Hey it’s Sasha Evdakov, and welcome to backstageincome.com where I share with you how money is made behind the scenes for your business an also our life.
Now in this week’s episode what I want to focus on is just brainstorming about a niche, or getting your mind and juices flowing within your brain to figure out different niche potentials or things of interest for you. Now, when picking a niche, you actually go through multiple stages in the process.
The first stage might be figuring out what you’re interested in, your hobbies, your passions, all these kinds of things. That might be the first stage.
The second stage might be to go ahead and actually ask the customer what is it that they’re lacking in the market place, because niches actually are empty spots in the costumer’s space, it’s their needs, it’s the things that they’re lacking, and things that you could deliver to them by creating or developing a business, a website, whatever it is.
Looking for that empty market place is really going to be more powerful if you have a niche in that specific industry. If you take the sneaker industry, or the shoe industry, there’s different types of shoes, for example like boots shoes, you have comfortable shoes, you have running shoes, you have soccer shoes, so all these are different niches because they fit in different demographic of people, people that have different kind of interests. So that’s what you ideally want to do.
But if you’re just kind of getting your juices warmed up inside your mind, and you’re just kind of trying to figure out where to go in the market place, maybe you’re even before your hobbies or passions. This session, or this video, what I want to share with you, is just to get those creative juices going. So it could be a middle step for you, it could be one of the earlier steps, so it might be good to do this video even after you’ve somewhat chosen a niche, but to go through it and start brainstorming and think about the area that you really want to target and hone in on. That’s my goal and focus for this week’s lesson.
What I really want you to do is to start thinking creatively about an area or target that you want to first dominate, and once you dominate that area, you can always expand and go broader. For example, Nike, they may have started with a shoe, and then they evolve and go to athletic pants, athletic shirts, hats, and so on and so forth. The business slowly starts to expand.
And the same thing with you, you may want to start slow, similar to what Facebook did with college, and then they started expanding, from college to everyone in high school, and then potentially everyone else. So it slowly starts to grow and expand, but if you try to conquer too much too quick, you’ll overwhelm yourself and you probably won’t really dominate a specific area or industry, you’ll just be a little bit scattered.
That’s what you want to do when you focus on a niche. Instead of taking that focusing on that 20%, what you want to do is focus on the 20%, then zoom in and focus on 20% of that 20%, and continue zooming in and zooming in until you have a targeted group of people.
What I’d like to do is go on screen, share with you some ideas and ways that you can start brainstorming, thinking about niches, areas that you want to dominate, areas that you want to really target, and then it’ll get your mind going, and then you can see if that’s something that’s adaptable, or potentially go out and talk to your customers and see what are their problems as well.
Ideally start with your customers, see what they’re lacking, what is it that you can do for them, and what area of that market place can you dominate, because that’s really what it’s all about. But if you’re having a hard time brainstorming, let’s go to the screen and let me share you some ideas about choosing, picking and brainstorming about a niche.
So, one of my favorite websites to do some brainstorming and categories is Dmoz, which is the open directory project. Now if you’re watching this video a few years later, Dmoz might not be available, or there might be other websites that could be better, but the point that I’m trying to make is that there are websites out there that have things presorted and categorized. So for me right now, what I like is Dmoz, there might be yahoo directory or Wikipedia, so there’s a lot of websites you can just go through and filter through websites and categories, just to get your brain thinking about niches.
So if we go to Dmoz, search for Dmoz, it is Dmoz.org and this site has been around for a long time, and that’s pretty popular. So in this website when you click it, you can go and see that there’s a lot of primary categories, and then sub-categories, so if we go into let’s say business, you can see all the different business opportunities that there are. Now, as you get into let’s say biotechnology and pharmaceuticals, they may also get into, let’s say health care over here, you’ll see that you’ll see also the health, health and pharmacy, even though it’s a business and now it will reroute you to the health section, but really what it does is it allows you to really just spider yourself out into the web and get your mind thinking, if we go back to the primary, back to the top, you get to go back to all the primary categories.
But what this allows you to do is discover niches within niches, and continue digging deeper, get into a niche, continue digging deeper into the next niche, and continue digging even further.
Here what I want to do is share with you a potential niche you may not think is very popular but it’s a huge money maker and I know a great deal of people that actually use these products, just to give you an example, it’s one that I wasn’t as familiar with in the past. We’re going to dig into the health industry, so the way that I may use this is, say that I already know which industry or area that I want to be in. And let’s say I’m already interested in the health industry or I’m looking to improve people’s lives within the health industry. And What I could do is, I could be a little more open, it depends on how open you are, you could be more interested in alternative medicines, mental health, something like that to that region, could be into addictions or nutrition, if you already have kind of something you’re going with, then you can continue digging deeper into these categories.
