Do you go for the niche that makes money?

27 replies
"Niche A shows potential, so I will go for it"

Is that your sole criteria for a niche? Do you think you should go for a niche simply because it you spot an opportunity, or should you go for something that gets you jacked up?

My criteria is the latter.

My reason is simple: It's the fastest way to success. If I pick something that I'm passionate about, I'm going to enjoy the actual process, the means, and not just view it as an obstacle to my end, and through that way of viewing the work at hand, I actually value the work. I don't *sigh* each time I view everything I have to do - that accelerates my success.

Hence my daily progress is consistent, I don't view success as instant as many wish for. If the end is worthy, the means should be worthy, the end doesn't justify the means. I think the utalitarian attitude is extremely prevalant in the IM world, and causes many to be disconnected from reality, from what it actually takes to have lasting success.

So is your criteria for selecting a market to serve or a service to offer based on if there is an opportunity to make some money? This is the advice I see handed out to newcomers constantly.

Your best chance is to find the crossroads, where your strength / passion and market collide and you can channel that collision into providing value, that's when you'll make it.
#makes #money #niche
  • Profile picture of the author SEO Haven
    You need to have the passion for a "niche" if you are going to be successful, I agree 100% with you on that one. As for money-making niches, yeah sure I think most of us go after them, but if you have no interest in that particular niche you're bound to fail.

    I remember when I started out, I did the whole baby toys/products, weight loss, electronics, etc. I had no interest whatsoever and failed eventually. Then I started a music site, lost interest in that and so on and so on...

    We need to do what we love, or else we'll fail. Chasing money for the sake of "the money" is a dead-end street. I always laugh at people going after these "dog training" and "golfing" niches, how damn boring is that! Do they really think a true enthusiast is going to enjoy their websites? No..

    Anyway, that's about as much time as I have...
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    • Profile picture of the author Thomas Michal
      Originally Posted by SEO Haven View Post

      You need to have the passion for a "niche" if you are going to be successful, .
      I completely disagree with this. I am in the process of getting a anti-aging cream made and I am certainly not passionate about that.

      I am passionate about the profit margins though!
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      • Profile picture of the author Brad Berry
        I agree that niche must be linear with your actual passion, or else, there will be an "X" factor that become obstacle whenever you want to start something.
        But of course, you need more than passion if you want success, it means, you have to find the "best of both world" solution.
        Find your passionate niche, which also popular and profitable (need more than hard word though, you will need luck!)
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  • Profile picture of the author Rod Cortez
    Originally Posted by KaplanT4 View Post

    "Niche A shows potential, so I will go for it"

    Is that your sole criteria for a niche? Do you think you should go for a niche simply because it you spot an opportunity, or should you go for something that gets you jacked up?

    My criteria is the latter.

    My reason is simple: It's the fastest way to success. If I pick something that I'm passionate about, I'm going to enjoy the actual process, the means, and not just view it as an obstacle to my end, and through that way of viewing the work at hand, I actually value the work. I don't *sigh* each time I view everything I have to do - that accelerates my success.

    Hence my daily progress is consistent, I don't view success as instant as many wish for. If the end is worthy, the means should be worthy, the end doesn't justify the means. I think the utalitarian attitude is extremely prevalant in the IM world, and causes many to be disconnected from reality, from what it actually takes to have lasting success.

    So is your criteria for selecting a market to serve or a service to offer based on if there is an opportunity to make some money? This is the advice I see handed out to newcomers constantly.

    Your best chance is to find the crossroads, where your strength / passion and market collide and you can channel that collision into providing value, that's when you'll make it.
    Why can't you have both criteria? They don't have to be mutually exclusive.

    Having participated in over 50 different kinds of markets and niches over the years, I use the following critera when I select a niche:

    1. Whenever possible, I select something that I have an interest in. However, even if I don't have any interest in it, I do ultimately develop a passion for the business I build around it and my customers, regardless if I'm passionate about the topic or not. As an entrepreneur I like delivering solutions, so I'm also looking at opportunities too.

