Looks like many are trying too many niches?

24 replies
I know diversification has been preached and many take it as the gospel...but from when I browse this forum I see too many people jumping into too many niches.

I too fell for the diversification thing but every time i strayed from my main business I lost money and most importantly lost time. Surely business is about building a business rather than dabbling in 10+ money making schemes?
#niches
  • Profile picture of the author Robert X
    I agree. I had a course that taught to find a profitable niche and dominate it. Don't just make the front page, own the whole damn thing with several sites.
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  • Profile picture of the author sloanjim
    Yeah that's what iam going back to...I too got caught in the diversificaton thing but it didn't work and lead to a lot of stress.
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    • Profile picture of the author Ralf Skirr
      Yes. Going into 10 niches is like building ten separate businesses the same time.

      You can't divert your time and resources to 10 businesses at the same time. It's even hard to make 1 business sustainable and successful on a large scale.

      Technically they may look the same, but marketing, product funnels and everything for each niche is completely separate.

      Imagine that in the offline world.

      Who would open a book store in January, then move on and open a super market in another town in february, then open a law practice in another town in March? etc. etc.

      Ralf
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      • Profile picture of the author corsleymaxwell
        Your right Ralf! sloanjim just give your best shut next time. I think you have the ability to make your business success.
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      • Profile picture of the author laurie390
        Originally Posted by Ralf Skirr View Post

        Yes. Going into 10 niches is like building ten separate businesses the same time.

        Imagine that in the offline world.

        Who would open a book store in January, then move on and open a super market in another town in february, then open a law practice in another town in March? etc. etc.

        Ralf
        Good point, Ralf. It would be ridiculous to do this offline, but yet, so many pursue it online.

        It is so important to get to know your market - their needs, challenges, etc. Then you can create products that help them overcome those challenges.

        How can yo possibly get to know ten different markets and really relate to them? You're spreading yourself much too thin.
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        • Profile picture of the author myob
          Doing everything yourself is wasted effort and limits your expansion. Learn to delegate and outsource. Once you have mastered strategies, systems, techniques, etc, you can apply and multiply your skills over many markets. Most businesses are based on a model of top-down management, and astute business people often own many businesses (online and offline) in diverse markets; hiring competent managers to run them.
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        • Originally Posted by mikel.perez.01 View Post

          Maybe it works if you build "crappy" auto-blogs and promote it by mass PLR article submitting and thousands of profile links, but if you want to know the market, create real content and do some "real" powerful backlinking (think forum marketing, guest blogging etc), there's no way to be on top of everything.
          I have almost 100 blogs, none of my blogs are auto-blogs, and the content I out-source is written by professionals, researched for each niche, so my sites are far from 'crappy'. All marketing, SEO, etc., is out-sourced, as well, to professionals that can do the job faster, cheaper and more effectively than I could by myself.

          I also find it a bit insulting that you think, because of how I choose to run my online business, that there is no way I can be on top of things. The fact is, one of my functions in both my off- and on-line businesses is being a manager. I manage people, money and resources. If I want to stay in business, then it's mandatory that I "keep on top of things." Perhaps it would be more accurate to say YOU can't keep on top of everything.

          I think the CEO's of the Fortune 500 companies, with hundreds of thousands of people in their employ, would also back me up on this. If they don't know what's going on throughout the company, they're done. And that's why 'out-source' much of the work, too, to the vice-presidents and such.

          Originally Posted by mikel.perez.01 View Post

          Starting a few months ago, I started focusing on just two niches, and now life is much easier. I've got to do much little research, I can gain some authority in those niches, and I can cross sell and cross promote among sites and mailing lists.
          I don't mean to sound like a smart-a@@, but are you now making more money with this approach? If so, and it's increased your profits, then I think you would do well to continue in this fashion. More money with less work is always a given.

          I do everything you mentioned above, except I out-source my research, and it has worked quite well for me.

          Originally Posted by mikel.perez.01 View Post

          This approach also looks more like a real business to me...
          I think if you look at just about any big business, you'll find that most of them own many other companies under their 'umbrella'. REAL business is about making money, short and simple, and sometimes that means taking on other businesses.

          Originally Posted by brettb View Post

          Another mistake people make is to look for high value niches. You can make easier money in niches that you know inside out.
          I don't agree with that in the least. One of my highest producing sites is pregnancy-related and, being a male, I've never been pregnant a day in my life, obviously. In fact, most of the products I promote I have no need or use for personally, but there is a huge market of people out there that do.