For people that are just starting out, you may just start right here at the first level, and then you may go back, you may go to the home region, and then you start getting into looking at all the different other categories, such as in the home and family, home and gardening, senior, senior living, urban living, home buying, home makers, home owners, so you might start at the outer region, and if you’re going into business, then again, you have other categories and sub categories here that you start looking at, so if you’re just starting out you might just stick to level one, or this first category, and just get your brainstorming, get your ideas cooking, and seeing what are some of the things you’re attracted to.
Now if you already have an idea of where you want to be, let’s just say I’m looking into the health area, and I know I want to be into the health area, then I may dig a little bit deeper, now you can go into these subcategories here, or one of these more primary areas, alternative, healthcare industry, medicine, and so forth. So what we’ll do is we’ll go to the alternative area, and then you’ll notice more things pop up, so we could go into clinics, we can go to opposing views, resources, shopping. So there’s another region because you can shop the health area, there’s a shopping section, or we can scroll down and see those more detailed categories.
Now here you can see that these listings are really listings of websites, I wouldn’t focus too much on these numbers specifically. Remember, this is just to get our brain going, and ideally you’re looking for something with an empty market space where your customers want a product, they want to solve a problem, they need some kind of benefit, and one of the ones I’m going into is… now you start looking into this, and we’re going to aromatherapy. That’s quite a popular thing that I found with a lot of different women, and they like using these oils, they like using all these different fragrances, and you can see that you can go into the business, consumer goods, all these kinds of fragrances, and then aromatherapy, but we’re going to go into shopping. You can see how it slowly funnels me into more shopping in aromatherapy, and then again we have options.
If we’re looking to build an aromatherapy business, where do we want to go? Do we want to do aromatherapy for candles? You’ve probably seen huge candle stores out there in the malls, where they sell candles and they do a lot of big business, millions of dollars in candles sales every year, there’s books, there’s bath and body aromatherapy, there’s accessories, and essential oils, incense.
For us were going to stick with the essential oils, I’m going to click here and now you have fragrance oil or organic oils. But you can see how popular this section is, filled with quite a bit of websites, and what these are, if you don’t know, is they’re oils that people put on, or their skin to help feel a little bit better.
Here’s a website that I pulled up for aromatherapy and you can see that these bottles kind of come like this, and if you go to it, you can see that there’s a lot of different types of oils, there’s essential oils, and they’re organized by, you know, alphabet, because different oils do different things to you, so Juniper Berry may be organic bottle, it’s $10 or $75 for a two-ounce bottle. Think of this business, if you have, you know, let’s say 50 customers buying just one of these bottles every year.
The business starts adding up as you start getting into these niches, and if you have Caraway Seed same thing, for an ounce bottle $58, producing or reselling these aromatherapy essential oils, but that’s really what they look like, and it just starts to give you some ideas to brainstorm niches that you may not even know exist or niches that you had no clue were around or available. It might be something you might be interested in going into.
Now if you already had an idea that you are already looking to get into, some kind of, let’s say massage therapy and body work, then you may already start digging deeper into one of these areas, and then you get into even more specialized things. Do you want to do Thai massage? Do you want to do more workplace massages? Neuromuscular therapy? You can slowly start getting ideas and brainstorming.
Let’s just take a look at the Hawaiian massage, and then right away you can see a lot of different websites, so some of them as you can see sell books, tapes, videos, and tools, and others may actually do the service. So again, you can get some ideas into which area you may want to go into by just looking at these categories, and maybe it’ll give you some idea into a niche that you want to explore further.
So that’s really what I like using this Dmoz website for, and you can do the same thing for any area, you can do it with business, so if you’re looking for business, and business is a very popular one, if you’re into the real estate industry, then again you can get deeper into a certain subject, you could do legal, mortgages, property management, appraisals, agriculture, residential. So let’s just say we’re going into property management, and now we get into let’s say the software of property management, so now you may be able to be thinking “hey I want to design and develop a software to give all these real estate owners who manage a lot of properties, who have a lot of money, ability to manage their properties better, whether that’s for renting, whether that’s for ownership or things to get done”.
