Starting a NEW Niche When Selling Information Products
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As an information marketing coach I seem to get a similar question a few times a week. When can I start my NEXT niche? There are many so-called gurus who will recommend that you start hundreds of niches simultaneously. This advice and philosophy is MISGUIDED.
Over the 25+ years I’ve been marketing and selling info products, I’ve gotten involved in NUMEROUS niches, so WHY am I suggesting that YOU should NOT?
The niches I personally got involved with total nine. This would come out to around one niche every 3 years. Not that I have the MAGIC NUMBER, but I would use this data as your starting point. Don’t even consider getting into a NEW niche until you have drilled VERY deep in the niche you’re currently in.
Don’t attempt to enter any new market until you’ve been in one for at least 3 years.
Build deep BEFORE you build wide. Adopt this philosophy ONLY if you want to be successful. It’s virtually impossible to be a JACK OF ALL TRADES in this business. It just doesn’t work. There isn’t enough time, for one thing. Also, when people see that you’re involved in all different niches, they will question your expertise in any ONE of them.
Here is what I’m about to do.
I’m going to be starting two other blogs. One of them will be 100% about internet marketing. The other is a blog that I already have up and running. It’s where I get to write about anything in LIFE that strikes my fancy. Completely UNRELATED to any business topic I’m involved with.
So let me analyze myself for you. First off, is starting another blog taking on another niche? NO. But, it will eat up some of my time. Since I enjoy writing, I’m not really worried about that. The internet marketing blog is VERY related to this blog. The other, more personal blog, will be more for fun so I don’t really care what happens to it. WATCH: This one will end up dominating! It always seems to work this way.
So blogging to me does NOT constitute entering a new niche. I only enter new niches when I find joint venture partners to work with me. This is one of the main components of my financial model. What I’ve been calling GLEECKONOMICS!
The concept of generating 100 checks a month from 100 different sources.
As I write this, I’m trying to revive two of my earliest niches. Self storage and video production. Over time, I did something STUPID. Don’t follow my lead here. I got bored with those niches and didn’t do what was necessary to sustain them properly. This is BAD BUSINESS. I’m GUILTY as charged.
The MAIN reason for my boredom is that I was trying to do them ON MY OWN. Solo. By myself. Not anymore. I realize that I don’t work as well that way. I prefer to work WITH OTHERS on projects. I’m more than willing (NOW) to give up 50% of the profit to keep these niches going.
I’ve identified two GREAT joint venture partners, one in each niche.
When should YOU consider starting a new niche? Not for at least 3 years. FULL STOP!