Chapter 5: The Internet’s Third Millionaire Wave; Niches: Scott Fox’s Internet Riches Book Chapter Summary.

Online Communities aren’t just formed on social interests. They are sometimes formed based on purchasing interests as well. Therefore, online communities can be a fertile ground; making folks targets for certain products and services that would meet their needs; all based upon “their” interests.

Scott Fox calls setting yourself up as an expert for whatever community you are best qualified to serve, “The Niche Millionaire Strategy.” Of course, knowing well and liking the niche you are targeting is key for having the energy required to put the work into your internet business. There’s no point in working at something you hate, just for the money, “Right?”

Internet distribution and virtual communities are what make the world go around when it comes to making niche based profits online. The internet makes distribution much easier and cheaper because the middle man is cut right out of the equation; stripping away the restrictions that traditional methods of distribution once placed upon the dissemination of products, services, and other kinds of information.

When you combine the easy and cheap distribution of products and services the internet can afford a person with; understanding the needs and interests of a virtual online community can go a long way towards building a profitable business for yourself. There are very likely many virtual communities online already that revolve around your own hobbies and interests; making them a good place to start making money.

Because of the increasing number of devices and people using those devices online; even if a niche is already filled with competitors, there will still be enough room to go around. Not all your competition will be able to serve everyone. This means that if you play your cards write there will be plenty of business left for you to profit from in any given niche.

Even what once would have been viewed as inconsequential interests and hobbies, have now become amplified by the internet. For example; thousands of people might be interested in something like Egyptian Pyramid Building. Although there might be hundreds of miles between folks interested in a thing like this; the internet makes it possible for these folks to easily connect and you to do business with them.

Hobbies, expertise, personal relationships and experiences you have are all possibilities in determining which niches might be best for you to start a business in. Even what seems common about the life you lead, industry you work in, or the area you live in; it’s probably not common to someone else living in another part of the world.

Once you figure out what niche would be business appropriate for you; figuring out what products and services your niche would most be interested in purchasing would be the next step. Unique hand made products are one inexpensive way of fulfilling some niches needs. Distributing niche related text, audio, and video type content is another inexpensive way to make a few bucks, too.

Scott Fox is careful to point out that using the internet as a tool for doing what you love doesn’t mean you are going to become a millionaire. However, the income that can be generated certainly can make your life more comfortable than it was before you got started with your internet venture. The key thing to remember is that much of what you do online business wise comes with a very low overhead price tag.

If you are looking to sell products to a niche online you might want to check into companies that provide e-store fronts; generally, at a very low cost per month, if any, and with no huge capital investment from you.

Other sites that distribute your products and market them to their site visitors, are another avenue to pursue, as well. Depending upon what kind of product you are looking to sell; these companies would also be able to handle the manufacturing of your items as needed; drop shipping the merchandise to your customers for a percentage of the total price. This obviously helps them to stay in business, while helping you to keep the overhead of your product based business down to a dull roar. Basically; in using these services you are saving a truck load of money by outsourcing.

Starting a business in niche based information is another low overhead way to go, too. These days anyone can distribute information to a niche that is of interest to the people in that niche with ease. No more having to worry about being run out the door by a major publisher or broadcasting company. Clearly; not all the information you put out via podcasts or newsletters, blog posts, etcetera, are going to be for free. But, free certainly is a good promotional tool to entice folks in your target niche to buy more advanced information from you.

Author: Brian Schnabel

[Email: brian@brianschnabel.com]: Seeking my very own Joan Watson in Elementary 26-year-old form; I’m plugin it all in here via Microsoft Word 2016, Windows 10, JAWS 18.0.2945 and the screen reader accessibility of WordPress 4.8.0.

Leave a Reply

Your email address will not be published. Required fields are marked *