How To Find Niche Markets – 3 Mistakes I Made That You Don’t Want to Repeat

 

I’m going to share with you some mistakes I made when I first started building websites and finding a profitable niche to make money online and earn an extra income to help support my family.

Niche marketing is when you pick an audience and you make sure that they’re an audience that has an ongoing demand for potential products or looking for answers to certain problems. You try to figure out what they’re looking for and then you find products to promote to them or you create products to help them solve their problems.

So, it’s great. It’s a win win. You’re helping people and you can make money at the same time and support your family.

But, if you’re failing at it, it’s not because niche marketing doesn’t work. It’s because you haven’t done the proper research or haven’t put into action the things you’ve learned. Likely, you’re just jumping from one project to the next without making the first one a success.

Let me give you a hint, if you own more than five domain names but do not even have one profitable website, you’re probably making one of these three mistakes that I made. And just because I gave you that hint, you probably know that, yeah, I do own more than five and only two of my websites, after learning all these tricks, and have focused on those two only, are making money.

Mistake #1: Don’t Think You Know Your Audience and Skip the Research

The first mistake that I made is jumping in too fast. It’s important to first do research before jumping into any niche. You need to know who your audience is.

We call it the customer profile. You need to know what age range that your customer falls in. Are they male or female? Are they married? Are they single? Anything else that’s important to them. Are they parents of small children or children of all ages? You need to know these things so that you can create or find good products or services to promote to them and that will help them solve the problems that they’re facing in the season of their lives.

If you jumped in without doing the research, it’ll seem to take longer to earn a profit. You need to know who the audience is, whether the niche can be monetized, and who the competition is before you even buy a domain name.

So, research your audience. Study the competition.

Competition is good, I’m not saying that that is a bad thing. In fact, you need to have competition or else, it’s probably going to be a niche that no one is really interested in or that you can’t make any money with. Be careful here, make sure there are some good competitors, but not too many.

Create or find products that you can promote. Make sure there’s a wealth of products that you can pick from or some problems that you can identify that you can create products to help people solve.

Remember, the reason we’re in business is not only to make money and support our families, of course that is an important reason, but we want to help people. If you keep that your focus, trying to help people, it’s so much more gratifying. It also will help your business grow. It goes hand in hand.

In this order:

  • Research the audience
  • Study the competition
  • Create or find products to solve problems

Don’t skip any of these steps or you’re going to be jumping in too fast and you may waste a lot of time and money on ideas that will not work.

I jumped into different niches. I picked several. I would be doing keyword research and find a keyword that was searched for a lot, but it may have been something that I really couldn’t monetize. My audience were people that had no money to spend, so how am I going to make money?

It may be something you’re passionate about and that’s where we tell you to start because that’s going to be so much more fun to write about and to build a website around something you love to do or that you love doing as a hobby or a sport, but make sure that your target audience is able to afford your product or afford the service that your offering. If not, you’re wasting your time. I don’t want you to do that.

Mistake #2: Addicted to Listening, Learning, Watching, and Reading

So, the second mistake I made was being addicted to learning.

Now, I’m working on this.

I’m still not completely healed or whatever you want to call it.

It’s always good to learn, you need to continue learning, but you can be addicted to it.

Look and see how many courses have you purchased in the last year?

How many books have you bought about how to make money in niche marketing or whatever business you’re starting?

It’s good to learn. You need to know how to run your business and your target market, what’s in demand, what problem solving that you need to do for your customers.

But the thing is, once you learn it, then you need to put into action what you’re learning.

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Learning is a good thing, but it’s important that you actually implement what you learn before learning something new.

That’s the key.

I would read a book and think, “Oh, great! I know what to do now,” which, I would, but then I’d see this other book or this other course come out that was offering the newest, greatest, and latest marketing tactics on Facebook or e-mail list building this way or that way and I wouldn’t finish implementing from the course I’d just took or the book I’d just read.

