Here’s a question I felt I had to answer as part of “Make Your Dreams a Reality!” month, since it’s probably one that a lot of beginning marketers have on their minds.
It comes from Katerina, who writes:
I have read all the ebooks and have the programs to find niches and still I come up empty handed because when you follow the directions you discover that most of the niches I like have a high demand but also high supply.
I have not found yet a niche that has a good demand but a low supply.
Are niches all dried up now?
Well, Katerina, if I said the Internet isn’t becoming more competitive, I would be lying. If I told you that finding a niche market on the Internet is as easy today as it was five years ago, I would be lying.
The Internet is a competitive hunting ground, and it’s only going to get more competitive — but does that mean all the good opportunities are gone?
You are talking about a business medium that allows you to reach every wired corner of the world from your computer at home. According the Internet World Stats, as of June 10, 2007 there were 1.133 BILLION people online — and it’s still growing at a phenomenal rate.
With those kinds of numbers, I’d be willing to guess there are still a few great opportunities waiting to be discovered!
However, the fact is: If your hobby or interest happens to be something like “golf” or “health products,” the chances of finding a niche are slim to none. These are saturated markets, and it’s time to expand beyond them.
If you are serious about making money online and you have explored your interests and have found them to be too competitive, then it’s time to broaden the scope of your search.
What would you enjoy learning more about? Don’t let your lack of knowledge stop you from exploring a topic you’re interested in. I know if I set aside an hour a day for the next month and immersed myself in an unfamiliar niche, I would have enough knowledge to start an online business based on that topic.
The point I am trying to make here, is don’t limit yourself to what you know today. Broaden the scope of your search and explore new niches where you aren’t already an expert — and all of sudden different potential businesses will start to appear.
My final comment is this: Don’t always write a business opportunity off simply because there’s some competition in the market. Rather, you should determine the viability of an opportunity by analyzing the quality of the competition.
If you look at the competition and believe you could do a better job meeting the needs of the market — if you can come up with a unique selling proposition that offers more value and truly differentiates you from all the other sellers out there — then you can be massively successful in an already competitive market.
Remember: Perseverance is key! Like Albert Einstein said:
It’s not that I’m so smart, it’s just that I stay with problems longer.
To your success…
ABOUT THE AUTHOR: Derek Gehl specializes in teaching real people how to start profitable Internet businesses that make $100,000 to $2.5 Million (or more) per year. To get instant access to all his most profitable marketing campaigns, strategies, tools, and resources that he’s used to grow $25 into over $60 Million in online sales, visit Internet Marketing Center