Having trouble coming up with a niche for online business? Worry not, you’ve come to the right page. I will show you how to find your ideal niche so that you can finally get started. At first, I was having trouble finding mine because I did not understand what a niche is. But now I’ve fully grasped the concept, it’s your turn to generate ideas and test each one of them so that your business can start rolling.
Benefits of Niche Marketing
First of all, let’s discuss what a niche is. The term originally came from ecology which means taking a unique role in the environment in order for an organism to survive. In marketing terms, it means targeting your business to a select group of people so that you can take a specific role in the marketplace.
There are reasons why you would want to focus on a small group especially when you’re just starting out. You will inevitably have limited resources such as money and expertise (unless you’re a rich kid). When you face such problems, how can you promote and scale your business in amounts that you consider successful? You simply can’t.
Another reason is to lessen your competition. If you go too broad on a niche, you will stumble upon the top authorities in your market. Understand that at any time, they can take down your business if you wish to compete with them. Plus, why would a customer buy from you in the first place, when they can look for someone who has greater credibility and authority in the marketplace?
But for me, the most important reason for focusing on a small niche is to be able to specialize and make it a passion, which I believe is very important if you want to succeed. If you love leather shoes for example, then starting a business around it would feel the most fulfilling job you’ve ever had. Becoming an expert in your niche would then further propel you to success.
Now that you understand the benefits, it’s time for you to do the research. In order for your business to grow, you need to focus all your efforts on a highly targeted niche first. Never ever start in a very broad category such as Health, Business, or Technology. Remember this: “The sun’s rays do not burn until it is focused on a single point” – Alexander Graham Bell
Generating Niche Ideas
By now, I hope you’ve realized the importance of getting in a small niche and what it does for your business. This time, I’m going to show how you can generate niche ideas that can be considered narrow enough to enter to. Then in the next section, I will be discussing how you can test your ideas and come up with your ideal niche. So here it goes.
- Take an Industry and Narrow It Down
This method suggests that you start from a very broad category (Health) and bring it down to a manageable size (Losing Belly Fat for Men). If you work for a company, then you are very much aware of how your industry works. Your specialized knowledge will be put into great use especially when you’re choosing a niche. An architect for example has lots of experience with the design of structures. Narrowing it down might mean focusing on just residential houses for the middle class.
- Focus on ONE thing only
Another way you find your niche is to concentrate all your efforts around one single thing. The best examples of such niches are Books (Harry Potter), Games (Pokemon GO or Clash Royale), Movies (Frozen or Lord of the Rings), Famous Personalities (Eminem or Beyonce), and more. Notice that all these examples are proper nouns, which are very specific words that you can really focus on and is a great head start.
- Passions and Interests
The best way to succeed in business is by choosing a niche that is in alignment with your passions. I’m not saying that without passion you will fail, but the chances of winning increases if you know from within that you love what you’re doing. Whether you love playing golf, traveling to many places, decorating your house, or drinking healthy juice, there is a specific niche that will fit right for you.
- Find a Problem to Solve
People buy products or services mainly because they want to solve their problems. Getting in a niche that aims to solve problems is a huge plus for your business. Maybe you want to specialize in Diabetes or Pneumonia, that’s a good place to start. Maybe you want to help women find their ideal men. Maybe you want to teach people how to grow passive income, that’s a viable option as well.
- Latest Trends
If you have a niche idea that was inspired by the latest trends, then you are heading the right direction. There are many ways to find these trends online, including Google Trends, Twitter Trends, Yahoo Buzz, and so much more. Take note that the trend might wear out, so make sure you do your research on the niches that often trend on search engines.
- Find Inspiration from You
The principle of using yourself as a niche comes from the fact that like attracts like. If you’re a food lover, you attract people who also love food. If you love rock music, then you meet people who also loves rock, and so on. My niche for example is helping people realize their true passion and turn them into online wealth. It comes from the fact that I’d rather work on a job that I love than on something that is regretful. So hopefully, what I want to attract is people who share the same vision as me.
- Target a Specific Demographic
A niche can be easily narrowed by targeting specific demographics for your business. I realized this when I was playing with Facebook Ads and using their Page Insights feature to analyze my target audience. To make this technique work, you need to know your audience well in terms of their age, gender, country, religion, income level, level of education, and so on. Use this as your guideline in determining your ideal customer.
