Choosing the right niche to create a $1 Million Website Within 1 Year
Please keep in mind these criteria are based on the methods I use. There are many other types of niches that have huge potential. I’m only setting out what I do and have done.
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1. Visually-Based Niche
As I explained in my winning content strategy, a key element to my niche site’s rapid popularity and growth stems from it being in a visually-based niche.
What this means is that much of the content can be in the form of images and video. This makes it easy to create popular content. In fact, I think it’s easier to create viral content with images and video than it is with the written word.
2. The Niche Has Wide Appeal
It’s a bit of a balancing act between not going too broad and avoiding going too narrow. My main niche site is fairly broad in that it covers a good number of topics. I did this because I wanted to be able to attract millions of visitors. Since a significant part of my monetization strategy involves display ads, more traffic means more revenue.
That said, all of the content on my site makes sense in that it’s all related.
Therefore, when choosing a niche, do your research to ensure there’s a wide enough audience for serious traffic volume, but reign it in topic-wise so that your audience is somewhat interested in most of what you publish.
How do I research the size of a niche?
I do the following:
a. Facebook interests audience size
In the Facebook Ad interface, I select United States and then input the niche in the “Interests” field. This will return a potential reach. If it’s in the millions, it’s okay. I prefer in the tens of millions though.
b. Are there Print Magazines, TV Channels and Massive Websites in the Niche?
In my niche, there’s all 3 (TV networks, print magazines and many other popular websites). That means the niche is big and popular. At the very least, you want it big enough to support at least one popular print magazine (the more the better).
You can also check the search volume in the Google Keyword Planner for the seed keyword. If it’s in the millions per month, it’s a pretty big niche. I prefer the first 2 methods for determining whether a niche is large enough.
3. There is Decent Revenue Potential for Display Ads
Display ad revenue is based on a bidding model. Advertisers bid on how much they’re willing to pay per click for an ad. Obviously, some topics and niches will will attract higher bids than others.
While I don’t advocate going for the highest potential revenue per click niche (mostly because they’re pretty dry niches such as law and insurance that don’t do well with social media and paid traffic is prohibitively expensive); I do suggest you select a niche that will pay out $.50 or more per click for people in the USA.
Note: Expect the cost per click revenue-wise to lower from visitors in other countries. Each country will vary. English speaking countries tend to pay out the most.
4. There are Plenty of Physical and/or Digital Products to Promote as an Affiliate
Another important criterion is the availability of products to promote as an affiliate. While I generate the lion’s share of my revenue from display ads, each month my affiliate commissions increase bit-by-bit. My aim is to earn as much from affiliate commissions as display ads.
The diverse revenue streams is good and smart. It doesn’t matter if it’s digital or physical products. My niche offers much more physical product promotion opportunities, but other qualified niches offer plenty of digital products to promote. Both sell and both can earn decent commission revenue.
What else do I consider when choosing a niche?
There is one more criterion. It’s fairly important. I set it out in my Advanced guide. It’s particularly important if you go with a visually-oriented niche that offers huge viral potential.
What do you think? Leave a comment!