Starting A Business: STEP ONE
How to Pick an Evergreen Niche
Do Your Research
One of the quickest routes to a business failure is to pick a niche that doesn’t have the potential to bring in the profits you’re looking for. The way to discover which niche has the ability to make money is easy. You have to do your research. What research is included in this adventure?
Find Something You Love
First, you’re going to want to select a niche that you’re personally interested in – even if it’s one that you don’t know a lot about. Trust me, I’ve tried a niche that I don’t think is interesting, just because I think it will be profitable. You can always learn what you need to know, but if the niche is too technical or you consider it boring, you’re going to be as happy working on it as you would be getting a tooth pulled, and eventually you’ll grow tired of the work and you’ll abandon it for something else.
Choose a niche that not only interests you, but one that you feel excited about working on. That way, you’ll stay pumped up and eagerly look forward to growing your business. To find a niche that’ll bring in the kind of money you’re after, seek what the big companies look for.
Find What is Selling Right Now
What are the hot selling items? You don’t have to know this off the top of your head. Look for these top selling items on sites such as Amazon or eBay or other market websites. You can do this by going to amazon, picking a nice, and going to “best sellers,” and see what is trending today.
The bestsellers (just check to see what ranking the items have) will tell you the pulse of buyers in the market today. So, for example, if you see that on Amazon, a product sells well enough to be in the top ten, you know you’re onto something. That means that a lot of people are searching for this product, and even better, lots of people are buying it! Let’s say one of those products was a brand new fitness gadget and they were selling like hotcakes. You’d find plenty of potential by tapping into that market. You have a few options right away, you can look into sourcing that product yourself and making sales, you can set up a comparison site and try to use that product as an affiliate seller, and many more options.
Check the E-Book Sales
You’ll want to check out the self-help books to see what’s selling there. Books on depression, weight loss, and relationships always sell well and that’s a clue to let you know that the market is and always will be wide open for self help niches and the products that you can buy dealing with that subject. The benefit of choosing an evergreen niche like weight-loss is that people will always be interested in this topic and willing to pay for information and results. The downside is that the market is extremely saturated and you’ll have a really hard time breaking in.
Plan Your Income Potential
If you become an affiliate, you’ll want to pay attention to the dollar amount you’ll earn by becoming an affiliate rather than the percent of commission. You’ll earn more money that way. Look for tangible products for your niche as well. For example, 10% of $1000 sale is way more than 50% of a $100 sale. Just as a word of warning, affiliate commissions of a low percentage (4-7%) on low-ticket items (<$20) will be extremely difficult to build a full-time income. Make sure you think and plan about how much money you can make per sale.
Stay Away From Trends
Make sure you don’t make the mistake of setting up a niche based on what’s trending today. Remember the Beanie Babies? They were all the rage and people just couldn’t get enough of them. But where are they now? They fell off the scene because they were just a fad. If you put thousands of dollars into fidget spinners in 2017, you could have made $10k back, but if you did the same in 2018, you’d lose all your money. You want to seek out a niche that has long term potential so that your business will thrive now and for many years to come.
If you’d like to learn more about picking a great niche or learn more about what it takes to make money in this market, subscribe to my newsletter.
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