So, you want to start an online business, but you're wondering: Is there a definitive way to know if your niche/market/idea going to be profitable?
And is there a way to know this before you start producing all this content that everyone is telling you to produce?
Spoiler Alert: Yes there is and I'm going to show you exactly how to know in 3 easy steps, so let's jump right in.
1. The Ideal Market Size Test
Head over to trends.google.com and type in the keyword "improve memory".
Then set the market to "Worldwide".
Next, set the time range to "past 5 years".
After that, type in these additional 2 keywords (using the compare function).
These 3 keywords are what we call your "North Star" keywords and will be your guide when it comes to determining if your market/niche size is either too big or too small. If your keywords fall within the range of these 3, you're good to go to the next step.
Now for comparison, type in the keyword "fitness". Notice how far above the other three keywords this one is. This tells you that this is an ENORMOUS market and it's likely going to be difficult to be competitive because of it's size and likely competition. You'll want to niche down to a smaller part of this market to find your ideal market.
Next, type in the keyword "accent reduction". Notice how far below the other three keywords this one is. This tells you that there's likely not a ton of demand for this niche and that you'd likely either need to "niche up" or choose another niche altogether.
Now that we've accomplished that and if your market is in the ideal market size zone, you can move on to...
By the way, these 3 exercises come from Ryan Levesque’s book , “Choose. - The Single Most Important Decision Before Starting Your Business”, and I’ll leave a link in the video description below. It's a $10 offer for the book that comes with an additional $200 of awesome bonuses including the audiobook.
2. The Ideal Market Competition Test
You want to make sure you're entering a market that has the right amount of competition: not too much, not too few and definitely not ZERO competition.
For this we use the "Amazon Test"
Head over to Amazon.com. Make sure to use the US site as that's likely going to be the best indicator of market competition.
Click up to the Amazon search bar and type in your keyword.
When Amazon serves up the results, here's what you're looking for:
Are there "sponsored products" that are education and expertise -related coming up in the search results?
If there are 1-2 or 8-9, mark this keyword as a "maybe".
If there are zero or 10 or more, mark this a "no go". Theres likely too much competition.
If there are somewhere between 3-7 products, that indicates a healthy level of competition and this keyword is a "go".
There's MUCH more to go into here, but this will get you up and running and possibly whet your appetite to go even deeper.
BUT, even if your keywords have passed all of these tests so far, there's still one more we have to do.
3. The 5 Market Essentials.
By the way you want to MAKE SURE you have these too.
Players With Money (PWMs)
Covering the details of ALL that is a little beyond the scope of this video, so I'll leave a link in the description the video that shows how to analyze that.
I see so many online business coaches, that probably don't even know about this strategy, out there giving ALL the general advice about starting an online business like: "just start putting out regular content" or "just press record and it will all work out" OR "just be you, that's the best way to find your niche'."
As a result of this kind of mediocre and imprecise advice, I've seen SO many new online business owners NOT do this easy exercise we're covering today and, as a result, pick an unprofitable or hyper competitive niche and because of that, start their slow march straight to the burnout body pile.
And, all they needed to do do avoid all of that wasted time, effort, energy and money, was to go through this very exercise I showing you today in about 10-15 minutes.
OH, and two FREE resources that will help you get this process cemented in your brain (and there's a little more to it than what I'm able to cover today).
1) My FREE START. An Online Business quick start guid guide… It outlines this entire "getting started" process and goes into more in depth on what we just covered today.
2) This video here… that walks you through these 5 absolute non negotiables your market must have if you really want to succeed. So click right here and I’ll see you in this video. I'm actually waiting for you over in this video, right here… :)
Discover the six simple steps to start and grow an online business that help you monetize the things you already know, so you can begin to work less and live more.
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