Business means selling products and services. Whether you are doing online business or offline business, you must have products or services to sell. While brick and mortar business (offline business) needs a physical location to sell products and services, an online business needs a website. For an online business, you need a business website. You might ask what kind of products or services you need to sell to make your business work. When you know what kinds of products or services to sell, you have found your niche. You want to sell shoes, shoes is your niche. Or possibly, you want to sell mental health counseling service, mental health is your niche.
People are earning tons of money selling shoes or mental health counseling service, however, this does not mean, you will also make money by selling shoes or mental health counseling services. Here lies the importance of finding a niche for your business.
How to Find Your Business Niche
If you want to become a successful online entrepreneur, you should have a business niche that will work for you. You must have the right product or service to sell.
The hunt for the right product or service for your online business begins from your passion and knowledge. What are you passionate about, what do you know most?
Find a product or service that you are passionate about and have good knowledge. If you consider your passion and knowledge, finding a niche for your business should not be very hard.
You have found your niche, but are your potential customers interested in buying these products and services? When choosing your niche, you should consider your passion and knowledge, however, you should also consider whether the potential buyers will buy these products and services or not.
Before you jump to list your service or product on your website, you should do some research. You should check whether these products and services are in demand or not.
Finding the Niche for Your Business Through Market Research
Is there any demand for your products/services? How many people are already doing business in this niche? You can find answers through business discussion boards and online forums. If you have a list of potential customers, you can ask them to participate in your quick survey.
Your market research should also take you to the big online businesses such as Amazon and eBay. Check out what products are trending. Find the top-rated sellers and see what products/services they are selling.
Finding the Niche for Your Business By Analyzing Your Competitors’ Performances
When you are doing online business you don’t want the tough competition. Here lies the importance of checking your competitors.
Go to Google Keyword Planner Tool and see what keywords are getting most hits. A simple Google search will give you a list of businesses in your chosen niche. Go to these websites, and check their most selling products/services. Find out how they are performing, how they are ranked on search engines, how much traffic they are getting.
Check the Alexa raking of your competitors. Alexa ranking will give you an idea of their traffic.
Your Business Niche: Can You Provide Excellent Products/Services
When you do a market research and analyze your competitors, you should get your niche. Once you find your business niche, ask yourself whether you can provide excellent products or services. If the answer is affirmative, you are ready to go.