So you have decided to start an online business. It is a great first step towards financial freedom. As an internet entrepreneur, you can escape from infidelity in a rat race and make your own destiny, bringing high income but enjoying a flexible schedule and ideal work/life balance. One of your first steps to becoming a successful internet entrepreneur with a profitable online business is to choose a niche market.
In essence, a niche in the industry you will enter and the type of product you will sell; That's what you specialize.
For example, Tony Robbins is in a personal development niche. Dr. Andrew Weil is a natural cure and nutrition. Suze Orman is in the niche of financial planning. There are thousands of niches out there.
There are people who help their customers eliminate personal debt and apply better financial habits. Weight loss is a big niche. You also have a tomato garden ... a supplement ... get the most out of your Disney vacation ... learn to play the piano ... the list is endless.
The key is you want to focus on a particular market that you can serve, over and over again, rather than spreading yourself too thin by trying to operate in some special markets.
Not all the niches out there produce profitable online businesses. And not all will interest you. But in this article, you will learn how to match one of your passions or interests in life with a money-making internet venture. That way the job does not seem like work.
Why Should You Choose a Niche Online?
Choosing a niche has many benefits. Focusing on one area allows you to focus your efforts in one direction. You know what appeals to your specific audience prospects ... how to approach them with your marketing with laser focus so they tend to buy.
At the same time, you build an expert status, which speeds up your prospect's process of knowing, liking, and trusting you. It's important to turn prospects into paying customers.
One common mistake amongst novice online entrepreneurs is to believe that a website that offers a wide range of products, such as Amazon.com, is the way to go. At first glance, that makes sense. If you have products and services that at least someone on the market is willing to buy ... you can not go wrong, do you? That exacly Wrong.
� First, you do not have Amazon's initial budget. Furthermore, if you have 100 product types on your site, how will you advertise? You will not be able to afford the time and money you need to spend on advertising, creating email marketing campaigns, optimizing web pages for SEO, and more different topics.
� Secondly, you will just be overwhelmed, trying to track so many aspects of your business - you are a one-man operation.
� Finally, if you focus on just one niche, you can continue to sell different customers products and services from time to time, increasing the amount of money from each new customer. Rather than constantly trying to catch up with new customers anytime you can spend more time selling to your existing customers, which is much easier to do.
The good news is that by focusing on a single niche, your initial cost will be lower, and the path to success will be much faster. There are also fewer risks. And if the niche does not work, you can switch to another easily.
And even if you focus on a niche, that does not mean your business can not grow. You start small and then, once you have a proven marketing strategy, you sell more and more of your niche products. Then you add other similar products. And that means more sales. If you want to build your business even further, you can get into another niche ... and start the process again.
How to Select a Niche? Research, Research, Research
So you understand why choosing a niche is so important. Now we'll look at how you know which niche is right for you based on your interest and demand in the market.
1. The first step is to make a list of possible ideas for your business. Go crazy here Do not analyze or think about it too much.
� What niche are you a customer?
� What is your greatest passion and interest in life?
� What is your hobby?
� If you can have a dream business, what will it be?
� Do you have previous work experience that could potentially turn into a business?
� Write something that comes to mind. We will narrow down the list in an instant.
2. Now, you will choose your top five niches. Focus on the ideas you enjoy most as a business. Remember that you will pour your heart and soul into this new venture so you want to choose the topics that interest you. If you do not enjoy the topic ... you will not be motivated to work hard to succeed.
3. Once you have your big five it's time to look them up close and determine if there is a potential profit. Most of your research can be done online. Once you find a niche that you are passionate about and have potential profit, you are ready to move forward and start making money on the internet.
Narrowing Your Intelligence to # 1
For each niche topic, you will go through the steps below. And to help illustrate these steps, I will go through the process itself using a yoga niche as an example.
1. Do a Google keyword search related to your niche. Look for broad topics, as well as more specific aspects of that niche.
In our yoga example, you can search for "yoga", but also "yoga videos", "yoga pants", and "yoga lessons." You are looking for a strong search results page. Websites dedicated to topics, articles were written about topics, blogs ... and, of course, other online businesses in the niche. Competition is a good thing - meaning there is a market that is interested and ready to buy. If you do not find a lot of results for your topic, maybe not many potential customers online. Do not make the mistake of thinking, "no one else is doing this so I will dominate the market". The reality is 99.99% of cases, if nobody else does it, it's because there is no money to do.
2. Do a keyword search.
There are some services out there. But I love to go to the source and use Google AdWords Keyword Planner. It's free even if you need to sign in to AdWords if you have not already. There you search for the same keywords. If you see over 10,000 searches per month for the "main" keyword and 50,000 total for more related but more specific keywords, which are usually good indicators of the winning online business niche.
In my example, "yoga" generates 1.2 million searches, "yoga pants" - 368,000, "yoga videos" - 49,500, and "yoga course" - 1,200. This is a good number. There is a ready market out there for my niche.
As a side note, Google Adwords is also a great way to advertise and grow your business.
3. Check Amazon.
This gigantic online retailer is a great research tool as well. Here you will search for the same keywords, as well as those related to your niche. When I look for related terms of yoga, there are many results - thousands of yoga products, ranging from instructional DVDs to yoga mats to yoga clothes. This is another great indicator that yoga business will run well. Amazon is also the right place for you to make money by selling your own digital book on Amazon.
Another more traditional way to do this is by going to local bookstores/magazines. If there are publications covering your niche then there may be potential gains in that market.
4. Finally, go to affiliate marketing sites like "Clickbank.com"
This special site specializes in information products such as ebooks. But there are many other affiliate sites out there. Do a search for your niche. If there are many products available, that means a ready market.
As a bonus, you know you have a source for some of the first products you can sell to your online venture. As an affiliate, you will promote the product and earn commissions on every sale. This is a great way to start your internet business because you do not have to take the time to create your own product.
Again, it seems unreasonable to start a business in a niche that has a lot of competition. But having so many other companies means there is a huge market of customers who are ready to buy the product in that niche.
Choosing Your Online Niche - Next Steps
Choosing a niche can take a lot of effort. But it's worth it because you've laid the foundation for a successful and profitable online business. Now, the real work begins. It's time to start the business by getting your product done and starting your marketing campaign. Having a clear niche makes the process much easier and much more profitable.
Once you choose a niche market and have your own affiliate product or product for sale, you definitely want to start building your audience and making money with your new niche market.
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