I personally don’t have a niche websites of my own, I am not sure why, however I know lots of others who have created such sites and enjoy delightful incomes from running them from the comfort of their own home. I am very much into automation and being able to walk away and leave my business working on automatic and niche sites DON’T ALWAYS allow their owners to do this so easily. They may offer bespoke products or services and require higher customer interaction than others and although not difficult to run seem to be more hands on.
I think that I have just gone a long way to answering this question when I said that you have to work in them rather than on them. I have recently sold all of my £7 a day sites at very handsome profit in favor of the development of projects that touch my heart.
With the £7 a day sites I would follow a tried and tested formula and once my site was up and running and generating profit I would have very little more to do with it. Certainly, I may change the affiliate product it offers from time to time and work on the improving traffic streams but that was about all. My £7 a day site would answer a general need and may have links to many extremely niche products and solutions which I would generate income from.
So this would be the main difference between the two a specific NOT a general need, and to refine the process a little further they may offer a VERY specific need or service in a specific area or location. The fact is that not many people go out looking for a niche which they can establish a business within. However, lots of people look for a monopoly or a business where they don’t have competitors and this is what developing a niche is all about.
Now a niche site may sell just one product or a specialised theme of products and below are a few examples of niche products.
I have an acquaintance who a few years ago became really interested in this type of outdoor activity and one day called me to arrange a consultancy to think out a few of the finer details of his new strategy. He was really excited as he had worked out the big chunks of a method of becoming a GIANT PLAYER in this new and growing market with a very minimal overhead. Let’s not go into the specifics, but at one point he was selling most of the paint balls in the country and he operated the whole business from a small bachelor flat and there wasn’t a paintball in sight. After a couple of years he sold a large share of his business and remained a sleeping partner generating a massive passive income which I believe he still owns until this day.
More importantly, armed with a tried and tested process he went on to open two other similar businesses in other areas and made them a huge success also. He now lives in a giant and luxury bachelor apartment and has invested his profits into a stunning property portfolio.
I don’t have an interest in golf but one of my close friends does and he IS left handed and was always annoyed by the lack of choice in clubs for left handed people and the fact that they had to pay far more. The reason for this is simple, only 7% – 10% of the population are left handed and so approximately 1 in 12 sales would be to a left handed people so the level of supply, demand and business potential changes significantly resulting in higher prices.
I hope this has got you thinking because it opens many opportunities!
I can’t say too much about this or the lady with the skill I am about to explain will be angry with me. However, this is a GREAT example of a niche need and solution. She is the wife of one of my close friends and a few years ago while socialising she became interested in something I said. She then went on to ask me a few unusual questions which resulted in her telling me I was profoundly dyslexic, a fact which was later confirmed by another authority in this area! WOW, the teachers at school had told me I was stupid and didn’t try hard enough! Now I know why I had so much trouble with spelling and couldn’t see some mistake EVEN when they were pointed out to me. My party trick was mirror reading and playing music backwards which I seemed to have a talent for.
Although exceptionally brilliant in some areas, my son also seemed to display a few problems with interpreting and reading print both written and music and for this reason I arranged for the same lady to test him and give him a process which I was told would fix the problem. Three hours later he was armed with a process which made a PROFOUND difference in his abilities and using this process he could accurately spell long and difficult words both forwards and backwards.
Another GREAT niche skill although she didn’t seem to capitalise upon it…
I know someone who runs a small and VERY niche business printing on OUTSIZED shirts with positive and funny comments which larger people were happy to wear. Being horizontally challenged I have enjoyed wearing much of what he sells and was surprised to learn the size of mailing list he had developed. In fact, his WORLDWIDE business had been so good to him, and because he had received many suggestions and requests from those individuals at the opposite end of the size scale he started another business which catered for the skinny and slim market in the same way highlighting slogans that made them the centre of attention and made people smile. He recently told me that this new business was going and growing better than his first business.
Niche opportunities are all around us and just waiting for someone to get behind them and put some effort into making them fly.
Now I wanted to tell you about this idea as a kick up the bum to a close and dear friend of mine who spell checks EVERYTHING I write for the reasons I have revealed above so he will read this also. It also highlights the fact that NICHE does not have to mean clever or sophisticated. My friend’s name is Anthony and he has some rare skills and one of them is working in wood which he has a passion for. Some of the pieces he produces are beautiful to say the very least. As soon as I saw them I knew that there was a market for such talent and I did a little research investigating the executive and bespoke gifts market where there seems to be very little competition and lots of money. What else could you ask from a market place and for that reason I have been encouraging him to start a website which provided high end products as I know exactly how to market this business and make money from it.
So far I have not been successful as every week when we meet and I beat him in back gammon I approach the subject and bully him a little to get him moving, he nods and agrees with me and then does nothing more about it. I have managed to get him to buy a computer and get Internet access so by the time you read this he may have taken the next step.
You will constantly hear me promoting that you look for ideas that are working elsewhere which you can adapt and employ in your own business. This happened to a good friend and godfather to my daughter. He saw an idea working in the USA which he discussed at length with me and then took the chance.
I prefer to use the word calculated risk which this was as he put his house and everything he owned on the line to make it work, and work it did. In his 30 year career he has been a great innovator and borrower of other people’s ideas which cost him nothing and he took action with them and made himself a millionaire in the process.
You can do the VERY same…
This is your game and you can play it how you wish just so long as it results in you making a profit. Your online shop or store could sell a product you manufacture and stock, or one which you drop ship, or even be an affiliate or a range of affiliate products.