Which Niche To Conquer?
I'm sure that you've heard about how many start up companies fail when they first begin, and the reason that most (if not all) of their failures is because they don't create a good fountain to build on.
If we start right, it is easy to go right all the time. But if we start wrong, it's much harder to go back and get it right. So please pay close attention, get out your pen and pencil, and let's get to work.
When you first start, you need to decide which niche are you going to conquer.
When I first started my online business, I made the same mistake that 99.9% of people make. I read an ebook about how to make money online, and I decided that I would...
can you guess...?
I wrote my own book about "how to make money." I compiled all of the regurgitated information I could find, put a twist on it, and started to sell it. After 2 weeks and a little over $30 in sales I started to think:
"Why am I selling a book about how to make money... when I have NEVER in my life made any real money!?!"
You may laugh, but it took me a few weeks before I realized that there was a problem there. I decided to stop selling my book, and started to look for other ways to make money online. What I stumbled upon next really gets exciting.
I was going to college at the time, and my degree is in "Computer Information Systems." I knew some things about programming, but not enough to create anything real. What I did know is where programmers spend their time online.
So I started visiting places where you could hire programmers and got to know a few. I then started to search for a market that needed something.
What I came upon was the "Resale Rights" market. Basically this was people buying and selling digital products (ebooks and software) that they could then go and sell to other people. This concept really excited me. I purchased a lot of these products, but struggled to sell them because all of the products had links back to the author's websites.
These authors were making money every time I sold these products... on the backend. When I realized that, the first thing I thought was,
"I wish that had a way to brand all of these files with my own links."
And there the idea was born. I just needed to create a product that would brand these "resale rights" products. I wouldn't be competing directly with that market, but make a complementary product that would benefit them all.
I went back to the programmers that I had been building relationships with, and gave them my idea. Within a matter of weeks they created a product that is now known as Zip Brander. (You can see the product at www.ZipBrander.com)
I'm not going to go into how I marketed it in this lesson (I'll save that for another day), but with the one product I made over $1,000 my first month with it, and it made us over $50,000 in 2004 alone.
Since then I've been able to branch out to a lot of various niches and have had amazing success in most of them. In other issues I will share exact case studies of these that you will be able to model in your businesses.
How To Pick The Right Niche
I want to show you now how to choose your niche. Just follow these 3 simple steps.
Step 1 - Do not choose the "how to make money" niche. I'm not sure why, but I made this mistake along with thousands of other people. This is the most competitive niche in the world. If you want to fight against the marketers, good luck. But there is a lot more money (and it's made a lot easier) in the niches I'll explain below.
Step 2 - Look at your personal talents, and start from there. I have had this conversation more then once - usually every time I discuss an online business with someone.
I ask them what their hobbies are that we could market, and they almost always they tell me that they don't have anything they could sell. The problem is that people usually look at their current job, and can't think of ways they can market that skill.
Don't look at your current job, but look at what you do on your free time. The thing that is your passion. This is where you'll find your niche.
Here are examples of the last 3 conversations I've had:
Friend #1 - works construction, and couldn't think of a marketable skill. After 3 1/2 minutes realized that he has twin girls. Found there was a huge market for informational product in this niche and him and his wife are now working on their first product.
Friend #2 - works as a manager at Office Depot. One the weekends loves to shot guns with his dad. They are creating a software program that helps people to increase their accuracy when shooting. They are also creating video demonstrations on how to improve your accuracy.
Friend #3 - came to me asking for help promoting a "how to make money online" course. He had to call me using a video relay because he's deaf. I told him that he was going in the wrong direction with what he was promoting. He had no experience making money online. I asked him what his hobbies were, and surely enough told me he didn't have any that he could sell. Before I even asked that question I knew what his niche was. He's been speaking through sign language his whole life, and there are thousands of people searching every month on how to learn sign language.
What do you do in your free time when no one else is around? Are you good at video games? Are you a good cook? Do you play any sports? Do you throw dinner parties? Do you collect anything? Can you play an instrument? What is your passion? When you can answer this... then you know what your niche is.
Step 3 - Research your market. Don't worry - this part isn't nearly as hard as you'd think. Within about 5 minutes I can usually tell if a niche is worth looking at. There are 3 things you need to do, and you'll know if it's the right niche.
First - Check out the search engines. There are a lot more advanced tools then this, but this one is completely free to use. Go to http://inventory.overture.com and type in your niche. This will show you how many times that word was searched for that month on their search engine. If there are a lot of people searching for it each money, the it's likely a good niche.
Second - Search for online communities related to your niche. People with similar interests migrate to the same places online. Wrestlers hang out at wrestling forums, poets hang out in poetry message boards, etc... Go to www.google.com and type in "________ forums" or "_________ message board" or "_______ groups" (put your niche in the blank). Visit these forums and see if they are active and how many members they have. You can often find forums with 10,000+ members in it. If you find good communities focused around your niche, then this is another good sign.
