Posted by: nbaground on: January 25, 2010
When I originally started out online I decided to choose a niche market. Or that's what I hoped to do. I possessed specialist knowledge in one specific area and I was keen to share it, for a modest price, naturally. With even a few hundred customers a month purchasing my $17 ebook, that comfortable retirement income seemed within my reach.
There were plenty of gurus out there and eager to tell me that the optimum way to make money online was to have my very own product or service and be in control of my own destiny. While that does have a certain truth to it, the disadvantage is that all your eggs are in the one basket.
What they didn't tell me about was how tough it would be for ME to produce and promote a professional looking program that would be competitive with the products already for sale. Yes, I could have out-sourced it, but that would have cost a lot of money and still left me at the 'mercy' of web-site-developers and other people.
When I started working on my own product (an ebook on a particular topic) I soon awakened to the fact that although it was one huge project in its own right, developing a niche product was the simple part. Marketing it was the real challenge.
Undeterred I then set about studying putting up and editing the web page, writing a blog, web 2.0, copywriting, article marketing and obtaining the traffic. I gave up before I got to the "design an affiliate program" stage. This was all part-time, in addition to my day job. Whew!
But what had I missed out, in my enthusiasm? Deciding on a small enough niche in which to promote my product!
It had 100 % escaped my notice just how huge and competitive the Internet is, and particularly how many other superb products there are out there.
Even though my product can compete for quality once people have actually purchased it, I will be the first one to accept that it does not compete at the pre-sale stage.
This was a bitter pill to swallow even without having put hundreds of hours of hard graft into product development, mastering the skills to get myself a website and a king's ransom into mentoring.
So if you are trying to start your on line line of work, spend plenty of time choosing your niche and don't overlook the products already obtainable on the market.
Select a product where another person has already done the hard work of product production for you; use key phrase investigation and competition evaluation methods to choose a small sub-set of a target market, where a sufficient number of people are interested in some facet of the product; put something out to market, then, to increase your chances, rinse and repeat, probably in a completely different niche, to spread your risk of your selected niche failing.
If your first choice of product isn't an immediate success, or even if your first ten products generate only mediocre sales, at the very least you should have 10 niche products "on your books" and if each one earns just $50 a month, that gives you your very first $500 per month from ten distinct niches.
There is plenty of free help available on how to find a niche product.
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