My Internet Downfall, Or How You Will Not Generate Profits With A Product From The Internet
When I originally started out online I decided to choose a niche market. Or that's what I hoped to do. I possessed specialist expertise in one certain area and I was keen to share it, for a modest price, of course. With even a few hundred individuals a month purchasing my $17 product, that comfortable retirement income seemed within my reach.
There were numerous gurus out there and eager to tell me that the best way to make money online was to have my very own product or service to be in control of my own destiny. While that does have a certain truth to it, the disadvantage is that all your eggs are in the one basket.
What they didn't let me know about was how tough it would be for ME to produce and promote a professional looking package that would be competitive with the solutions already for sale. Yes, I could have out-sourced it, but that would have cost a lot of money and still left me at the 'mercy' of web-site-developers and other people.
When I started working on my own product (an ebook on this particular topic) I soon discovered that although it was one mammoth project in its own right, developing a niche product was the simple bit. Marketing it was the real challenge.
Undeterred I then set about studying setting up and editing the web page, operating a blog, social networking, copywriting, article marketing and generating the traffic. I quit before I got to the "design an affiliate program" stage. This was all part-time, in addition to my day job. Whew!
But what had I forgotten to do, in my enthusiasm? Finding a small enough niche in which to market my product!
It had completely escaped my notice just how huge and competitive the Internet is, and especially how many other excellent products there are out there.
Even though my product can compete for quality once individuals have actually purchased it, I will be the first one to acknowledge that it simply cannot compete at the pre-sale stage.
This was a bitter pill to swallow even without having put many hundreds of hours of hard graft into product development, mastering the skills to get myself a web site and a king's ransom into mentoring.
So if you are hoping to start your online business, spend plenty of time choosing your niche and don't overlook the products currently available on the market.
Choose a product where another person has previously done the hard work of product production for you; use keyword and key phrase research and competition evaluation methods to pick a small sub-set of a target market, where a sufficient number of people are interested in some facet of the product or service; put something out to market, then, to increase your chances, rinse and repeat, possibly in a completely different niche, to spread your risk of your selected niche failing.
If the first choice of product isn't an immediate financial success, or even if your first ten products pull in only mediocre results, at the very least you should have 10 niche products "on your books" and if every one brings in just $50 a month, that gives you your very first $500 a month from ten distinct niches.
There is plenty of free advice available on how to find a niche product.
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