How to research a Profitable Niche Market?
Law of Attraction Case Study
The worst “business” advice I’d ever come across in my life has got to be “Follow Your Passion, the Money Will Come.” This advice is particularly disastrous in the online marketing world, where it is really easy to sink a ton of time, energy, and money in a digital endeavor you are passionate about – such as producing an online event, or building a website – only to generate marginal income.
Think about it. Being well informed and enthusiastic about your passion is not enough to build a profitable business out of it. You must make sure your market has enough profit potential to meet your financial goals, especially since you will need to invest some money to get your business off the ground.
Just take the costs of establishing a professional business website – not a ugly, crappy, free website – but one that has a strong visual brand, optimized to show up in search engines, capture leads, or facilitate e-commerce. One that shows that you are serious about doing business. You will need to spend time, energy and money on design, web development, copywriting, web hosting, SEO, etc. If you cannot demonstrate an ROI on your endeavors, especially after a couple of years, according to the IRS, it’s not a business, it’s a hobby.
So if your goal is to make money on a business, rather than spend money on a hobby, then choosing a profitable niche market is absolutely critical. And there is an art to choosing a profitable niche market without selling your soul, especially one that you are passionate about.
It all boils down to the niche profitability.