When I first started out online I decided to choose a niche market. Or that's what I hoped to do. I had specialist knowledge in one particular area and I was keen to share it, for a modest price, of course. With even a few hundred customers a month buying my $17 ebook, that secure retirement income seemed within my reach.
And there were plenty of gurus out there and happy to tell me that the best way to make money online was to have my very own product and be in charge of my own destiny. While that does have a certain truth to it, the downside is that all your eggs are in the one basket.
What they didn't tell me about was how difficult it would be for ME to bring to market a professional looking package that would compete with the products already available. Yes, I could have out-sourced it, but that would have cost a lot of money and still left me at the 'mercy' of web-site-developers and others.
When I started working on my own product (an ebook on a particular topic) I soon realised that although it was one mammoth project in its own right, developing a niche product was the easy part. Marketing it was the real challenge.
Undeterred I next set about learning about putting up and editing the webpage, blogging, social networking, copywriting, article marketing and increasing visitor count. I gave up before I reached the "design an affiliate program" stage. This was all part-time, alongside my day job. Whew!
But what had I missed out, in my enthusiasm? Selecting a small enough niche in which to market my product!
It had 100 % escaped my notice just how vast and competitive the Internet is, and particularly how many other great products there are out there.
While my product can compete for quality once people have actually bought it, I will be the first to admit that it does not compete at the pre-sale stage.
It was a bitter pill to swallow even without having put hundreds of hours of hard slog into product development, learning the skills to get myself a website and a king's ransom into coaching.
So if you are seeking to start your online line of work, spend plenty of time choosing your niche and don't neglect the products already readily available on the market.
Choose a product where someone has already done the hard work of product development for you; use keyword research and competition evaluation tools to choose a small niche of a target market, where a sufficient number of people are interested in some aspect of the product; put something out to market, then, to improve your chances, rinse and repeat, possibly in a completely different niche, to spread your risk of your chosen niche failing.
If your initial choice of product isn't an overnight success, or even if your first ten products bring in only mediocre results, at the very least you will have 10 niche products "on your books" and if each one generates just $50 a month, that gives you your first $500 per month from ten different niches.
There is plenty of free advice available on how to find a niche product.
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