          Most people who concentrate on the 1 niche are hoping for the 'million dollar website', but trying to compete in a single niche with lots of other people can be very hard, and time-consuming, as well. And if the site goes belly up, you've lost all your time and money.

          Personally, I'm banking on the fact that I can make each of my sites produce at least some income, and all of that together goes into the kitty. Obviously, some of the sites do much better than others, but IMO even the lesser-producing sites are worth it. If one site doesn't work at all, so be it, I'm off creating the next one while the other 99 are still producing income.

          And btw, 1 or 2 (or more) of these might wind up being a 'million dollar' website, as well.

          But whether I have 1 site or 100, it's still run as 1 business, not 100 separate businesses.

          As far as having less time to 'concentrate' on things that a lot of people have mentioned, that's why I out-source repetitive tasks and content writing and such to professionals that either a) know the niche already, or b) will do the research for you.

          For a lot of people just starting out this isn't an option, of course, and so you have no choice but to do all the work yourself. In that situation, then I would agree that you should concentrate on building one niche site, learning how things work both singly and together, what works and what doesn't, and getting it running smoothly and producing, before moving on to another.

          Personally, though, I see no advantage in concentrating on only 1 niche. I would feel like I am limiting myself. I never like to keep all my eggs in one basket in any endeavor, anyway.

          As always, just my 2 cents. I'm sure I'll get flamed by someone not liking my disagreeing opinions, but that's fine with me.
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  • Profile picture of the author pankajguptag
    I am currently into one niche and trying to dominate this niche. Once it is over then I may switch to other. But it is not good to start different niche at same time.
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    • Profile picture of the author JustinDupre
      Originally Posted by pankajguptag View Post

      I am currently into one niche and trying to dominate this niche. Once it is over then I may switch to other. But it is not good to start different niche at same time.

      That's also how I do it. Focus on one niche and once it starts making good money move on to the next one to build more income stream.
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  • Profile picture of the author Ruth P
    I definitely feel like I delayed success in my IM career by focusing on way too many niches at a time. When you focus on fewer niches, you have more time to build up relationships with people in that niche, through writing great content and building targeted email lists. Not only that but I also think it's less mentally tiring to do it that way, too.

    And there's no reason why you can't move onto a new niche in future once you've got your first site to a point you're happy with.
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  • Profile picture of the author ajbarnes777
    I totally agree about focusing on one or a few niches at a time. I myself got so caught up in trying out many different things all at once... and this was because I figured that this would be the only way I would make money. Truth be told I made very little money, I was extremely confused, and VERY frustrated.

    The funny thing is that once I stopped focusing on so many different niches, and just narrowed down my focus to one general niche, I made 10x more than I ever made before. Go figure!

    Also, another thing to do to incorporate the best of both worlds (focusing on one niche AND diversifying) is to work on sub-niches. Using the health niche as an example: You could jump into weight loss, muscle building, fitness, nutrition, supplements, etc.
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  • Profile picture of the author brettb
    Yes I also made this mistake of too many niches. I need to have a domain firesale on Flippa or something.

    Another mistake people make is to look for high value niches. You can make easier money in niches that you know inside out.
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    • Profile picture of the author mikel.perez.01
      I couldn't agree more. I was also caught on that maddness and started creating sites for every conceivable niche.

      Maybe it works if you build "crappy" auto-blogs and promote it by mass PLR article submitting and thousands of profile links, but if you want to know the market, create real content and do some "real" powerful backlinking (think forum marketing, guest blogging etc), there's no way to be on top of everything.

      Starting a few months ago, I started focusing on just two niches, and now life is much easier. I've got to do much little research, I can gain some authority in those niches, and I can cross sell and cross promote among sites and mailing lists.

      This approach also looks more like a real business to me...
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  • Profile picture of the author rob1980
    I think part of it is the excitement in learning new things. When you start to feel comfortable with things liek KW research, building sites...etc, then you want to dive right in a get started. Most of the time it ends up being too much when newbies should just focus on one thing.
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  • Profile picture of the author matt5409
    completely agree.

    i tried to start a web design business with a friend a few years ago - i was the designer, he was the programmer. i wanted us to focus on delivering excellent web applications and websites, where he suggested that because he knew a lot about computer networking, we should offer this as a service as well.

    i finally talked him out of it. as it happened, the business never happened anyway, but if it did trying to offer loads of services - to please everybody - will ultimately end up pleasing nobody.

    and the same can be said about IM. why spread yourself so thin and run 10+ websites about different things? why not operate 2/3 really great websites instead.
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  • Profile picture of the author TryBPO
    Interesting...

