Finding A Niche Market To Make Money In Online: Newbie Edition
In this episode I am going to share with you my advice for finding a niche market that you can make money with online. I give you a quick breakdown and even offer my suggestions for getting kick-started in a super easy way.
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Entire Episode Transcript: Optionally download it here
(please note: May contain small errors in text and grammar)
[Intro]: Welcome to the online success podcast starring Michael Brown. Your online business success starts now.
Presenter Michael Brown:
All right guys, here we are again. This is episode twenty. Today what we are going to cover today is how to find a niche market in which you can make money. Specifically, something that you can do and something that you like. I am Michael Brown. Today, let’s kick off the online success podcast. What we are going to cover is how to find a niche market that you can get involved in that you actually like. If you are just a beginner then I’m going to give you the best advice that I can give for you to get started. It might be counter advice to what maybe some other people have talked about out there because other people have different opinions. I’ve helped thousands of people make their first money online. It is pretty good systems for helping someone get established and helping someone start from the ground up. Whether you have experience or none it does not matter.
First off you might be wondering, “What is a niche market?”. Again if you’re brand-new to all of this you might be wondering just that. What is a niche market? A niche market is simply a smaller market within a larger market. What I mean by that is that you have an overall category. For example the pet supplies niche. There is inside and underneath the pet supplies niche there are several other sub niche markets. For instance cat supplies. Then under cat supplies you have cat food. Then you have underneath that something like organic food. Also there is cat food dry skin or something along those lines. Basically you have a category and then you have subcategories. Think of your niche market as a giant category and then smaller subcategories going downward. If that make sense then I will give you another example. First is making money. That is the main niche. Then making money online is the sub niche. Lastly, making money online with a blog is even further down the line sub-niche. So you are going from a very broad topic to a very narrow topic. That is important and were going to be discussing those two terms today.
Let’s look at brought versus narrow. That is exactly what I’m talking about. There’s a broad niche market and then there’s a narrow niche market. Now, here is the the benefits of a broad niche market. A broad niche market has more topics typically. Again going back to our pet supplies niche. Our pet supplies niche is a big topic. Under the pet supplies topic you might have parrot supplies such as parrot cages and parrot food. You might have gerbil, rat and snakes supplies. You can pick a pet and it will probably be there. That’s a very broad topic because you could basically built thousands of categories from that one niche so that you have a larger market to supply information to. Now, your small niches like organic good they are narrower. What that means is that they are more targeted. So if you had a website built around pet supplies then you would not know exactly what somebody was coming there for instead you would have to cover several thousand topics or at least several hundred topics. Well if you had a website based on organic cat food then you would know that everyone coming to that site is looking for some type of information based off organic cat food. It’s a very narrow topic. What that makes it is that it makes it a very targeted. It is laser targeted. You know what your audience is looking for. Even if you talk about other subjects about organic cat food you know that the main target audience is interested in organic food. Whereas if you are just in pet supplies then you with have very large topics to discuss. You would have to discuss every animal and every product for those animals and so on. Narrow is simply more target.
– Time 5:00 min-
My assessment on broad versus narrow is that a broad niche has a longer time frame before you actually seeing results. What I mean by that is that there is so many topics that you have the get those covered before you be able to see your target audience come in. You can think of something like this think of Pet Co or one of those pet supplies websites that sells and markets pet supply products. They have thousands of topics on thousands of different animals. Therefore they are a huge broad market. There is a longer time-frame if you would a set that up before you would probably make money than if you went into a narrow market. Now with the narrow market you have a medium to long time frame before you are making money with that kind of niche market. The reason I say medium to long and not short to long is because I don’t want you to get the wrong idea when you come into this. I never steer people in going to say, “Hey you are going to make money in your first week”. Because usually people get distracted. They lose track of time. They forget to even go work on the new business. So therefore if I tell someone, “Hey you are going to make money really fast.”. To me that is something that I never do. I want people to work on this stuff at their own pace. I always try to give you a reasonable time frame.
Now, I have had niche markets that I go into where I can make money in under a month. I’ve had other people and other students do that. But I have also had people go into a niche market where they did not apply themselves and they didn’t put into the time and effort. Then six month later the site still is doing what they want. So that’s why I always list a medium time frame. I want to give you some realistic expectations but a narrow niche topic will get you there a lot faster than a brought niche topic. Here is the beauty of this. You get to pick which route you want to go. You get to choose the style of niche market that you want to be in.
Before we go on there’s a website that I built when I first got started. I don’t remember if it was my second website or third website. It was one of the earlier ones. I had this brilliant idea to target several niche markets at once in one website. It was coffee, wine, gifts or something like that. It was the whole topic. I started doing the work on the site and putting content up. I said to myself, “man this looks really good.”. Things were going fine with it. But the audience was so spread out and sporadic that I couldn’t find what niche market people were coming in on. It was just too big of a topic. But in other niche markets that I went after when I narrowed it down to one specific niche and in a very narrow niche they’ve been able to have a lot of success faster. So that is why always suggest going after that narrow niche market because I’ve had great experiences with it. With the broad topics that I have always they have been very hard to get enough good content for the whole audience.