So, be careful there. Take your time. Take it easy. If you’re spending all your time reading, learning, and not doing, you will never see success. You might be very smart, but you still won’t have success without doing anything with all that knowledge you have.

So, learn, yes, but implement and put it into action next.

Then practice — master it. Do it so many times that you can do it in your sleep because then you can teach it to others and help others and then evaluate how you’ve done.

If it’s profitable, if it is a success, then rinse and repeat. That means you found something that works.

Don’t reinvent the wheel and go chasing the next great thing. Do what’s working.

Remember these steps each time you see a course you want to take. Are you really going to take the time to do all four of these things? If not, don’t bother wasting your money or your time, which is more important.

Mistake #3: Going A.D.D. on Creating Too Many Websites

The third mistake is starting too many unprofitable websites. I’m not saying that every website is unprofitable. It is at first, of course, but if your brain is scattered, if you’re working on five different websites at one time and not any of them are making money, you need to stop.

Take my advice, just stop!

Focus on one. Take all those things you learned about in those great courses and great books you read and implement those things on one site only.

This is probably the biggest thing that I want to get through to you.

We all have great ideas. I have a list of ideas, a list of websites that I want to create because now that I know how to create websites and how easy it is, you know, you can have a beautiful website about any niche out there, but the thing is that you don’t have enough time in the day to manage all those.

The thing you want to do is pick an audience, do your research, stick to it before trying a new one. If you don’t have a good reason to buy a domain name and it’s not related to the audience that you’re currently marketing to, stop right now. You don’t need another one.

You need to make this one profitable first, and then you can go on to the next one. I cant’ say that enough.

Make a profit from whatever it is that you’re doing right now and get that business running smoothly. Let it be financially sound before moving on.

After that, it’s fine to start a new niche with the same, or even entirely new audience or pick something different. The goal is to have a profitable online business and if you’re trying to run five at one time, it is not going to work. Only buy domain names and only start new websites when you’re ready to get started in a particular niche and you already are making a profit from that first one.

If you want to be a successful online business person, it’s very important to take it easy, do your research, take action, and avoid starting more websites before making the first one profitable.

And automate! Once you have that thing making you money, you start outsourcing your content. Outsource your graphics. Outsource everything that you can. The important thing is that you know how to do it all. You’ve streamlined your systems. You’ve set up processes so that you can easily hand it off to someone else and evaluate their work.

Then you can devote your time to the next website or your next business venture.

Stay Ahead of the Learning Curve

Keep up to date on whatever niche you get involved in. Read your industry news and stay ahead of the competition.

More importantly, join me at WAU, where I learned everything I needed to know about building websites. If you’re serious about building an online business, you need to join me inside the community at WA University.

You can do so for free. With the starter package, you can have two free websites today and get on your way to having your own online business up and running.

Yes, we give you two free ones.

That doesn’t mean start two websites though.

Please, start one.

Pick a niche.

We teach you how to do the research.

It’s so funny, this is where I started out at the beginning and then I kind of got off track with all these email marketers emailing me with all the latest and greatest courses.

But you know what? After I took those courses, yeah, I learned some things, but the thing is, when I went and looked inside WA University, they taught me the same thing!

I just hadn’t taken that course yet because there’s just such a wealth of information in the members’ area and in the community that you can’t absorb it all at once. You can’t absorb it even all in one year. There’s constant training going on. They stay up to date on everything.

It’s all I ever needed and I wish I’d realized that in the very beginning. It would have saved me a ton of money. I’m telling you, thousands of dollars it would have saved me from buying extra courses and extra PDFs and all that, if I would have just had the trust that I would learn everything I needed to know at the university.

So, for free, visit me there.

I’m there to help you. I’m there to coach you as well as the community there. There’s over ten thousand people in our community that are successful or are just starting out like you. We all help each other and give feedback on our websites.

We walk you step-by-step on how to build a website and how to market it and make money online.

Click Here if you want to learn more about WAU.

 

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