How To Start An Internet Business At Home – Pt1 What Is A Niche Market
In this first part of 12 on How to start an Online Business at home, we need to establish how to go about choosing the topic of your business.
Before any online business is able to succeed it is important to figure outwhat niche you are going to target and then define what a niche market is.
What is a Niche Market?
A niche market is a subset of a larger market idea, broken down to find it’s own particular needs or preferences.
For example, Clothing is a very broad Niche, but women’s clothing is somewhat narrower and Maternity wear is even better.
The same can be said about Animals. Cats or Dogs or even Parrots would still be quite broad but how to groom long-haired cats, or how to train a dog to stay or how to train a parrot to talk all become very good Niches.
The Health and Wellbeing Niche is vast, so this needs to be broken down into a specific Niche.
No matter how narrow your niche is, there will always be a market for you to connect with.
There are 4 main focal points you should consider when choosing a Niche.
Consider your interests and passions?
The most important thing about choosing a Nicheis that the subject you decide on is one that you can relate to.
Make yourself a list of let’s say 10 topics that you have an interest in or even a passion about.
If you are a sporty person, start off with the sport you are passionate about. Or maybe you have an interest in gardening. Do green issues resonate with you? What about Marine Fish or even Tropical Fish, maybe Freshwater Fish. Are you a DIY fanatic. What do you like doing in your spare time? What would you rather be doing right now?
These are just some of the points that can help you identify where your true interests lie. I take this view on choosing a Niche because at some point you are going to struggle to come up with content. If you want to write about something you are passionate about or have a great interest in, then it will be much easier than if you really don’t know a thing about the topic you choose.
At that point, you will give up and fail.
What Are The Problems You Can Solve?
Once you have decided on the topics that you have the most interest in, start to tick them off from the very best down to the least interest.
Remember you are going to be answering queries that your target audience has and solving any problems that may arise. Do some research on forums where questions within your chosen niche get asked. Type Forums into your search bar and you will get an array of forum subjects to choose from.
Once there investigate the discussions and questions that people are asking or what problems they may have. This will give you a great idea of how to tackle your keyword research by finding the terms people are using to ask such questions.
Competition, Good or Bad?
All competition is good competition, it shows you how to get better at what you are doing. But it can also tell you if you are wasting your time with your given Niche.
Check out the competition in your Niche, study their websites, could you improve on what they are doing?
Can you create better quality content
Can you put your idea across to your audience with a better User Experience?
Can you find Keywords with the highest search volume and lowest competition?
These are points to examine to discover if you have a highly profitable niche that will give you years of sustainable income.
Determine the profitability of your niche.
Now that you have a pretty good idea of the Niche market you want to pursue, it’s time to find out exactly what the income potential of your Niche is likely to be.
Amazon is the largest marketplace for online shopping, so it is probably a good idea to have a search for articles within your Niche and get a feel for the amount of commission that you could earn by using Amazon as your goto marketplace. I will say that although Amazon has the largest share of the online shopping market, their commission rates aren’t the best in the world. So another way to find products within your Niche is to type the topic you have chosen into your search bar and add”+ affiliates”. This will bring up search results for all companies that have Affiliate programs that you can join. You will probably find their commission rates a whole lot better.
Just as a passing thought, if you decide you want to create your own product to promote, don’t wait until you have produced that product. Partner up with other creators of your product and start to advertise their goods to earn commissions. This will bring in some much-needed dollars while you are producing your own solution.
There you have my take on What is a Niche and how to go about choosing and implementing your chosen topic. Watch this short video explaining how a niche market is broken down
In the next chapter of this 12 part series of How to Set Up and Run An Online Business, I will cover the pros and cons of choosing a Domain Name
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