In this short blog post, I want to talk about the most important decision you’ll make when starting your online business:
The niche you’re going to operate in.
What is your niche?
This can be an easy or hard decision.
What is a Niche?
Before we move on, if this is the first time you hear the word “niche”, I’d like to make sure you understand the word. In its simplest definition, a niche is a group of people looking for stuff.
You know, this internet has the ability to aggregate people according to their interests.
If you already have an established offline business (let’s say, a bricks-and-mortar store) and you just want to add an online element to it, then as long as that niche is profitable, it makes sense to stick with it.
If you’re starting from scratch, it can be a little bit more complicated. A lot of people have a hobby or a talent they want to turn into a business.
However, that doesn’t necessarily mean you’ll be able to make money from it.
A good way to find if a niche is likely to be profitable is to see how many marketers have involved in it. If you try searching your niche on Google and lots of results come up, then it’s likely to be a popular topic. If it hardly gets any results, then it could mean that you’re the first person to have thought of it.
Another good way of evaluating the potential of a niche is to think of the possible keywords your target audience is searching for Google, and then make research on it using a keyword research tool. You can see the actual number of searches, traffic, and competition with that particular keyword.
Diving into a zero competition niche can also mean you can get in first and take advantage of the opportunity. But, it’s more likely to mean that not many people are interested, and you’ll probably lose your shirt in this niche. Best to think of something else!
A good idea is to choose an “evergreen” niche. These are niches that are not only popular but popular all year round. They include niches like:
- Weight loss
- health and fitness
- dog training
- stock market trading
- improving finances and similar topics.
The good news is they’re popular. The bad news is they tend to be crowded, so it’s hard to stand out.
Narrow Down Your Niche
The solution then is to find an evergreen niche and drill down to a sub-niche you can dominate. Narrow down your niche. The affiliate marketing training institute, Wealthy Affiliate, is very good at teaching people this technique.
For example, if you decide on the hair loss treatment niche, you could specialize in “all-natural hair loss solutions.” In the computer niche, you could try “gaming monitors niche”. That sort of thing.
There’s no one prohibiting you to start a business in a very broad niche. But you must remember that we’re no longer in 1999, we’re now in 2019, and a lot of things have already changed including competition.
You will have a higher chance of getting found on Google by your target audience if you narrow down your niche.
For a video training covering all these, click below…
Let Me Hear Your Opinion
So, that’s it for now. I made this blog post very short so that beginners would not be overwhelmed by too much information to digest. We’ll have a long blog poss later.
Let me hear your opinion through the comment box below.
See you in my next blog post!
PS. Don’t forget your copy of my Online Business Blueprint. Download it now, it’s free!
Gomer Magtibay a.k.a. Coach Gom blogs about home business ideas and answers questions (free coaching) about starting or growing a home-based business. If you would like to learn more about him or connect with him, click here.