Above is a great video from Stefan at Project Life Mastery about how to find a niche or a market to build a business around. But not just any niche – it has to be a profitable one.
I’ve taken notes for you, to summarize what our presenter has to say about how to find profitable niche markets online.
If you’re not familiar with Stefan, he’s a very successful self-made internet marketer who has helped thousands to generate their income online both via affiliate marketing and kindle marketing.
If you’re new to the world of online marketing and haven’t yet taken the plunge, you’ll need to figure out the industry that you can grow and build a business around. You might choose to build a blog or website, have a Youtube channel, a podcast. You might create a social media presence, an email list, a brand. You might then be able to create a following, bring the traffic, then monetize your traffic with products, services or affiliate marketing.
But first you’ll need to solve your audiences’ problems, or fulfil their desires, using either your own product, or a physical or private label rights info product, perhaps via kindle books, or services, consultations, software or resources.
Every niche and market has its own different business model.
Brainstorm to start.
There’s no real formula – just think about a few options. Start by asking yourself what’s your passion, interest or hobby. Write down what you love, your hobbies, interests and passions – if you love your subject, you’ll make a success of it. Don’t focus on making money, focus on doing something that you really enjoy. If you don’t love the subject you’ll get burnt out. You might make money, but once you’re making enough if the subject is dry and doesn’t motivate you, you’ll lose interest. You need to discover your interest, passion and love.
Stefan loves improving himself, he’s into health, self-improvement, actualizing potential, building relationships, motivation, productivity, finances, spirituality. He decided (like me) to jump into this market, this niche.
He doesn’t consider himself a guru – he’s just on a journey to mastery – life mastery. It’s a never ending process. He doesn’t have to be the expert, but he can share his learnings with the Internet. If he solves his own problems and issues, he can share these stories with the world and help others. He tries to be transparent and share his life and learnings with his readers.
If you want to be in the fitness industry you don’t have to be Arnie, but you can share what you do and what you learn with the world.
There are so many ways you can profit from your interests, be it dog training, weight loss, gaining muscle mass, being vegan, photography, gardening, raising chooks, golf, sports, table tennis, guitar lessons, the list goes on. There are so many niches you could build a whole business around – as long as it’s something you’re truly interested in, that could transform your life. You’ll want to wake up early, and stay up late working on your business because you are so motivated by the niche that you’re in.
So make a list and then you’ll have a few options.
You might be into tech, gadgets, food, recipes, facebook marketing, meditation, yoga, astrology, vegan lifestyle, doomsday prepping, rifle shooting, scrapbooking, the list goes on. Anything that you’re good at, that you have knowledge and a story to tell, could potentially be a buyers market that you can build a business around.
Whatever opportunity you find, you must make sure there’s potential to make money from it.
If that market is getting traffic, then it’s clear there’s a need, a desire. Do your research to find out what others are doing in the same market, check what other websites in your niche are doing – they’ve already paved the way. Maybe they’re attracting people to their sites and monetizing their business. The transparency of the internet makes it easy to discover if there’s money to be had in a market. Look on amazon – are there products related to your subject? Check Facebook, Instagram, Pinterest, Bing. Are people talking about your subject and looking to solve a need or problem or desire?
Then, think about the back end – how are you going to make money. Are there affiliate products you can promote or sell. You can promote other peoples products with links and social media and Youtube. You can market on Web2.0 properties, in Forums, commenting on other blogs and free and paid advertising.
Make sure you’ve got potential in your market for profits.
Stefan goes on to share his program Affiliate Marketing Mastery (which sadly is now closed for new entrants) and shows you how to find a domain name, hosting, blog, contents, seo, youtube, social marketing etc. His program teaches you how to market your content, how to get found, how to get followers and Pinterest saves and Facebook likes and Twitter tweets. He shows you how to make money, how to build a brand and a business that has longevity. His “Affiliate Marketing Mastery” program ties everything together.
He goes on to say that if you’re selling an affiliate product on meditation there’s so much more than just that one product or idea. You can sell physical products, ebooks, yoga mats, essential oils, candles, incense, music, white noise generators, you can blog about similar topics, and sell so many other products.
He does explain that you need to have a business plan and a long term goal. Find something you love, that has profitability, but don’t be a pioneer. Find a niche and a demand and make sure there are people who’ve done this before you . Think Apple – there were already MP3 players and when Apple came along with the iPod – boom – those MP3 player companies took a major hit because Apple did it so much better.
So stick at it, build a website around your passions, fill it with content, attract visitors, market it, monetize it and make money from something you love doing.
Check out Stefan’s blog Project Life Mastery if you like.
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