    For example, the first niche I got into 12 years ago was wedding planning. I had a very light interest in it, definitely was not passionate about it, and knew nothing about it. But I saw a definite need there so I found an expert who would supply me my content and I developed a very strong passion for the business I built around the content and infoproducts I offered.

    2. I like markets with a healthy dose of competition. I'm not afraid of competition. The competition has done all of the hard work for me and they are also potential JV and/or strategic partners. I was advised many, many years ago by two well-known and successful marketers to "stay away from the dating" niche because it was too hard to break into.

    I'm glad I didn't listen to them. I found ways to compete simply by creating kick-ass products, partnering with the leaders in that industry, and using distribution channels that the competition wasn't using.

    3. I select markets that have a never-ending need. I personally do not go after markets that are one-hit wonders or trends. I ask myself: will I be able to sell this business or trust it over to my favorite charity in 20, 30 or even 40 years from today?

    I don't try to sell the hottest toy that's coming out this holiday season, but I would try to sell advice on how to find your mate (that's never going out of style).

    4. I follow the advertising dollars. Why? Because it's a tell-tale sign that people are making money. And yes, let's not kid ourselves, the primary reason people go into business is to make money. If they're not starting a charity or non-profit organization, that's the reason 99.9999% of the time.

    5. I look at the channels of distribution. I've learned over the years that no single entity ever owns all of the distribution channels. For example, I jumped into a market where the top 10 competitors owned Google Adwords, Yahoo and even MSN Adcenter. But I noticed NONE of them used press releases, free publicity, and most of their affiliate programs sucked sweaty earlobes.

    I was able to compete by reaching my audience using different distribution channels. This is key before jumping into a niche or market. Find out how you can reach your audience.

    While it certainly does help to have a passion about a market that you go into, there are thousands of entrepreneurs who have more of a passion around the business they build and their customers. One of my neighbors is a multi-millionaire who owns a company that manufactures plastic bags for a very specific industry.

    The guy is not passionate about the plastic bags per se, but he is passionate about delivering quality and service to his customers. I have a friend who owns 5 dry-cleaning stores and 7 laundry mats throughout the county. The guy is definitely not passionate about dry-cleaning or laundry machines in and of themselves, but he is passionate about delivering top-notch service to his customers, which is why they keep coming back over and over again.

    RoD
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    • Profile picture of the author KaplanT4
      Originally Posted by Rod Cortez View Post

      Why can't you have both criteria? They don't have to be mutually exclusive.

      Having participated in over 50 different kinds of markets and niches over the years, I use the following critera when I select a niche:

      1. Whenever possible, I select something that I have an interest in. However, even if I don't have any interest in it, I do ultimately develop a passion for the business I build around it and my customers, regardless if I'm passionate about the topic or not.

      For example, the first niche I got into 12 years ago was wedding planning. I had a very light interest in it, definitely was not passionate about it, and knew nothing about it. But I saw a definite need there so I found an expert who would supply me my content and I developed a very strong passion for the business I built around the content and infoproducts I offered.

      2. I like markets with a healthy dose of competition. I'm not afraid of competition. The competition has done all of the hard work for me and they are also potential JV and/or strategic partners.

      3. I select markets that have a never-ending need. I personally do not go after markets that are one-hit wonders or trends. I ask myself: will I be able to sell this business or trust it over to my favorite charity in 20, 30 or even 40 years from today?

      I don't try to sell the hottest toy that's coming out this holiday season, but I would try to sell advice on how to find your mate (that's never going out of style).

      4. I follow the advertising dollars. Why? Because it's a tell-tale sign that people are making money. And yes, let's not kid ourselves, the primary reason people go into business is to make money. If they're not starting a charity or non-profit organization, that's the reason 99.9999% of the time.

