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You also have to consider the popularity of a niche. It’s no good for you if just “some” people are spending money. You don’t want to target the smallest active niche there is, even if it would be slightly profitable for you.
You want a niche that is very popular and active. The more activity involved with that niche specifically, the better. There should be other books, products, videos, articles, social groups, forums, and so on.
You want a flurry of activity.
Remember the general topics:
- Health (solve a problem)
- Wealth (money seems to always be an issue, show one way how to solve one specific problem)
- Relationships (pain is a good motivator, the elimination of pain is better)
- Hobbies (expensive ones like golf, sailing, photography, muscle cars)
At the same time, you don’t want this popular niche to be so general that you really can’t stand out in it (think “weight loss”). Choose a popular, specific niche (like “how to lose 30 pounds in six months” or “how to get into that wedding dress after 20 years of marriage”) that allows you to really zero in on your specific audience, eventually making sale after sale with your lifelong customers.
That’s the goal.
Takeaway: Choose a niche that's popular but not “too popular” (you'll never stand out). Think “sub-niches.” Or even “sub-sub-niches.”