When I first started out online I decided to choose a niche market. Or that's what I hoped to do. I had specialist training in one particular area and I was keen to share it, for a modest price, naturally. With even a few hundred individuals a month buying my $17 publication, that secure retirement income seemed within my reach.
And there were numerous gurus out there and happy to tell me that the most reliable way to make money online was to have my very own product to be in command 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 inform me about was how tough it would be for ME to bring to market a professional looking program that would compete with the solutions 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 this particular topic) I soon realised that although it was one huge project in its own right, developing a niche product was the easy bit. Marketing it was the real challenge.
Undeterred I next set about learning about setting up and editing the web page, running a blog, social bookmarking, copywriting, article marketing and traffic generation. I threw in the towel before I reached the "design an affiliate program" stage. This was all part-time, alongside my day job. Whew!
But what had I omitted, in my enthusiasm? Selecting a small enough niche in which to promote my product!
It had completely escaped my notice just how vast and competitive the Internet is, and especially how many other outstanding products there are out there.
While my product can compete for quality once individuals have actually purchased it, I will be the first to concede that it simply cannot compete at the pre-sale stage.
It was a bitter pill to swallow even without having put countless hours of hard slog into product development, learning the skills to get myself a web page and a king's ransom into mentoring.
So if you are seeking to start your web based business, spend plenty of time choosing your niche and don't neglect the products currently readily available on the market.
Choose a product where someone has previously done the hard work of product production for you; use keyword exploration and competition evaluation tools to select a small niche of a target market, where a sufficient number of people are interested in some aspect of the product or service; put something out to market, then, to improve your chances, rinse and repeat, probably in a completely different niche, to spread your risk of your chosen niche failing.
If the very first choice of product isn't an overnight financial success, or even if your first ten products bring in only mediocre sales, at the very least you will have 10 niche products "on your books" and if each one of these generates just $50 a month, that gives you your first $500 a month from ten different niches.
There is plenty of free help available on how to find a niche product.
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