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In the previous post I introduced you to the concept of “Easy Money Markets”. It’s something that I came up with and defined as markets with low risk and potential for high gain. I came up with this after I experienced an improvement in my own income after 3 years of failing miserably in hard-to-win markets.

However, I cut it short last time and didn’t include a way to evaluate the risk and potential of a certain niche or market. Here I will list some of the questions you should ask yourself to determine if you just found an Easy Money Market or whether it is still a DUD!

Remember the first step should always be to find an easy money market; otherwise all of your selling skills won’t matter. It won’t matter if you’re the best salesman in the world, without an easy market you’ll be in the same position as someone selling sand in the middle of the desert. It’s useless.

When you look at market data, try to ask yourself the questions below and think of the answers. A “no” means there is risk or low profit potential in a market while a “yes” means there’s low risk or high profit potential in the market.

Here are the guide questions you should ask yourself before venturing into the niche market. Using these questions could help save you from head aches and wasted efforts.

• Are successful products in this market meant to relieve pain whether it’s physical, mental, emotional, or financial?

The reason why you should ask this question is because desperate people are easy buyers. Think of someone with bad breath, foot odor, or man boobs. I’m sure that most of these people would easily open up their wallets when presented with a good solution to their problems. We all tend to move away from pain and so try to grab the fastest solutions to end pain and move towards pleasure.

• Are there already successful high-end products sold on the backend in this market?

A successful high-end product, something that sells for thousands and is popular means that people are indeed spending on this niche market.

• Are there already successful continuity/membership programs in this market?

People sign-up on memberships that they deemed necessary or profitable for them. If there are successful membership sites in the niche then it signals that it is indeed a profitable market.

• Are there plenty of successful competitors you can model your business after and also turn into joint venture partners?

Although a lot of competitors in a niche would make it a hard-to-win market, it also means that it is a profitable market. Think why competitors abound in it. As for winning that market, this is where your ingenuity and creativity comes in.

• Are products in this market bestsellers?

Look at bestsellers. Almost all marketplaces have them. Go to Amazon and checkout their bestseller categories and see where most of the bestsellers come from. Does it come from the health and beauty niche? Entertainment niche? Best sellers indicate that a lot of people are buying in that niche.

• Are products in this market highly searched in a buyer’s marketplace?

Another point to check is if there are a lot off people searching for products within a particular niche market. When a lot of people search for products in a particular niche markets. It indicates a strong interest for the niche market.

• Are there ways to reach customers in this market cost effectively?

You must also see how to easily advertise to customers in a niche market. Check out where people from these markets hang out. Even if you found as easy money market, if you don’t have a way to reach the “market” it will still be useless.

• Are long running magazines in this market?

Magazines indicate the strength of a market. Simply put, when there are a lot of magazines, there are a lot of advertisers, when there are lots of advertisers, it means that companies earn from it. Otherwise there would be no advertisements at all in that niche market and would result in fewer magazine publications.

• Are there control ads in expensive ad spaces constantly running for products in this market?

Check out the expensive ads in the niche market. Prime time TV ads are not cheap. So if companies are willing to spend a lot on it, you can be sure it’s profitable.

• Are there infomercials with successful products constantly running for this market?

Informercials are another indicator of market profitability, same with advertisements.

• Are there large lists for rent in this market within the Standard Rate and Data Services List Book?

A large list in a particular niche market indicates that a lot of people are looking for information related to the niche.

• Are sales volumes high in this market according to data you have access to?

An example of this is Clickbank’s marketplace where they have some sort of sales statistics for a product. Check out the stats to learn how profitable it is.

• Are there forums and blogs dedicated to the subject matter in this market?

Niche markets with a lot of blogs and forums dedicated to it means it is popular and that a lot of people are into it. This is a good sign because it means a lot of people are spending on it, and you can get a piece of that pie.

• After analyzing this market at several angels, do you feel as if the risk is low, the potential for gain is high, and this is indeed an easy money market?

After all of the evaluations you made, you should make this final assessment. Do you feel you can handle this niche market. Do you think the positive points out weights the negative aspects of the niche. The more positive a niche market is, the better it will be in the long run, and the more resources you can save in taking the niche market on.

These fourteen questions will serve as your gauge to determine the profitability of the market you want to get into. Just remember, the more “yes” you get the better and more profitable that market is.

In the end it’s still up to you to choose the market that you want to venture into, but knowing how to gauge the profitability and stability of a market is definitely a good tool in your arsenal. It can provide you with a shortcut to success.

Enjoy!

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