Chapter 3
Picking the Right Topic
Most people ask me, “What is the most profitable online market to get into?”
That’s the wrong question to ask. That’s not what you should build your business around.
Sure you want to be profitable, but more importantly, you want to build your business around something you love. Or at least something you love sharing with others.
The exercise below will help you identify potential topics for your business.
Please do not rush this exercise. In fact, it is OK to fill this out and come back to it the next day to see if you would like to make any changes.
1. Make a list of all the topics that you are interested in. (List as many as possible as long as they fall into at least one of these categories: A topic that excites you; that you feel strongly about; that you’re passionate about; that you love reading and learning about; that you love talking to others about)
2. Make a list of all the ‘causes’ that you feel strongly about. (It’s expected that some topics will appear on multiple lists)
3. What subjects do you love to study?
4. What pain, challenges, or problems have you had to overcome that you would like to assist others in dealing with?
5. What specific jobs have you held and what specific industries do you have significant experience in?
6. What subjects did you major in college or technical school?
7. Have you had any other types of training that is not listed above?
8. What hobbies and activities do you enjoy?
9. What topics do you feel you are an expert at?
10. What 3 things do you feel you do better than most people?
11. Make a list of all your strengths, talents, skills or abilities that were not previously listed:
Keep in mind, whatever topic you choose, it has to be something that you can teach, inform, inspire or entertain others. You have to be able to offer them something they want. And there are virtually an unlimited amount of things that fall under this category.
The 6 key areas that are the easiest to monetize:
1. Making or saving money
2. Increasing health
3. Relationships
4. Saving time or convenience
5. Pets
6. Hobbies
See if you can envision assisting customers in your market in one of those categories. It will mean that you have a stronger market. It may also give you an idea for a niche that you might not have thought of before.
Also, don’t feel that you have to be an expert before you can teach or help others. There are ALWAYS people who know less than you who would love to learn from you. Remember, the largest segment of any market, by far, are the beginners.
Based on your answers to the previous questions (and your ‘gut’ feeling), list 5 potential topics that you feel you would really enjoy to pursue as a business. (It’s OK if you can’t pick 5, but try.) Put your first choice at #1, second at #2, etc. If you cannot decide between 2 or more it is OK to write “tie” besides 2 or more.
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A word of caution before you finish this lesson.
You must keep an open mind as you go through these exercises. Be careful of any preconceived notions you may already have about what business you want to start.
I’m not saying that what you had in mind before you started this exercise won’t be the direction you choose. It may be. Remember, this is not just about what business you want to start. This is about starting the ideal, part time, internet business that is risk free and has the potential to generate full time income for you in the future. And one you will be excited to operate.
This means that what you had in mind originally, might not fit into these criteria. Let me explain what I mean. Perhaps you are passionate about a topic and your mindset is “Follow Your Bliss” (Joseph Campbell) or “Do what you love and the money will follow.”
I will never be one to step on anyone’s dream, but just because you are passionate about something doesn’t mean there is a market out there that will sustain a full time income (Without risk or quitting your job) and/or meet the criteria I stated above.
After you complete the exercises above I will show you how to identify the marketability of your topics or product. If you are lucky, your number one passion meets those requirements.
But if not, I will bet you that you can still find a business to start and products to sell that you are excited about. And then, once you are earning enough money per month and only working 20 hours a week at your internet business; then you can “Follow Your Bliss” all you want. You may even find you will become more successful at your true passion because you are now doing it for pure joy and don’t have to worry about earning a living doing it. That’s when you have the best of both worlds. It doesn’t get any better than that.
So, please keep an open mind as you complete the above exercises.