This is going to be the very first module of the mentor me program and it is also going to be one of the most important training modules that you will ever see when it comes to choosing a niche. There are so many things to look for and I will try my best NOT to overwhelm you.
Hope you are ready to be stunned 🙂
Hopefully you have already went through the first training course within Wealthy Affiliate so that you have a better idea about what a niche really is. There are a couple of rules that you must adhere to in order to choose the right niche and I will discuss them below:
Rule 1 – How many products are in your niche?
You will soon discover that the majority of your articles will be product reviews. So for each product that you find, you will write a short 800 – 1000 word article on it.
Product related keywords are also the easiest to rank for and the conversion rate is also very high. The amount of visitors are also low, but keep in mind that your conversion rate will also be so much higher because your visitor is now at the end phase of the customer purchase life cycle which makes it easier to convert that visitor into a buyer.
I also determine the size of a niche by the amount of products that you can sell within it.
The minimum amount of products will be around 50 products.
This rule will make sure that there are products available in your niche. What is the point in going into a nice that has no products to sell? Another great thing is that the list of products in your niche will keep growing as well.
Rule 2 – How expensive are the products within your niche?
Remember that with Amazon and Linkshare (both are awesome affiliate programs) you will get between 4 and 8% commissions from all the sales that you make from their website.
If you are selling products that costs less than $100, then you will make less than $4 per sale. If you sell products that have a $300 price tag, then you will make $12 per sale.
People actually do buy expensive products online because once I sold a product that made me $300 commission for that one sale. There are a lot of people with fat wallets that are willing to buy the most luxurious products known to mankind (just make sure that the products that you promote have high value).
Go for expensive products of $250 or more!
Rule 3 – Does it need to be your passion?
Here is where most people get stuck because they think that they must be passionate about their niche in order to make money.
I once reviewed a website within the “mustard” niche and it was very hard for me to find products that matched the criteria within this module.
If your passions is not going to make you money, then why did you start the website in the first place?
I can tell from experience that if one of your websites are making money within a specific niche, then that niche will easily become your passion 🙂
Rule 4 – Your first website will probably not be your last
I see people everyday that are searching for days to find niches because they are afraid to choose the wrong niche. I can also promise you that you will make mistakes down the road and I can also tell you in the same breath that almost every niche is profitable (this will depend on the angle that you represent your niche to your visitors.
Get a list of 10 different niche ideas that you are willing to write a whole bunch of articles on. Make sure that it is topic where you are willing to write at least 50 articles on.
You can use dmoz.com or Amazon to get these ideas. Once you have your list then write the amount of products and average cost of them next to the niche idea.
This method will make sure that you take a calculated approach instead if choosing the first best niche you get your hands on.