Third - Search for similar products. If you can find others selling products in your niche, then it's usually a good sign that there's some life there. Purchase their products and get to know your competition (because they are going to become your JV partners in another lesson).
After getting this far, you should have a good idea about which niche you would like to conquer, as well as some idea about if it is a profitable niche.
In the next lesson we are going to discuss how you can turn those talents into a product. Product creation is one of the most exciting parts of the game for me, so look out for that lesson coming soon.
Written by Russell Brunson editor of http://www.conqueryourniche.com newsletter.
Discover How I Earned A High 6-Figure Income In Spite Of My College Education at http://www.ConquerYourNiche.com
Playing Hookey Can Help! A Surprising Secret To Small Business Success!
Would you like to increase your chances of business success by 350%? The good news is that you can!
The Role of Statistics in Prospect Modeling
Identifying prospects has come a long way since the days of simple list buying. With the hype flying fast and furious, sometimes it's difficult to sort out truth from fiction and to put things in the proper perspective. Without worshipping buzzwords, however, two of the most important developments in recent years have been the rise of statistics and databases. These have allowed companies to create more accurate profiles of their prospects, even giving rise to the term "prospect modeling" itself. Let's see how these two developments have helped shape prospect modeling.
An Entrepreneurs Challenge
Living in the twilight zone has its advantages. In the early days of starting my business, I found the limitations of living in a rural area to be restrictive. However, later I realized that those limitations were not an obstacle that could stop me; they were only a challenge that would strengthen me. Since my business would be smaller, I would have the advantage of fewer employees and less strife in the processes of doing business.
Something From Nothing, With Something To Share
Betrayal, it can hit you like a load of bricks falling from the sky, leaving you with a pit in your stomach that no pill can cure.
Ancient Warrior Secrets For The Modern Entrepreneur
The words you see onscreen trigger subconscious responses. Dark images penetrate your mind. Your heartbeat increases slightly. Your muscles tighten. Like a warrior advancing to combat, you prepare to engage with your market. Ready, aim, fire. You send an email! Everyday, military metaphors are projected across our computer screens. Guerrilla marketing. Market penetration. Global domination. Competitive intelligence and more. How do you approach your marketing, your business? At the end of the day, do you feel like you have been in battle? Suffering battle fatigue.
Top 10 Business Plan Myths of Solo Entrepreneurs
Don't let these stop you from having a business plan for success!
Starting Up and Keeping Going
So you had that fantastic business idea, the one that'sgoing to be wildly successful and make you a fortune - andeven better, you actually did something about it and startedyour own business. Good for you! Not everyone gets eventhat far. Most people sit and day dream about what theymight do if only ....
What Kind of Business Should I Start?
It's not uncommon to reach your 30s, 40s or even 50s and still wonder, "What do I want to be when I grow up?" Few people are fortunate enough to be certain of their destinies early on and the rest of us are forced to do some soul searching.
Franchise Business and Franchise Businesses
Franchise business is being part of a successfully proven business that has a name or trademark that is well known and profitable. Franchise businesses are strategically tried and marketable with options to expand by offering products and services that appeal to the consumer. Having to make the decision on which franchise business to buy can be challenging. Franchise business consultants can offer assistance to evaluate current franchise opportunities with valued insight. A franchise business consultant may also be able to offer assistance to the business owner who wants to make a current business franchisable.
Financial Strategies for Transitioning from Salaried to Solo
7 Financial Strategies for Transitioning from Salaried to Solo
Profile of Women Leaders
Leadership is based on two words, "pressure and support"and that the leadership is the power to influence people to move in a direction that you believe in your heart is a good direction for most people" (Fennell, 1999, p. 267). Adams and Yoder noted that "evidence from contemporary studies on sex-roles and leadership indicates that men and women, with similar education, career aspirations and training, have basically identical scores on measures of psychological masculinity and femininity." In other words, the traits we assume are important in good leadership can be found among people of both genders.
Richard Branson, billionaire founder of Virgin Records and Virgin Atlantic Airlines, may be better known for his efforts to circle the globe in a hot-air balloon than for his business successes. He suggests that "Being an adventurer and an entrepreneur are similar? You're willing to go where most people won't dare."
What Online Millionaires Tell Me They Are Worried About
I just arrived back from the best seminar I have ever attended in the last 10-years.
5 TIPS for Home-Based Business Entrepreneurs
Have you ever heard that only a small part (5%) of 'all' Home-Based Business entrepreneurs achieve success?
For Business SUCCESS... Listen To The Voices of Experience
Discover the pitfalls of owning your own business BEFORE... [you make a BAD choice!]
