Choosing the right niche for an online business is a great key to success. Get the 5 steps in choosing a profitable niche for your online business success now.
1) Understand what a niche is
2) Create a market for your interest
3) List your interests
4) Use online tools to identify profitable niches
5) Make the final niche decision
Follow these five steps and you will be on your way to creating a profitable online business.
Understand What A Niche Is
Without a proper understanding of what a niche is and the ultimate goal of choosing a niche, time can be wasted and good opportunities missed.
So what is a niche?
Here’s what the Cambridge Dictionary says:
1) A niche is a position or activity that particularly suits somebody’s talents and personality or is something that somebody can make his or her own.
2) A niche is also an area of the market specializing in one type of product or service.
Here’s how this definition applies to an online business.
Here’s how a niche applies to online shoppers
People use the internet to solve problems. So the business goal is to provide blog information that solves problems. The more niche related problems your blogs solve the more traffic and profit will grow.
As a young woman I want to look nice while exercising in the gym because some eligible bachelor may notice me and ask me for a date. But my problem is that I feel sweaty and look awful in gym clothes. No single man will ever notice me.
So using this example, I have a niche that interests me; I think it will make money because a lot of women exercise; and I think it will help other women.
A niche is something you love and have a passion for, something you understand, something that you see as a need which you believe you can solve and help people.
We can create a market based on a problem.
Create A Market For Your Niche
Creating a market means looking for a part of your niche that is popular, has good search volume, is profitable, and solves a problem.
Watch Your Mindset
But here are some problems you may encounter as you move forward. Your mind set may be a stumbling block. You may encounter some of the following issues.
The most successful business niche is
A successful online business is the one which aims to help people. However, we will how you how passion and money intersect. Both passion and making money are necessary and play well together.
A niche is a love or interest. When a segment of the niche helps people, it becomes marketable niche. By now you probably have some ideas but doubts may creep in and create havoc on your great niche ideas. So that is why we proceed with the next steps.
Keep reading to find out how passion and profit both play a role in choosing an online business niche.
Create A Niche List
Now is the time to make a list of things that interest and surround you. To make wise use of time, take a note pad with you or use your phone because thoughts come and go quickly as you look around and get many ideas.
Here are some ideas on my list.
Building a list is interesting because we see and surround ourselves with things we like. As your list building continues, think outside the box like an entrepreneur.
Set a time limit to list building. Then choose the top ten which are your most passionate, interesting niches. Then take the top ten list and break them into a top five list.
Your top five niche list is comprised of niches you like, are passionate about, and want to help people with. Too it is important to define your market for your top 5 niches. Who do you want your market to be for the five niches? We do this so when using tools we can identify profitability.
Use Online Tools To Identify Promising Niches
Online search tools are very valuable. They provide search volume and a glimpse into their popularity. The most profitable niches from your list are those with high search volume and high popularity.
Use Trending Tools
The popularity results for small kitchen appliances, wall accessories and video equipment are not too promising. Gardening has potential; however, I am no longer interested in it.
Based on the results, lighting and lamps doe not look promising. Video equipment and office furniture have potential. But the results for bathroom accessories is most surprising.
The comparison of bathroom accessories and patio furniture reveals that patio furniture is very popular. Before using google trends I would have thought that video equipment and small kitchen appliances would be popular. So I am really glad to discover the real truth about bathroom accessories and patio furniture popularity.
But how many people actually search online for my niche list?
Use Keyword Research Tools
Access to the keyword generator does not require registration; but access to Jaaxy.com requires registration. Here is the link to register for 30 free searches.
As I review my list of seven niches and Google trends results, I have decided to do further research on only two of my list niches: bathroom accessories and patio furniture.
Here’s the search volume from Ahrefs.com/keyword-generator for bathroom accessories.
Here’s the results for bathroom accessories from Jaaxy.com.
Lastly, here are the results for patio furniture from ahref.com.
Lastly, here are the results for patio furniture from Jaaxy.com.
Decision Factors Based On Research
Make The Final Niche Decision
Even though it is tempting to take the niche idea that is most popular and has the highest search volume, this is not the only factor to consider.
Here are the factors to consider when making the final niche decision
They are ranked in their order of important with the most important factor listed first.
Final Thoughts
By considering the above factors in their order of importance, there is no need to fret and worry once your niche has been chosen. Its time to move on in confidence. It’s time to communicate content that will help your site visitors solve problems. Keep posting content to grow your traffic. Traffic volume equals profit.
