7 Questions To Help
You Define Your Niche
Choosing your niche is probably the single most important step to starting an online business.
The right niche means profits, pleasure, and well…more profits. The wrong niche generally means struggle, frustration and wasted time, energy and money. Not fun!
In order to choose the right niche for you there are some defining questions to answer. Approach these questions with an open mind and trust the process. You’ll be glad you did.
#1 What Do You Enjoy?
#2 What Do You Know?
#3 What Are You Good At?
#4 What Are You Interested In?
These four questions will create the framework for your niche research. Maybe you don’t care what your business niche is as long as it brings you profits. I understand. Many people feel that way. However, it is a mistake to focus simply on profits initially.
It is very important that you are at least interested in your topic. You’re going to be writing, talking, and networking on this topic for years to come. If you find it wholly boring or even offensive then the business just isn’t going to happen. You’re not going to be able to motivate yourself day after day to build and grow your business and without your full commitment success will not happen.
Okay, so make a list of your answers to the first four questions. Have fun with it. Don’t limit yourself. If you’re good at doing laundry or you’re interested in coffee then list those topics.
#5 What Are Existing or Budding Trends?
Explore current trends to expand on your list of potential niches. Chances are there are several trends in your current interests and skills that you may be able to tap into. For example, if you’re interested in coffee there is still a growing trend to make specialty coffee drinks at home.
You can use trend analysis websites, social networking sites, and mainstream media to research trends.
#6 What Does the Keyword Research Support?
Each potential niche topic, based on your likes, skills, interests and so on, will be evaluated using keyword research tools. The information will tell you:
– If there is enough demand
– How much supply or competition there is
– What other potential niches may be possible
– Profit potential
#7 Who Is Your Competition
Finally, you can use online competition research tools like Compete.com to explore who your competition really is. There may be 30 other websites focusing on your niche topic but if there is a way you can do the niche better or more uniquely than them it’s still a viable possibility.
This is one of the places that Market Samurai really shines because it can tell me a lot about my competition and sometimes even allow me to piggyback on sites they got links from.
Niche research can be a time consuming process that requires diligence and patience on your part. Use these questions to help guide your process.
~ Kim ~
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