Enterprising Route is to Go Your Own Way
DON'T talk to me about education for entrepreneurs. They're pouring far too much public money into it already - not counting the millions some well-known Scottish entrepreneurs are prepared to waste on it.
Franchises - Success and You
Many people believe owning a franchise will make them rich, financially secure, and provide the life of their dreams. True, franchises have an extremely high success rate, and a very high satisfaction rate among their owners. But is that success guaranteed when you purchase a franchise? NO!
7 Small Business and Self Employed Law of Attraction Principles For Success
It is widely held that one of the most important ingredients in small business success is perseverance. Deciding on a strategy and sticking with it. I would agree but you need to be clear that the strategy is in alignment with your passion in business and your natural action and communication styles. It's also helpful to have effective strategies to follow through on what you set as your priorities, goals, plans, calls to action... and other components of your daily business activities. These principals will give you ideas to be effective when working on your business; so you can be persistent, passionate and productive in your small business.
Salon Marketing Using Wireless Broadband Internet Access
Our client in Chicago did, located right outside downtown too...a right competitive area. Everbody's looking for some kind of edge and we found it for them. Want to hear...the rest of the story.
Why Every Student Should Start a Business
With the economic downturn, students in all the major business schools have been dropping out of their entrepreneurship classes and transferring back to classes where they think they have a secure future. Students and professionals who were once planning to start businesses now have decided to go back to their cushy jobs. Everything is going back to normal. Or at least that is how it looks. Below are nine reasons why any student should start a business:You gain experience. Owning and running your own business is an incredible way to gain experience and credentials regardless of whether you decide to stay in business once you graduate. Jaime Gonzalez of Oklahoma State University received the highest job offer in his entire graduating class. Now, there are two kickers: First, he was the founder of an IT consulting company, and second, he had a 2.4 GPA. Hmmm...I wonder if starting a business helps in getting a better job when you graduate? You have nothing to lose. I think it's safe to say that most students dip into their parents' checkbook when it comes time to pay the bills. In general, students aren't paying child support, rent, utilities and many other expenses. The worst thing that could happen if your business fails is that you get a job, have an incredible credential on your resume, and have experience that will increase your chances of success in the future. The best thing that can happen is that you'll become the next Microsoft. I don't know about you, but I think that is better than choosing between no job and jobs that you're in just for the money. Two-thirds of millionaires are entrepreneurs, according to Thomas Stanley and William Dank, authors of The Millionaire Mind. If it's the money you want, then consider entrepreneurship. You receive not only a salary, but also a lot of money if you're lucky enough to sell your company or take it public. Michael Furdyk, a successful young entrepreneur, was able to sell his business, MyDesktop.com, for $1 million when he was 16 years old! You develop networking skills. You've likely heard that your network increases your net worth. Consider the fact that by running a business and constantly being in a business community, you will develop excellent contacts. If you choose to get a job after you graduate, you will have a great pool of people who will be more than happy to hire you or send your resume to somebody who wants to. You increase your value. Put simply, starting a business in college increases the value of "the brand called you" and gives you more options. For example, an entrepreneur with a large brand value can publish a book, star in a documentary movie (i.e., Startup.com), or go straight to the top of another company. I recently met one of the founders of Diversity Planet, a job site for minorities. He spent a year working very hard on the company and has since left to take a reporting job with Dateline NBC at the ripe age of 20! People don't often don't get an opportunity like that until they are much older. Operating a profitable business in the long term is less risky than being an employee in the long term. For example, just look at the recent economic downturn. Tens of thousands of people have been laid off. I can guarantee the owners of profitable businesses are still with the business. They will be the last people to go down with a ship. Business owners can have multiple streams of incomes from different customers. If you're an employee, you only have one stream of income and therefore are bearing more risk. You will learn more about yourself and what they don't teach or prepare you for in school. Furthermore, entrepreneurship is the combination of all the disciplines of business. It includes knowledge of marketing, accounting, management and operations. Already having knowledge of these topics before you take classes on them allows you to see more clearly how everything applies. Also, you will be able to learn early-on what subjects you like so you can make better decisions on what to major in and what industries to target. It is yours. You make the rules, create your own hours, work from wherever you want and choose who you want to work with. You can also pick what interests you the most in the world and then start a business that is related to that topic in some way. If you like art, you can start a design business. If you like marketing, you can create or choose a product and then market it. If you like writing, you can write a book and do your own public relations and marketing. If you like the Internet, you can start a Web development business. You'll grow. I personally have grown a lot from owning a business. I used to be terrified to speak in front of others. Now I look forward to it. Before owning a business, I had probably read a total of five books outside of school, and I only read them because my mom made me. Since starting my business, I've probably read more than 100 books. The business has also allowed me to learn more about myself. I know that I will be an entrepreneur forever in some way, shape or form!
|© Athifea Distribution LLC - 2013|