Okay so I am going to give you my suggestions. This is what I suggest that you do if you looking for a niche that you are going to start in. The number one thing that… and this is something that a lot of my students have come back and said to me, “you know some of the best advice that you ever game me was this. If you are new please play attention to this and this is critical. Start with the niche that you know something about. It does not have to be vast knowledge. But you should start with the niche that you know a little bit about. What this allows you to do it allows you to already figure out some of the early topics that your audience in particular might want to read about. This makes your job whole lot easier. This makes it easier to determine what the niche is and exactly what the audience is looking for.
Let’s say there is no niche market that you know of and that you want to get into. That’s okay you can do research and there are other things that you can do. I want to talk about that coming up but there is research that you can do to where you can find more about the topic. I’ve make money in dozens of niche markets that I’ve had absolutely no clue about when the first got started in them. What I also suggest is that the niche that you get into is that you have the ability to show the audience some step-by-step stuff. That does not mean every post that you write must be step-by-step or that everything done with your niche website has to be step-by-step form. But I do like to be able to have some things that you can show them step-by-step.
– Time 10:00 min-
For instance you can do a post that discusses how to do something. Next the person who is reading the post | you could write it in a way that you can explain it to someone and say, “Okay this is how you do this. This is what you need to complete this. This is where you need to buy this at. Here is your next step. This is how you do this. This is where you can find your product that you need to complete this.” It is a very simple concept but what you will find. I know this works on me a lot because I’ve done this at sites that I went to before if I what to learn something new that I do not have a clue about then I take the person who is making the suggestions. I will take their suggestions and use those. I do not want to go search for the stuff so I will use their link that is available on the page. Well that is a great place where you can have an affiliate link and you can make some money by recommending that to someone.
Now, the other thing that I also like when a niche market has the ability to have things that you can review. This is just very simple. Basically let’s say you had a site teaching people a little bit about photography. Well you might not only give them step-by-step on how to do things with a camera but you might also say. Here’s the review. You know I have for this particular camera and lead people to an actual review that you did for a camera. What this allows you to do is to share your expertise about it, suggest a camera that they can buy, where they can buy it and they will go right through you to buy it. You will earn commission that way. So being able to review things makes a huge difference because the audience will probably want to see what you recommend through your reviews. That way you can also go this is the one I recommend and here is a review.
Here is the other thing. People search the internet for reviews. They will type it right into Google, Yahoo or Bing. They will type the search word, “Nikon 500 review”. I don’t even know if that camera exists but that could be something that they do. Some type of camera and with a little keyword research you figure that out as you going through to pick out your niche. It is really easy to do but those are just some things that I suggest.
Now, I also has some of the suggestions that I think you need to take into account when you’re finding your targeted and niche market that you want to get involved in. One thing I recommend is getting into a market that is not so broad that you have too wide of an audience. Okay, I have already talked about that. Again the niche is not too narrow that you have to swallow an audience. You do not want to go down too low where there’s only a few things that you can write about because then you might have the site up and running but you will not ever have new content for that audience. You will get stuck with, “Hey, I have a site with 10 posts and it makes a little bit of money but I can’t expand it.”
Some people love doing that. If that’s your thing to go that low that’s fine but is probably never going to make you the exact money that you want to make from a very narrow topic. One way to get around that is to make sure that the topic has enough. That’s when you are in the keyword research phase. Make sure the topic and the niche that you want to get into has 30 or more post that you can create. If it has 30 posts or so that you can create or 30 keywords that you can create with then it might be a little too narrow. Again, I’m not the one to tell you to steer away from that completely because I know that within the little micro niches there have been people who make good money from those. Basically get into a niche where you can then come up with 30 or more topics. Just to simplify that step just a little before you.
The other thing that I suggest is that you spend as much time as possible in the niche research phase and that you not in a huge hurry to go and select your target market that you want to get into. What this allows you to do. It allows you to really investigate the niche in detail. If you’re brand-new inside of my courses and things I show you how to dig into finding a good niche and how to get into that whole research phase. This is where you can really figure out what your niche is all about and then you can go into the keyword research phase and you can dig into it deeper. I suggest that you spend as much time as possible on niche research and keyword research before you select your niche market. It is going to come in handy in the long term on it.
– Time 15:00 min-
I’ve made the mistake in the past when I jumped into a niche market did not do enough research and then I found out that I did not like the niche or it was extremely difficult to compete in. It made things more difficult. Ultimately I was never able to make the money that I wanted to in that niche market. So make sure you research and make sure you research the niche. Once again the keyword research, to your niche research moving into keyword research before you select your niche market. Again you want to make sure the topic ends up being deep enough that it is not too narrow. Just to generalize over 30 topics in your niche market is good. So you can learn that in the keyword research phase as you are going through.
