In the world of making money online, choosing a strong niche is critical to your success. It’s as simple as that.
People often really struggle to think of a niche that they can put their full confidence in.
I’ve seen colleagues of mine scratch their head as they circle around all the possible niches, not being able to decide on one. I’ve seen other colleagues completely tear down their website and start again after months of work because they’ve decided their niche wasn’t the right choice.
Don’t be these people. Instead, read this post to help you break down the thousands of possible niches into a select few that are appropriate for YOU! That way you’ll be able to put your full focus into your niche, instead of worrying about whether it was a mistake.
1. Pick a Niche YOU are PASSIONATE about!
I know it seems obvious, which is why I’m getting it out of the way first.
Do NOT pick a niche just because it’s successful. This is a recipe for disaster and will result in failure.
Why? Because you need to be fully on board with whatever niche you have. You need to be able to get home from a hard day at work, and WANT to write a post on your niche (if Affiliate Marketing is your thing). You’re going to want to talk to 20 different suppliers about different product types (if Amazon FBA is your thing).
If you don’t like the niche, you won’t want to put the effort in every day of every month. And if you don’t want to do it, it won’t get done. Traction is very important in the world of making money online and if you don’t want it badly, it won’t happen. It’s the unfortunate truth!
Making money online becomes automated and passive eventually (it continues to make you money with little effort on your end). And because the returns are usually exponential in nature (the rate of growth increases each day), it will soon become effortless and life-changing.
At the start, however, it requires effort, and if you are not passionate about your niche you will not keep at it. Whether it’s a few days, or a month, or even 3 months, you’ll eventually give up.
This point goes much further than simply not giving up though. It means you are more likely to be knowledgeable of the niche from the very beginning, and very keen to learn more. If you want to become an expert in your area and have people trust you online, knowledge is key. Thus, having a niche you are passionate about is also key.
Okay? Good. Next one…
2. Pick a Niche that is (or will be) Growing
If your passion is collecting stamps, fine. Without having done much research myself, I’m sure this can be a very profitable niche to invest your time in. According to Google Trends, there are roughly 25 searches a day for “stamp collecting”. However, you may notice something about this graph…
You can see over the last 5 years it is slowly decreasing in interest. This is most likely to do with people using stamps less, and new generations being more interested in other things such as fidget spinners…
*DISCLAIMER: I do not know much about the stamp collecting industry. It could be that while fewer people are searching for it, the ones that are spending twice as much as they used to, making it a thriving niche to go into. I’m just using the trend as an example of a downward trend*
You do NOT want to invest your time in something with a downward trend over time.
Utillise your access to this data by searching for your niche to see what kind of numbers and trend it is seeing over time.
For example, fidget spinners have a clear dramatic rise in searches when the phenomenon initially exploded onto the scene, before falling from grace when everyone got bored with it. The question is, will the dramatic rise happen again or is that it for the fidget spinner (let’s hope the latter…). See below…
The timing of this element is important as well. Pick a niche that has grown too much already, and you’ll be too late to the party. Every man and his horse will be creating affiliate marketing blogs for it and that will make it much more difficult to make good money.
Ideally you want to get onto a niche that is still in the growing stage. That way you get to position yourself as an expert (also called an authority), and subsequently benefit from the growth to come. This is called first movers advantage.
To give an idea, examples of themes that are currently trending are:
- Vegan products
- Health & lifestyle products
- Environmentally friendly products
Find a small, growing niche within these themes and you are onto a winner!
Once you have done the above, consider the final element below.
3. Is it Sellable?
So, you found a niche you’re passionate and therefore knowledgeable (or soon to be knowledgeable) in. Nice! It’s in demand too? Perfect. The final thing to consider, is whether it is actually sellable.
For example, say your niche is new Italian sports cars. You love sport scars. Especially Italian ones. And so does the rest of the world. You write two posts a day on sports cars, and it’s getting a lot of traction. The problem? No one is going to buy a Ferrari through your affiliate link.
The idea of Affiliate Marketing is that you make life-changing money writing about the products/ niches you know and love. If you’re not making any money, suddenly it’s not as fun. The product needs to be sellable!
In the last example, perhaps the blog writer could focus on trying to sell affiliate links to Ferrari merchandise that they like, such as helmets and bike jackets etc. It could work. The idea is you need to think long and hard about what you’ll actually be selling within your niche that you like, and whether people on the internet are likely to buy it through an affiliate link.
The ideal niche will enable you to sell products you like which are in the middle price-range. Too cheap, and you won’t make enough money without creating loads of sales, which isn’t ideal. Too high, and internet users are unlikely to use an affiliate link to buy it (if it even exists). They’d go to a specialist.
So do your research. Make sure there are lots of different types of affiliate links available for the products in your niche. Make sure you actually like the products (you don’t want to sell people stuff you wouldn’t even want yourself, that’s just not right!). And make sure the commission structure and product prices are favourable enough in order for you to make good money.
Your time is worth something. Don’t spend it creating a website you can’t make money from otherwise that defeats the purpose of using affiliate marketing to create the life you deserve.
Take Action – Pick the Best Niche for You Today!
The idea here is to find a niche that has ALL the above 3 elements.
If you’re passionate about it and it is growing in public interest but is not sellable, you won’t make money in it.
If it has public interest and is sellable but you’re not passionate about it, you’ll lose the market to the affiliate markets who are passionate about it, and you will eventually give up.
If you’re passionate about it and it’s sellable, this isn’t a terrible position at all. And you can make it work. But if you’re late to the party (the market is already established), or if the market is decreasing as people are losing interest, you may be fighting a losing battle in the long term. Just think fidget spinners.
Find the perfect balance of all three elements, and you are destined to make a lot of money, be it in affiliate marketing or Amazon FBA (or both like me!).
As always, if you have any questions or want to chat, please leave a comment below. I get back to everyone!