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In this video I discuss:
- A quick recap of the concepts learned in lessons 3.1 – 3.6
- When to give up on a niche and what to remember when doing so
- How long to linger on niche selection before just making a decision and moving forward
Please direct all questions and requests for support to the FIMP Facebook group (free for registered members).
3.7 Transcript Below
Okay, here we are!
It’s been kind of a long journey to get here, I know. But hopefully, you can look back at when you started watching the first video in this section whenever that was – whether it was earlier today or it was a week ago – and you can look at what you know now.
And even if you’re still a little bit confused and you’re still a little bit overwhelmed, you know so much more than you knew when you started and you’re set up so much better for success. Even though you may not feel it right now, you are set up better for success than 90% at least, if not 99% of people that go into this industry and start trying to pick a niche.
So take pride in that because now you’re set up for success so much better for such a crucial part of the process than the vast majority of people in this industry.
So yeah. That’s worth a pat on the back I’d say. But I want to make one final video for this section. I may add to this section over time, but for now, one final video of making sense of the tornado inside of your head. We’ve talked about a lot of topics and I would just want to revisit some of them and kind of make that last pass to kind of pack it down and make sure it’s all really concrete.
So that’s what this video is so we’ll do this as quickly as possible, alright?
So to revisit a lot of what we’ve gone through and making sense of it all and organizing it all is I know that this all very hard and overwhelming, but this part – niche discovery – takes some time. And it’s important enough that you want to take some time on it because it will determine to a large degree whether you succeed or fail in the long run.
And the other thing I want to make sure to revisit is: remember, even the worst case scenario is not that bad. You picked a bad niche. I can’t tell you how many bad niches I picked. You just have to get to a point where you just need to jump in. You’re still learning a ton and moving towards success even if you pick a niche that’s not the niche that you ultimately end up making your living in. You’re going to learn so much from just picking something and starting to work on it.
And it’s also distinctly possible even if right now you’re like, “Ah, I don’t know if this a really good niche.” You just don’t want to get to the point that you paralyze yourself. So it can actually be really beneficial even if you’re only 30% confident that that’s a good niche. You may jump into it and find out as you work on it over the coming months that it was an awesome niche.
I don’t think anybody that’s new to this – and even a lot of us that are experienced – go into a niche 100% confident that we’re going to knock it out of the park. We have some pretty good indicators, we have a lot of confidence going in, but we don’t know for sure. Nobody knows for sure.
But if you stick with it over time, you will see success especially if you line up all of these factors and you follow the rest of the training as we move on from here.
The important thing to remember is plenty of people have succeeded in this industry before you without remotely this much guidance and highly-detailed instruction. A lot of people just kind of picked something and rolled with the punches until they make it work. And that could absolutely be you even if you don’t feel totally confident in your choice that you’re looking at some ideas and you’re going, “Man, this is my best one but I’m still not sure.” You may just need to jump in and give it a shot, okay?
So let’s recap some of the most important concepts from this section – the core concepts of picking a niche.
The best niche for you is one where you can provide value. The more value you can provide in that niche in the long run… again, there are some exceptions which we’ve discussed and we’ll revisit here… but the more value you can provide, the more likely you are to succeed and profit pretty tremendously within that niche.
You don’t want to pick an industry as your niche, but you don’t want to go so narrow that you paint yourself into a corner where you can’t regularly write really high-quality content. Where your kind of content well – your idea well of articles that you would write about – runs dry. So you don’t want to go too broad; you don’t want to go too narrow.
You want to make sure that the audiences that you are writing articles for as much as possible make purchases to solve their problems and solve their pain points and answer their questions. So that’s dealing with a buying audience.
You also want to keep in mind that competition is your friend. You don’t want to be scared of competition. It’s not something to be afraid of.
And a good rule of thumb is to choose a niche with digital products that have higher percentage commissions where they’re paying you 50% or 75%+ or a niche that has $50 or more physical products where the commissions still are going to be low on that tier… it would be better if you get into the $100+ or several hundred dollar plus. Because remember, the higher your commissions, the fewer conversions you need. The fewer conversions you need, the less traffic you need. The less traffic you need, the more likely you are to succeed.
So again, generally speaking, there are exceptions to each one of those tiers I just explained. But generally speaking, those are good rules of thumb.
