01 Apr Finding a Niche That’s Ideal and Profitable
Within the scope of your talents, passions and knowledge there is an ideal niche where you can become the go-to expert, and where finding ideal clients will be easier. Often finding the niche where you can have the biggest impact and making the most money can make the difference between struggle and success. If you’re having difficulty becoming clear about the right niche, here is a simple process you can follow to help you choose.
You need to have a niche strategy. There are 5 simple criteria you must meet to identify your Perfect Profit niche. That’s the niche where you can be as profitable as possible and serve the most people. Imagine how much easier it will be to make tons of money if you are actually giving people something they really want to buy.
Many business owners pour their heart and soul into creating a product, only to find they can’t easily find buyers. Within the scope of what you are capable of doing with your passion, knowledge, and talents there is a sweet spot where you can accelerate your success.
I call these 5 criteria the 5 P’s.
What are you passionate about? What message, talent or knowledge do you want to share with the world? You can make money without passion, but it becomes a dry and tedious journey that can easily lead to burn-out. It’s hard to have the drive and determination you need long term without it.
People today are overcome with information and marketing messages. What is so important to them that they will jump at the opportunity to read your message?
What are the biggest problems, challenges or wants your clients have for which you can provide a solution or desired result? Only by doing some research can you know if people want what you have to offer. Keyword research is a wonderful way to find out what people are actually searching for. What is selling in your niche? What books are popular? You must know what people want before you decide what products or services you need to offer.
Are those same people willing and ABLE to pay you a competitive price? If not, it’s the wrong market. Just because people need something doesn’t mean they’re willing to open their wallet and buy it. You must know this if you want to build a profitable business.
Can you make a decent profit after you pay all of your expenses? If your products aren’t profitable, your business will struggle to stay open. Also, what quantity of each product could you expect to sell? Get out your calculator and run some numbers. The most profitable products are downloadable information products and there is rarely a business that couldn’t create passive income this way.
Can you find a sweet spot in this niche where you can be positioned as the go-to expert? If the niche is overcrowded with very similar experts, how will you stand out? Or could you offer an approach that’s slightly different to help you stand out in a crowded marketplace?
By answering the questions above and testing the niche you’ve chosen against these 5 criteria, you’ll be on your way to finding not just any niche, but a profit niche.