It seems like no matter how hard we try these days, a good paying job is impossible to find. We cut expenses and even take on extra shifts but still, the bills are piling up or we find ourselves unable to afford the vacation we have been dreaming about for the past 18 months. Thankfully, the word got out that operating a successful online business is one of the best ways to supplement your existing income. In fact, many have found that an online business can become even more profitable than some fulltime jobs.
As with any serious business opportunity, it will require some amount of time and effort to come up with a successful business model. After all, there are many other businesses competing for the exact same pool of customers. In the world of online business, one of the key aspects of the business model is to find a niche. Few of us even understand what the term means. If you intend to start a successful online business (and yes, blogging is a business!), you need to not only understand the term but also to understand how pursuing a niche can impact your business.
What is a niche?
If you narrowed down your business interest to just the aspects of medicine focused on just nutrition, you would have a much better idea as to how to operate your business and who would be interested in what you had to offer. But you’re not quite there yet. An appropriate niche market would be herbal supplements which promote weight loss. If you have chosen an appropriate niche, it should be easy for you to determine exactly who to target with your products and services.
The next challenge is that once you understand what a niche is, you will have the formidable task of having to choose a niche market. I understand from experience that this is a lot easier said than done.
Before you embark on a soul-searching quest to find your niche, let us take some time to understand the concept. A niche is basically a distinct subset within a particular industry. Just think of yourself an archer, skillfully aiming your blow at a target that in center of a large field. For example, let us say you have an interest simply in medicine; it would be hard to figure out exactly what kind of products or services to provide. Many entrepreneurs simply try to hop on to the next big thing and end up missing out on great opportunities, wasting valuable resources or a combination of both. Here are three easy steps to help you to choose your niche wisely.
Step One: Discover your Passions
The best online businesses are those which stem from the things we are most passionate about. It will be hard to focus your time, energy and creative ability into a business that does not excite you. Your niche should be something that you can readily explain and champion at all times. No one will believe in your business if you don’t. Also, it will be much easier to establish credibility in a field with which you are already quite familiar.
There will, however, be times where you will have to choose between pursuing your passions and following the money. Hopefully, you will be able to make the most profitable choice. If you do decide to pursue a niche that is not exactly your forte, be determined to do as much research as is necessary in order to excel in that field. Some people go as far as making life-altering decisions as a result of your advice.
If you need some ideas, check out 40 Profitable Blogging Ideas to get started and then niche down from there.
Step Two: Test the Market
If you are not sure how cold the water in a swimming pool is, you are most likely to stick just a toe in rather than dive in head first. This is the same kind of caution that needs to be exercised when considering a niche. Never invest all your resources into a niche market unless you are 100% confident that this market is not only profitable but also that you will have what it takes to excel in this field. One of the easiest ways to test a market is to invest a small portion of your resources into the niche and watch how it performs.
This bit of advice brings to mind a friend I shall call Paul, who invested his life savings in fidget spinners and is yet to see a dime from his investment. As we are all aware, the craze died down as quickly as it came. Please do not be like Paul! As I have said before, do not be too quick to hop on to the next big thing. Trends and fads come and go. Choose a niche that has stood up to the test of time or a new niche that you have carefully researched for a sufficient period of time. The following questions can help you determine if this is a profitable niche market:
- Am solving a problem?
- Are there any other businesses competing in this field?
- How much capital will I need to start a business in this niche?
- Is there a distinct target audience for this niche?
- Will you be able to promote this niche by making use of affiliate marketing techniques?
Step Three: Pinpoint your Target Audience
The third phase of identifying your niche is focused on your target audience. If no one is interested in your product or service, it is highly unlikely that this is the right niche for you. Also, if you have found the right niche and the right target audience but you are unable to think of the right strategies to reach out to them, how is your business ever going to make a cent? This too will require much careful research but will prove very rewarding.
I know I have given you a lot to consider but don’t be alarmed. Choosing a niche is really not as complicated as some would make it seem. It is easy to make the right choice if you take the time to do careful research and test the market before you dive in.
As with all business endeavors, you have to be patient. We live in a society that wants results immediately but building a profitable business takes time, commitment, and then some more time! If you consistently put out good blog content or promote a quality product, you will reap the benefits.
Just don’t expect to be an overnight success and genuinely fall in love with the process of creating and growing your business.
If you don’t love the process you won’t love the results 🙂
Step-By-Step Guide To Starting a Profitable Blog Click Here
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