Table of Contents
Learn now these 5 Essential Great tips when researching the best niche to start your online business
Listen The Audio Version Instead?
When starting an online business and achieving the so wanted success “From Day One”, is essential to learn how to find a niche in the market that suits you and your targeted audience.
The perfect or ideal Niche in the market is the one that you and your audience are sharing the same interest, talking the same “Language”. Independently what source (Blog, Podcast, Youtube, Social Media, e-Commerce shop, etc…) you are channeling your communication from.
These are the first steps that you should take before even taking any action to actually start and create your new online business.
- Who? Figure out who you are speaking to.
- What? Identify what is the problem you are solving.
- Why? Be clear on the benefits you offer that fix the problem.
The fact, Brainstorming over these questions yourself, helps you understand better your options before deciding on your niche market.
Let’s dig more into this topic.
5 Tips when researching a niche market to create your online business
#1 – Your Skills or Passion.
Knowing yourself and taking the advantage of your skills.
Communicate with others on what you are knowledgeable about.
This is essential for the success of your online business, being passionate about what you are talking about because this will be helping you immensely. This is the fuel to keep you pushing forward in the long run and overcoming obstacles.
Ask Yourself This Questions:
- What special skills have I developed or learned? Lessons learned from the what, how & why of my previous past online business failures.
- Would I love to do it even if I wasn’t getting paid for it? Yes, sharing my online entrepreneur past experiences for free with others helps me to grow. I’m learning from my own research process while doing it as well.
- What do I enjoy doing so much that I lose all track of time when I’m doing it? Seems that I got the entrepreneur bug in me, personally I enjoy talking about this topic and researching about it. Every day we are learning.
- Is there a pain point I’ve been encountering that I’d like to solve for myself and others? Yes, the reason why more than 90% of people try this business models fail, and the reason is not due to the business model itself. Generally speaking, we are the reason for our failures.
In case you haven’t noticed, I’ve answered these questions above myself.
Like mentioned above. This brainstorming process is an essential exercise you must do when choosing a niche market to position Yourself/Business.
While it is true that some niches are evergreen (Selling year-round) and more profitable. Simply picking the most advertised ones from the tons of Youtubers, Podcasters… advice doesn’t mean that you can do well!
You are your business, so it better be a good fit for you!
This is your “Safety Net When You Are Falling Down” and unconsciously will be holding you from quitting. Your own entrepreneur resilience strength.
Imagine if you have no interest whatsoever and simply do it for the money, multiply the “Hard factor” a few times. The perfect recipe for failure!
#2 – Is There A Market For Your Niche.
There are tons of niches in the market that we can relate to.
Answering this tip “Is There A Market For Your Niche”, chances that there are more people sharing the same “Likes, Tastes…” is almost for sure.
There is something really important in case you decide to create an online business around the chosen niche is researching the interest level.
What’s the size of this niche audience? The question you are asking yourself dictates how well your online business will be doing. What is the estimated monthly audience for this niche?
Simply run a quick check using Google Trends. This particular search term “Online Business” is what most people are looking for.
How To Find A Niche In The Market?
In case you aren’t sure about your niche, here is a downloadable pdf with the best niches to market in 2021 and forward in case you need it.
This will help you find yours among the many available.
There are some market niches that we don’t even have a clue that they actually exist!
#3 – Narrow your niche target audience
Laser focus on your target niche audience.
It is extremely important to stay focused on your path and shorten the road to success by targeting a smaller but really targeted audience.
Going general with your Niche fearing of missing someone = Getting no one at all!
Why narrowing down your niche target audience is important? One simple reason, by narrowing down your niche target audience interest, you are making your audience more relatable to your online business focus.
Overall will be making your life much easier knowing how to market to them:
- Knowing how your audience talks = Knowing how you can talk to your audience
- Know what type of post they Like, Interact or Share = Know what type of post you should be creating
- Knowing what online platforms they spend their time on = Knowing what platform you (Business) should be spending time on
Let me give you a quick example here:
Imagine a niche climbing shoe shop vs a general sports shoe shop. Although a general shoe shop might sell something similar or related to climbing.
When a climbing passionate person wants to buy a new pair of climbing shoes.
He will definitely be checking the niche shop in the first place because it is related to him. Sharing the same interest.
The perception that he has from you as an expert in the climbing niche!
Believe you get my point.
#4 – Research on your niche competitors
If you are following these tips step-by-step, at this stage you’ve already found and narrowed down your niche audience.
Most likely almost answered this next question.
Does it worth chasing? Don’t discourage yourself here because when researching, you will find that most likely someone already had the same idea and is an authoritative presence in the same niche in the market.
Spending time doing your research on your competitors is really important when creating an online business and learning what they are doing right or wrong.
This simply means 2 things here:
- Is worth chasing because Competition means that there is an audience searching for it. The objective is not trying to overtake your competitors in the first month(s). Most likely wouldn’t be happening anyways, instead learn their audience pain points and likes.
- Understanding where their organic traffic is coming from. Checking and researching your competitors using a partially free tool called Similarweb.
Place yourself in the same position as your future audience (After having learned about them) and think about what would you like to see or learn. A good rule of thumb here.
If you wouldn’t like what makes you think your audience would?
This makes sense right? You want your “Brand” to be relatable to your audience and vice versa to create a relationship here.
#5 – Don’t take final conclusions without testing your niche
This tip is applicable in case you are planning to sell a product (Physical or Digital).
Just like we shouldn’t rule out that a certain niche has no potential without proper research, we should rule out that a niche is worth chasing by common sense.
We did our niche research and narrowed it down to an acceptable audience size worth chasing.
We did our competition research and showed that the competition level is healthy, not extremely competitive, and worth chasing.
You shouldn’t be worried about anything except it is time to validate your product. Unfortunately, this is the most important success factor of your online business.
Proving that your Product has the acceptance of the niche audience that you are targeting and will be creating your business around.
Is not the end of the “Business” in the case have low or no acceptance. This means is Time to go back to the research board, learn the reason(s) and improve either on the product or the approach.
How to find a niche in the market seems quite simple since there are so many, however, finding the perfect niche that will suit you and a targeted niche audience is essential for a successful online business.
In this post, I’ve shared in my own words 5 tips on “How To Find A Niche In The Market” that will be helping you to decide when finding your niche in the market by asking yourself these questions:
- Your skills or passion
- Is there a market for your niche
- Narrow your niche target audience
- Research on your niche competitors
- Don’t take final conclusions without testing your niche
The importance of taking your time to brainstorm on this process to find a niche in the market that suits you is essential.
An online business has a really low entry barrier however is hard to achieve success and in case you aren’t persistent and motivated during the hard times when all the work you have invested seems in vain.
Imagine +10 Times Harder if you have No Interest in the Niche you need to research and study! 😰
Because it is extremely important choosing a niche relatable to your interest is essential for your business sustainability otherwise will be a much harder journey.
Hope you enjoyed my point of view on this topic related to choosing and “How To Find” your OWN Niche Market for YOUR Business.
In your opinion, What Makes a Good Niche Market for your business?
Please let me know in the comments below.
As usual, appreciated that you’ve stopped by!
See you at the next one.