IBM 156 | The 5 Most Common Mistakes When Choosing a Niche

In this episode of Internet Business Mastery, we talk about the 5 most common mistakes when choosing a niche. And in the quick tip, we share free video tutorials for learning keyword research in a matter of minutes.

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Comments

  1. Good episode, guys! I think your first 4 are right on. However, I disagree with your final one to some extent, “Chasing the Money”. I operate a number of eCommerce sites and ended up picking niches that I – at the beginning – wasn’t passionate about. Instead, I picked them based on similar criteria you discuss: demand, profitability, ability to market, and a number of others.

    Since then, they’ve done well and a funny thing has happened – I’ve grown to LOVE the niches! If you can find a niche that fits all criteria for success AND you’re passionate about from the get-go, that’s ideal. But if I have to take one or the other, I’ll take a niche I’m not (yet) passionate about with a higher chance of success / profitability.

  2. Great stuff, I’m new to the niche internet business and this stuff could not be more helpful!

    Have a good one

  3. Jay and Sterling. Love your podcast! :) Just wanted to let you know that my wife’s recipe blog made $2,300 dollars this month. It can be done! Here is our income report:

    http://pinchofyum.com/april-income-report-making-money-from-a-food-blog

  4. Andrew,

    Thanks for sharing your experience. That’s awesome that it has worked out well for you.

    Were these non-passion niches your first businesses? I do think it’s possible to make it work without passion at the start. When talking to beginners, I prefer to stack as many things in their favor as possible to increase the chances of follow through and success.

    So my concern is that if the passion and interest isn’t there at first, the chances of giving up are greater.

    That said, it clearly worked out for you and everyone is different.

  5. Jay,

    Thanks for the reply! I used this approach for my first business, as well as subsequent ones.

    While I think a research-based approach to niche selection is best for long-term success, there is a lot to be said for incorporating passion into the selection process. Unless you’re really driven and enjoy the process of building a business, it can be difficult to stay motivated in the early stages when you’re doing a LOT of work and not seeing much payback. It’d be ideal to find a blend of both market demand & passion, but that’s easier said then done.

    i know the IBM community has expressed a strong interest in learning how to choose a profitable niche, which is a topic I have a lot of expertise in. I’m wrapping up a 50+ page eBook on the topic which covers how to identify a great niche, find quality suppliers, conduct competitor research and estimate niche profitability. If you’re interested, let me know and I’d be happy to send you a pre-release copy. I think you’ll find it to be a quality resource.

    Regardless, would love to chat with you at some point in the future. I think we’d have a lot to talk about…

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