How to Select your Niche Part 2 - more tips
Froggy had a previous post on how to select your niche that I thought was simple yet delivered helpful tips, so I decided to build on it with a part 2 of my own about choosing niches.
So after figuring out your passions, talents, and the demand of the market, here are my recommendations:
1. Make it broad enough, yet specific enough. - When you are going to pour your valuable time into a business or project, while it’s important to have a niche target, the market should also be large enough to be worth your time. Microniches have their time and place don’t get me wrong, but when seeking true profits aim bigger to make it worth your time and effort. The same amount of work in a moderately broader niche compared to a microniche will reap more profits and have a greater potential for growth. The happy medium varies from person to person and one’s available resources, so find your equilibrium.
2. Your goal should be to dominate - If you’re not first, your last. Well not true, but your goal should be to become #1 in your respective niche. So from the beginning of your business, plan accordingly and act like you should be number one. Relating to tip #1, if being number one in your niche won’t bring in enough profits to satisfy your desires, broaden your niche.
3. Go vertical - I think many profit seeking webmasters are guilty of not going vertical right away. Once you have a niche and you’re looking to start up a new project, product, or revenue stream, go vertical. Leverage the authority you worked hard to develop in your first business and this will save you bundles of time and effort when starting up a new project. For example, if your widget sale business is on fire, try not to wander off and start make watchamacallits. Instead, widget repair might be something a bit better suited for you.
So when choosing your niche… find your equilibrium and be [kind of] broad, prepare to dominate, and go vertical when seeking new projects.
Related Articles:
- How to select your niche
- My new blog acquisition - Going green
- A Little Blog Niche Experiment
- How I Make Money Online
- Business mistakes I’ve made (and how to cure them) - Part Two
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