Is Your Niche Profitable. ?

byLHenderson2

1.3K followers

5 years ago

Hello everyone. I am here once again to share some of my insights with you so that we can all act upon our shared knowledge and move forward with our Wealthy Affiliate businesses. I'd like to start by saying that life experiences have taught me that life is simple in many ways, but I have made some life situations more complicated than they have to be.

I've heard many narratives by authors of blog posts on this site and they all say the same thing about selecting your niche; find the right one! I believe this is very important because it would be a waste of time if a member spends hours and months building and branding a website that doesn't meet a need.

I once met a man who is a business owner. In fact, he owns several businesses and all of his businesses are successful. We developed a good rapport with each other. One day I felt comfortable enough to pick his brain to find out the winning formula he uses to buy or start a business.

He told me that you have to understand fully what you're getting yourself into and know the profit potential before saying yes. He used a car wash as an example. This is what he told me.

"If I was considering buying a car wash one of the first things I would want to know is how many cars are passing by the car wash each day. If 10,000 cars are passing the car wash each day and I could get 2% which would amount to 20 cars per day, and each customer spends an average of 15 dollars I could make $3000 per day. I would want to know how many cars can in the driveway of the car wash. If cars are waiting t get their cars washed and they are waiting in the street, they are obstructing traffic. This could cause a traffic jam, the customers could get traffic tickets, and they just might get disgusted and drive off. So the driveway should be long enough to accommodate a nice amount of cars to avoid this problem. I would want to know how many car wash centers are within a 2-mile radius. I would then go visit them, get my car washed, check out their services and figure out how I could be different and attract some of their customers. I would want to know how big the property is because if the business does well I might consider building an oil change center on the premises to boost my sales. I would want to know how up to date the car wash is and what service contract is in place if the car wash parts break down. I would want to know how long it would take for the service repairman to fix the problem because as long as the equipment is down I am not making money. I would want to know what other accessories are available to purchase; tire shine, air fresheners, snow scrapers, etc. I would want to know what the mortgage is, what the taxes are, what the payroll is, and what incentives are in place to keep customers coming back. All of this just for a car wash", he said.

The good news for us is we don't have a mortgage to pay or a payroll. At most, we may hire a content writer. Here's even better news;

1. We are not selling to a community, we are selling to the world!

2. Keyword research can tell us where the competition is, if there is a demand for the product we are selling, and where we can find our exposure.

3. We can also look at our competitor's websites and look at where they may be lacking .

4. Then we can come up with a website that is more user-friendly and of better quality. Doing this initially will save us time and money and put us in a better position to become profitable in a more timely fashion.

I hope this helps.

Larry