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My Online Failure, Or How NOT To Earn A Living With A Product Online
When I originally started out online I decided to choose a niche market. Or that's what I intended to do. I had specialist expertise in one particular area and I was keen to share it, for a modest price, of course. With even a few hundred customers a month purchasing my $17 e-book, that comfortable retirement income seemed within my grasp.
And there were plenty of gurus out there and happy to tell me that the best way to make money online was to have my very own product or service and be in control of my own destiny. While that does have a certain truthfulness to it, the drawback is that all your eggs are in the one basket.
What they didn't let me know about was how challenging it would be for ME to bring to market a professional looking package that would be competitive with the products already for sale. Yes, I could have out-sourced it, but that would have been very expensive and still left me at the 'mercy' of web-site-developers and others.
When I started working on my own product (an ebook on a particular topic) I soon realised that although it was one mammoth project in its own right, developing a niche product was the straightforward part. Marketing it was the real challenge.
Undeterred I then began learning about putting up and editing the webpage, running a blog, social networking, copywriting, article marketing and acquiring the traffic. I gave up before I got to the "design an affiliate system" stage. This was all part-time, together with my day job. Whew!
But what had I forgotten to do, in my enthusiasm? Selecting a small enough niche in which to market my product!
It had 100 % escaped my notice just how huge and competitive the Internet is, and particularly how many other excellent solutions there are out there.
Although my product can compete for quality once people have actually bought it, I will be the first to admit that it does not compete at the pre-sale stage.
This was a bitter pill to swallow even without having put hundreds of hours of hard graft into product production, studying the skills to get myself a web site and a king's ransom into coaching.
So if you are seeking to start your online line of work, spend plenty of time choosing your niche and don't disregard the products already available on the market.
Decide on a product where somebody has already done the hard work of product development for you; use keyword research and competition evaluation methods to choose a small sub-set of a target market, where a sufficient number of people are excited about some element of the product; put something out to market, then, to improve your chances, rinse and repeat, possibly in a completely different niche, to spread your risk of your selected niche failing.
If your first choice of package isn't an overnight success, or even if your first ten products bring in only mediocre results, at the very least you should have 10 niche products "on your books" and if each one brings in just $50 each month, that gives you your first $500 per month from ten different niches.
There is plenty of free advice available on how to find a niche product.
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