So what is your business going to be? This seems to be the first question that people ask me when I tell them that I have decided to make some money online. The one pitfall that most entrepreneurs fall into when they decide to start a business is to choose a market or niche that is unprofitable. One problem a potential niche can have is that it does not have enough traffic. If this is the case, it doesn’t matter how great of a product you have to sell is, there will be nobody there to buy it. For instance, I could come up with an amazing widget for cleaning your horned toad. However, if there is nobody searching for horned toads, I’m not going to make a dime. The other issue that can arise with your niche is that it is a market in which nobody is looking to buy something. You can have all the traffic in the world to your Justin Bieber fansite, but if the only people coming to it are little girls with no buying power, you’re screwed. So how do you solve this problem?
The solution is to do the necessary research upfront. If you don’t put in the time to find if there is traffic to your keywords, then you are destined to fail. So right now, I’m taking time to write down ideas on a notepad that come to mind. I’m carrying it around with me all the time, so when a good idea comes to mind, I can quickly record it. I’m also going to head down to the bookstore tomorrow to look through niche magazines and magazine ads to find some niches that I would never have thought to explore. There are so many bizarre hobbies out there, and some of these are treasure troves waiting to be tapped into.