You can either choose a niche you have some knowledge about or choose one you know nothing about. In the first case, you have to know enough to be able to help and solve problems in your niche. In the second case, you have to have at least some interest in it and be willing to work at learning about it so you know more than the average niche member.
If you’re selling training, information or services you need at least a bit of interest in the topics of the niche. Plus the knowledge to have enough credibility for people to buy from you.
Now, there’s a further need associated with this. What is the point of starting an online business if you have nothing to sell? People do this all the time.
They get hosting, set up a website, even get an autoresponder service to email subscribers. They might spend a long time building a list. But still have nothing to sell. And wonder what they could sell.
The opposite of this is to buy a Private Label Rights product with website, graphics, emails provided. They put it on the web. They may get traffic to it, and make a few sales. But they slowly diminish. They’re left with a dead site, and no business. How many dead sites have you come across in your online searches? They have a product but unfortunately there are many other people selling the exact same product.
The first basic requirement then, is to choose a niche and get to know it if you don’t already. The second basic requirement is to create a product or buy one which supplies something people in the niche want and is different from other similar products. Get to creating your own product as fast as you can.
How can you decide what to create a product about?
1 Use your niche knowledge. Aim to have some expertise. You can then position yourself in an original way from businesses with similar products. If you don’t have enough niche knowledge to do that, you need to go back one step and learn about it.
2 If you already have a list, no matter how small, ask them what problems they want solved by you. You might end up with ideas for several products, so you can prioritize in what order to create them.
3 You will be creating content of some sort, in some format. You can take ideas from that content and develop one or two pieces into a full blown product. In effect, you’re producing a data base of ideas. Organize your content and/or the ideas from it so it’s easily accessible for you when needed. At the very least you will have categories in your niche into which you can divide your ideas.
4 Actually, everything you produce for your prospects, subscribers and customers is a product of some kind. Inter-relate them in planning a product, picking out the ideas needed in it. If, for example, you have listed in alphabetical order the ideas you used in all your “products”, you can scan through for related ideas. Another method is to put ideas onto mind maps.
5 Simply brainstorm. You have your niche knowledge, so spend some time getting down on paper or screen everything you can think of from scratch about the topic. Then do further research after that.
If you’re thinking of starting, or have started, a new online business: what niche are you in? and what will you sell exactly?