Basics of Choosing a Niche
Before you can even start building your Internet business, you will need to choose a niche to build your business around. After all, you cannot build any kind of business if you do not know what that business will be about. So before you buy a domain name, build a website, write a sales page, or even create a product, you need to choose a niche. But there is more to choosing a niche than just picking something out of thin air.
Many marketers say that you should choose a niche that you are passionate about. However, I don’t think that is necessarily true. Just think about it for a few minutes.
What are you passionate about? How many other people are passionate about the same thing? Maybe you are passionate about gardening. Great! That would be a good niche to build your business around as there are hundreds of thousands, more likely millions of people interested in gardening. But if you are passionate about some obscure subject, how many people do you think have a passion for the same thing? Probably very few so how can you expect to make any money in that particular niche?
Think about it logically. Just being passionate about something may not be enough to build a profitable business around. In order to be successful, your chosen niche must have enough profit potential that you can actually make money in it. Otherwise, it will be just a hobby, not an actual business.
PLEASE NOTE: According to the IRS, if your business does not become profitable within a couple of years, then it is a hobby, not a business. And, the IRS does not allow tax deductions for hobbies. Choosing a profitable niche is the first step to building a profitable business instead of a hobby.
On the other hand, if you have absolutely no interest or very little interest in a niche, it will be very hard for you to work in that niche. Never choose a niche just because you think you can make a lot of money in it, especially if you do not have much interest in it.
If you choose a niche you have no interest in, you will end up making excuses for why you cannot work that day. You won’t want to spend time creating products to promote to your subscribers. Without any products, you will not make any money in that niche. Plus, you’ll have a hard time coming up with ideas to write articles about. Without articles, you have no content to send to your subscribers.
Since your subscribers joined your list because they thought you would help them solve their problems, you’ll never be able to maintain your list of subscribers if you never send them the information they want.
So you will end up starting all over again in a different niche, wasting all of the time, effort and money you spent in a niche you end up abandoning. If you have some interest in a niche, it will be much easier for you to do the many tasks associated with building a profitable online business around that niche. So, whatever niche you chose should be something you are at least interested in or something you want to learn more about.
So, you really don’t need to be passionate about the niche you choose but you do need to have some interest in it. While your ultimate goal is to make money, you will still need to choose a niche that you will enjoy working in.
In order to be successful, you can’t be a small fish in a big ocean. All small fish either get eaten or they become lost in the vast numbers of larger fish.
You will need to do some research to find a niche which you can narrow down into one or more profitable sub-niches. You need to choose a sub-niche with a high demand for the products you will be creating and which also offers a large number of products you can promote as an affiliate.