In this article I’m going to look at a key fundamental when it comes to making money online, and a huge mistake people make with it regarding making profits from their passion…
Is there a market for your passion?
A lot of people trying internet marketing, both newcomer and people who’ve been at it a while, make one of the biggest, clunkiest, costliest mistake they can, and it’s this – they create their product without seeing if there is a market first.
It’s easily done, to get all fired up and excited to think about making money from your passion, and spend a lot of time and/or money on getting a fancy all singing all dancing product up online, with a fancy website to go with it.
Then you sit back and look forward to the money rolling in…but it doesn’t.
No floods of money.
It either comes in as a trickle, or it doesn’t come in *at all*
Totally demoralising, a waste of all that time, all that energy, maybe a lot of money too, and leaving you convinced that the whole idea was just a fantasy in the first place, that making money online is just a myth.
It’s a shame – it’s something I see happen all the time, and yes, it’s something I’ve been guilty of myself, and it comes down to not researching the market first.
I did say it was a key fundamental, so let’s take a closer look at why…
Well, in order for someone to make money online, someone has to buy something.
That may sound obvious, but it’s when we look a little deeper that we can see how market research can let people down.
If someone’s going to buy something, it will likely fit into a broad category of a physical product, a service, or information.
So, you need to work out which of those the market is going to buy, and you can’t do that unless you know what the market is buying already! It’s possible that you have some new fancy whiz bang idea, but it’s not probable. The most probable way you’ll make money online is to offer what’s already selling.
If that’s the case, you need to work out what your market is buying yes, but you also need to work out if they are buying anything at all in the first place!
I’ve underlined those last few words, because they are so important! It could be, as much as you don’t want to admit it, that there just isn’t a market after all. A suitable market has to have a few things in place, and if your chosen market is lacking in these areas, you’re going to have problems.
Your market needs to have enough numbers online. There are interests out there which may have plenty of people involved, but they just don’t use the internet to engage with each other about it. If you put your product online for them, it may not sell simply because the market isn’t online.
The market also has to be big enough.
It could be that people with that interest do indeed go online, but just not in big enough numbers. This means that your product just won’t sell enough to make you real money, because there just aren’t enough people interested.
The market also have to be buyers.
A lot of interest markets online are massive, huge in numbers, but extremely difficult to monetise, because it’s a market looking for free stuff! That might be free information for example so again, if your market is predominantly looking for free stuff, your product for sale might not get many, er, sales!
So, if your chosen passion has a market that isn’t online, or not in enough numbers, or is after free stuff, don’t be surprised if your product doesn’t sell! Can you see how checking the market first can save a lot of hassle?
Check your market before you make a product. Always. Every time.
There are ways to do this, both complicated and easy, and you won’t be surprised to hear I prefer the cheaper and easy way!
Ok, do let me know what you think, and if you’d like to find out more, watch my free video series which covers the basics of my FB Passion Profits system.
‘Til Next Time,
Health & Happiness,
Gordon
P.S. Don’t forget to connect with me via your social media channel of choice – buttons top right of any page as you look around the blog – get in touch and say hi!
