“How to Choose Your Niche” is Step 1 in my series about how to build your own online business from scratch. In my last blog, “Build Your Own Online Business-The Big Picture”, I told you there are four big picture steps to building a successful online business.
Here’s the simple business success formula I showed you in the last post:
What I want to help you understand a little better today is Step 1 of the process:
Choose Your Niche
This may be a stupid question, but I’m going to ask you anyway; Do you like to shop?
Most people do. People shop in different ways. Some are window shoppers. They like to look but they’re not ready to buy anything. Others are mission shoppers. They know exactly what they want.
Mission shoppers go directly to the stores that have the merchandise they want. They examine the product, compare the price and ask the sales clerk a few questions. Then, if they like the product and believe they are getting a good deal, they pull out their credit card and make a purchase.
Mission shoppers might buy snowsuits for their toddler, acne cream for their teenager, backpacks, tennis shoes or games for their twelve year old. Mission shoppers buy electronic gadgets, cosmetics, hair products, shaving products, jewelry, and housewares. They buy automotive products, camping gear, sporting equipment and whatever else you can think of. They make investments, start businesses and buy success products.
Millions of mission shoppers need your help. Everyone wants to look good, feel good, have better relationships, more success and more money in their life. That means you could help people with relationship advice, business advice, health and fitness advice, money advice, self-improvement advice, beauty, fashion and personal care advice…again any thing that you have a real interest in and know something about.
Each one of the above is an example of a niche. A niche is simply defined as what a group of buyers are looking to purchase. Another way to say the same thing is, a niche is a group of people with an immediate need and buying power. If you want to make money online, build a product-specific niche website that meets a need and solves a problem for a targeted market.
A targeted market is a group of people with similar needs. For example, one market group that many online marketers target are Baby Boomers. Baby Boomers are men and women between the ages of 40 to 75 who have a variety of needs like supplementing retirement income, preparing for retirement, lowering cholesterol, reducing high-blood pressure, coping with diabetes, travel, shopping, saving money, making money from home, investing, buying real estate and so on.
Each one of the “needs” I described represent a niche within the target market of Baby Boomers. Stay-at-home moms, New Parents, Seniors, Self-Employed Professionals, Gamers, Sports Enthusiasts, Generation X Career Builders are other potential target markets who have specific needs.
To make money online you need to know how to target people who are ready to purchase. Knowing how to use the tools provided on the internet makes that easy to do. I will show you how to do that with my 1-2-1 coaching program.
Making Money Online
The way to make money in any business online or offline is “find a need and fill it.” Applied to online business, find out what people want to buy and help them make a smart buying decision when they are in the buying phase of their purchase cycle. When mission shoppers are actively looking to purchase something they need, they type keywords into search engines hoping to find solutions. If you offer what they want and your website pops up on their radar, you make money.
A top way to make money online is with affiliate marketing. If you opened a bakery in your local town, you would have to pay rent on a building, purchase ovens and equipment, hire helpers, make your product and keep your shelves stocked. The cost of opening a shop like that would be over a hundred thousand.
As an affiliate, you can eliminate all of the start-up cost, inventory cost and labor cost. By eliminating those costs, you can start turning a profit right away. All you do is pick something you are interested in, build a website, write reviews of products or articles that give quality information and sign up to be an affiliate of product creators and major brands.
By signing up as an affiliate, you can promote products from major brands and get a commission every time a mission shopper makes a purchase from your site. And the best part is, you don’t have keep an inventory of products in your garage, you don’t have to pay any shipping costs and you don’t have to pay a fee to get the product. Everything is handled automatically through your website.
Why Do I Have to Choose a Niche?
Choosing a niche is important because you can’t sell everything to everybody on your website. Your “webstore” is competing with millions of websites. The world wide web gets over 2.5 Billion mission shoppers a day. That means millions of potential buyers could come your way if you have what they are looking for but first they have to find you.
Now I’ll bet you are thinking, “That’s exciting. Now how do I get them to notice my website out of all the millions of websites online?”
Getting people to come to your website takes some training in how to use keywords because mission shoppers look for things on the internet by using keywords to search. I have a perfect training program lined up for you that will make you a keyword expert in no time.
All you need to do at this point is choose your target market and niche by making a list of things you are interested in and could get excited about promoting. What are you passionate about? What do you love learning about? With the method I recommend to build an online business from the ground up, you can turn any passion into a profit.
The way I can help you today is by offering you a FREE starter membership in Wealthy Affiliate. Wealthy Affiliate is an online business university that teaches ordinary folks like you and me to build a successful online business from the ground up. It was from Wealthy Affiliate that I learned to build a website like the one you’re reading today.
With my business starter membership you’ll learn everything like:
- How to Choose a Profitable Niche
- How to Sign Up with Affiliate Partners
- How to Create an Amazon Store
- How to Draw Traffic to Your Website
- How to Make Sales Online Without Selling, and more.
I will be there to help you every step of the way. I will personally greet you when you sign up and send you my 6 Day Email Getting Started The Right Way Course plus, I’ve got a couple of other gifts to help you along your way.
Start by reading my review of Wealthy Affiliate and then simply sign up for a free account. You won’t need your credit card to sign up for a free account and by signing up, you’ll get some basic training to help you build two websites absolutely free.
I Believe in Your Success!
Next up: Build a Money-Making Website