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?
- Human resources?
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:
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
- 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
- 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!