And another one again that isn’t listed here is you can get paid to give away free trials. You can get paid to generate leads for people’s businesses. You can get paid by creating your own products, your own eBooks, your own video courses. There are all different kinds of ways to monetize but if you line up the things above this last bullet point, you will be able to find a way to monetize, you just may have to get a little bit creative.
So I want to talk about “When is it time to give up on a niche?” I think it is an important kind of thing to wrap up this section with. Frankly, you’ll probably find this more believable now than you did if I had said this towards the very beginning: you’ll very likely know when you get there. Especially now that you know a lot of the symptoms to look out for, it’s distinctly possible that some of you are working right now and you’ve been working on a site for a couple of months and you’ve gone through this training now and you go, “Man, this is not a viable niche.” You just know when you’re going through it and you compare it to all of the training that we’ve talked about in this section, you’ll know if you get there.
Typically, you’re going to feel totally boxed in or totally burned out. Those are going to be the two most justifiable reasons for jumping out of a niche.
Sometimes, you know… I talked about the thing that you have the most expertise in may be something that you’ve worked on; you’ve worked in an industry for 30 years; you can offer a lot of value. And I think the best lens to look at that through when you put in all that work is, “I’m going to help a ton of people.” And if you help a ton of people, there are going to be a lot of monetization opportunities.
But some people just don’t find that as enough. Sometimes, you just burn out. Sometimes, you have been forced to live and breathe that niche as a living for decades or for years and you can’t work in it anymore. And that’s okay. That is a viable reason to give up on a niche.
The same thing is true – and even more true I’d say – if you find your ‘content well’ (so to speak) runs dry. You just run out of things to talk about and you would feel totally boxed in and out of ideas. Those are both very, very viable reasons to give up on a niche and I think you’ll know if you end up there.
The most important thing to remember if you end up there or if you’re there right now is to not beat yourself up. Most of us didn’t get this right the first time and I’m speaking for myself personally. I know I didn’t get it right the second time or the third time either.
So as long as you keep trying, you are going to ultimately be successful. So the quote “fail early, fail fast, fail often” comes to mind. The more you fail, the more you learn. It’s just a matter of you want to do it as quickly as possible and you want to be as early in the process as possible before you realize that it’s a failure because then you’ve wasted as little time as possible; and you know, “Okay, I can move on and I’m better now. I’m improved and I’m more likely to succeed the next time I have a go at this.”
At the end of the day… you know… most of our successes are made up of all of the failures we’ve had along the way because we refine, we get better, we improve… until ultimately we can run five- and six-figure a month businesses.
Progress is the goal, not perfection. Another way to say this is “Done is better than perfect.” One of my absolute favorite quotes.
Because a lot of the time, you can get a really high-quality article out that may be 80% of what you’re capable of producing quality-wise but it’s still some of the best quality that’s out there. And you can get it 80% there or 90% there and 50% of the time as getting to 100%, right? Because that last 10% to get it to perfect… (And trust me, I’ve struggled with this a lot. That’s why this resonates with me so much. I’ve struggled with this a lot as somewhat of a perfectionist myself) but you will be amazed at what that last 10% to 20% eats up as far as time and resources versus just putting it out at 80% or 90% which is more than enough quality to put your competitors to shame and establish yourself in the industry or in the niche that you’re working in.
And at the end of the day, you may not have the perfect niche, right? You may spend months trying from now until you would find a perfect niche – if you ever did find one that lines up perfectly with all of these criteria. Whereas, you could just launch into something right now and it could be highly profitable in… you know… the next 10 or 12 months. Whereas if you just kind of get paralyzed here, you could end up here for 10 or 12 months and never get anything done. Whereas if you just jumped in and got started and used the rest of the training in Free Internet Marketing Project, you would be profitable in that time.
So the rule of thumb that I’m going to give you is: after you’ve covered all of this training, I would not linger here for more than 24 to 48 hours. This is probably the single most common sticking point for people that are trying to get started in this industry. It’s very easy to get paralyzed here. It’s very easy to get stuck here. I would not linger here for more than 24 to 48 hours. I would go through everything you’ve learned and then I would just make a decision. I would make a choice and I would stick with it. And if you find yourself stuck and needing to start over again, remember, it’s not the end of the world.
