How to choose the right niche for your online business
Updated: Feb 13, 2022
Introduction
It is crucial and critical that, before starting an online store, that you know the niche or the product you want to offer.
This includes also, the audience you want to target. Choosing the right product, niche and audience is a fundamental key for success.
However, there are two different approach about how to choose the product that will be the main offer to your public.
In this entry, we are going to talk particularly about:
How to target the right audience for your new online business
How to choose the right niche / product for your business and audience
How to build and create your business and brand identity
How to plan your marketing stratedy plan for your new business
How to plan the perfect SEO plan strategy to rank #1 on google, Bing and Yahoo
How and the A-Z steps to follow start and set up your new online business
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Approach #1:
Follow your passion
Sell A Product That You Are Passionate About
This approach is very good when you already know about a topic, product and service that you love and just want to offer it to the public.
For example, since I was born, I find my both father and mother dedicating themselves to fashion.
It is something, I know and, if course I love.
Finding a product in this niche would be beneficial for me and, I would definitely feel myself in my skin.
Approach #2
Look For Cash
Sell A Product That Only Bring You Big Cash
This approach see business as opportunity.
Whenever and wherever you find a business opportunity, even though you do not know or it is something you do not like, you can make business with it.
The most important factor is earning big cash regardless I am passionate or not.
Approach#3
Combine Passion And Cash
Sell A Product That Combines Both Profitable And You Are Passionate About
This approach combines both passion and profitable aspect.
You just go after something you are passionate about and you know and that is profitable to produce enough sells for you business.
Which one of this approach is the best option?
It is all depends on the person (you). However, certain criterias are elemental to keep in mind.
You may be passionate about the niche, a product or a service but it is not profitable. Keep it in mind.
A niche or service may be very profitable, but you do not know enough about it. In this case you must learn about it before start selling this product or offering the service. You must, at least join people who know about it for better performance.
This post will walk you through a 5-step formula for finding a niche that's both lucrative and something you can feel passionate about. The important factor is:
Step #1
Evaluate your passions and skills
It really makes all the difference to evaluate your passion and skills.
Don't just choose a niche because you're kind of interested in it, nor pick a niche because you see your partner going well in it.
It may works for him and not for you.
Do not assume it will works.
It is important that the niche is sustainable, it should ideally be something you can see yourself being passionate, which is profitable and you know.
Don’t just settle just because this niche has a demand in the marketplace. That won’t earn you the right customers.
Consider the following
It's also important to think about which areas you have special skills or experience in.
What do people regularly tell you you're good at?
What's your training or education in?
What special skills or knowledge have you developed through your work?
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Step #2
Pick Up A Market And Target Audience
In this step, it is important to determine who is your best client: identify their needs, what they are looking for, their passion, etc. For the purpose of this step, you must:
Identify problems you can solve
You must first find a problem and want to bring a solution. In another word, who are your target customers, what are the problems they are experiencing, then determine whether you can actually solve them.
You also want to make sure there's a need for it. To help you determine that, you can:
Conduct survey
Talk one on one with others and ask question.
Peruse forums such as Quora, Answer the public, etc. If people ask for it, that means they are interested in it.
Research keywords: if people search for it, that means they need it. Evaluate the search volume. Use Google Trends and Google Ads.
Step#3: Check Out The Competition
Before you decide on an e-commerce niche, look closely at your potential competitors. Also, check out the existing competition for yourself. When spying them, make sure you identify the following:
Quality of their content: check the quality of their content and create better ones
Transparency: check if they are being transparent with their customers and resolve this.
Paid competition: Ads. Check if there are ads or advertisement about and in the niche. If you've found a keyword that has relatively high search volume, but little competition and paid advertising, an opportunity definitely exists for you to upset the market.
Their shipping method: check it out and fix the problem you see.
Their guaranty coverage: check it out and fix the problem you see.
Check out their products, assess your resources and assets. That means Supposing that you want to sell cat mat, you can charge more for a custom product, which makes it more lucrative than a one-size-fits-all option.
See beyond category: do not sell what everyone is selling in the same product but the extra that nobody is talking about.
Step #4: Define Your USP: Unique Selling Proposition
Unique Selling Proposition or USP is the intersection between passion, strength, and market needs.
You need a passion for the product you’re selling as well as for the market you’ll serve.
You need a strength that sets you apart from your competitors.
What do you do better than everyone else? How does your product outperform the competition?
And finally, you need to meet market needs.
There has to be a demand for your specific product and its unique qualities.
To really make sure this will works for you, you need:
Test your niche: before you set up an entire website - is to create a landing page that promotes a free info-product related to your niche.
Drive traffic to that landing page using AdWords, Pinterest, Quora and other methods.
Other way to validate your niche is to survey your target market.
Join forums and groups. Be proactive and answer questions which are related to your niche
Get connected and engage with your target audience by hosting live videos or upload a video on YouTube to answer questions from your audience.
Step #5: Set Up Your Business
When you do the previous research, that means you already:
Find a product and or niche
Find a market, audience
You solve a problem
You evaluate the competitors
Now it is time to move next step:
Define your brand identity: Logo, Color, Slogan, Website, Social media identity, contact information, etc.
Find a wholesaler if selling a physical product: drop shipper, manufacturer, reseller, etc.
Produce your content if selling a virtual product
Launch your store / web or business
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What is next?
Now you know exactly what you need to choose the right niche for your business, you need to set up your business! You can start checking for:
- Products
- Designing your website, blog and or store
Tell us what do you. want to start with?