Every internet marketer knows that finding the correct niche for a starting business is essential. However, I see many are not able to pick the so-called “right” one. Here is what to do and how to pick the winning choice.
Why is picking the right niche essential?
It all lies on the starting point. If you step out on the incorrect leg, the whole concept will fail sooner or later. Although you might not believe this, around 80 percent of new businesses fail because of the wrong evaluation at the beginning.
Moreover, the feeling of struggle as well as frustration will pursue you forever. Your life might fall into negative attitude, and it is not a secret that marketers who have pickedthe wrong niche spend their life in debt.
It sounds scary, but this may happen if you do not spend some time on the kind of research that I am going to show you.
What the right niche should have.
You already know it is possible to go in the wrong direction. So, this is the time to talk about what the winning directions are.
Profitable niches have one thing in common. You can make money from them. If you begin with this in mind, you know that to make a profit you need to sell a product to people with particular needs. This directs you to find a targeted group of people with the need, you can fulfill. However, what is the need?
The need is a problem that has to be solved. For example, a common profitable choice for many marketers is weight loss. In this niche, people seek for solutions to lose weight, and it is obvious it can’t be changed over night. This places a great opportunity for helping desperate people who have the need of losing weight, and even build long-term relationship.
How to determine it’s a niche for you?
Now, you have an idea what the right niche is. But obviously, if you have never had problems with your weight, you are probably not going to stick to making a big business in this field. In order to be able to begin, grow and maintain every business, you need to be passionate about it.
Thus, you need something you think every single day about, and consequently you will not get bored. There is a big reason behind it. Ask yourself, where could you spend more energy without making any money in the next three months? Is it going to be the weight loss niche, if you have never been overweight? Or gaming niche when you have been playing video games for over five years?
Find your passion and you have the best choice to go for.
How to find the NICHE?
This part is easier than you think. Just take a piece of paper and a pen. Then, write down all the things you like doing. Picture every day from Monday to Sunday and take notes of the needs you can’t live without. You could ask yourself this kind of question. What are your hobbies? What do you do to feel good? What makes you laugh?
When you run out of ideas, go to Google Trends or Google Insight. These two websites will give you more suggestions, plus they will show you the latest trends in the world.
What to do once you have the list?
Although finding the niche you are passionate about is crucial for the future growth, you need to research even deeper.
Now, cross out the interests, which you don’t have any problems to solve. This should reduce your list and will save you a lot of time when doing the next research to have an idea about the profitability, size and products of the market.
- Profitability – Search your niche in Google keyword tool, and look at the CPC numbers. The point is, if companies are willing to do pay per click advertising, there is a big chance the niche is profitable. However, I would spend more time on this, using different tools like SpyFu.
- Size – I would suggest you use Google Keyword tool again, and this time, look for the number of searchers per month. Is the market big enough to make a living? Let’s say you will have 1% conversion rate. If your niche has around 10,000 searchers a month, you may assume around 100 people will convert into some action if you are able to capture all of those searchers. Is it enough? Do the math.
- Products –Search for products so that you get the idea of the average price, what is the best-selling product, as well as what you should avoid. You can use Amazon for physical products and for digital products, a good place is Clickbank.
Take your time
When doing this most important part of your business, don’t rush it. Rather take your time. Collect as much information as you need. Many don’t do the essential research and then wonder why they are not making any money. Don’t be like them.
Most people tend to skip these steps and no surprise, they are not successful. I hope, after reading this article, you see how proper niche research is essential for your future. Just do the steps mentioned above, and you are more likely to succeed online.
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