How To Find a Niche Market for Your Online Business
Choosing a niche market for an online business is not as easy as a lot of people think. Most marketers quit their online business simply because they get bored as time goes by or find it hard to get people who are interested in their niche.
On this blog post, I'll share with you various strategies that will help you find a profitable niche for your online business. I would also advise you to stick with one niche market till you make a profit before moving on to another one.
There are many ways and tools you can use to find a niche but for this blog post we're only going to focus on 3 effective strategies.
Let's get started.
Start With Your Interest or Career
It's a good idea to start with something that you are passionate about. You don't have to be an expert, just as long as you can do some research and have more info about the market than the average Joe/Person.
The main key here is to find a specific problem and offer a solution for it. Start with your hobbies, profession and career. Maybe you love cooking, music, politics, books or camping, it could be anything. You can also look at what your family members or friends are passionate about, ask them to joint venture with you.
Are you a music teacher? You could start a blog, create videos and sell products to the masses instead of relying on local people. Same process for fitness coaches, golf professionals, accountants, counselors, medical professionals, lawyers etc.
The main point here is that you need to find problems that people are facing in your market and offer solutions. You can offer the solution using a blog, social media (facebook page, youtube, tumblr etc.), ebay, web 2.0, email marketing or have a combination of all. We'll talk about how to monetize your niche in future blog posts.
Find Popular Magazines Online & Offline
Have you noticed how expensive it is to run a magazine? So if a popular magazine keeps printing and shipping the mag then that means the niche is profitable (there's high demand). Even if it's online, you have to pay the writers, designers, photographers etc. so it costs a lot of money to run a mag.
I'm not saying start your own magazine, you can go ahead and do it if you want to. If you don't want to use your career or interest as your targeted niche then you can check which magazines are popular and choose a popular topic for your online business.
When you're doing this offline, don't go to places that only focus/sell magazines and books. Go to your grocery store, that's where you'll find the most popular topics.
If you want to do this at the comfort of your own home then you can go to magazines.com or amazon.com. Once you've found a market that you're interested in, check what type of topics are covered in similar magazines and note them down, also look at the readers questions to see what type of problems their facing.
Also check the magazines websites, you'll also get some great ideas there. Look at the category section on amazon and magazines.com to come up with more ideas.
Make sure that the niche you choose has at least more than 10 different magazines, that proves that the market is viable and there's a demand.
Using Flippa To Find a Niche Market
Flippa is the number 1 marketplace for selling websites and domain names. This is by far the most effective way, I know, to find a lucrative niche. This is where you'll find valuable niche insights, very powerful.
You'll find out how much a website is making, traffic data and number of subscribers. Not just that, you also find out how they made the business profitable, you get the whole business model and tweak it to start something bigger and better.
You don't have to buy a website on flippa, simply use the website for niche research. If you're in the golf niche then you check which golf website have been recently sold and check as many as you can. See whether they make a good monthly income and get tons of traffic.
This is a great way to validate if a niche is profitable or not. Apps and software are also sold on flippa, so even if you're a programmer or developer you can find a lucrative niche market by using flippa.
You can also use other great websites and tools such as the Google Keyword Planner, Clickbank, Ezine Articles (or any popular article directory) or JVZoo. But the ones I mentioned above should be able to help you come up with a profitable niche market for your online business.
Watch out for me next blog post where I talk about how to monetize, we'll be looking at different ways you can make money with the niche market you chose.
Author: Gugulethu aka Nytshade
Official Site: 5 Step Secret Formula For Getting 1 + Email Subscribers In 3 Days