In the last lesson we discussed the 3 ideal things you need to look for in a profitable niche market:

1. Longevity
2. High demand
3. Profitability

Due to a lack of space we were only able to touch on the first two points (Longevity and High Demand), so today we will discuss the third... Profitability.

Profitability:

Your niche needs to have potential customers who are ready, willing and able to spend money. The more they are able to spend, the more profitable the niche!

Ok. But how do you know if your niche market will be profitable?

Let's take the mobile ring tone market for instance. While there may be huge demand for this type of service, the targeted customer base is typically people under 18 who have no credit card to join a subscription service.

Now we're not saying you can't make money with mobile ringtones. This is no doubt a very profitable industry, but the spending power of your potential customers is very limited.

It is also very difficult to sell something when you can freely access or download it from the internet.

A good example of this is cocktail mixing recipes. Yes we're sure that there are people who do buy books on how to make cocktails. But anyone can simply do a search on the internet and find free instructions on how to mix any cocktail they like. So it would be hard to compete in this market.

Ok. Let's look an example of a Profitable niche?

We have previously mentioned the golf niche so we'll continue to use this niche as an example.

Even if you do not like golf yourself and you know nothing about it, you probably realize that people who do like golf tend to spend thousands of dollars on this passion. And because they spend so much money, it can be a very lucrative market to target.

In fact, any niche which involves a strong passion tends to be extremely lucrative. Some examples include gardening, crocheting, dogs, coin collecting, cars & motorcycles, camping, home improvement, sports collectables, etc.

Notice something similar with all of these niches? They all revolve around hobbies or special interests and these normally invoke strong passion.

As a rule of thumb, most niche markets that target hobbyists or special interest groups can be very lucrative markets because these people are very passionate about their particular topic.

And provided it has longevity, plus has a high demand AND fulfils the profitability test, then you may well have an excellent niche to target and you are ready to go to Step 2.

Keep an eye out for more blog posts coming soon where we move forward to Step #2 of the 5-step plan....

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