Finding or deciding on a niche to focus on is one thing, finding a profitable niche is another step entirely.
Sometimes they are the same, sometimes they are not –
The niche you select and decide to run your business on will be your home away from home – you will write there, communicate with your readers and expand your business.
So if you’re going to do all that work on it, it better be a profitable one, right?!
In starting any business, whether online or offline, determining the demand for the product you are offering is probably the most important part of starting your business.
A great idea is just a great idea if there is no demand for the item.
In fact, offline businesses go through extensive market research before they proceed with a physical location, or they should as their operating expenses are considerably more than ours, as online business owners.
The market that is determined to have the best profit margin, demand and future opportunities can also be called a niche.
While finding a profitable niche online is different than finding a niche offline, the tools readily at your disposal make it much easier.
For any online business, this process involves Microsoft Word or other text notepad, the Google Keyword Tool and Google.
- Start with the Word document – Here is where you’re going to write down what you know about up until this point – are you a whiz with writing? Do you know about long lasting relationships? Are you living proof that a certain diet works? Think about your past accomplishments or a subject that you have experience in. Make a note of every area…
- In another column, make a note of everything you are learning about right now – if you’re learning about hosting providers, write that down. Learning about blogs – write that down. Whatever you are learning about right now.
- Then, in another column, write down everything you are taking action on right now. If you’ve just watched a video on SEO, make a note of that. If you are creating a blog, write that down.
Now for the fun part – finding a profitable niche amidst all of these items…
A profitable niche for you may be completely different for another Internet Marketer.
Let me say it again, another way – just because this Internet Marketer makes money in a certain niche doesn’t mean you can too.
Harsh words, but here is why it’s true – your knowledge is very profitable.
Just look at physicians – they are paid well because of what they know. They are paid for knowledge.
You are no different when it comes to your online marketing business. You have something to offer, some message to say that is completely unique to you.
If other people have a problem that you have the knowledge to solve, you have a profitable niche.
How do you find out if others have a problem that you can solve?
One way is by using the Google Keyword Tool and Google.
You can use the tool and type in any word, phrase, or combination of both to see what the search count is for those words.
That gives you an idea of the number of searches preformed in Google for those words.
Another, more effective way, is to Google the words or phrases along with the term ‘forums’ –
This will bring up the forums for that particular niche area.
Forums will show you what is going on with that niche. Are people having the same problem that you have the knowledge to solve? Are they talking about something that you are learning about too?
People want a solution to their problems – and they will pay for a solution to their problems.
If you have the knowledge to solve their problem, then you have just discovered a profitable niche that you need to get started in right away.
Great information and insights. I used a Google Key Word tool and a niche finder to narrow my business niche down. Thanks.
Dawn at Aimee Mobile Marketing recently posted..Comment on Facebook Ads on Mobile….Mobile Marketing Next? by admin
Thank you so much Dawn – appreciate you stopping by!
It’s hard to choose a niche when starting out online. Great insight, thanks!
Hi Deanna,
Absolutely! It is one of the things that I tend to talk about alot
Thanks for stopping by!
Thank you for sharing. It is so true that you need to be involved in what you are passionate about otherwise you will loose interest. Plus people know when you have no idea what you are talking about and will not pay for your services.
Hi Felissa,
Yes! Passion shows!
Thank you for visiting!
Hi Christine,
If someone else is making money in a niche it doesn’t mean you can. Good point.
However if you are highly skilled in that area, and you are confident that you can provide a better solution to the end users problems then you can still earn money in that niche!
James Debono recently posted..Social Media for Small Business – Less of the Marketing and More of the Social.
Hi James!
You certainly can – you’re right. And you pinpointed it exactly with confidence – confidence plays such a huge role in your online biz – great point!
Great ideas!!! I really need to find my “niche.”
Sarah Lewis recently posted..Houzz.com Review
Hi Sarah,
Thanks! And I hope I’ve helped in the discovery process a little
What a great post. I am currently thinking of starting up a new blog and these are the things I am trying to think of.
Kevin Linkie recently posted..Week 3 Begins Bear Hug Blog Hop with my Co-Host Pawsitive Living
Thanks Kevin!
Glad you found it helpful -
Thanks for stopping by!
Cindy,
Oh, good stuff above!
Find the pain points. And then determine how your ideal customer will search for the solution.
Thanks for your thoughts,
~Keri
Keri recently posted..Facebook 102: How To Use Facebook Pages As Your Brand Name
Finding and documenting the demand for certain services is a key. In some professions and businesses, there are “experts ” who advise about niches in those markets. The most recent one I listened to about architecture, focused on the same basics as you suggest. I will have to look into the forums for more insight as the landscape of the local architectural services community is in a great state of flux now.
Hi Joel,
Great points -
Thanks for stopping by!
I discovered my niche from wanting to start a blog with WordPress. They had a little exercise of what your blog’s focus should be about. I had about three to start with and eventually evolved from there. It’s still evolving…..but it was a good place to start.
Hi Jocelyn,
Very neat – Sometimes the best ideas are right in front of us!
Thanks for sharing!