Starting an internet business with almost no money isn’t that bad IF you identify potential niches correctly, so let’s discuss how to do that.
There’s a couple ways to do this.
First, you can consider the previous experience of your friends, family, and yourself to identify a niche you may feel comfortable generating leads in.
Second, you can choose a niche that makes the most money with the least amount of effort.
Does that sound relatively simple?
It’s allowed me to generate enough money to say goodbye to my six figure job in Manhattan that was sucking the life out of me. If you like the idea so far, keep on reading. I’m going to type this out like the Twilight saga, in a series.
I don’t want to sway your opinion here because it’s your life, but I chose option 2.
Lead generation can literally help every single business on the planet. Every business needs customers to survive, but the ease of generating those customers may vary.
The first tip I can offer in choosing your ideal niche is to open the phone book (if you even have one). I know it’s unlikely that you do at this point, so find one at the local grocery store if you need to or borrow one from an older neighbor because they certainly have one.
Then, flip to the business section and scroll through the massive A to Z list of businesses. There are a ton, so it’s going to take a while.
Mark down at least 10 business types that strike your fancy. I’m going to show you how to narrow them down in a second.
Think about every service person you’ve ever had to call to schedule something, fix something in your home, or help you with anything. That’s a good place to start.
Here are some niche examples:
- Pool repair
- Car service
- Asphalt repair
- Tree service
- Diamond broker
- HVAC contractor
Shoot for 10. If you want to do more, go right ahead. Once you’ve got a healthy list, mark down next to each service the volume of calls and the price of the job using the scale low, medium, or high.
Do you see where I’m going with this?
Assuming you chose the make the most money with least work route like I did, your next step is to rank that list in order by what makes the most money with the most calls.
Think about it logically. Taxis are high volume, but each taxi ride isn’t worth much. On the opposite side of the spectrum is a diamond broker. Each transaction is huge, but they’re definitely not getting many calls. And if they are, you don’t want to help them anyways.
Your goal is to choose a niche that gets a reasonable amount of calls and charges a good amount for each closed customer. That guarantees that you’ll have more chances to make money and gives you a much higher success rate, even if you’re terrible at the little bit of sales you’ll need to do. Don’t worry – we’ll cover that soon. Back to how to identify potential niches correctly.
Select your top 3 niches and we’re going to dive into the detail to see if you actually want to go with it. Stay tuned for the next article where we discuss how to select the best niche for you.