7 Mistakes To Avoid If You Want a Successful Online Business. page 3
You need to carefully consider the niche that you choose for your online business. If you get this
wrong then you can spend a great deal of time, effort and money and not get much in return. There
are thousands of niches but not all of them are a good fit for an online business.
In a lot of guides about setting up an online business they will tell you to follow your passions. There is
good intention behind this. If you start an online business with a niche that you are passionate about
then you will be more motivated to make it work.
That is all very well if the niche you are passionate about has the potential to make you a lot of money.
You may well be passionate about sheep shearing in the Outback, but how many other people are
going to be?
There are two things that you need to look for when choosing a niche:
Is there demand?
Is there money in the niche?
If the answer to either of these questions is “no” then you need to find another niche. You can check
the demand for a niche by using the free Google Keyword Planner. Just enter in some seed keywords
that relate to your niche e.g. “drone photography” and see how many searches this and similar terms
receive each month. The higher the number of searches the better.
To see if there is money in the niche use a seed keyword and perform a search in Google. Are there a
lot of ads on the first page of the search results? If there are then this is a good indicator that there is
money to be made.
You can also use a website called OfferVault.com and search for available offers using your seed
keyword. If there are a lot then you are probably on a winner. There are some niches where you just
know there will be a ton of demand and many opportunities to make money. In our opinion the top 3
are:
Health and fitness – weight loss etc
Wealth creation – make money online, investing etc
Personal development – better relationships, meeting boys/girls, self improvement etc
If you are in any doubt about choosing the right niche - go where the money is. Don’t worry if you are
not an expert in the niche right now. You can learn and master it. It is better to do this than choose the
wrong niche that you are an expert in and passionate about.
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