I've been stuck on niche selection

Hercules

Hercules

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I am having trouble with niche selection.

I've spent the last few days really thinking about what I am good at, what I enjoy doing, and problems that I have that need to be solved. I've thought of a few but they all seem like huge industries (doomsday prepping, running, etc).

I am probably just looking at this in the wrong way. How did you guys and gals select your first niche?
 
I HIGHLY recommend studying this thread, as it's one of the single most effective resources I've found for answering those exact questions: https://www.buildersociety.com/threads/day-2-choosing-a-niche-direction.1339/

The best words of advice I can offer are, choosing a profitable niche vs. choosing one you enjoy are often two very different things. It would probably be more effective starting with identifying your goals, resource constraints, etc. first, and then working back from there. In a best case scenario, you'd have your goals worked out, and you'd be able to find a niche that's relevant to things you enjoy, that can realistically achieve those goals. This doesn't always work unfortunately, and it may turn out that a particular niche just doesn't have the revenue potential to meet your goals.

In addition to the above, in terms of actually identifying the feasibility of a particular niche, I'd also think about doing some high level keyword research. Once you've started to get a feel for traffic volume in a niche, I'd browse a few affiliate networks, and would also search around a bit to see if it's common for companies in that niche to offer direct affiliate programs, and if so, whether or not they look profitable.
 
Hercules said:
they all seem like huge industries
Click to expand...

Mmmmm... yes.... big proven industries that have billions flowing through them annually. Sounds perfect.

What you're doing though is not necessarily choosing a niche so much as a vertical of sorts. Those are big bites to take all at once.

Now you need to choose sub-niches within those bigger niches/verticals. You can have a plan to take down the entire industry, but you'll be spread too thin if you go for it at the start. Brand for the industry and then attack one sub-niche at a time.

You just need a way to stand out now. You need some unique angle that makes you interesting.

Do you want to be another generic guy rewriting articles about bunkers, or do you want to be John 9000, the guy who managed to go back in time after the apocalypse, but not far enough back so now you realize you better start prepping. What better way to afford what you need than teach the other good people of Earth how to survive the coming doomsday event?

Now your articles are entertaining and people will want to link to you and share you because you're entertaining AND informational. And all you focus on at first is the type of food to store, or proper bunker building.

Obviously I just made that up on the spot but the point is there. At this point, you'd do all the research @turbin3 mentions above, or as he suggests reverse the order.

If you go for something like "LED-desk-lamps.info" you're going to end up disappointed by the profit ceiling real soon. Big is good.

Perfect example of what I was saying, just saw this on Reddit:

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I'm at the same stage as @Hercules. I don't count how many times I read "choosing a niche..." from Crash course. I kept reading things everywhere until I feel that I start to grasp something, than come back to crash course, then read other threads again. Basically I'm trying to do some research and planning before start typing.

Anyway, coming to niche selection... I got a feeling that for a newbie it's safer to choose a big proven vertical and attack sub-niche within a vertical at a time (exactly how @Ryuzaki pointed out), rather than going into an average not-so-reliable niche, what do you think?
 
Yes, big vertical and go after sub-niche/segment. Make sure to go for something that has plenty of $$ potential though. Don't spend weeks/months/years building something that has a low ceiling. The struggle should be worth it.
 
Hi, you have a passion in a massive niche? Like running? Go for it. You will make it!

OK, from my experience, I have been a marketer for nearly a decade now. I have been involved in many projects (usually the ones that I started). I made tons of sites in very profitable and huge niches. I also made some sites around my passion (swing dancing). Guess what? The projects that my heart does not belong to, died quite fast. However, those projects that are around my true passion, they stay for a very long time.

I know that people say that in order to make money online, you must be in time proven niches like weight loss, pharma, gambling, etc ... I say it's crap. You can make money in any niche as long as you think out of box.

In my case, how can I make money in swing dancing? Well, I don't but I have a plan - become expert in niche and teach dancing online. There aren't that many courses. Not because they don't sell, it's because teachers aren't marketers. Another idea - create a social network for swing dancers, charge premium - $5-$10 / month. If I get 1,000 premium members - $10K/mo profits. Collaborate with other authorities, ask them to write eBooks on how to dance better or something, sell them at $27 a pop, pay 20-30% to those teachers involved. Also, since I blog about events and stuff, often times I get invited to those events for free. Normally, they can cost anywhere between $100 - $500.

Now back to your topic, if you are truly passionate about either running or surviving apocalypse, go for it. I know that even doomsday is quite big niche. Rewrite rock climbing eBook and call it "Rock climbing guide for doomsday preppers" or something, sell for $27, etc ... :D

Hope this helps.
 
Chicken or egg.

I see marketers who choose niches, and people who already have niches that are trying to learn marketing. They've both succeed, and they've both crashed and burned.

Personally I'm a believer in getting your first project under your belt and not worrying too much about it, learning the ropes and getting the basics out of the way, because you'll have a much easier time selecting the perfect niche once you actually know what you're looking for.
 
I'm in the same boat as @Hercules but I agree with @mzonas in that "if you are truly passionate" about a niche you're going to have a better chance of succeeding because your brain will always be trying to think of new ways to think outside the box and it won't be a chore. Whereas, if your brain approaches it as 'homework' it will not be as creative...
 
The best way to start a business and pick a niche, is to focus on a customer (who is already buying products and services) and dedicate yourself to serving those customers. The key is to make sure the niche is A. Something you are passionate about and B. A big enough audience so that if you capture 1% of the market, you are profitable. Also, make sure you have multiple offers and can do customer value optimization. Think of your business as a system. Think long term. First 2 years are the hardest. Make sure its evergreen.
 
I'm currently having this problem but I think I may have sorted it out by now. I've read about shooting for the bigger niches simply because of ambition and the like but I've figured its best if I stuck to a smaller niche and work my way up from there just to give myself time to digest everything and what not.
 
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