Finally, Discover How to Choose a Profitable Niche for your Online Business
Do you suffer from this syndrome ?
The « I want to please everybody » syndrome ?
Avoiding conflicts, agreeing with everybody, not stepping up for what I truly and sincerely thought and believed.
When you think about it, it’s sad.
That attitude did not serve me at all at the time.
It resulted only in frustrations and confusion.
Now you might be wondering where I’m going with this if I want to talk about you choosing your niche…
The start-up online business owner often suffers from the « I want to please everybody syndrome ».
If he is in the weight loss industry, he will want to help everybody loose weight.
If she is in the online dating site industry, she will want to help all men and women.
And so on and so forth.
Unfortunately, even if the intent is legitimate, the reality is totally different.
You see, any business, not only an online business must focus on one segment of its market for several reasons.
So What is a Niche ?
A niche is an enormous number of people who are accessible and desperate to consume your products/services, running after you with money in their hands, ready to pay you. Again and again.
Picture that for a second.
(You might be thinking : « Wow, they are running after me ? Am I a freakin rock star or what ? »)
The more you focus on one segment of your market, the more this situation might be yours…
Let me explain this definition in more detail.
When I say an enormous number of people, I mean at least 50 0000 people.
You don’t want to have a saturated market.
You want your reach to be at least 50 000 people to expect any profitability.
By accessible, I mean that they gather somewhere in groups, either online or offline, where they share their knowledge, their passion, support each other.
If your niche is like that, it’s a great advantage.
It will facilitate your work.
Especially in your advertizing. You will focus on where these people gather.
Not in a pejorative way.
But you are so much a solution to one of their problems, that they are « dying » to get what you have to offer (which is of course, incredible).
And they have money.
You have a business. Not a non-profit.
Your objective is that by the end of the year, it’s profitable.
So in order to do that, you must reach out to those who can and will pay you, no matter what.
Those who will not negotiate your price, but appreciate the value of your products and services.
The last and best part : again and again.
You get it. Right ?
Always think about the lifetime value of your clients.
You don’t want them to buy from you once.
You want them to do that again and again.
Let me give you a few examples.
Broad niches : doctors, lawyers, students, adults, men, women
These niches are much too large.
Great niches :
Women between 30 and 40, who have just had a baby in the last 6 months and want to lose the extra pounds they gained during their last pregnancy.
Single dads between 50 and 60 who are dealing with their only child leaving the family home.
Podcasters who have a business podcast, more than 150 episodes, who have never had any sponsors on their show and have at least 500 downloads/episodes.
And the list could go on.
The difference between the broad and the great niches is that the great niches are more specific, more detailed.
You get the point.
Before even starting anything online, be clear on who you want to serve.
What niche you are in.
It will save you a tremendous amount of time… and make your online business more profitable.
Because by speaking to a specific category of people, your message will be clearer and more attractive.
Doing that will save you from the « I want to please everybody » syndrome.
By the way, in case you want to know, I healed from it.
It being that syndrome.
So it’s possible.
If I did it, you can do it too.