How to Pick a Niche and Create Income Streams
There are many reasons why you might want to make money online. Maybe you need to pay off old debts, want more money to spend or want to build wealth so you’ll be financially secure in the future. Most likely, you want to make more money for all of these reasons.
The problem is that if you don’t pick the right niche, you will cripple your efforts and you won’t be able to earn anything. You may have already tried to look for the perfect keyword, with the exact right amount of traffic and the lowest competition but had no success. That’s not unusual.
What’s Your Goal?
Also, if your goal is to create a steady stream of income, you probably are looking beyond that and hoping to multiply your success into a lot more money. And that’s exactly what you should be doing.
To be successful, you first need to find a niche in which you are interested. You’ll make more money and be happier with your work, if you have a genuine interest in your topic. That’s more important than competition statistics and keyword volume.
- The most important thing to look for is profit potential.
- If your idea doesn’t have real potential you will be wasting your time.
The easiest way to determine if there’s any money in the niche is to go to the Google Keyword Planner and type a related search term in. Not only will Google show you search volume (sort of), but they will also show you a suggested bid price. If all your keywords are worth pennies, then there’s probably no money in the niche.
So, just what is a money niche?
It should have a lot of potential for affiliate sales and there should be lots of products you can create to sell. It’s always best if these products are both digital and tangible but only one of these types will work.
A Popular Niche
It seems that everybody wants to work in the “internet marketing” niche and there is a good reason for that. That’s because, even if you can’t meet your earnings goals right away, you can create courses and e-books to teach the topic to people who know even less than you do. There is always someone hoping to learn the ropes and make money with internet marketing.
Some of the skills you can teach others are:
- Blog installation
- Sales copy and article writing
- Keyword research
- Video creation for YouTube
- Social media mastery
One of the reasons the internet marketing niche is so popular is because there is huge potential for big profits in this niche. People are always looking for recommendations and step-by-step digital products. You can also offer reviews on tangible items such as Amazon books or helpful tools such as Dragon Naturally Speaking.
If you’re not interested in internet marketing, there are other niches that have a lot of potential to make money, such as health and fitness. In this niche, you can sell digital products such as e-books about losing weight, healthy eating, and bodybuilding. There are also lots of tangible products such as treadmills, weights and more.
Another profitable niche is anything to do with pets. People love to buy treats, clothes and toys for their pets and you can cash in on that desire. There are also many downloadable products about training your pet, grooming and healthcare.
When choosing the perfect niche, try to keep the right balance between broad and narrow niches. Don’t restrict your future income by only promoting one model of one particular product. If that product is no longer sold, your business will go up in smoke.
Likewise, don’t go too broad if you want to make at least $100 per day because it will be harder to demonstrate that you’re an authority and make sales.
So, as you can see, it is possible to create a steady source of income online. Just follow some of these easy tips and soon your business will be very prosperous.