This is probably the most important lesson so read through it a couple times and really take time to digest and think about it.
In this lesson we are going to discuss establishing your niche or target market. You can define a niche or target market as a segmented group of people that can be classified as possible customers.
A niche market is generally smaller and might not cater to the masses. Let me put it to you this way: A majority of athletes that need specialized sporting goods would go find a Dick’s Sporting Goods or family-owned shop before heading to Wal-Mart to get what they need. The family owned shop’s niche would be specifically sporting goods.
What I want you to start thinking about is what niche market you want to target for your online “store”. This is the hardest part of this whole process and typically where many attempts at making money online will stall out, but I KNOW you can do it!
Many people start businesses after becoming somewhat of an expert in a certain interest, field, product or service.
I want you to consider your whole life right now. Think about what you are passionate about. Think about what you could easily talk for hours about. At this point, this could be ANYTHING.
Maybe you are a die-hard sports fan or play a sport at your college. You could be perceived as the expert in a certain genre of music. You may LOVE politics and be known as the political guru.
I want you to think broadly at this point. Brainstorm and write down your interests. Most of you probably belong to social networking sites such as Facebook or Bebo. Think about what you talk about on Facebook or what groups you have joined.
Consider this entire project an assignment. The difference is at the end of this project, you will have a LIVE money-making website! I want you to designate a folder on your computer or student server space to store information you will gather in upcoming weeks. I have a Yahoo mail account and I use the Notepad to store my notes. I have pages and pages of information. I like this because I can access this information from ANYWHERE at ANYTIME.
I believe in making lists. I want you to make a list of your top ten ideas that you have brainstormed. Now, I want you to rewrite the list and this time rank the list based on your interest level and level of knowledge on each topic. This is the beginning of your research project.
I know you are probably saying to yourself WTF, I don’t want anymore homework! This is such a crucial step in the process. I have failed numerous times by trying to be everything to everyone. I would immediately put up a site that I knew nothing about and you could tell that I had no passion and didn’t know what I was talking about.
Please take the time to think about this list.
In Lesson #2 we will discuss how to narrow down your list even more and begin researching the popularity of your subject. This will help us determine how much potential traffic you could drive to your website or sites when we are all done.
I encourage you to post any comments or questions on this site. I believe that we will all benefit from sharing information that we have.
Thanks for reading and have a great day! If you haven’t yet, please sign up for the email newsletter for more tips and tricks. Also, tell your friends about the program.
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