Is your niche stopping you from making a profit? Are you struggling to make sales in your online business even though all the pieces of the puzzle are in the right place?
Choosing a niche which isn't profitable will make growing your business much more difficult and frustrating than it needs to be, so it's important to get it right.
There are 3 main steps to find a profitable niche...
Step #1 - Identify Your Area Of Expertise Or Interest
Everyone has valuable knowledge on a specific topic - even if you don't even realize it yet! Your first task is to choose just one area you can focus your online business around.
Answer these questions to give yourself a few ideas...
- Do people sometimes ask you for advice on a specific topic?
- Have you achieved anything special in the last 10 years?
- What hobbies do you have?
- What about your career?
- Ask your friends and family!
Instead of giving your advice away for free, keeping it bottled up in your head or trading your time for dollars, there are people out there struggling right now with a problem related to your chosen topic and willing to pay whatever it takes to overcome their problems and change their life. Grab that opportunity!
After answering the above questions, if you feel you don't have any knowledge whatsoever, just choose something which you enjoy, are interested in, or want to learn more about.
TIP: The most profitable industries to delve into are related to health, wealth, and relationships.
Plus, DON'T worry about competition, as an active community is a good thing! It actually allows you to work together with other people in your niche, pool resources, and make a larger profit.
So whether you have any existing knowledge right now or not, write down all the potential topics/niches in a list, then we can move onto the next step...
Step #2 - Validate The Niche's Profitability
Not every niche will contain people who are eager to buy digital products or services, so we need to make 100% sure that the niche is not only popular, but also profitable.
This is simply a matter of checking an existing affiliate network and seeing what results other online marketers are getting in your niche.
More specifically, visit the Clickbank.com marketplace and find at least 3 products with a "Gravity" statistic of at least 20 or more.
For example, if you find 11 products which all have a "gravity" statistic of 100+, then you have a very profitable niche. However a niche containing just 3 products with a "gravity" statistic of around 20 would be much less profitable.
Many other "experts" try to overcomplicate this process (usually to get you to buy their stuff), but this criteria has led my coaching students to make well over $1 million in sales in the last 12 months - so it works!
Step #3 - Narrow Your Niche Down Into A Sub-Niche
Once you've chosen your niche, you need to decide which topic you'd like to be seen as an expert on within that niche.
The days of being a generic expert on "weight loss" or "business" are gone, as people look for specialists who can help with their specific problem (do you go to the doctor for toothache?).
So choose ANY topic within your niche which you have expertise in OR would like to become an expert in.
For example, instead of just focusing on the "weight loss" niche, you could narrow that down to the "lose belly fat" sub-niche. Or instead of just the "health" niche, you could narrow that down to the "cure insomnia" sub-niche.
Do you see how doing this will match people's problems exactly?
To save you doing all this work yourself, I've actually researched 12 profitable niches FOR you - including the audience demographics, what they're interested in, and the 36 hottest paid offers to promote. Download it here...