Step 8: How to Determine If You Have a Profitable Niche
You need to determine the profitability of your niche. It is important to get the idea of how much potential money you will gain in your niche. You want to search for products, books, and services that have some competition. How much are people paying? How much are your competitors charging? Having a little bit of competition is a good thing. If the Niche is over saturated, then you might want to consider a different type of product or you will need to spend more time on branding and marketing. If there is no competition, then there might be a reason why. It could be the niche or topic is not converting very well.
Make a list of 3-5 websites that are doing something similar. What are they doing well? What do they have that you don’t? Subscribe to their mailing list. How much are they charging? What exactly do they offer? How urgent is the problem they are solving? How do they speak to their audience?
Make a list of 3-5 books or courses that are being offered in your niche. How much are these items? Are people buying them? What do they have that you don’t? How could you add to your product or service?
Once you are clear on what is out there, start your plan of action. The best way to get ahead of your competitors is to be consistent. Create more content than they have. If you work harder and longer, the odds are in your favor. Be willing to go the long haul.