It is so easy to get lost these days with all the information available to us that choosing a profitable ‘problem’ can be challenging.
So let’s talk about how you can find out if the problem you are about to solve is indeed profitable.
Everyone is so tied up with “living the dream” they don’t plan, don’t think and they jump from method to another and back again.
S-L-O-W down for a minute.
Do things right!
Take the time to find and research problems (not niches) that you can turn into income by providing a valuable solution.
So, how can you make sure the problem has profit potential?
- Look for paid advertising for a solution
- Are their affiliate programs promoting a solution to the problem
- Do information products exist
- Are there low, mid and high ticket items
- Do people build lists around this niche/problem
- Is there competition
These are the questions I ask myself and the BIGGEST by far is…
… is there competition?
Competition is a good thing!
If there’s no money to be made from it then folks won’t be hanging around in the niche. If there is no competition it is most likely there is no market and therefore no profit.
Having said that, there is such a thing as too much competition by established sites making it very difficult if not impossible to break into it.
If you really like a niche with loads of competition, you can look to narrow your focus to a smaller segment. Depending on the problem, a smaller niche can be very profitable.
What products are being sold?
Since we’re talking information products here, are there information products being sold?
Are there other related products you can sell, either digital or physical ?
The real money online isn’t in the front end product, it’s the stuff you sell when you follow-up.
More about that in another post.
Hopefully, you’ve already created a short-list of potential problem niches to go into.
Now it’s time to dig deeper and make sure there’s money to be made.
Open up a spreadsheet and put the points above into columns. Then check them off as you validate the profit potential of your niche.
Watch out for my next post when we’ll talk about where the real money is.
Get busy!
