- Business and Employment
How to Make Money While You Sleep Series - Part I
Make Money While You Sleep
Wouldn’t be great if every time we go to sleep our money would produce 100 fold profits so that by morning our investment, of say, $100 had increased to $1000? Yes, of course it would be great, but in reality it rarely happens, unless you are some super smooth trader who knows and invests on an assured stock on the trading markets.
In this ‘How to Make Money While You Sleep Series’ I may not be able to show you how to increase your money 100 fold, but I will be able to show you how you can make money while you sleep, and earn a decent income that could enable you to give up the day job, work on your own terms and fulfil your dreams.
This series will teach you the step-by-step process that is required to set-up a successful Internet business. You will find out about the different internet tools and innovative software that will make your work easier, marketing techniques that will attract attention to your business and develop your brand, search engine optimization and most importantly, how to drive traffic to your website.
Let’s get started with the first step in the series ‘finding a marketable niche market’.
Find a Marketable Niche Market
What is a marketable niche market? It is a focussed, targetable market made up of a group of people with similar interests (a portion of the market).
Before choosing your niche market you will have to carry out some research into whether or not the product you want to sell is a viable item that will bring in profits. For example, there is no point in choosing a niche because you like it. Suppose you like cross-stitching and want to base your product or service on this niche. It will not be of any use or benefit to you if the cross-stitching niche only has a handful of people.
That’s why research is crucial to your future business.
What you must search for is something that requires a solution for which people are prepared to pay. It could be a problem that needs solving, e.g. weight loss requires some method that is going to help the recipient lose weight. However, it doesn’t always have to be a problem; it could be that the niche desires a particular product or service, e.g. the desire to purchase hair extensions to enhance their look.
So, the first rule is, do not follow a hunch or something you like but instead carry out research to find your niche.
How to Research a Niche
Right, the next step in finding a niche market of people who are going to purchase your product or service is to find keywords that are relevant to your product or service.
It is important to choose the right keywords so that when prospective customers seek information on the internet they will come across your website.
There are a couple of tools that will help you identify the most appropriate keywords for your niche market; Wordtracker and Google's keyword tool.
Wordtracker is a brilliant keyword research tool that can help to bring more traffic to your website as well as help you understand your niche market and whether or not the niche you’ve chosen is worth it. Wordtracker is a subscription service which costs $449 annually or $69 monthly. There is also a 7 day free trial version.
Google’s keyword search tool is free and gives you stats on how many times a keyword or phrase has been searched globally and locally.
These types of keyword tools will help you to disregard ideas that are not really viable for the time and effort you are going to put into your business. You might think you have a great idea but if there is no-one searching for it, it will be a waste of time and money investing in it.
What you need to find are keywords and phrases that lots of people are looking for but has very little completion. Google actually tells you whether the keyword you’ve typed in has high, medium or low competition. Obviously, choosing a keyword with low competition means that there only a few other online businesses that provides the service or product relevant to the niche you wish to promote to.
Searching for Keywords
When searching for keyword or phrases you should follow certain guidelines to get a true picture of your niche. In the Google Keyword Tool:
- Type in the keyword you want information on
- Choose the country you wish to target
- Choose the ‘exact’ key option. This gives you the true number of people searching for your keyword or phrase. Do not choose the ‘broad’ or ‘general’ options as they will give you an exaggerated number of searches which can appear for any search. For example, the phrase ‘chocolate cake recipe’ in a broad search will give you searches for ‘chocolate’ ‘cake’ and ‘recipe’ quadrupling the keyword result because it searched all three words. But if you search the same phrase in exact mode you would get the real number of people who searched for ‘chocolate cake recipe’.
- Choose keywords that have a minimum count of 10,000 globally with low competition.
- Choose long-tail keywords (phrases of 3-4 words) rather than single keywords.
- Look at the websites that list for the keyword/phrase you want to use. This can give you ideas on how to how to display your website, plus you can see what the competition is doing.
This book will show you a simple step by step formula to getting BUYERS to come to you, instead of just "prospects".
You will learn about how to use certain keywords in your Marketing, that will GUARANTEE that CUSTOMERS will find you, which will make your sales process SO MUCH easier!
Know Your Market
This is essential. You must know your market. You can achieve this by researching online by visiting forums or groups who discuss the topic you have chosen. This is helpful because you will discover what‘s on your prospective customers’ minds, what they want, what they like or dislike and what their problems are.
By listening to the questions people in your niche are asking, you will get inside knowledge, which you can use to your advantage by providing the answer to their problems.
Keep yourself up-to-date on the latest that is going on in your market. Read online magazines (ezines), news and reviews in order that your product or service remains current.
OK, that’s it for Part I.
I will be discussing how to create and develop the product or service you want to offer your potential customers.