Choosing Your Niche
The first thing you need to figure out before you can get started making money online, is figure out what niche you want to address. This is perhaps the hardest step and it seems to be the thing that holds back many would be entrepreneurs from even getting started in the first place. It’s also the most important step because if you don’t choose the right niche, there’s a good chance your business won’t stand a chance of succeeding.
What I do Online
My online business is essentially an information product business. I sell courses and coaching services to musicians who want to make money licensing their music. I chose this niche because I’m a musician and I’m passionate about music and I also had experience licensing my own music when I started my internet business.
The two most important parts of choosing a niche are choosing something that you’re both passionate and knowledgeable about AND choosing a niche where there is consumer demand. It’s important that you’re passionate about your niche, in my opinion, because the reality is that in the beginning, it’s going to take a lot of work. You’re going to face challenges and setbacks and if you’re not passionate about what you’re doing, it’s going to be way to easy to just give up and go back to whatever you’re used to doing to make money.
Although there are certain aspects of an online business that you can set up to run on autopilot, the reality is that, especially in the beginning, it’s going to take a lot of work. If you choose a niche that you’re actually passionate about and interested in, it will be a lot easier to maintain enthusiasm and excitement and push through the inevitable challenges that come your way.
When you really care about what you’re doing it gives you the motivation to keep going when things get challenging or when you simply don’t feel like putting in the work.
Of course, you also need to make sure there’s enough consumer demand for whatever you’re selling to create a sustainable business around. No matter how passionate you are about something, if there’s simply no interest, or not enough interest, your business isn’t going to work.
When I started my business teaching music licensing, I had a good sense that there was demand in the music industry for this kind of product. I used to always get questions from my fellow guitar teachers and musician friends about how I was able to make money licensing my music in tv shows and commercials. So I knew that, at least locally, there was interest in learning about this facet of the music industry. I looked online, and at the time discovered there were very few resources for musicians related to music licensing, so I had a good sense that my course would be in demand.
Think about what knowledge or skillset you have that other people would also be interested in learning. Choosing a niche for your internet business is the one thing that I can’t really teach you. This is something you’ll have to figure out on your own since everyone is unique in terms of their interests, skills and passions. What interests me, might not interest you, and vice versa.
If you’re interested in learning more about what I’ve been doing to make money online the last 13 years, check out my website and landing page here: free course - HOW TO LICENSE YOUR MUSIC PREMIUM (htlympremium.com)