      RoD
      Yes, its all about using your strengths to your advantage. i.e you may not know too much about a market, but you could be extremely knowledgeable at marketing and beating the competition, and so instead of using your strength as the foundation, here you use it alongside the market.

      An example of a strength being a foundation is copywriting. Here your business is founded directly off of your strength.
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  • Profile picture of the author Mark Alan
    Before I go into a new niche I like to research it a bit and see if it something I am going to be comfortable producing content for. If I don't think it is something I will enjoy I tend to stay away from it as I will never get around to producing content for it.
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  • Profile picture of the author Mr. Ken Russell
    Absolutely. The most profitable niches are well.. the most profitable
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  • Profile picture of the author CurtisSWN
    Some people can get into a niche and make money, even if they have no special affinity for it. This is simply because they are marketers, to them what is important is delivering a service that has a market. Now the people who have a "passion" for a particular niche, their attachment can actually become a detriment to their being able to make real money from it. The most money I make is from things I don't have a great, great, great passion for (in fact I lose money there).
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  • Profile picture of the author rohitreddy
    Always should pick up the niche in which we can write up content easily.
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  • Profile picture of the author jeffonmission
    I try to go for things that I know I could talk to people about in person and not blush or be embarrassed. Usually, this ends up being things that I've helped people with while consulting or things that I've done in the past that I want to help others be successful in.

    I'm more of a relational person so I know this isn't the norm though. However, it helps when writing content because I can think of all the things someone would say to me and the words just flow smoothly.
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  • Profile picture of the author Jeffery
    In business school we are taught that best practice is to consider the Return On Investment (ROI). A niche is the same. Do research and determine if your resources and business plan will produce a positive ROI.

    Personally, I choose a niche based on the Target Market and the ROI. Another strong factor are the Relevant Markets.

    Honestly, if you sat down with a decent educated and experienced business consultant, it all comes down to the above because those factors are the foundation of almost any type of business: Target Market and ROI.

    Jeffery 100% :-)
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  • Profile picture of the author KaplanT4
    I think the summation would be to not view the actual work as a chore, then you're on the right path. If you just concentrate on the goal, and view the journey to get to the goal as a nuisance, maybe you need to re-evaluate.
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  • Profile picture of the author JohnMcCabe
    If you want look inside the kind of mind that comes up with answers like Rod's, check out this book:

    Amazon.com: Big Bucks! (9780688170356): Ken...Amazon.com: Big Bucks! (9780688170356): Ken...
    One of the hero's mentors runs a company that makes cleaning products. There's a scene where a diner owner has a stain on his floor, and the cleaning company guy gets into the solution so much, he's actually down on his hands and knees in the diner examining the stain. He later comes back with a product made to remove the stain.

    The point being, if you can make money from your passions, great. Otherwise, you may develop a passion for the business, that passion growing out of the desire to serve your customers.

    Spoiler alert: The hero goes on to become extremely successful and ends up advising another up-and-comer.
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    • Profile picture of the author KaplanT4
      Originally Posted by JohnMcCabe View Post

      If you want look inside the kind of mind that comes up with answers like Rod's, check out this book:

      Amazon.com: Big Bucks! (9780688170356): Ken Blanchard, Sheldon Bowles: Books

      One of the hero's mentors runs a company that makes cleaning products. There's a scene where a diner owner has a stain on his floor, and the cleaning company guy gets into the solution so much, he's actually down on his hands and knees in the diner examining the stain. He later comes back with a product made to remove the stain.

      The point being, if you can make money from your passions, great. Otherwise, you may develop a passion for the business, that passion growing out of the desire to serve your customers.

      Spoiler alert: The hero goes on to become extremely successful and ends up advising another up-and-comer.
      Ima check out the book, while on the topic of books, I recommend anyone who hasn't to get a copy of "Pitch Anything" by Oren Klaff.
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  • Profile picture of the author Matt Carlson
    As entrepreneurs,we have to follow both heart and mind.Unless you have already made tons of money,you wouldn't like to go after a niche that has no or very little moneymaking potential,even if you are highly passionate about it.

