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How to Find a Profitable Niche for Your Online Business
‘Finding a niche is easy but when it comes down to understanding your niche, inside and out, including what your audience needs, wants and desires, it can either break or make your online business’. – nichehackers.com
Holy smokes, for me in the beginning settling on a niche was about as easy as looking for a needle in a bloody haystack. Just when I thought I was good to go I’d switch it up again. Find a niche for your blog or business sure can be a tricky business. I used to think that a lifestyle – multi dimensional topic blog was the way to go as a place to house all my topics and sub topics – but this can turn out to be a disservice to your reader and ultimately to you if your goal is to gain a loyal following and maintain an authority status. Here’s some ways to hone in on a niche that can serve as a viable business venture and satisfy your passions.
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Tips to Finding a Niche
You want to focus on a topic you’re passionate about, knowledgeable about, but this can even include topics you wish to eventually learn more about.
Ultimately, your goal is to be the source, the expert, the ALL KNOWING AUTHORITY in your niche for your readers and your customers.
The one place that they go to time and time again for answers to their questions to solve that particular pain in their lives.
‘Niche-ing down can also help your SEO‘.
Whatever you do, don’t take too much time because as we well know too much analysis leads to paralysis!
Blog About Your Passions
Your readers will know if your heart’s truly not in it and sooner than later, so will you.
Luckily the internet is forgiving and you can start again.
Of course, you can always have multiple websites to house your different niches.
I happen to agree wholeheartedly below with Alistar Gill’s take on finding a profitable niche for your blog.
“Don’t overthink it, we all know what really moves us and gets a fire in our belly”.
Your job is finding an audience who feels the same way!
Go with your heart, write what’s most meaningful to your soul, what really interests you and most of all – The most important thing is to take action and start now!
How to Choose a Successful Niche
First, consider all the people who started successful blogs and niche sites without ever consciously “choosing a niche”.
They didn’t try to choose the best niche.
They simply created a site about something they were already interested in and knowledgeable about.
It can be that simple!
Starting a niche site around a subject you are passionate about has a major advantage – you won’t get bored and quit.
You are going to need to put a lot of effort into your site to make it successful and if you love the subject matter this is so much easier to do.
Whether you create the content yourself or outsource it, you are going to spend hours looking at it, editing it, uploading it, promoting it and discussing it.
Methods to Decide Upon a Niche
If you are genuinely interested in the topic you will be also be able to come up with better content ideas.
You will be able to expand on these ideas in detail which will increase the length of your content.
This will increase the number of long tail keywords you can rank for, and studies show that longer content tends to rank higher and get more social shares.
Furthermore, your enthusiasm will shine through and engage your audience.
We know that audience engagement (bounce rate, pages per session, time on site etc) has an effect on search rankings, so this should not be overlooked.
Choosing a niche can seem really difficult.
Many people get overwhelmed and they put off taking action through fear of choosing the wrong niche.
It seems like such a permanent choice.
Refuse to get worked up over it.
Choose something you have a passion for and start now!
“A good plan, violently executed now, is better than a perfect plan next week.” ~ General George S. Patton
“The path to success is to take massive, determined action.” ~ Tony Robbins
“Action is the foundational key to all success.” ~ Pablo Picasso
And in the words of entrepreneur Marie Forleo – “Start Before You Are Ready”
What is a Niche Market?
Well, a niche market is a focused targetable portion of the market.
Or, a specific small segment of the market on which a specific product is focused.
These in turn have niches of their own.
Everything can be ‘niched’ down so to speak into smaller portions.
It’s basically like cutting your meal into smaller bite sized specific portions:)
These portions have large audiences that need to be catered to who can be your customers.
There are 5 areas that most profitable niches fall into.
You want to be in one of these 5 areas and drill down into one (or more) of these niches.
What are the 5 Most Profitable Niches?
In a nutshell the 5 most profitable niches are:
- self improvement
Each of these niches can be drilled down further to find more specific niches.
Why It’s Important To Drill Down Your Niche
Often when people think of niches they think of popular or unique inventions or multi-million dollar products like things you see on Shark Tank.
To build a successful business you simply need to look for opportunities within your local market:
- You don’t want your website to be boring, generic and too broad. Readers are generally searching on the web for something very specific. If you do a keyword search with the Google keyword tool you can see exactly what types of keywords are the most popular ones people are searching for.
- You want your website to be of value and not the same ole’ same ole’
- If you drill down your niche there’s not as many people competing directly for your audience’s attention, i.e. Best Organic Beauty Products, Fresh Vegan Food Delivery Service, Autoimmune Guided Meditation…you get the picture.
- You get to become the ‘authority’ in your niche with expert advice
Look around you. Are you seeing the same services everywhere?
Does your community advertise for a lot of website designers but not a lot of WordPress troubleshooters or copywriters? You could be the solution by opening a business that targets these neglected areas.
7 Factors of a Good Niche
- Has competition which means there’s a strong market for it and it’s successful
- Money is spent online
- Passions or problems are presented (people don’t spend unless there’s emotion/desire behind it)
- Clear, established business model – you don’t want to reinvent the wheel
- There are products you can promote as an affiliate from day one
- Websites you can get traffic from to drive to yours (post, comment & share to build a following)
- An interest in the topic or strong desire to learn about it
So will the question is, will you choose a niche based on passion or money?
What can you envision yourself writing 50 to 100 to 200 articles about?
The wisest choice seems to be to choose a niche you’re passionate about, would like to gain more knowledge in and ultimately reap in the financial benefits!
Although, one would have a hard time arguing that if a niche was a ‘guaranteed’ money maker that could be in and of itself interesting at least for the short term right?;)
By doing a little research, you might find you have a million dollar idea!
One never knows where it will lead you…:-)
Other Articles Of Interest
It’s easy to get lost into the world wide web of information when you search for a profitable niche but fortunately for you, we’ve created this infographic below for you to take advantage of so you can understand in a nutshell how to choose a profitable niche.
Here are what some of the most successful bloggers think about passion vs money niches! – – – What are your thoughts? Comment below!
“Everyone is motivated by different things. I find it really hard to work on things I hate and would happily take a paycut”
– Ramsay Taplin at BlogTyrant.com
“Passion…and sometimes money. Easy cash in industries even when you don’t care about them”.
– Glen Allsop @ ViperChill.com
I would select a niche I’m passionate about”
– Matthew @ MatthewWoodward.co.uk
“I’d hesitate to say follow anything. You must LEAD, and I’d start with an area of interest and then validate it’s commerciality”
– Pat Flynn at SPI
“Definitely money. Once you learn the skills to promote and monetize a site, you can make one around your passion”
– Brian Dean @ Backlinko.com
“Small niche site, go where the money is. Authority / long term project go with passion”
– Spencer @ NichePursuits.com
Creative entrepreneurs can find unique business ideas anywhere they look. While it’s a good idea to start with solving a problem or a opportunity in a market that is under served you can also start with just a hobby you love.
Once you’ve confirmed your niche and the viability of it go ahead and build your full fledged optimized website!
Once you have a unique business idea, it’s time to make that dent in the online universe!
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