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Questions about discovering “MY” niche

Discussion in 'Making Money' started by mumukshu, Jul 12, 2019.

  1. mumukshu

    mumukshu Newbie

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    I hope this would be the correct forum for my questions. Feeling a bit overwhelmed after joining BHW and doing an information dump on my brain reading the forums. @t0mmy had a great post here in this forum for starters. In my case I am looking for my niche. I have followed some advice and brainstormed about the things I enjoy and drilled down a bit. However, I can’t really associate profitable products with subjects I feel I could be an authority on. For example, I could probably blog about military history or obscure rock bands and have low competition and really know what I am talking about. This might sell a couple of books or albums a year. I do want to make money, but it is personally important to me that I also have a passion about the WAY I earn that money. So I am putting this out there for feedback. I cannot be the only one thinking like this at the start of my journey.

    Do I need to approach this from a different perspective? Would you recommend a way you overcame a similar problem? Thanks in advance for any replies.
     
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  2. GringoMonkey

    GringoMonkey Supreme Member

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    When it comes to making money, it is usually the most boring part of business as it is repetitive, so you will find it difficult to be passionate about how you make money.

    For example lets say your a chef.

    The passion = experiment and designing the menu.

    The money = making the same food on that menu, hour after hour, day after day.

    To make money you will have to accept it is repetitive.

    I had a big agency, made a lot of money and sold it. Now i have a small agency where i just pick and choose what interests me. I can afford that luxury because i did the boring stuff and made money and so now just pay people to do the shit i cannot be bothered with or turn the contract down.

    Unless you are already wealthy and have money to invest you will have to accept you will spend most of your time doing shit you dont enjoy in order to make money.
     
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  3. mumukshu

    mumukshu Newbie

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    Fair points @GringoMonkey. I really enjoy saying your username with a spaghetti western accent ;). The gist I am getting is you gotta pay your dues.
     
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  4. GringoMonkey

    GringoMonkey Supreme Member

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    Yes, most of the stuff concerning operating any business successfully is really boring.

    You have a choice, pay people to do the shit you dont want to do or if you cannot afford to do that accept you will have to do it yourself.

    To follow your passion and turn it into a business you will need money, so your first decisions need to be how much will it cost and how are you going to get that money?
     
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  5. mumukshu

    mumukshu Newbie

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    I don't want this to be considered post spamming as a newbie but if I could pick your brain. Do you have a rule of thumb for outlay metrics? (conservative, not wildly successful) What is a reasonable return per dollar spent? I know I will spend TIME. Please just let me know if I should post this question elsewhere. I am honestly grateful for you taking the time to engage.
     
  6. GringoMonkey

    GringoMonkey Supreme Member

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    Well you need to take a step backwards. You have already answered your own question.

    You have established your passions: military history and obscure rock bands and established you dont know how to make money blogging about them. So how can you make money from them?

    Lets take the rock band example you could run a festival / website for obscure rock bands, selling tickets etc and promoting them to like minded people as yourself. There are loads of rap sites that do something similar. So thats something you could be passionate about and a business you could make money from.

    But as i said it will take money to set up and promote. Now back to my original point how will you get that money?

    Get the idea?
     
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  7. blackbeans

    blackbeans Jr. VIP Jr. VIP

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    OP, you said

    If so, figure out which historical period/event gets the most traction in your blog and sell T-shirts related to that or make affiliate money selling videos/games etc related to that period
     
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  8. mumukshu

    mumukshu Newbie

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    You are right. I DO have a defined niche. I was thinking about just a few small affiliate sales. As long as I am brainstorming might as well go BIG. You really got the juices flowing asking me about finance. I would be more willing to divert money to something I want to do than just the generic idea of having a "business". Good talk @GringoMonkey ! Rereading this, I think maybe I was actually not looking for a niche so much as a justification to take a risk. Gratitude.
     
  9. GringoMonkey

    GringoMonkey Supreme Member

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    All business is a risk. Decide how you can make a proper business from your passion, not if, and then figure out how your going to fund it. The bigger your ambition the more you will make, but the more it will cost to set up.
     
  10. papiforreal

    papiforreal Junior Member

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    There are many of us who don't really have any passion but would do anything as long as it would bring us money.
    What advice do you have on picking good niche?
    Thanks
     
  11. GringoMonkey

    GringoMonkey Supreme Member

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    I am the same as you, I just follow the money!

    The key to all online business is targeted traffic. Figure out what's the best way you can drive targeted traffic to anything in volume. Then figure out how to monetize that traffic and that becomes your niche.
     
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  12. DTjai

    DTjai Jr. VIP Jr. VIP

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    Perhaps creating custom t shirts for your obscure bands could work. If you have a website promoting the bands or events it could work even better. Connect with our audience by building a list to which you can sell to later.
     
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  13. mumukshu

    mumukshu Newbie

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    @DTjai Thanks for the input. I am following your journey thread now. It's great to have access to so many minds.
     
  14. MicroLeaf

    MicroLeaf Newbie

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    May sound cliché but do something you enjoy. I love travelling the world, and thanks to BHW, I've actually been able to travel the world from revenue made online.

    It was because of this that I started my own mini travel blog, showcasing my holidays and places to visit. My blog isn't even considered a source of income in my opinion because it's just money made from doing something in my spare time and doesn't add any effort to my day.

    The blog doesn't make a lot but it covers a lot of stuff like dinners, sometimes all inclusive holiday packages etc.
     
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