    We diversify our sites heavily to prevent picking a "failing" niche...or to mitigate our losses when we do. That being said, we're sticking pretty closely to our process and not getting off on tangents with Amazon, Clickbank, etc...not yet, anyway.

    We still have a ton to learn with our sites, AdSense, etc. Once we get that done and I can get myself out of the picture I'm sure we'll look at other things as well.
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  • Profile picture of the author ericgriffin
    I agree, way to many people are jumping every which way, instead of just buckling down and just sticking with one niche.

    Find that one niche
    research it, know it like the back of your hand
    dominate it.
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  • Profile picture of the author Bryan Kumar
    Don't think of it as diversification. That might mess you up.

    Think of it as duplication.

    Of course, in order to duplicate something, you need to have something to duplicate.

    And, if you're going to duplicate something, heck, maybe it's a good idea to duplicate something that's working.

    In other words, it doesn't make sense to duplicate an incomplete system, i.e. one that isn't yet making you money (or even better, making money on autopilot.)

    So, yes, pick one niche and one product...and get it to where it's making you money. (For this to work, you'll need to pick a niche that is a proven money maker. If you pick a niche that has no money in it, you'll just be wasting your time.)

    Then...you have a choice of whether to duplicate that system into other niches...or...focus on dominating that one niche.

    There's no rule stating that you have to get into several niches.

    It really all comes down to what you want and enjoy doing.

    Do you wanna create lots of little money machines? Or do you want to spend your time in one niche that you love working on/in the most?

    If it's the former, get it working and making you money first. Then, you can duplicate that same money-making system into other products, other niches.

    The system is what's important. (Hot niches are endless.) If you haven't figured out how to make money online yet in a single niche, why waste your time trying to duplicate that (a non-working system) across multiple niches? That will only result in your creating multiple ways to waste your time.

    Bryan
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    • Profile picture of the author IamPower
      I dont know guys, for me personally, ive seen success both ways, by going into several niches, and also concentrating on 1-2 niches.

      Because when I started, I registered a domain on any niche that I thought I liked, used exact match domains if i could, or as close as possible.

      Then setup a mini site for each niche - and only picked 1-2 of them to work on for a few months.

      one site i worked on for years just for fun as I am passionate on health - and forgot about it - now it has the highest traffic, and i havent updated the site.

      Point is, i found my calling by starting 10-20 websites - fine, a handful of them were a total waste - but sometimes you got to go through a lot of crap to find the diamonds... if that makes sense...
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  • Profile picture of the author H.Miller
    Originally Posted by sloanjim View Post

    I know diversification has been preached and many take it as the gospel...but from when I browse this forum I see too many people jumping into too many niches.

    I too fell for the diversification thing but every time i strayed from my main business I lost money and most importantly lost time. Surely business is about building a business rather than dabbling in 10+ money making schemes?
    Yep, people are most definitely jumping into too many different niches. I think that's a big part of why so many people fail to ever make any money. They stretch themselves way too thin.
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  • Profile picture of the author redrabbitt67
    I think Bryan Kumar has a good point. It's not necessarily about diversification across several different types of IM, but more about learning absolutely everything you can about a single IM system at first and then duplicating that system.

    Trying to make money with a lot of different methods can be frustrating and very time consuming.
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  • Profile picture of the author Clyde
    It all comes down to your resources to build the businesses.

    Some people can do 10 simultaneously (through outsourcing etc), and some people just can't.
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  • Profile picture of the author Jeremy Barker
    Originally Posted by sloanjim View Post

    I know diversification has been preached and many take it as the gospel...but from when I browse this forum I see too many people jumping into too many niches.

    I too fell for the diversification thing but every time i strayed from my main business I lost money and most importantly lost time. Surely business is about building a business rather than dabbling in 10+ money making schemes?
    You are exactly right and this is something that I learned the hard way. Internet marketers need to narrow their niche down to the main target market they are trying to reach and stick to that niche and that niche alone while giving 100% of their time to that certain direction. They will definitely be more successful for a couple reasons but the main reason being that they can work on that one niche and see what it takes to get the clicks/sales/etc that they are looking for by making the changes necessary and able to test in a statistical avenue.

    Good Post!
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