Top 7 Mistakes Choosing a Niche

If you wish to build a profitable online business you need to choose a niche your interested in plus it has to solve a problem. People are willing to pay good money to find solutions to their problems even if it’s an irrational fear or to fulfill an emotional desire.
Top 7 mistakes when choosing a niche

1. Falling in love with your own product
95% of people who sell their own products created them without first doing the necessary research to see if there was a market for it. They decide on a great idea for a product, then invest lots of time and money only to find out later there was no interest. Instead find a niche that is in high demand.
2. Lack of keyword research
There are free keyword research tools such as the Google keywords research tool that will tell you how many people searched for a specific keyword each month. If your keyword received no searches it wouldn’t make any sense to build a business around this topic as their is no interest in it.
Keywords or keyword phrases that receive hundreds or thousands of searches per month would be worth considering.
3. Insufficient market research
Sometimes you may find keywords that are popular (get many searches per month) but they have little or no commercial value. This may be due to the free information available on the net. For instance, say you have choose the phrase “cooking recipes” because it gets 700 searches each month and you want to sell a cookbook of your favorite recipes. Well it may not sell well because all the recipes can be found for free online.
4. Selecting a product instead of a topic
Many people make the mistake of choosing a product over a topic. It’s much harder to write lots of content about a product than on a specific topic. One way to test this out is to create a long list of sub-topics or questions related to your niche. Use these sub-topics and questions to create lots of content.
5. Choosing a highly competitive niche
You may have heard the saying “go where the money is” however if your niche is too competitive it will be hard to make yourself stand out from the crowd. For example the “make money online” niche is extremely popular (195,000,000 results in Google). If you were to start from scratch is would take years to make a dent in it . It would make better sense to select a non-internet marketing niche. You’ll have less competition and it will be easier faster to make it profitable.
6. Selecting a niche you have little knowledge about
If you know a lot about a topic it’s easier to create lots of content for it. Content marketing (ie creating blog posts, articles, videos, audios, etc) is a great way to drive traffic to your website or and helps you to become recognized as an authority in your niche. It’s possible to select a niche you know little or nothing about however you’ll need to invest lots of time on research for you to become an authority on your topic.
7. Lack of passion
Passion is a strong motivating force. If you’re passionate about your niche it will be much easier to be in it for the long term. As with any business there will be bumps along the road you need to overcome. Your passion will keep you going. 95% of online businesses fail in the first 2-5 years so make sure you find a niche you are passionate about.
If you avoid these top 7 mistakes you’ll choose a niche that has great potential of becoming profitable.

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How to Find a Niche to Build a Profitable Online Business

One of the most profitable ways to make money online is to find a niche then build your business around it. It could be service-based (ie website design, music lessons) or product-based ( ie selling information products or hard goods). Instead of pursuing multiple niches at the same time, pick one then build it into a profitable business before moving on to the next niche.

The biggest problem

The biggest problem people make when looking for a niche is to fall in love with your own idea. You may invest large amounts of time and money only to find there is no demand for your product and therefore very difficult to make a profit from it.
The solution
Instead of pursuing what you think may be a good niche ask yourself what are some of the biggest problems you have solved in your life? People are looking for solutions to their problems so if you provide valuable information that answers their problems you will find a niche that is profitable.
Be passionate
If you want to create a long term business you must be passionate about your niche otherwise you’ll soon get tired of it or run out of ideas. You’ll be creating lots of content so make sure you have plenty of topics and sub-topics to write about.
Create a list of multiple niches
When deciding on a niche write down all the niches you can think of based on the problems you’ve solved then choose the one you like the most and go for it. If you find it difficult to find a niche ask a relative or friend what problems you’ve solved in your life. Sometimes they have a more objective view of your life than yourself.
Creating a list of multiple niches enables you to easily duplicate your success after building a profitable business from the first niche you selected.
Do market research
Before you invest time and money into building a business around your niche do some market research. Here are some things to try:

• Use a keyword research tool (ie Wordtracker) to view how many searches your main keywords receive every month.
• Visit blogs, forums, discussion groups to find people interested in your niche and participate in conversations by asking and answering questions.
• Take a poll or survey. Some forums allow you to create a poll. Make sure the forum is a busy one (ie receives many responses every day). Use surveymonkey to create an online survey.
• Use social media tools such as Twitter and Facebook to interact with people interested in your topic.
• Create a Google alerts account to receive news alerts in your email box on topics related to your niche.
• Visit the online book store amazon dot com to see how many books have been written on your niche. The books will also give you ideas for great headlines you can use in your content and/or product lines.

Create a schedule to build your online business
Once you know there’s an interest and demand for information in your niche make a schedule to grow your business. For example the first month create a blog, then add an article each day so you’ll have 30 articles by the end of the month. The second month write a short report or ebook and sell it on your blog. The third month start a newsletter to build long term relationships (and a list) with visitors to your blog.
The key to building a successful online business is to promote your website frequently and consistently to increase website traffic.

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The 3 Big Best Niche Market

One of the biggest problems people make when searching for a niche is to choose one that doesn’t have a lot of interest or is too narrow. You need to begin with the 3 big niches then find a niche within those three. These 3 main niches refer to the essential desires of human beings. Without having a balance of these 3 a person will not find true happiness and spend lots of time and money trying to find fulfillment in the one they’re lacking.
What is the Best Niche Market: 3 Big Niches

1. Relationships and Dating
Everyone wants to have good relationships with their family, relatives and friends. If you have lots of money and good health but are lonely you won’t be happy. As people search for a mate and start to have families they are constantly looking for information related to dating, marriage and parenting.
Dating will always be a hot topic because people are emotional beings and want to find the person of their dreams. Some questions they may ask include:

• How to get a date
• Where are the top places to get a date
• How to do online dating

2. Health and Fitness
Most people want to look good and be healthy. Look at all the ads that appear on television related to health drinks, pills, creams, exercise machines and looking beautiful. It’s a multi-million dollar business and very competitive. If this is a niche you feel passionate about select a small segment within it if you wish to make an impact.
3. Money and Finance
People spend most of their lives going to work to make money to survive. Without it you are severely limited to what you can have. Most folks would like to be financially free and have enough money to spend on their families, friends, go on vacation, build their dream house, etc.
Making money online has become very popular as the Internet has exploded and more people have lost their traditional jobs. They become desperate to pay their bills and look for new opportunities to make money online. Even though this looks like an easy niche to pursue, it’s also very competitive so try to find a niche within it to build your business.
Create a list of niches within these 3 big niches. Make sure there is a strong emotional need for your niche (even if it’s irrational) and people are proactively looking for solutions. If they don’t have many options and you provide the solutions to their needs you’ll have found the best niche market.

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