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How To Choose A Niche For Your Internet Business

how to choose a niche

In order to start an internet business, you’ll need to pick a specific market to go into. The specific market that you are interested in is the niche.

What Is A Niche?

A niche is small but profitable segment of a market suitable for focused attention by a marketer.

Deciding on the niche is essential for both internet and physical businesses.

For example, if you want do an offline business; what type of business do you want to engage in? If you wish to start a consultancy firm, what is the type of consultancy do you intend to do?

  1. Marketing?
  2. Sales?
  3. Human resources?
  4. Finances?

Each is a specific topic that your business is focusing on. And, in the internet marketing industry, we usually refer to this specific market or topic as niche.

Same for starting your own internet business, you’ve to select a specific niche to focus on.

How To Select A Niche?

Let’s discuss on how to select a niche. There are 2 ways to do this.

1) Using Your Passion Or Hobby

Turn your passion or hobby and start with them. By choosing something that you already like, it is easier to start the business as you already have the knowledge in the topic itself.

Maybe you are an avid golfer and you have been playing golf for years and know a thing or two about swinging the golf club.

You may want to share your knowledge about having the perfect swing and in the process promote golf equipment or golf training course or even create your own digital product to teach other to how swing the golf club.

Following your passion allows you to be more enthusiastic when you are starting the business.

However, you’ll need to take note and accept that your passion might not be as profitable as you thought to be at first.

It is easy for you to start as you love the topic but you also need to be realistic and practical at the same time.

After all, your aim is to make money from the business. If eventually, your passion is actually not making profits for you, it does not mean that you have failed. It just means that you might need to market your business from another angle.

Unless, your hobby or niche is so “unpopular” or there is no related service or products that you can sell, then starting the internet business based on your passion should be fine.

2) Evergreen Markets

Another way to choose a niche for your internet business is to select the specific topic from the evergreen markets.

Evergreen markets refer to markets that consumers are always buying the products or services and at the same time, there are always new products or services introduced.

The 3 biggest evergreen markets are:

-Improving Health
-Creating Wealth
-Improving Relationship

The above 3 markets are the biggest and there are always have something new for the consumers.

If you look closely into these markets, you’ll find yourselves also as a consumer in at least one of them.

Anyone would yearn for a better health, more money and better relationship.

But, the niche is not in health, wealth or relationship.

Instead, you should select the specific topic to focus on.

All 3 of them are very, very HUGE markets.

Within health alone, there are some many different aspects of health:

  • Skin Care
  • Weight Loss
  • Anti-Aging
  • Natural Remedies
  • Mental Health
  • Strength Training
    and many more!

As for making money to create wealth, there are so many ways to make money.

It does not restrict to just making money online. It can also be about physical offline business.

At the start of this post, I started with a consultancy business example. The niche can be about providing human resources consultancy to construction companies.

Now, you can tell that it is a very specific market, provide human resources consultancy to construction companies, and not F&B businesses or Accountancy firms.

The niche has to be specific.

For, internet business itself, you can venture into:

  • eBay Auctions
  • Blogging
  • Ecommerce
  • Internet Marketing
  • Online Forex Trading
    and many more!

Even within ecommerce, you’ll also need to go in-depth to what you really want to focus on. Is it going to be pure Arbitrage business or Dropshipping? What kind of products do you want to sell?

In short, you need to be very specific about your niche.

You can go as specific as reducing flapping arms size for women above 40 years old in the health –weight loss market.

Before, you decide on what niche to target, you should also do your due diligence to research about it.

I had written a separate article on how you can research your market using 3 simple tools earlier.

Please read it if you have not.

So assuming that you already done your research and decided on your niche. The next step is to build a website around this niche and start to do your promotion.

Unfortunately, what if after months of consistent effort, there is still no results?

You may ask me, did I chose wrongly or should I change the niche?

Now, if you are really working hard to promote your websites consistently, not just once or twice or whenever you feel like it, then you might want to relook at your marketing efforts.

Unless you have chosen a niche that is based on trend, and the trend had past, then it might be wise to move on.

I hope you have benefited from this post and do like and share it if you find it useful! Thank you!

Build A Targeted News Or Blog Site In 4 Steps

Some of the most successful news sites or blog sites are highly targeted websites, aiming for a specific type of market. You can learn how to build a targeted news or blog site in 4 steps and this post will tell you how to do it.

Why do you want to create a specific website?

This is because specific sites are more likely to attract search engine traffic, more likely to get passed along within a community and also attract higher-paying advertisers than more generic websites.

Here’s how to start a targeted news or blog site in 4 steps.

1) Select a Specific Topic or Area of Interest

The more specific you can get, the better.

Instead of “online business” which is a hugely crowded market, a much more specific website would be a blog about “raising venture capital for an online business.”

