Personally, when I think about reinvention, most often the first place my mind seems to go is to my career…or at least it used to. These days, I’m pretty happy with the state of my career. Because these days, I work for myself so I get to focus my career on what I want, what I’m passionate about, and what I want to do – which is helping others who also are ready to reinvent themselves learn how to do it.
You might be wondering why learning how to start a business online is the most direct path to career reinvention. Well, in these wonderful days of the internet, there is opportunity enough out there for all of us to be able to get our own slice of the pie.
The Internet – Today’s Virtual Land of Opportunity
Did you know that as of July 2019, there were 4.33 BILLION active internet users worldwide. That is 56% of the total world population. And all of those people are making 63,000 searches per SECOND on Google on any given day. That comes out to about 2 trillion searches each and every day. (According to Statista.com/statistics/617136/digital-population-worldwide/)
So what does all of this mean for you? Well, it basically means there is almost limitless opportunity to make money online with your own online business. And the place to start is with your own very website. But first, a little soul-searching…
What Do You Love to Spend Time Doing
Before we even begin to think about the business end of things, first I want you to make a list – the Passion List – of 5 to 10 things that you love do. It can be anything – AS LONG AS YOU TRULY ENJOY SPENDING TIME DOING IT! Next, I want you to make another list – the Knowledge List. This time, I want you to list 5 to 10 things that you are interested in and already know something about that you would be interested to learn about in more depth.
These 2 lists are going to be the starting point for your research into possible business ideas – or your NICHE. Because what is the point of reinventing your career, if you aren’t going to do something that you love and are passionate about!
Now that you have both of your lists completed, you are almost ready for the next step! All that is left to do before moving on to step 2 is to see what, if anything, that you’ve listed on both of the lists! Start by choosing your favorite item that was listed in both lists. (If you didn’t have anything listed on both of the lists, I would start by choosing your favorite thing from the Passion List.)
Now that you have picked a niche from your lists, it’s time to do some research!
How to Determine if a Niche has the Potential to be Profitable – In Just a Few Minutes
There a few simple strategies that you can use help you to figure out if your idea for your niche is one that is likely to be profitable. And best of all, it will not take hardly any time at all for you to it work out. So without any further a-due, let’s get started!
Here is an overview of how you are going to do it…
3 Steps to Determining the Profit Potential of a Niche Idea:
- Go to the major affiliate networks, such as ClickBank, Offer Vault, Commission Junction, and Amazon, and search for your niche.
- Are there products being sold in the niche you searched?
- How many different products are being sold in that specific market?
- Are there products that are new or recently introduced for sale?
- Next, go to Dummies.com
- Is there a Dummies book about the niche you chose?
- Finally, head to your local bookstore and look in the magazine section.
- Are there any magazines available about your niche idea?
How to Start a Business Online? Start by Making an Informed Decision When Choosing Your Niche!
Now, what will you learn from completing this quick exercise will help you to decide if you want to move forward with a certain niche or if you want to keep looking. Remember, you are trying to build a business so thoroughly researching possible business ideas is paramount! This exercise will just help you quickly weed the good ideas out of the bad and give you a more focused direction moving forward in your research.
So let’s go ahead and get into the meat of what you are looking to learn by doing this exercise. The first step is to go to a couple of the major affiliate networks. Why should you begin your research by looking into affiliate networks? This is a good place to start because even though there are many ways in which you could choose to monetize your website, affiliate marketing is a strategy that almost any type of online business can implement to great success.
Just in case you are unfamiliar with affiliate marketing, here is a quick definition:
- Affiliate Marketing: a marketing arrangement by which an online retailer pays commission to an external website for traffic or sales generated from its referrals.
Some major affiliate networks include ClickBank, Offer Vault, Commission Junction, and Amazon Associates. So head on over to one of their websites and search for your niche idea. If you find a wide variety of products offered – AND BEING SOLD – then you are in good shape.
Just make sure that some of the products are new or recently introduced for sale because this tells you that the niche – or market – is still current. This is important because you don’t want to get into a niche that is losing popularity.
Now if your niche idea is looking good based on what you learned by visiting the major affiliate networks, then you can move on the next step. Surf on over to Dummies.com and do a quick search for the niche you are interested in. If there is a Dummies book or books available about your niche then you have probably picked a good one. Just make sure that the book isn’t too old for the same reason you looked for new product in step 1.
If it’s Available in Print, You’ve Found An Audience
The reason that you are looking is to see if there is a Dummies book about your niche is because of the up front investment costs that are associated with publishing a book, especially a reference type book.
They have spent huge amounts of money before a single book ever gets sold, which means that they KNOW that there is a large enough audience to make their initial investment back and then a whole lot more in profits. Otherwise, they would lose tons of money and would most likely not be around for us to use as an indicator of a niche’s profit potential.
Which is why step 3 is to look for magazines that are available in your niche. If there is a periodical publication – AKA magazine – focused on your niche, it is a really good indicator that there are a good amounts of people who spend money to learn more about that topic. And since a magazine is a periodical, that means that they are publishing more content around that niche regularly which tells you that you have found an audience for your business idea.
Now that you have found a potentially profitable niche, you are ready to get going with your business!
So You’ve Chosen Your Niche…What Next?
What else? It’s time to build your website. And keep in mind that this is just a quick overview of what you need to do to get started. First, you need to come up with your domain name and purchase it. It should be relevant to your niche and brandable.
Next, you need to find and purchase hosting for your site. There are a ton of different hosting options, such as GoDaddy and Blue Host, for example.
You have many choices on where to purchase domains and host your site, but my personal recommendation is Wealthy Affiliate. I use them and love them for so many reasons! If you want to know more, click here to read my in depth review.
Once you have purchased your domain and hosting, all that is left to do is to actually build your website, create relevant and valuable content for your audience, and decide how you will monetize your website.
I hope that you have found this article helpful and informative and would love to hear what you think and what you would like to know more about. So please leave a comment below if you have any questions, comments, or if you just want to say hello. I look forward to hearing from you!