Jill asked, “Michael I want to go into the dental hygiene niche because I know a lot about it. I work in it and I love the industry. Do you think this a good way to go or should I look for niche that would make me the most money?” That’s a really good question. Part of that of that I already answered on this call but it is something to answer this in full. I would say two things. First off, Jill already knows a lot about that niche. She works in it. The other thing is she absolutely loved the industry. Those two things right there. The fact that she has knowledge and loves the industry that is almost a no-brainer for me of a niche that she should go into right away. Because again when you know a lot is easy to figure out what the audience wants to know about that topic. If you love the industry it also makes it easy and fun to write about the subject. So if you have to create content based on that particular niche market your already going to enjoy doing it and you already know all about it. Plus with something like the dental hygiene niche you could recommend a lot of products. For example you can teach people how to clean their teeth properly and how to whiten their teeth. The things that they can do where you can always recommend different products and then show them where to get it through your affiliate link and things like that. So that is a great niche market to get into because there’s so many things that you can do as far as recommending products and good stuff that you can review as well.
Again going back to the first point. If you love it and you know a lot about it is already good match and then even more you can recommend a lot of products in that market. I think is a great market and I think that anyone else out there who is wanted to get into anything. It does not have to be the dental hygiene niche but anything where you can teach, review and demonstrate things that basically give the audience a solution for which they are looking. It is going to be light years ahead. That is if you are getting into a niche that you know nothing about that might not have some of the similar qualities. It is going to be a bit more difficult. Again I am not saying that it can’t be done. I’ve been in several niches that I just knew absolutely nothing about but I just wanted to going in to make money of them.
Okay so let’s do a quick recap. The number one thing is to get into a narrow niche but not too narrow niche. There should be 30 plus post ideas would be good there. If you have knowledge about the niche that is great. If you have no knowledge it is not a deal breaker. Once again you can learn the things that you need to learn by doing some research so is not a deal breaker it just makes it easier if you already have knowledge. I’m a broken record on that point and you will hear me say it over and over again. I like you to be able to know that coming in if you’re brand-new that if you do have some prior knowledge of a certain industry it does help. If you like the niche or love the niche it is good and it is better than if you had no desire to be in that niche. For instance I would never go into a makeup niche because I have no desire to be involved in that industry. It does not interest me at all. I would probably get bored with it even if it was making me money. You might be on the other and going, “Hey, I don’t care what niche market that I am in just as long as it makes money.” If that’s your mindset and you can still come up with topics. Perhaps you can have someone write for you about these topics that’s fine. I’m not going to rain on your parade here to tell you not to do that. But just for me I had trouble getting to niche markets that is not like. Other people told me saying, “Hey, I don’t care. If it makes money I’ll be in the whatever niche it does not matter.”.
– Time 20:00 min-
Remember if you to show reviews or step-by-step information that’s always very helpful. Granted you will end up making simple informative posts too. That is when you are teaching people or giving people information for which they for but with reviews it’s different. They are usually when people look to buy something. That’s one of those buyer keywords out there. The step-by-step stuff is showing them demonstrating it and makes it easier to tell them where to buy the product also. Do this to get this result and here’s where you buy this at. It’s that simple. Make sure you spend ample time in niche research and spend time in keyword research. Those two things are critical and recommend starting in the top with those two things. Start the niche research and learn more about the niche. You can see if it is something that you want to get into and then dig into the keyword research. You can see what kind of topics are in the niche market and if you really want to get into from there.
Okay, so that’s it for the show today. I know it was short. Again, my attempt with these shows is to make them short and sweet as possible and get you the goods. Then we can have a lively discussion about it. So, if you have any questions over the episode that you just listen to make sure that you joined as a member and signed up with your email at unleashingyoursuccess.com. That is the email list where you can get more information. In fact I have about one hours’ worth of training that you get when you first join there. Then you will also get access to where you can come over and find me over on Google+ or Facebook. But the main discussion is going on in Google+. It is at the Unleashing Your Success Community which is absolutely free.
If you listen to one of these episodes, included this episode then you have questions over your niche market or a niche market that you potentially want to be in. You should ask the question and not only will I answer but you will probably get other people in the community who will give you an answer as well. It’s a great place and great resource to get help. That is especially when you first started. It’s a great place when have some experience to because it helps reinforce everything. It helps give you that encouraging mindset. You might have a day when you feeling down. You can come in get encouragement, get going and really get going in your niche market to make some money. Again I’m Michael Brown and I thank you for listening to this episode of the online success podcast. I really look forward to you being part of the community at unleashingyoursuccess.com. Have a fantastic day and go get that niche. You can get started and get making money online. See you in another episode.
[Closing]: You have been listening to the online success podcast with Michael Brown. Here is to your success.