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Choosing the wrong niche is the biggest mistake that people make when trying to make money online. Most people start out in some obscure small niche because its something they like and are interested in. They get stuck in this niche and never leave it. Most of the people that make a lot of money online have products in multiple niches and don’t just stick to one.
The Secret To Choosing A Niche That Will Make You Rich
Watch this by Darren Rowse http://www.youtube.com/watch?v=T9WEGOW2jjw , he makes over a million dollars per year with his two sites ProBlogger.net and Digital-Photography-School.com. He is proof that posting to your blog frequently really helps with Search Engine traffic generation from Google and Yahoo. Every new post he makes ranks for new keyword phrases, and with thousands of posts he has the chance to rank for thousands of different keyword phrases. He also gets people to do guests posts on his blog, which really helps keep the work down on his end. Notice his niches, two niches with millions of people in them, so yes it is good to pick niches you are interested, but also make sure a lot of other people are interested in them to so it will be easier for you to get traffic and make sales.
Choose a niche that you can talk about endlessly. For example Darren Rowse chose Digital Photography and Blogging as his niches because he can create endless blog posts about them every day, each one driving more traffic to his website.
As for figuring out what to teach people, the best way to start is to teach people about something you really love doing and are passionate about, then expand and create products for bigger more profitable niches that interest you.
There are three information product niches that produce more million dollar business than any other, which are Wealth, Health, and Relationships(sex). These niches are so big and profitable because think about it, those are the three main problems that the 7 billion people in this world have the hardest time solving. There are so many ways to create different types of products for these niches too. Think about the Wealth niche, you can teach people how to make more money by teaching them about making money online(maverickmoneymakers.com), getting more traffic(trafficultimatum.com, SEOBook.com, SEOMoz.com), ranking better in google(gsniper.com), finding writing jobs(realwritingjobs.com), stock market (stocktradershq.com). Just look at the top 10 clickbank products, most of them involve teaching people how to make money. Make a product like one of those.
Why It Might Be Your Niche That Is Causing Your Low Traffic
Some niches just don’t have enough potential customers. A lot of people pick a niche they like and stubbornly never try another. Some niches also are not good for growing email lists in because there aren’t many related affiliate products. Look at the top 100 cikcbank products, 90% of them are related to “How to make money”. )
Again, there are 7 billion people, with three main problems/needs.
1. They don’t have enough money.
2. They don’t get enough sex(relationships)
3. Their health isn’t good enough (fat, sick)
If you make a product that helps them solve one of those needs you will make a lot of money. The membership sites in those niches make more money than membership sites in any other niches.
“You need to find someone who has done what you want to do and ask that person how he or she did it, and then copy them.” Yaro Starak
Focus on niches with strong pain and desire, urgency, and irrational passion like make more money, hit golf balls futher, attract women, fix relationships, get out of debt, lose weight. So you don’t have to convince people to buy, you just provide the solution.
Are people proactively looking for solutions to said problem? Check with the Google Keyword Tool. If you know they are searching, you know they are motivated to take action, so you just have to show them the solution.
Sell whats already selling, don’t try to invent something, just about everything has been thought of.
Look at ads on websites you visit and see what they are selling, do a marketplace search for your niche. Don’t just clone a product, make a better version.
I read in PC Gamer a few months back that game companies who don’t innovate and instead copy a popular and already successful game model make 20x more money on average than companies that innovate and create their own game model. Yes, some companies who risk and innovate somethings are rewarded with the profits from finding a genuinely new market that no one though of before, but its a safer investment to just do what already works. You want to sell people what you already know they want to buy.
It is important to pick a niche that has high profit potentials, but also a niche that you are interested in and are passionate about and already have expertise and knowledge in. Think about your hobbies and things you actually like doing, then think of a problem that a lot of people have within that hobby. For example the first product I created was a Strategy Guide for a game I played a lot for EveOnline to teach people how to play the game. It sold well, so I created a piece of software for it that made it easier to play the game which made me tens of thousands of dollars. I then created a guide for World of Warcraft since I liked playing that game too and it sold very well. I then created GameWebsiteBuilder.com by hiring a programer to create the product. I made a lot of money from these products, but the problem with the games niche is that games are not evergreen which means that you have to keep creating guides for new games as they come out. You have to find a niche that you could work in for years.
So if you just want to play it safe for your first product and choose a massive evergreen niche that you know you will successful in. Popular niches also have the benefit of having lots of competitors that will promote your product via your affiliate program, and lots of websites where you will be able to profitably buy advertising banners on.
No matter what type of product you create, try to frame on the pitch page as a way to either make or save money, improve your health, or improve your love life.
The 10 niches with the highest profit potentials are…
1)Teaching People How To Making Money In Some Way[sports betting, stocks, bogging, copywriting, affiliate marketing]
2)Teaching People How To Find A Mate Or Get More Sex, make up with their ex, get better at Dating
3)Teaching People How To Lose Weight, Get Bigger Mussels, get Abs
4) Teaching People How To Cure An Illness (acne, diabetes, panic attacks, yeast infection, small penis)
5)Teaching People How To Get Cheaper Energy (Earth For Energy)
6) Teaching People How To Play Games Better (wow guides, sc2, farmville)
7) Play a musical instrument (guitar)
8) Play a sport well (jump high product, golf product)