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Finding a Niche - The 7 Step Formula
By Wayne Sharer and Danny Gonzalez
Finding a niche and choosing a niche product does not have to be massively difficult. Of course, the bottom line is profit, otherwise you would not be in a business online. Finding a niche that is profitable then is the real task.
Step 1 - What are you passionate about?
This is always the best place to start for one simple reason: you are already motivated to do it! Plus, you are already an expert, whether you think so or not. If it is something that you know no one spends money on, then get passionate about something else!
Step 2 - Is there a problem to be solved?
It's hard for me to imagine that any niche with a profitable following of potential customers doesn't have a problem to be solved. But if your niche is selling baseballs, you might be hard pressed to have a problem that leads to profit.
So think about it. Your considering the niche of wizzywigs. What problem is associated with wizzywigs? If it is a niche you are passionate about, you should be able to come up with a list of 5 or 10 problems real quick.
Step 3 - Do you have knowledge and experience in the niche you're pondering?
Ask yourself how long you have been dealing with the things in your niche? If you have a good niche, with real problems, you probably understand very well what potential customers will need. You may have only been passionate about the niche for a short time, or maybe a long time. But time isn't the only factor in having knowledge.
But it's likely that you have some passion you have dealt with personally for years, so you have years of experience, even if you never did it for money.
Step 4 - Select a Business Model
In the online world where targeted traffic, and customer lists are king, you need an appropriate business model know where to start looking for your highly targeted traffic to make profits. The most common way to get started is with affiliate products.
Affiliate marketing of information products yields the highest payoff per sale, so it is the recommended way to start in any niche.
But you can start with selling your own product if you want to. Some choose MLM or multi-level marketing companies, and others may choose marketing services. Regardless, you need a validated model to get off on the right foot.
Step 5 - Select your long tail keywords
Now you need to go to Google's key word tool and analyze the competition. Competition, in this case, is good. You don't want keywords with no competition. It means that no one will be looking for what you have! No competition, no targeted website traffic.
Keyword research and analysis is a whole topic on it's own. Just let it be said that you need to spend some time in Google's Keyword Tool.
Step 6 - Determine the amount of Activity
With the key word phrases you just researched, go into Google's search engine and see who your competitors are and where your customers congregate online. Find the forums, discussion areas, Google and Yahoo Groups and places like this. If there are none, you may not have a good niche!
Once again, no targeted audience congregating online probably means to targeted traffic!
Step 7 - Is it a Seasonal Niche?
It is good to know if you are in a season niche or not. Some are obvious, like Valentines gifts, and Mother's Day gifts. But others may not be so plain to see. Use Google Trends to help you analyze the seasons.
You may be happy with a seasonal niche, but if your looking for a full time online business, then you want to be able to fill in the "full time."
That's it - seven simple steps for finding a niche. But remember, if it has everything above, but people don't spend money to get information or products for the niche, then don't waste your time!
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