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These days, it’s all about starting your own business. Unfortunately, too many new business owners believe that all they have to do to be successful is put up a website and watch the money roll in. While having a dedicated website is essential for any business, you aren't really in business if that's all you do. Too many would-be business owners aren’t prepared to put in the time and energy that is required to correctly research a niche to determine whether the niche they want will be viable and make them money.
Finding a niche that pays and then creating content, products, and services for that niche, is the only way you will be able to build a solid foundation for a successful online business. Finding a profitable niche is also the best way to achieve the level of success and the kind of profits that most online business owners need to make their daily efforts worthwhile. It can be incredibly easy not to pick a lucrative niche when you are excited about all the great ideas that you have floating around in your head for making money online. It is also easy to settle into a niche that you've heard are popular and where people are making a ton of money selling online.
Enthusiasm and passion play crucial roles when it comes to running your own business, but it is just as essential to do your research before you dive in head first. All the large companies throughout the world spend their time researching the market before they ever release new products to the public. The research they conduct allows them to see if there is any interest in the public for the potential product. Unfortunately, a majority of new business owners get this step wrong.
Instead of doing the proper research first, they start by spending their time and resources on creating a new product, then spend money on launching the product, and later they try to find a market for it, only to be met with failure and a product that nobody is interested in buying.
The secret to finding success with your online business starts with finding a paying market. Once you find a paying market, you can create a product for that market and then launch the product by marketing directly to the paying market that you've found. The best niche marketing strategies and tactics are based on conducting detailed research and building solid relationships with prospective customers in your niche.
While there are a lot of popular niches that you can choose from, not all of them will be profitable. While you can make some money with bargain basement kinds of customers, it will be much more lucrative for you to create products for people who are willing to pay a reasonable price for real solutions to the problems that they are facing. This is the basis for a sustainable and successful online business.
If you want to be successful online, you have to find happy and loyal customers that will be willing to come back time and again to buy from you. If you do all the right things, you will even have some customers that will be willing to buy every new product that you launch. However, if you don't do the proper research from the start, you will end up putting in hours of your time and energy into your business only to discover that you don't have a viable business after all.
Your attempt to get your website or blog up and running and trying to create a product to sell will only waste your time unless you know that you've chosen a niche in a paying market. Once you select the right niche in a paying market, you will start to earn the profits that you need to find success and meet your financial goals.
Chapter 1 – What Exactly is a Niche?
If you want to run a successful blog or website, then the niche you choose at the start is one of the single most important decisions that you will make in your business. This one decision will impact everything from the design of your site, the type of content you provide, and the kind of visitors you attract. Even your potential monetization options will be decided at this point before you’ve even turned on your computer. While there is no such thing as a wrong niche, there are ones that are much more lucrative than others and some that are much harder to break into. But, what is a niche?
What is a Niche?
A niche is an area of interest or product group. An example of an exciting niche would be dog training, a product group niche could, for example, be electric lighting. Both niches are things that people search for on the Internet, and both of these niches are searched for because people have problems that they want to solve. They are either looking for information on the subject to help them solve their problem themselves, or they are looking for physical products that will help them solve their problems.
A niche market is a way to solve problems in exchange for a financial reward. People who are searching online for dog training might be willing to pay money for the answers to their problems with their dog’s behaviors. People who are searching for electric lighting may also be looking for information, but it is far more likely they are looking to buy lighting products.
A micro-niche is far more useful for an online business than a general niche. An example of a micro-niche would be Husky dog training or solar garden lighting. In these cases, people are searching for specific things, so if you are building a micro-niche site, you can target these potential customers more accurately. By displaying products on your website that are carefully matched to what your visitors are looking for you are more likely to make a sale. Another advantage of choosing a micro-niche is that there are millions of them. Even today, it is still possible to find profitable micro-niches which have very little competition. This will enable you to enter a market that has a problem and provide that market with a solution that they can’t get from anywhere else. The secret is being able to find these niches.
Niche markets and especially micro-niche markets provide online business owners with the opportunity to find business opportunities which have little competition. The trick is to find micro-niches which have low competition, but that also have a lot of people searching for them. It isn't easy to find them, but when you do, then these micro-niches can be extremely lucrative. If you are unable to monetize these sites using informational products or physical products, then you can always use pay per click advertising on them.
What is Niche Marketing?
Niche marketing is marketing your products or services to a select group of potential customers inside a much larger customer base.
This is done because there is often a need that isn't being addressed by the companies who are targeting the more significant customer base. In other words, there is a demand for something that isn't being supplied. If you can satisfy that demand, you have a potential market that is waiting to pay you for what you can offer them.
Take, for example, Internet Marketing. The niche of Internet Marketing has many sub-niches, including search engine marketing, PPC marketing, article marketing, Google Ads, and more. You can further refine these sub-niches to include even more specific markets. For example, you could fill the niche market of PPC marketers who just use Google Ads or who only use Yahoo Search Marketing. These particular niche markets have grown, so have their desire for more information and resources that can be used for their businesses. This information is not being supplied by those who just target the large Internet marketing market. Those businesses that primarily focus on article marketing aren’t going to be interested in PPC marketing, just like those who use Google Ads won’t be very interested in obtaining information on article marketing.