Who else wants to discover the secret to finding profitable, hidden niches and creating a product that they desperately need?
If you raised your hand, then take some notes. Because you’re about to find out what some experts don’t want you to know.
The keys to discovering your own online niche business are three fold.
1. Find a hungry crowd who is passionate about their niche area of interest.
2. Find out what problems and frustrations they’re having (what they want)
3. Provide a solution (ie, product) and put it in front of them.
Let me expand on these steps to give you a ‘how-to get started’ plan of action.
-Step 1-
Find out what information and subjects people are searching for here http://inventory.overture.com/d/searchinventory/suggestion by searching for keywords on various niche topics of interest.
But first, brainstorm to make a list of these topics. Use very specific keywords. Not “Dogs”, but “tea cup poodle dogs”. Not just “Gardening”, but “Japanese Gardening”‘, etc.
If you find a large number (5,000-100,000) searching for these terms, then you know you have a healthy level of “Demand”.
Now it’s time to find out the level of “Supply” aka your competition.
Go to www.google.com and type in those keywords (within quotes) that produced a high Demand in Overture.
Look on the right hand side of the page for the Adword text boxes. If you have a few (up to 8), then you know that people are spending money on that topic and you may have a profitable niche to venture into.
-Step 2-
Want to know what frustrations these people have? Go to forums and newsgroups where these guys hang out. Example, go to www.google.com and click on “groups”. Then type in a keyword for your particular niche of interest.
You will be taken to that group where you can instantly read the posts. Pay attention to the questions and write down the ones that seem to be the most common problems that need a solution.
-Step 3-
Now that you are armed with the problems/questions. You just need the solutions/answers to create your product.
Unless you are an expert or have useful knowledge about the particular subject and can create or publish a solution yourself, you’ll need to get the answers from someone who is. There are several solutions to finding these people.
A. Search for them on Yahoo with the niche keywords you’ve already compiled. If they have a listing on Yahoo, then you know they’re getting alot of traffic and they’re bringing in income. A great place to start your search for experts.
B. Search for newsletters or ezines with the niche keyword. For example, “gardening ezine”. Visit their web sites and/or subscribe to their newsletters. You may strike gold there.
Now, there’s a third option to creating your product, but it requires a slightly higher budget
C. Pay someone to write the material for you to publish in an ebook. Perhaps the most well-known of these type services can be found at www.rentacoder.com/RentACoder/default.asp or www.elance.com. Place your project up for bids with detailed requirements to create your product and you’ll get bids from interested/qualified ghostwriters (or software creators if that’s your solution).
I created my niche info-product by finding someone who was an expert in the eBay market. But I took it one step further. Not only did I put the product in a written form, I produced an audio by going into the studio at a local radio station and recorded an interview which was converted to an mp3 file for downloading.
Cost? Zero. However, I still owe the radio guy a gift certificate to his favorite restaurant. :-0
While there are other vital steps and options in the next phase of launching and marketing your product, this will get you started on the right path right away.
The important thing is to take that first step and get started.
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