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Focus on your first couple of pounds, online. Once you’ve made a few
quid, then you can focus on making your first hundred… and then your
first thousand, and so on and so forth. Until, BLAM! Before you know
it, you’re sitting on a million pounds.
You read all those websites and books claiming they made thousands
of pounds in one day, week, or month. That reads like eye candy, but
it didn’t happen overnight my friend. It won’t. It took a lot of
preparation to get to where I am today.
What’s Your Passion?
I almost always hear someone ask “How do I start an online business?
What should I sell online and what products should I sell?” I always
recommend that before you start, you need to determine your niche.
Your niche is a topic about which you are, or can be passionate
about.
Simply, if you don’t love what you do, it’s almost a sure bet you
won’t prosper as much as when you follow your heart and do what you
love to do. A typical mistake made by internet newbies is to try and
market a product they know nothing about to a group of people they
also know nothing about.
Those lacking in experience cannot make honest recommendations, and
it shows in low sales and poor conversion rates.
There is an old saying, “Do what you love and the money will follow”
which seems to hold true on the internet.
Choosing a Money-Making Niche
One of the biggest secrets that
makes this whole thing come together is to carefully choose a niche
market. But almost every marketer on the internet is fixated on
selling a broad product with wide public appeal. And that's why 98%
of all internet marketers are failing at what they're doing.
There's a famous saying that all
great marketers fully know and understand and it goes like this:
"When you try to sell everything to everybody, you end up selling
nothing to anybody." Another one goes like this: "When everyone's
your market then no one's your market."
Why is this? Well, the simple answer is that it costs a lot more
money to advertise to that broad audience we call the masses, than
it does to advertise to a small niche market. Yes, you get a much
better deal on advertising when you sell to a niche market.
The most common method people use to decide which niche market to
get involved in is to simply ask yourself what your hobbies are. Or
ask yourself what is of most interest in my life? What fascinates
me? This is often a niche market you already know and understand.
You may even be an expert on a niche market that you didn't realize
was a niche. Are you? Think about the things you spend your spare
time with.
The best thing about dealing with niche markets is the fact they're
so easy to manage. What I mean is that instead of trying to reach
300 million people that mostly don't care about your product, niches
allow you to focus on around 20,000 prospects at a time. For
instance, in a spy software business, there are only about 25,000
people subscribing to spy magazines. This means instead of trying to
get lucky advertising to 300,000 people, I can now go directly to
the 25,000 people most likely to become my customers. It’s like
shooting fish in a barrel - when you think about it.
(continue
reading about The 3% Who Succeed)
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