Doing some spring cleaning of my computer and found these notes from a webinar I watched with Kevin Wilke, Founder of Nitro Marketing, from February 2009. Figured may as well post them since someone may find value in these notes one day.
Never give up: There are many times that it feels like all the cards are stacked against you, but that is just a learning experience in disguise. Action attracts opportunity, so as long as you’re trying your hardest then you’re heading in the right direction.
Picking a niche market is the toughest part of starting a business on the internet. Once you pick a niche, everything will fall into place and money will follow you.
Here are some of the biggest myths of finding the right niche
- Trial and Error myth
- Doing what you love and money will follow (look a 2 questions below)
- Invent a better mousetrap
- Build it and they will come
- Find a need and fill it
- People buy what they want and not what they need
- Find where people are already spending and put yourself in front of it
3 critical questions for a niche market:
- Is it a market that people are buying stuff online?
- Can you reach those buyers and get them to your website?
- Am I interested in this niche?
3 Methods to finding proven niches
- Going through and observing your life
- Relies on luck
- Personal interest approach
- What do you like to do?
- What are you good at doing?
- What interest you?
- What do you not like to do?
- Taking advantage of market research sites
Process for finding the perfect niche
- Research Sites
- Categories, Sub-Categories, Sub-Sub-Categories
- Look at sales numbers for each category
- Chicken Soup Books
- Sold over half billion books
- Each book represents a niche
- For Dummies Books
- 803 subcategories
- Google’s Keyword Tool
- Search for the following to see what people want
- How to
Take the list of ideas and narrow it down to the right one for you
- Draw 3 circles and have them overlap each other in the middle
- What your good at
- What you love
- What other people want and will pay for