When it comes to choosing the right niche market as an infopreneur, your passions, expertise, interests and life experience all have the potential to become a fulfilling source of income. The first step in choosing the right niche market is to narrow down your interests and possibilities.
What are you passionate about? What could you create, explain, demonstrate or research that might be of interest to others? What do you know how to do particularly well? Is your “common knowledge” uncommon or in demand somewhere else in the world?
What niche market research have you completed? Too often in business, when assumptions trump research it leads to problems, wasted time, wrong pricing, ineffective marketing and can be very costly or cause the business to fail.
Questions to ask yourself
When it comes to choosing the right niche market, here are some questions you should be able to answer before you invest time building your business. As you answer these questions, the actions and strategies you need to succeed in your niche will begin to reveal themselves.
• Why are you interested in this niche?
• Do you think you’ll still be interested in your theme in 6-12 months?
• Within your niche, can you envision at least 50 related topics that you might be able to write about, demonstrate, feature or explore?
• Do you have any experience or pre-established credibility relating to your subject?
• How popular is your niche?
• How much demand is there for your area of interest?
• How much supply is there to meet the demand?
• Can you compete with credibility, quality and pricing?
• Who are your customers?
• What are they interested in?
• What are they looking for?
• How can you help them solve a problem?
• What are their buying habits?
Narrowing it down
Try narrowing it down to three good potential themes to compare. Pick topics you’re interested in spending the next 12-24 months exploring. As you do your research you’ll begin to see what is working for the competition, as well as where they make money. There’s no sense in reinventing the wheel if someone’s already done the legwork.
The next step in choosing the right niche market is to use the tools available online to contrast and compare each theme. Your primary considerations should be: personal interest, credibility, demand, profitability and feasibility.