The Formula for a Lucrative Niche

Yesterday we started walking down a very exciting path together … the path to earning a passive income with a Money-Making Website.

We began by brainstorming a giant list of interests and passions.

Today we’re going to start narrowing that giant list into specific niches. Remember, we’re looking for a gap in an already popular niche, where you can slip in and serve an underserved audience with your unique perspective.

Thankfully, Nick Usborne has provided us an easy formula for narrowing down general interests into specific niches:

General interest > More specifically > Specialized niche

Yesterday, I put “flowers” on my list of interests. Because “flowers” is a very general topic — and I’d be competing with every other gardening site on the Web — it’s not going to work that well.

I am more specifically interested in orchids.

But here again, I’d still be competing with hundreds of orchid experts, enthusiasts, and big florists online. It’s still not specific enough. It’s still not my “slice.”

Those other orchid experts and florists live in warm, semi-tropical locations. Not me. I live in Colorado … a cold, high altitude desert that just finished dumping snow. That’s my slice. I raise my orchids in a desert. That is a specific niche.

The benefit of having a super specific niche is that you have a unique website. You’re not trying to compete with giant “general interest” websites. You have your own little “slice” of the pie, as Nick says, and that is what will make it profitable.

If I use our formula, it looks like this:

Flowers > orchids > raising orchids in the high altitude desert

Action Step: Add a new column to your brainstorming notes called “Possible Sub Topics.” Then, run each of your general interests through the three-step formula.

Nick recommends that you try to come up with three different niches — or different approaches — for each of your general interests.

I’m also interested in organic orchid food and planters designed especially for orchids. Those would also be very specific niches.

If you get bored just thinking of sub-topics for an interest, that probably isn’t the one you’ll pursue. That’s great! We’re all about narrowing right now. Put it at the bottom of your list to revisit another time.

How did you do? Let me know your comments and questions!

Tomorrow, we’re going to break your specialized niches down even further, and get one step closer to a successful Money-Making Website.

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Published: May 28, 2013

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