Now that we’ve got our mind-maps set up, it’s time to separate the wheat from the chaff. While it’s true that money can be made in virtually any niche, choosing the right balance between competition and income potential will improve our odds for success. Selecting a careful balance of risk vs. reward is also much more likely to keep us motivated during the initial start-up phase of our businesses. As any successful entrepreneur will tell you, a young business will require long hours and hard work for little or no reward, but hard work
always pays off. What is true for a brick & mortar business is no different than an online franchise, and making money online requires the same level of dedication.
So, how do we isolate profitable niches from unprofitable ventures? Spending countless hours creating blog posts, interacting with members of your blog, and scheduling podcasts will do little to help you earn an online income and submit your two week notice if you select a niche that is beyond your reach. On that same note, selecting a niche with no competition (and probably no money either!) is going to bleed you dry through hosting expenses and failed business ventures. To select a niche that is not only going to make me money, but also allow me to rank on the first page of Google, I use Market Samurai.
Following this simple guide from Pat Flynn, you will learn how simple (and visual) it is to use Market Samurai to locate profitable niches with a manageable level of competition. Using this tool, I’ve selected the keyword phrase “Two Week Notice” to rank for Google. While most searches for this phrase are likely searching for a “different” type of website, I feel that capturing this type of visitor may open their eyes to a type of income not previously considered an option. Above all else, the goal here is to help people, and this keyword should achieve just that.
To begin this journey, my goals would be best shown with a little knowledge of my background. An open supporter of our armed forces, I often follow Navy SEAL blogs to learn the secrets of their success under extreme conditions. Above all else, the prevailing mentality is to separate larger goals into smaller, obtainable goals. While performing 10 more push-ups or running just 1 more mile may not be our exact goals here, breaking down measurable goals will positively reinforce our work ethic and encourage future growth. Like they say, the best way to eat an elephant? One bite at a time.
That said, I wouldn’t be much of a teacher if I didn’t publicly follow my own advice – so here goes: For the Two Week Notice Project, my first goal is 100 daily views (unique IP addresses) by the end of 2013. A very small goal, my objective here is to show that goals do not need to be elaborate or complex, but rather obtainable and measurable. Setting unrealistic or overly simple goals will only discourage you, so focus on achievements that will require hard work and encourage positive behaviours!
So, what are your goals for 2013?!