How to choose a profitable niche to invest your time in can be difficult .. often we have to fail several times and discover this by trial and error.
I have been here several times – and felt awful about it on every single occasion
Having had an apparently wonderful idea for a digital business .. bought domain names, and started creation of detailed content plans ..
.. once I had even started selling access to my creation – convinced it was a proposition my audience could not resist ..
.. only to find that in reality I had misjudged the market, and there wasn’t a viable audience ready to pay for access to what I had created.
I have felt the pain of realising that instead of creating a profitable business opportunity – that I had been wasting my time.
When this happens to you (and it likely already has – or will in the future), its important to realise that this is the reality of being an entrepreneur.
Not every idea you have will work – not every creation you dream up will sell – and not every niche you enter will be one which will earn you enough money to justify your investment in it.
Realising this and accepting it, is one of the key things an entrepreneur needs to do to grow the mindset necessary to try again until something works.
But this realisation by itself does nothing to improve your chances of success – by itself, all this knowledge can do is make you more likely to keep going long enough to hit on something that works.
So how do we maximise the chances of selecting the right digital business opportunity in the first place?
How do we narrow down our list of possibilities to the ones which have the greatest profit potential?
And crucially – how do we identify those which don’t?
While I don’t believe anyone can claim to have mastered this (I have yet to meet a successful entrepreneur that hasn’t had a business fail on them at least once!) ..
.. there is a formula I discovered and have refined – which makes failure a lot less likely.
I want to share this with you today – and have written down what I know in a PDF which is linked below (available without requiring an email opt in)
Because success in selecting a niche to set up a digital business in, is a simple matter of researching the answer to 5 simple questions
How To Choose a Profitable Niche
5 Simple Questions Which Will Uncover YOUR Next Digital Opportunity
1. Is the Niche or Market LARGE?
You want to set up in an area of the online market where there are a large number of potential customers.
This is likely to be characterised by companies and businesses that are already operating successfully and making money there. Don’t let this discourage you, this is actually a really good sign – and gives you an opportunity to appeal to their customer base with a more specific offer.
2. Are Customers in This Niche HUNGRY?
Are they hungry for solutions to their problems – and are they ready to go the extra mile to get them?
Many niches are those where customers ‘like’ or ‘are interested’ in a certain thing – you want to identify those where customers ‘love’ and are passionate about the area instead.
3. Do Customers in the Niche Congregate Together?
Are customers easy to find? .. Do they hang around in specific online forums, or read specific blogs? .. Are they members of a specific social network – or do they discuss their problems on specific groups or with certain hashtags?
If you can find your potential customer, you have a chance of appealing to them. If you can’t, you are setting yourself up for failure from the get go.
4. Are Customers in the Niche ‘Addicts’?
While term terminology might not be too positive here, the word ‘addicts’ conveys the meaning I am looking for better than any other.
Do customers search and invest intensely to solve the problems they have? .. Are they simply unstoppable in doing this?
These niches are characterised by regular repeat purchases – and represent a much better opportunity to make repeat sales yourself.
5. Do Customers in the Niche Have Cash to Spend?
Are customers typically buying in this area those with money to spend? .. Or are they segments of the population which traditionally struggle for cash to pursue their interests and life goals?
If you can identify the opportunities you have whose customers have money to spend – you will be in a better position to make money yourself.
Doing some research and answering these questions yourself is the key to niche research – it’s a lot simpler than most people make it.
If you take a list of possibilities you might be looking at and put them through a sieve containing the 5 questions above – you will find a few stand out above the others – and that some drop out of contention immediately.
After all, none of us wants to invest our time in something which simply won’t sell.
If you want a detailed guide on this system, with actionable steps on how to do this yourself – you can download the PDF report below without opt in.
As always feel free to leave any comments you have below – and share this with others who might need it.
Good luck with your next digital opportunity.