You might think that most people who try to make money online fail at driving traffic. Or building an email list. Or creating an information product.
And you’d be wrong.
As little as 10% get as far as to even have a chance of failing at the above things.
Interestingly enough, if they do get this far, they probably won’t fail at the above things or anything similar… they’re more likely to see things through.
There’s something else that stops most people.
It’s step #1 - pick your niche.
Whatever it is you decide to do online, be it e-commerce, Amazon, information products, local consulting (or whatever label you bestow upon yourself), the first step is deciding on the market segment you’re going to serve.
And this is where everyone stops.
In my experience, it’s not that it’s that hard to decide what you like.
It’s more about being able to let go of opportunities in all the other niches you’re not going to serve.
It’s called Fear of Missing Out - FOMO - and you might’ve heard about it regarding investing.
No different when it comes to making money online.
Say, you decide that you’re going to pursue the personal development market. As soon as you do that, doubt sets in and you start thinking…
“What if there’s more money to be made with weight loss… internet marketing… relationships… pets… toys…” and so on.
This is where most people become paralyzed.
This bugs me to no end… because the answer is simple.
All of these are good niches. Probably most niches are going to be just fine as your first niches… as long as there’s some activity in the niche. If you pick any of the big ones, you’re going to be just fine.
Here’s something else you should know.
Your first product is probably going to suck. Your second one… probably as well. But it’s going to be a tiny bit better. Third might be ok. Fourth will be even better. And so on.
So even if you get the niche-picking part completely wrong and in the process of creating your first product realize that you completely hate, let’s say, the weight loss niche…
It’s completely fine, because chances are your first product isn’t even that good, and you probably don’t have a huge audience built just yet.
You can pivot to whatever you like best, and hey - you now have one less niche to worry about.
Now, if you still can’t decide what to pick, here’s some advice.
Some people’s niche is making money.
It doesn’t matter in what niche. If it makes money, they’re fine with it (ethical considerations apply, of course).
But people like that are few and far between.
So you better go with something that interests you… that you’re passionate about. It might be something you’ve already done in the past. Or something that you always wanted to be doing.
Warning
It’s not the “follow your passion and the money will come” speech. I’ve always thought that was terrible advice… if for no other reason than it’s that often once you have to start making money with your passion, it stops being a passion.
No.
What I’m saying is having some kind of passion for a niche will make it easier to keep going whenever things get hard.
That will happen.
Not all the time… but when it does, you’ll be way happier working on something that at least somewhat interests you.
My final advice to you is this.
Do not be a statistic. Don’t be among the 90% who lose months, or even years, picking a niche… while they could be making money.
Just pick something and get going. You’ll pivot if needed.
False starts are often a part of life. Instagram was called Burbn once and was a check-in app. They pivoted multiple times until they became the social media giant we know today.
Go ahead. Grow. Do it by failing, if necessary. Don’t sit still, though!
To Your Success, Paul Hanson
P.S Stay tuned because we're getting close to unveiling our new website and this may prove to be your ticket to the niche that you're looking to set up for yourself.
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