How to Pick a Profitable Niche for your Online Business
After reading this article, you will have a good idea on the best way to Pick a Profitable Niche for your blog, website or Online Business
If you have decided to start your own online business, it will be a significant step to total financial freedom.
Being an Internet entrepreneur, you can easily escape tedious works and build your destiny to prosperity – generating a very high income at the same time enjoying a flexible work schedule and life balance.
The first step of becoming a successful Internet entrepreneur is to pick the right niche.
A niche can be said to be the industry you will be in your online business and as well the types of products you will sell or trade on. In general, it is what you specialize in online.
It’s not all the niches that you see are profitable, and as well not all will appeal to you to get involved.
You are close to what you are looking for
Steps to Pick a Profitable Niche
1. Make a good list of all possible ideas for your business
Do not analyze or think so much about it yet, but I will recommend first making use of a notebook to jot down your ideas, you may not know when inspiration will come.
See some questions you should ask yourself while brainstorming
- What niches do you like personally?
- What are your interest and passion in life?
- What are your hobbies or things you like doing?
- What would you like to be your dream business?
Make sure you write down everything that comes to mind.
2. Pick top five niches of your choice
Focus only on the ideas you will most enjoy in business. Always remember that you are going to pour your soul and heart into the new business. Therefore you have to pick a topic that gives you much passion.
If you do not like the topic, then you will not be motivated to work hard to in other to make it a success.
3. Determine if the niches are profit-oriented
This research can be done online. You will have to do in-depth critical analysis in each of the niches you picked in step 2, to know how profitable each can be.
How to narrow down to a Profitable Niche
No matter the niche topic you will go through, you should still follow the steps below.
For this tutorial, we are going to use a Yoga Niche.
See Steps Below:
Make sure you search for the broad topic and other specific aspects of the niche.
In a mobile phone review niche, you may want to search for “phone prices” “smartphone review videos” “phone brands,” and “phone safety,” “phone OS,” etc.
If you are searching for a robust search results pages of websites dedicated to your niche topic, articles on your topic, also blog and other online businesses in that niche.
Competition is a great thing, don’t get scared when you see competitors. It means that there is an available market ready to buy. If you do not find any results for your topic, it means that there probably are not many potential customers online.
2. Do a good keyword search
There are so many services available out there to perform this. The Google Keyword Planner is a free and useful you can use. On the keyword planner, you will have to search for all those same keywords. For any keyword search you do – if you see the searches to be above 10,000 searches per month, it will be a good indicator of getting a winning online business niche.
See the image below on “Make money online” Keyword Research
3. Finally, visit affiliate marketing websites
Visit an affiliate website such as Clickbank. Clickbank specializes in information products such as ebooks. There are many other affiliate sites out there too – to use. Do a proper search for your niche; if many products are available, it means a ready market for you to harness.
Now you have a source for some of the initial products you can sell with your new online business. Being an affiliate, you will promote the affiliate products and get a commission for each sale you made. It is a great way to start up an Internet business. You do not have to take time to create your products.
Although it may look counter-intuitive to start an online business in a niche that has so much competition but having so many other companies means that there is a huge market of customers always ready to buy products of that niche.
Picking a particular niche will certainly take some effort. But it is worth it – as you have laid the foundation for your thriving and profitable online business.
The real work begins. It is now time to launch that online business by getting your products sorted out and start your marketing campaigns.
Having a precise and profitable niche makes that process so very much more comfortable.