You’ll need to go deep into the market and offer an attractive solution to your potential customer. For example, online business marketing software site targeting specifically on marketing software for online business.

You can also target specific locations. For example, “New York Restaurant Blog” has a very good chance of making its way around the NY foodie network.

2) Stay on Top of Current Events in Your Field

It’s crucial if you’re blogging about a specific interest that you stay on top of the industry. There are a few ways to do this.

The first is to subscribe to RSS feeds from various blogs in your industry. Whenever a piece of news hits one of these blogs, you should be the first to know.

You can also use a news and website aggregator to stay on top of non-blog websites.

3) Write with Personality and Insight

Let your personality out and let your thoughts be known. In many markets, what’s being talked about has been beaten to death so many times that people choose blogs based more on the personality than the news they carry.

Of course, you still have to provide Grade A content. This often comes in the form of your own personal insights rather than just facts.

One great example is Gary Vaynerchuk. His personality is so interesting and so insulting that people can’t help but read the entire website or watch his videos – and by that time, they feel like they have to buy.

4) Apply Proven Marketing Techniques

Make your website search engine friendly. Start building an email list. Find other people in your industry that you can partner with.

Add Google AdSense and ShareASale to start monetizing your site to start with; but don’t underestimate what others would be willing to pay for an ad placement on a prominent site in a specific industry.

Add Clickbank and Amazon products banners onto your website. Both programs are free to apply to get affiliate links.

Search for affiliate products in your own market and promote them.

For example, if you own a health website, you might be getting $5 CPM from Market Health. But an advertiser who sees your site as good branding to be associated with might be willing to pay as much as $15 CPM – sometimes more.

Starting a targeted news or blog site is a great way to build a solid reputation in an industry. You can make more money than a broader website, with less work to boot.

How To Build A Profitable Niche Site In 7 Steps

Are you ready to make money from niche marketing? Here is a quick step-by-step guide to help you get started.

Niche marketing is the business of promoting and selling a product or service to a specialized segment of a market.

Step 1: Start Brainstorming For Ideas

Brainstorm as many as twenty possible niches. In order to make the process more efficient, do not just rely on a single brainstorming session.

Carry a notebook with you so that whenever you have a new idea, you can jot it now immediately.

You will be surprised that ideas come to you when you are in the least likely places.

A lot of great ideas of famous marketers actually originated from the restroom.

You can also look on the internt for some ideas and check out Google Trends, Amazon Best Sellers and eBay Pulse to understand what is popular right now.

Step 2: Do A Thorough Research On Each Niche And Choose One.

Make use of the free Google Keyword Planner to check out how many people are looking for it.

Is there demand and what is the competition?

Based on your research, eliminate the poor ideas and narrow down your list.

Then, it is time to choose the niche that you want to go into. Compare the niches and choose one that is profitable and you are also interested or have knowledge in.

The market should also have enough traffic and not too competitive.

Step 3: Learn The Inside Out Of The Market

You may already have knowledge about the market but is it still good to increase your knowledge.

If you do not have any knowledge at all, then the more you should learn about it.

The best way is to read forums and blogs. Simply search for the “Your Market” + Forums / Blogs on the search engines. It will provide you with plently of websites to check out.

If there isn’t any forums or blogs available, you might want go back to step 2 and choose another niche.

Step 4: Choose A Domain Name And Web Hosting

Using the research that you had done earlier, make use of the keyword to decide on a domain name.

Alternatively, you can brand it to yourself and make use of your name and the keyword for the domain name.

You can get a free domain name when you use this web hosting provider. Click here to sign up for web hosting and domain name.

Step 5: Build Your Website

Make use of WordPress to build a simple website.

You can learn the steps here: http://www.ewenchia.com/how-to-start-a-wordpress-blog-on-bluehost/

Next, start writing at least 10 informative articles about the topic and post it on your website. This is to attract traffic and get your website ranked in search engines.

Step 6: Create A Killer Product And Sales Process

This may be the most difficult step in the process. But once it is done, you do not need to do it again.

Make sure that whatever you create is catering to the market that you are targeting and you should have a unique selling point in order to stand out.

If you only have the rough concept of the product and do not know how to start. You may want to consider to outsource the creation of the product to a third party.

Step 7: Define A Marketing Strategy And Execute It

Draw up a promotion plan and aim to adopt one paid and one free traffic method to market your product and website.

Focus on making these methods work for you before you test out other marketing tactics. The trick is always to be consistent in your promotion effort.

Always remember, if you do not promote your product, then nothing is going to happen.

These 7 steps walk you through every step of the process, from coming up with the idea to creating a profitable site.

I hope it is useful to you and ignite some sparks in your creative brain.