What techniques you should be using to evaluate the potential profit of your niche

Mini-Niche eCourse: Lesson #3

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By Eric V. Van Der Hope
Copyright (c) 2008 NicheSourcing.com

It’s a good sign when you find a niche that is being actively searched for on the internet – so it must be a craving market!

At this point, evaluating a specific niche comes down to one thing really – the proper research. This one technique alone will result in bringing you success or failure with your idea.

One of the best indicators on gauging a potential market is through search engines. The more activity and β€˜hits’ your niche receives, the bigger chance that your niche has plenty of potential! πŸ™‚

There are a couple of good resources that I use to measure the popularity of my niche. They are also essential for keyword research.

One of these tools that works extremely well in narrowing in on a niche is called – Good Keywords.

You definitely NEED it, it’s necessary . . . You can download it for FREE from my site here:

http://resources.nichesourcing.com

(Yes – it’s FREE! No sign-ups required – just download it to your computer and install)

So what would be a potentially good niche!? Ah ha . . . that’s a good question! πŸ™‚ This is subjective really, and can vary from niche to niche.

In my opinion though, you should have about 30,000 counts for the Base Keyword. (I go into great detail on how to use the software in my book – if you are serious to learn more about it!).

You’ll find another excellent resource while you visit this page – it’s a keyword tool provided by google adwords.

You also need to research if people are actually spending money in the area of the market you are targeting.

For example – let’s take one of my niches . . . How did I find out if it would be a profitable niche . . . ?

You need to find out what products are essential to the success or growth of that part of the niche you are targeting.

Since my niche was saltwater fish / reef keeping, yep . . . ! That’s saltwater fish, marine life, corals, invertebrate, etc.

You go into a fish store/pet store and you see what these hobbyists are purchasing to maintain whatever it is they are enjoying as a hobby.

Ask yourself some questions (this will give you the ability to decide if the niche is worth your effort):

– Is this a passion-driven hobby?

– How much money are they spending? (Are there regular expenses?)

– To maintain the hobby, what necessary items are needed and how much do they cost?

– How much are they actually spending on the live animals?

– Are there other services that these hobbyists pay for to maintain the tanks/maintenance?

– Are there other costs in their hobby that are indirectly related to it?

There are many, many more questions that one can think of to narrow in on and determine if the niche will be viable or not.

I decided that this niche was definitely a great opportunity! I knew a lot of money was being spent in this type of market – because I was spending it as well! πŸ™‚

This is another reason why I feel that starting with a hobby is a good start to niche marketing – because you have an inside perspective – right!?

In order to make a profit – money has to be spent and a willingness to part with the money cannot be an obstacle!

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These concepts as well as others are covered in greater detail in “The Niche Sourcing Blueprint”. In order to get a more thorough grasp on these techniques as well as get the answers to your most pressing questions, check out my book here:

http://www.nichesourcing.com

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Here are some useful thoughts I recommend that you seriously think hard and long about . . . some ‘food for thought’.

So what really helps in niche marketing or simply just starting, running and owning your own business?

– You will need to have a strong desire and passion to make sure you do more than the normal routine.

– You need to be able to wake up every morning with the same passion and zeal you had the day before.

– You need to have the will to tell yourself that your effort will be worth it!

– If you cannot motivate yourself to be successful, then you need someone to show you how.

– If you can’t do that or not willing to do that, your chances of success become very slim.

‘Stuff’ gets in the way of our lives everyday. We procrastinate and we simply ‘put things off’ to the next day. This pattern turns into a habit and before you know it another year has gone by without any progress! πŸ™

Well – your mindset should be solidly against this way of thinking!

To be successful, to have a good life, to have and enjoy the nice things in your life, your business mindset should be founded on a solid foundation of passion and desire. Otherwise, you are going to slip back into the normal life of ‘just getting by.’ πŸ™

Now, having said that, it’s certainly not a requirement to have a passion for something you do.

Many people are extremely successful at things but they may not necessarily have a passion for that specific area.

You should not limit yourself to concentrating your efforts at just stuff you like, have a passion for or are an expert at – there wouldn’t be enough to go around!

Your goal as a business person is to ‘spread your wings’ so that you give yourself the opportunity of growing into other markets.

Ultimately, your success is going to come down to one thing – DESIRE!

Do YOU want it bad enough?

If you have the proper mindset of desire – you are capable of doing anything you put your mind to – you are the one making the decision – that responsibility is yours.

Success requires a proper mindset conditioning. Once you can accept that – you’ll find it a whole lot easier to understand and a clearer path to success will grow larger and larger! πŸ™‚

In the next lesson, I’ll review some proven strategies for creating products quickly, efficiently and at minimal cost to your bottom line.

That’s all for now – I look forward to talking with you further in the next part of my informative yet valuable 6-Day mini-niche eCourse.

Read Lesson #4 by clicking here


If you missed Lesson #2, you can click here to read it! πŸ™‚

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Eric is a #1 International Bestselling Author, Ghost Publisher & Book Marketing Coach. He helps struggling content creators navigate the often-confusing publishing and book marketing process and shortens the time it takes to become a published author. More specifically, Eric helps writers, bloggers & authors find their tribe, build their platform, share their message & make a difference by transforming their message into a bestselling book. Hundreds of authors have benefited from his advice by publishing their own books successfully.

Please note: I reserve the right to delete comments that are offensive or off-topic.