Momentum is one the most crucial things to becoming a successful internet marketer and owning a profitable internet business. I know it’s a cliché kind of analogy but think of yourself as a shark and if you stop moving, you risk dying. I can’t remember if that’s an old wives tale or not; but any way around it, it’s a great analogy for this particular industry because the longer you end up stuck, the longer it’s going to take you to succeed. And the longer it takes you to succeed, the more likely you are to wash out and never succeed at all.
So remember: momentum. Even if you’re not doing everything perfectly, you’re learning, you’re becoming better, you’re taking strides towards success even though… for example, I had a conversation with my wife earlier today. I’ve mentioned that she’s starting her own internet business.
She said, “I researched this thing for an hour and a half and it was just wasted time.” Because ultimately, we decided to hire a developer for it anyways because it requires editing hard code. She’s got kind of a complex niche; don’t think that that’s something that you’re going to encounter. That’s a very uncommon thing to encounter.
But she said that it was all wasted and I said, “No, it wasn’t all wasted because you learned so much along the way. In that hour and a half, you learned. You became better. You established a lens that you can filter all future problems like this through. It was not a waste of time.”
It’s very easy to get caught up in that mindset but as long as you are making progress – even if you are making mistakes, you are making progress, you are taking strides towards success. Whether or not you realize it. It’s very, very, very important to remember that, okay?
So either take the best option from the list that you started with or go back through this process with all of these different factors in mind and come up with things. You’ll probably come up with much better ideas now. And yeah, there may be fewer of them now that you have all of these different filters to pass it through, but the niches that you come up with – the ideas that you come up with – will be much better.
And at the end of the day, you can just Google… you know… niche ideas. There are tons of people that are talking about different niche ideas and they throw a lot of them out there and you could use everything you’ve learned in this section to come up with a really workable niche based on what you read and kind of get some ideas kicked up through those. So like I said, if you don’t have any ideas, I would go back through, come up with some ideas, and make a decision within the next 24 to 48 hours.
If you have ideas and you’re just kind of like, “Which one of these is the best?” Just make a decision based on your best judgment at this point within the next one to two days and press forward with the training. Do not get stuck here, okay? Like quicksand, niche selection can be. Don’t get sucked into the black hole that can be niche selection. Make a choice; commit to it; and at the end of the day, keep reminding yourself the worst case scenario is not that bad.
If you find yourself stuck in kind of a dead niche; you’re at a dead end; you’re burned out – something along those lines – still, the progress you made over those months or those weeks or even just those days is going to be tremendously helpful to set you up for success going forward.
Alright, that’s all I have to say about niche selection at this point. Again, I think I’ve gone more in depth than any other training that’s out there – especially that’s out there for free but even compared to what’s available in those paid products.
So I hope you found it helpful. Again, it’s such an essential skill to master if you want to be good – if you really want to be a professional – and have a lot of long-term success with multiple streams of income in this industry. And with all of these things in mind combined with some experience as you go through it and you kind of work in the trenches and you build these sites, you’re going to find yourself tremendously empowered by the in-depth knowledge you have for niche selection now.
So again, think back to when you first started this section and how little you knew or even if you knew a fair amount compared to what you know now; you are just setting yourself up so well for success and I really want you to pay attention to that. I want to call your attention to that because that in and of itself is a huge feat and a ton of progress. You just cut months, if not years out of the cycle that most people go through in internet marketing by having all of this knowledge. No exaggeration.
So that’s my gift to you along with everything else in Free Internet Marketing Project. I hope it helps you change your life. It’s definitely going to set you up better for success.
Once again, if you have any questions that are lingering and you just kind of want to skip all and work through, post them in the Facebook group – that is free for registered members. And as always, it’s free to be a registered member. You just need to sign up so that it gets you access to the Facebook group. Post it there and let’s all work together as a community and kind of make sure you’re perfectly on track.
And I will see you in the Facebook group and I will see you in Section 4 where we’re really going to start to get into some of these strategies and methods and frankly start building your business because all we needed was a niche and now it’s time to press forward and I’ll show you how to turn this into a profitable business in the coming weeks and months, alright?
So, I’ll see you guys around and I’ll see you in Section 4. Talk to you then!