How To Start An Internet Business At Home – Pt1 What Is A Niche Market

How To Start An Internet Business At Home – Pt1 What Is A Niche Market

(Last Updated On: 9th October 2018)

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 out what niche you are going to target and then define what a niche market is.

What is a Niche Market?

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 Niche is 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.

Quora is probably one of the most popular.

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

    Get Started Now

 

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

>>>>Part 2 Choosing A Domain Name

 

Kick the 9-5 Habit

Enjoy and remember if you have any comments or questions about my page please feel free to leave your contribution in the comment box below.

 

 

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How To Start An Internet Business At Home - Pt1 What Is A Niche Market
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How To Start An Internet Business At Home - Pt1 What Is A Niche Market
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Part 1 of How to start an internet business, choosing a niche
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Gdodd
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4 thoughts on “How To Start An Internet Business At Home – Pt1 What Is A Niche Market”

  1. First off, let me say this, freaking love the table of contents you put at the top of this post. You did great job of breaking down what a niche market is, it was very informative. I especially liked the part where you used the graphs to show a main niche trickles out to smaller profitable niches.

    • Hi and thanks for stopping by with your comment.
      The use of Table of contents make it easier for readers to navigate through the post and intended for user experience, so I’m pleased it helped you. 
      Visually I believe it makes for easier understanding if a reader can “see” the process of breaking down a broader niche, rather than telling them how to do it.
      Thanks again for your input.

      Gordon

  2. I think this is really quite general and would of like a more in-depth approach to understanding what you are trying to say.

    How do you know if your niche is broken down enough so that you can find the problems? I see people all the time complaining about this or that but they don’t seem to want to get specific enough.

    How would you go from hearing a complaint to then trying to dig deeper into that problem in order to find out what the best possible solution could be?

    • Hi Eric, thanks very much for stopping by.

      what I’m trying to say is that any Niche market that you are trying to establish a business from needs to be as narrow as you can possibly get. Take the Make money Online Niche, that is a very broad niche. There are many many sub niches including Affiliate Marketing, Network Marketing, Multi-Level Marketing, Direct Sales, Drop Shipping,  Keyword Research, Freelance Content Writing, to name just a few. 

      Broad Niches are very competitive, the deeper you can go with your chosen Niche the more beneficial it will be for you.
      Thanks again for your comment
      Gordon

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