- Get Creative with Your Niche
If all my suggestions don’t inspire you enough, my best advice for you is to think and use your creativity. Remember, always keep a niche narrow enough for you to be able to manage it, but not too narrow that there’s no room for growth. Then find out if there is enough audience waiting to be served by you. Like in a chemistry class where you combine different chemicals, I suggest that you combine all the previous strategies that I’ve mentioned in the list so that you could develop a niche for yourself.
How to Qualify a Niche
Now that you have your ideas listed (I hope you’ve listed them), it’s time to further refine it so that you can get the best niche possible. Before I go any further, I would like to make clear to you that there is no such thing as a perfect niche. But still, that doesn’t mean you shouldn’t do your research anymore. The purpose of all these is to steer your business in the right direction. Your niche serves as your blueprint so that you know what your business will exactly look like in the future. Without further ado, let’s proceed with the criteria for qualifying niches.
To find out if a niche is profitable, make sure there is a demand for your market niche. In the online world, the best indicator of finding demand is through social proof. The way you do it is by finding out the search volume, visiting forum discussions, going to websites or blogs, searching social media, looking for bestsellers, and so much more. Simply put, if people are talking about your niche, then it’s profitable.
And then there are your competitors. By now, you have lessened the amount of competition you’re having. But that doesn’t mean you should be complacent about it. Take a closer look at their website to find out what value they’re providing to the customers. The reason is so that you can develop your own unique competitive advantage over them. If you can’t find a way to provide a unique advantage, then cross the idea out.
This is a big one. The problem with niches is that they are not created equal, some would require more resources and some require less. While you’d like to talk about how awesome Dubai is, if you don’t have the funds to travel and buy stuff, you won’t even get started. That’s why you must identify what it would take to work on a particular niche you plan to enter in. Examples of resources are money, time, knowledge and experience. Out of all the ideas you created, choose the one that requires the least amount.
Find out how you are going to make money from your niche. The best way to do this is by building a website, creating content and growing a follower base. I have to remind you that this is a long process and one that isn’t a get rich quick scheme. But if you’ve successfully done this, the opportunities to make money are endless. You can place ads, promote affiliate products, and even sell your very own product. I firmly believe that every conceivable niche you have in mind has a way to bring money into your pocket.
The most important consideration before you can qualify a niche is your commitment to succeeding in your niche. Remember, it’s not the hype of the market that will make your business successful. It’s more about YOU and your ability to deliver value to your audience. Make sure when you decide on a niche, ask yourself, “Am I willing to commit to serving people? Am I willing to dedicate a lot of time and effort learning and creating quality content for my readers or viewers?” If the answer is yes, then proceed with your niche!
BONUS: Tools You Might Need for Finding a Niche
In this bonus section I will provide you the tools for finding your ideal niche and starting an online business. Currently, I’m using three tools to find my niche online. I just want to share it with you so that you can get started right now after reading this article. So please take time to read them.
- Search Engines (Alphabet Soup)
Your bestfriend is probably Google, Yahoo! or Bing when you’re looking for stuff online. Understand that most of your target audience use these search engines to find information in any niche so this is the best way you can get started. I will introduce to you a technique called the “Alphabet Soup” technique. Start with a general keyword like “shoes”, then type “shoes a”, “shoes b”, “shoes c”, and so on to generate ideas for your niche.
- Jaaxy or other Keyword Research tool
If you’re willing to invest in a more advanced search engine tool, I recommend using Jaaxy. They have a more advanced Alphabet Soup tool which is way faster than doing a manual Google search. Other features include Keyword Tool, Domain Availability, Page Rank, Affiliate Program Search and so much more. You have 30 free searches to start with when you create an account. If you don’t like Jaaxy, then research other keyword tools that provide amazing features and compare the prices before you afford their services.
- Wealthy Affiliate
For guidance in starting an online business, the best program I would recommend you is Wealthy Affiliate. It’s cheap to begin with and provides high quality training that fits well even for a beginner. From zero knowledge, they can turn you into an online superstar. Their process is simple, that’s why I’ve become a member of it as well. What’s really cool is that you can contact the founders (Kyle & Carson) and they’ll give you wonderful advice. But I would suggest that you research other training programs as well to protect yourself from scams.
If you’ve come this far, I just want to say thank you for taking the time to read my article. Did you find this information useful? What niche are you in right now? Have you chosen a niche yet? Let me know by leaving your comment below. Thank you for reading and I hope to see you soon!