    In many "Hobby" niches,you can get a lot of eyeballs but ultimately you'll find that these eyeballs don't convert into sales and there is no point in wasting your time and efforts in that market.

    According to my experience,we tend to become more and more passionate about a niche once we get involved with it and start making some money.
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  • Profile picture of the author reidsteven75
    I'm passionate about figuring out the problem in the niche then delivering a solution through software. With this mindset the only niches I won't enter are those that have a negative impact on the world. I like to think with my efforts the world is a better place because that niche can operate more efficiently.
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  • Profile picture of the author Jacqueline Smith
    I don't look for niches that are making money....I look for niches that have people willing to spend money.

    That may sound like it is one in the same....but that's often not the case.
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    • Profile picture of the author JohnMcCabe
      Originally Posted by Jacqueline Smith View Post

      I don't look for niches that are making money....I look for niches that have people willing to spend money.

      That may sound like it is one in the same....but that's often not the case.
      Make that 'willing and able to spend money' and I'm with you 100%.

      Again, 'willing' and 'able' aren't always the same thing...
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  • Profile picture of the author Randall Magwood
    I love basketball. However i love talking about internet marketing all day too. I'm in the IM niche for the money... but also for the passion.
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  • Profile picture of the author iRunThis
    Originally Posted by KaplanT4 View Post


    Hence my daily progress is consistent, I don't view success as instant as many wish for. If the end is worthy, the means should be worthy, the end doesn't justify the means. I think the utalitarian attitude is extremely prevalant in the IM world, and causes many to be disconnected from reality, from what it actually takes to have lasting success.
    Hahaha Kaplan got philosophical on em'. I studied Immanuel Kant and his philosophy for about half of a year. It's an interesting one at that, and one that will always be relevant.

    To the OP, I agree that as a newbie, picking what you love may be the best route, but after you already pick up that initial momentum and you see that making money online is possible once you put in the work, I don't think it would hurt to go after niches with money making potential.

    Jay
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  • Profile picture of the author FIP
    KaplanT4

    I tend to agree. Making money is obviously important - finding a niche with that criteria in mind and one that makes a difference is my focus.

    Passion for your work is important. Particularly online where at times it can be challenging - and is always changing.

    For true ownership of a niche/project - passion and motivation to want to do it can make the difference between success and failure.
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    • Profile picture of the author JeffMitchell
      Go for the niche that makes most sense to you...If you are not passionate about what you are doing then it WILL NEVER work in the long term. One of my sites is an outdoor sites that only uses adsense to create and income. I don't have a list and don't email them offers. But there are many things that I get excited about and making money is one of them....

      Jeff Mitchell
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  • Profile picture of the author RedShifted
    If you are a newbie in anyway shape or form, you are guaranteed to fail by picking ANY competitive niche. This includes MMO, Health & Relationships.

    If you don't have the experience, don't even think about it.
    The "real" niches are the ones that don't have anything to do with the above 3.
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  • Profile picture of the author locke815
    I'd go for a niche that will drive traffic and automatically gives me benefits in terms of my adsense
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  • Profile picture of the author picnic
    Banned
    I always go for niches I'm passionate about and are popular enough so that I can promote products that solve some nagging problem for people. I just can't see myself writing about things that I personally wouldn't use
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    • Profile picture of the author JeffMitchell
      There are a million niches in this world. Like I have said before....if you want to sell cracklins there is an affiliate program that you could promote and make money.

      I would buy from you. I love cracklins...haha. and I am from Indiana.

      there is opportunity everywhere...pick a niche that you can connect with and roll with it. Every thing that you can learn while promoting that is going to help you in ANY business that you ever decide to get involved in.

      Jeff Mitchell
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