It just gives you more ideas and insights as you start digging deeper into these specific niches, and you can see that this category really is in the computer, software space, industry-specific, real estate, so even though we started in business, we actually ended up getting to the computer section.
That’s one of the beauties that I like about this website, is that no matter what area you get into, even if it’s shopping, you know, it allows you to get into certain niches to start thinking about what it is that you want to get into.
All these things just give you some more ideas as you start browsing the website, and that’s really the whole purpose behind it, and remember what I always mention is that if there’s other people making a living from that niche or industry, that means that there’s money in that industry.
The issue with most people is, they jump into one industry and then they don’t make money, and that is simply because they don’t understand how money is made in business. So you have to remember that if you’re not making money, if your business is not working properly in a certain niche, it’s probably not that the niche is bad, it’s just probably your execution within that niche is not correct, or you just don’t understand business fundamentals.
First you have to learn how to make business work and how to properly run a business, structure that business and grow that business, rather than hoping from niche to niche, otherwise what you may end up doing is getting into one industry or one niche and then jumping to another niche, making the same exact mistakes that you did in the past over and over again, and that’s typically what most people do, is they jump from niche to niche.
Just use this as a guide, remember the core or the primary key in selecting a niche is that they’re found within customer wants, needs, demands, solving their problems, and that’s really what it’s all about, it’s not so much as “hey I want to be in the pet industry, I’m going to jump into that niche” first you have to figure out what the problem is for your customers and then solve that problem for them.
I know the horse industry is quite huge for many people out there who especially do a lot of horseback riding, riding clubs; they spend a lot of money on those equestrian sports, from breeding, from racing, to riding, to stables. If there’s something that you can do regarding that specific industry, and there’s a lack of something, and you can take advantage of that open marketplace, or the open opportunity indicator towards a customer that needs something specific, then your customer wins by getting what they need, and you win by delivering what it is they need, just use these directories as a guide for brainstorming.
If you go to the Yahoo directory, which is business.yahoo.com, or just search for yahoo directory, you can see it’s kind of laid out similar. You can see it’s directories sorted and organized, if we go into let’s just say we get into shopping and services right here, we’ll go ahead and click it, and you can see that there’s a lot of different categories here, again that gives you an opportunity to dig deeper and just learn a little more about other businesses and industries.
If we’re getting into, let’s say personal care, again you have skin care, hair care, breast enhancement, day spas, retailers, cosmetics, brand names. Let’s just say we get into, let’s say skin care, then you get into even more subcategories, you can see we started with the shopping and services, we’re in the personal care, now we’re in the skin care, and now you can get into anti-aging, or you can get into tanning, or acne, you can cater towards a whole different type of demographic, or different kinds of needs, if you have something that will cure people’s acne, or at least help them feel better about acne or something that’s anti-aging, or maybe tanning, some people want to look, you know, a little more tanned, then you can dig deeper into those and now you have tanning lotions, you have tanning baths, all these different things.
I find that Yahoo doesn’t have as much websites or brainstorming ideas and categories, but you can use it in a similar way, as you can see, and start getting into more these sub-niches, subcategories, just to give you some brainstorming ideas, depending on how deep or how far along you are in your niche research and discovery.
Alright, there you go, I hope you found this video helpful, you can see that there’s a lot of different ways to really start brainstorming and getting those juices flowing about choosing a niche. Remember that most niches out there are actually profitable, if there is a business or company out there that’s making money then it’s profitable, probably what happens with most people is they get into an area, they try to make money but they just don’t understand business, or they don’t understand that area of business, and then their business falls apart, and the problem with that is really they just don’t understand how money is made in that industry, they don’t know how to make money in that specific niche, because every niche is going to be a little bit different. Of course business concepts, and fundamentals, and principles still apply, but if you’re not making money in a certain area or niche and someone else is, then you just haven’t learned how to make money in that area or in that business.
Thanks for joining me, hopefully this video was helpful to get those juices flowing and give you some ideas and insights about picking and choosing a niche. And if you found this video helpful and you’re on backstageincome.com then feel free to continue learning and looking at some of the other main courses that we have available. Now if you’re not on backstageincome.com then go ahead, click this link and when you get there, enter your name and email address and you’ll get free mini little lessons and videos as they are released, and you can also take a look at some of the other great courses that we have on the website, even if you decide not to sign up to the newsletter list. If you want to hang out on YouTube feel free to click one of the thumbnails below this video and there’s more other great lessons available.
Thanks again, I’m Sasha Evdakov and remember: To do what you love, contribute to others, but most importantly live life abundantly.