybe it’s not what you do when you get home from work that you love and you’re passionate about maybe you love crafting maybe you look sewing or knitting or quilting all of these things are very valid niches that you could potentially build an online business around again it really needs to be interesting to you once you’ve written out your list of ideas that you have we’re going to go ahead and cross-reference this in a few different places the first place I like to go is to the Kindle bookstore looking at all of the Kindle bestsellers on Amazon so what I do is I literally go to Google and I type in Amazon Kindle bestsellers what that does is it brings me into the Amazon store specifically searching the Kindle book on the left hand side of this page you’re going to notice there’s a lot of top-level categories what you’re able to do when you look at these top-level categories is click on them to drill down into the subcategories and you’re going to notice that many of these subcategories have sub categories and some of those sub sub categories have sub categories this is where you want to end up you want to end up in a category that is the furthest down in Amazon Kindles category results that you possibly can this is how you’ll know your niche down enough I’m going to leave you a link below this video that will take you to the Amazon Kindle bestseller list so you can go directly in and start to play with this so if you’re in money and Finance you start there and then you drill deeper and then it gives you another list of subcategories and you drill deeper if you have more sub categories drill deeper eventually you’ll be getting down to one of your categories that is the most relevant to what you’re interested in what you have some level of expertise in and it’s big enough to warrant an entire sub category on Amazon that’s a really good sign if you found this that very well could be your niche another place you could go is to magazines comm or to your local store that has a magazine rack now the local stores are getting fewer and farther between than they were a few years ago but you can always go to magazines comm and again they have categories built up that you can drill down into the main categories to the subcategories and you can look through some of the best-selling magazines generally speaking if a publishing company is able to sell advertising and fill out content for a specific niche magazine then you could build a business around that niche as well so you’re able to look at it through what kind of things are people already buying books and magazines generally these are topically based we’ve talked about how you really want to keep it based on a problem but one specific area you can kind of broaden yourself into is people who are irrationally passionate Golf is a great example of this pets are another great example of this knowing very few people actually need pets but people who own pets are literally irrationally passionate about their pets and if you know any golfers who really get into golf not somebody who picked it up and tried it a few times but somebody who literally they must go golfing every sunny Saturday they can and they want to travel the world to golf they’re irrationally passionate they know about the new clubs they know about these hybrid clubs and all of the differences in the stroke and they’re willing to spend a lot of money time and energy over what’s essentially a pretty goofy game right so that’s irrationally passionate and those kinds of people are avid buyers so that’s something you can target now the goal of this is to help you kind of not only tune into what you are interested in so you could potentially build a niche business around it but it’s also designed to help you look into the marketplace at what’s already working we’re going to talk about this more in a future video I’ve already kind of rambled on about this process a bit for you today but you do want to mirror what is already working you want there to be competition in whatever niche it is you go into because in this day and age the Internet is mature enough although it’s still in its infancy and there is more opportunity for you now than ever but it’s mature enough that pretty much every general new idea has been tried now that’s not to say there’s not new things coming out because there definitely are but you don’t necessarily want to be the pioneer to bring something brand new and a brand new niche to the marketplace if no other company no other publishing company and no other marketer has been able to successfully build a business on this the odds of you being able to create cash flow and a solid real business in a niche that no one else has been able to do the odds are kind of stacked against you so that’s why you want to go find books in a niche that have good sellers that’s why you want to go find magazines that are currently selling because you know that other people are able to make money on this and there’s going to be enough room for you as well so once you find that intersection of what interests you what you have a level of expertise in and what you’ve been able to find books and magazines on at this point you should have a couple of ideas of what might be your niche next what I like to do is I go to Google and I search google for the main keyword phrases I would think someone would choose let’s say it’s learning to play the guitar right if you love the guitar you love playing the guitar and you’ve been learning it and practicing it for a while and you found wow there’s people who are writing books about this there’s there’s magazines about learning guitar so you can then go to Google and you type in learn to play the guitar and you want to look to see if there’s any advertisements on the first page of Google you’ll notice them they always say ads right next to them on Google and they’ll be above and below the main search results they generally have a lightly colored shaded background it would be the top 1 2 or 3 now you want to see paid ads for your target keywords in your niche this says that other marketers out there are making money in this niche they’re making enough money that they’re able to buy traffic in order to make money on what they’re teaching and when you see that that’s another great sign that there’s positive competition if there’s no advertisements and no one’s paying for advertising on your potential niche your you’ve drilled down too far or you found something that’s just not fiscally possible for you to make some money on so what do we covered today this is kind of an overview I’m going to get more into niche and I’ll even do some over the shoulder videos with you in the future showing you exactly how I drill down into some of these tools but I wanted to give you a higher level kind of 3000 foot view of what it is to select a niche so you’re looking for ultimately the intersection of what you know what you have experience and expertise in what you’re passionate about because you’re going to be writing and talking about it and researching this for months and years to come and where does that overlap with an audience and an audience you can find through books if there’s bestsellers and US Cygnet there’s an audience there if there’s magazines in a certain niche then there’s an audience there once you have this two or three different ideas you want to go find out which ones are most fiscally viable meaning who out there is already paying for ads and who’s already paying for traffic in these niches because that’s ultimately what you’re going to be doing and if no other marketers out there have been able to do that successfully the odds are kind of against you to be the first in that arena or in that niche so again go ahead and first create a list of things that you’re passionate about things that you have expertise in and things that you just love doing whether it’s at work or after work and then go cross-reference it with the bestsellers on Kindle and the different magazines and look for the three most exciting for you possibilities and then what we’ll do is we’ll dig in and how to research this niche even more how to research your competitors and find offers that you can present and you can ultimately build a business in doing something that you enjoy and it all starts with zeroing in on the niche that you are excited about and that has a need that you can help solve so I hope you found this video to be helpful I love putting this out I’m going to keep putting these videos out for you I want to help you build a business online and these YouTube videos are all about that if you have any specific questions about what we just covered here in this video go ahead and leave me a comment just just pop in the comment below ask me a question I’ll either reply in the comments or if it warrants a video I’ll make a video to explain it for you and if you want to get notified when the next video comes out click on subscribe and I will are not I YouTube will notify you when the next video comes out because I need to keep going down this process laying out every step in the process of building a business online I don’t think you need to spend hundreds or thousands of dollars with a guru or a fake guru to learn this stuff because it’s freely available and I’ve spent 15 years 13 years making money online so this is my way of giving back to the community giving back to you to try to help you get a good head start on the path so you can start enjoying a little bit of time financial and location independence alright again miles Bechtler thank you very much for your time I do appreciate you any questions you have leave me a comment and I’ll see you on the next video