Choosing A Niche
The niche of your online business determines what kind of income you’ll make in your business.
Many people make the common mistake of being too general with their niche and in turns, lead their business to a failure.
The first thing to think about before building an online business is to look for a hungry niche market that people of a narrowed specialized group would be actively looking for. Be too general and your just like everyone else leaving no room for profit to your business.
For example, if you are in the weight-loss niche, it’s not enough that your market is ‘anyone who is interested in getting fit’. You should narrow it down to a more specific group. If you’re a mom, one good targeted market would be ‘busy moms who like to get fit’.
How do you come up with a suitable niche, anyway? Here are 3 ways to do that.
Step 1: Start with subjects you are passionate about
After all, you’re going to put in lots mount of time building it and the least thing you wanted is staying on a business you have no deep interest in.
The best thing to know what your personal interests are is by asking yourself the following questions:
-What am I passionate about in life?
-Where am I good at and enjoy sharing to others?
-What are people asking me for advice about?
-If I were to do something for the rest of my life, what would it be?
-If I had a million dollars and a month’s worth of free time, what would be the first thing I’ll do that comes to my mind?
After answering all these questions, you’ll probably come up with ideas for the suitable niche for you.
Step 2: Aim for Moderate and High Searches then Narrow Down
The second step for choosing the right niche is by starting on areas that have moderate to high search volume.
In this step, you will need to do some keyword research. There are lots of tool to do just that but for a starter, you can use the free Adwords keyword tool from Google.
You begin with a broad subject, one that has 100k searches. If an area has this number of searches per month, it means it is too competitive to build your business on and you’ll have to narrow it down. Go down a little deeper into that and find more specific sub-topics that have a minimum of 5000 searches a month. This means you have niche that is small enough for competition but big enough for you to make a profit.
Say for example, the weight loss niche ranges to around 1 million searches per month. Narrowing it down to “weight loss exercise”, it would be around 5000 searches per month.
The goal here is to look for the keyword phrases that have a large number of searches for a solution to a very specific problem. Here is where you’ll have the least competition and practical market to focus on.
Step 3: Determine the Profitability
This step is crucial in determining whether or not your niche is lucrative and consistently generates you income.
First, ask yourself these questions:
-Is the market easily distinct and accessible?
-Do people really want your product?
-Does this market have and spend money?
If you have no idea if they all answer yes to those questions, try knowing your niche a little in depth. One strategy to find out the profitability of product is by sorting through Amazon.com and gather books about your subject or niche. It will give you general idea of how it pulls to the people.
Basically, books that have feedbacks with 50 and more means the subject or topic is widely accepted and people are paying for it as well as taking time to learn more of it.
Books like ‘Think and Grow Rich’ by Napoleon Hill and ‘Rich Dad, Poor Dad’ by Robert T. Kiyosaki tell that the field of wealth building is undeniably a lucrative one. People are crying out just to gain knowledge and use it in their lives.
Amazon is useful tool not realized by many and you can use it to your advantage by including it in your efforts to find a worthwhile niche.
Basically, these strategies are crucial steps in finding out the appropriate niche for you. If you re just starting your business; tweak your niche-finding a little by following this steps and you’re on your way to having a productive market and a rewarding business.
Deciding on a niche takes fair amount of research and evaluation. It can also be a trial and error where you may come through failures and shortcomings. If this happens, move on and try again. What’s important is over time, you learn what works best and what doesn’t therefore gaining you the beneficial knowledge as well as constantly keeping you and your business on the right track.
