Making Money on the Internet - 5 Tips to Finding a Profitable Niche

By Pam G Brossman

Finding a niche, is it really that hard to do or do you think there are niches out there just waiting to be exploited?
Niche seems to be the keyword amongst internet marketers when teaching newbies about making money on the internet. So I thought I'd do some research and find out the best way to find a profitable one, plus give you some tips on how I find my unsaturated niche markets.
Recently I watched a fantastic 4 hour webinar by Derek Gehl and he gave a really great definition for what a niche is:

A niche market is a group of people who are searching the internet for a solution to a problem and not finding many relevant results.

Now when you think about it, that really makes a lot of sense. Internet marketers soul purpose online is to find a group of people, with problems, needs or desires and to create a product, service or solution for that group of people.
After they have found their niche and created their product it is then their job to market to that group of people to let them know they are an expert in this niche and that they have the answer to whatever it is they are looking for.
So with that being said, here are 5 tips that I have found to be the easiest way of finding a profitable niche:

1. Pick topics of interest to you: Picking a topic that you are passionate about or that you are interested in is a great place to start when searching for a niche for your online business. Lets face it, you are more likely to stick at something if you are interested in it then if it is a topic that bores you senseless. I recommend starting with a list of 5 topics including passions, interests, hobbies or subjects you are knowledgeable about or wish to become knowledgeable in, as a great place to start.
2. From your list pick one out of the 5 that you are really interested in to start your research: The point of this is, if you can find a unsaturated and profitable niche in your most favourite topic on your list, the chances are that you will be really eager to get this started and take action quicker. If by chance the topic you have chosen, does not turn out to be the most profitable niche to pick then you can work your way through the other 4 topics until you find one you think is worth doing more research.
3. Now it is time to try and find a niche within a niche: Okay so you have picked your topic which is probably one keyword or two. Perhaps Golf is your passion, Well I can tell you right now that there is no chance of even tapping into this market it is so competitive. But don't get disheartened, there may be a micro niche within the Golf market that you can target ( you are looking for a niche an inch wide but a mile deep). Ed Dale from the 30 Day Challenge recommends searching for longtail keywords - words that people type into the search engines that have more than 3 words eg - golf clubs is a market - wooden golf clubs is a niche, and - Tiger Wood's wooden golf clubs is a micro niche. It is much easier when getting started to sell to a smaller less popular micro niche market (using longtail keywords) then to try and compete in markets that have way too much competition.
4. Using a keyword tool to find your longtail keywords: I found this the hardest part of all. There are so many Gurus promoting different keyword research tools from, Wordtracker, Keyword Elite, Google's keyword research tool and most recently Ed Dale's introduced the market to a new one called Market Samurai. Well Market Samurai would have to be the easiest tool I have found to use and if used in conjunction with Google's free search engine tool can give you a pretty good idea of whether a niche is worth targeting or not. Visit my website if you want to find out more about Market Samurai and how to use this tool. There is a free download, but if you want the more advanced features then you can buy the package. It is not very expensive and you will find you will use it a lot for researching your competition and finding new niches.
5. What statistics to look for when finding a profitable niche: This question was the hardest one to answer. Every Guru out there has their own strategy for finding a profitable niche, but I think Ed Dale made it the simplest for me so I will pass on his advice because it is the one I use for my business. If you are a newbie it is more important to get started in a niche that you have at least some chance of getting your first sale. The reality is, that if you target a niche that has more than 100,000 competing web pages and that has lots of competing websites with existing page ranks of 4 or higher, the chances of you even breaking into this market is pretty slim. But, if you target a market that has no less than 80 searches per day for a particular keyword and less than 50,000 competing web pages, chances are that you can compete in this market, build an online business and start making money on the internet.

So my closing advice to anyone who is having trouble making money on the internet and getting started finding a niche to target online is:

• Go and watch either Ed Dale's 30 Day Challenge videos on You Tube, especially his keyword research video tutorial or
• Download a free version of Market Samurai and watch their video tutorials to get started. They really make it easy to learn and understand and I am sure by using this tool plus your list of 5 interests, passions or hobbies, that you will be able to source a profitable niche by the end of the day.

So now that you have found a niche, what's next? Well it is now time to answer these 3 very important questions:
Who is your target audience?
What do they want?
And, How do they want it?
But this is another article, happy niche hunting. To your success.

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