Becoming successful is a goal that all businesses strive for though few know the best place to start. Successful online businesses have one thing in common: finding a profitable niche.
The process to find the most profitable niche that also fits your passion is rarely an easy task. While it can be challenging, following these four steps will help you figure out how to find your niche. While setting you apart from your competition.
1. Make a list of your passions and interests
The first step to figuring out your niche is to create a list of 10-15 interests or passions. Take a break from all the stress and focus on the things that you enjoy most. It does not matter if other people dismiss your passion as a hobby or something that will never make you money. If you love doing it, write it down.
“Take a break from all the stress and focus on the things that you enjoy most.”
If you are still struggling with making your list, here are a few ideas to get you started:
- What would you want to do if you woke up tomorrow with a bank account full of money and no time constraints
- What are your favorite things to learn about in your free time?
- When you are at work or school, what do you look forward to doing in your free time?
- Do your friends, family, or colleagues ask you for advice on any specific topic?
2. Analyze potential problems that your niche can solve
To build a profitable business from your niche, you need to identify your target audience and research their problems. This second step will allow you to identify the most profitable niche from your passion list by analyzing the issues prospective customers face and offering a solution. Here are a few tools to identify the problems in your chosen audience:
Social media groups and online forums
Forums like Reddit, Quora, ASKfm, and Yahoo Answers provide invaluable insights into the needs of your target audience. Take note of the most common questions people are asking. Then figure out how your niche could solve those problems.
Social media is another tool to utilize when searching for how to choose the most profitable niche. Users also ask questions in online groups on sites like Facebook and LinkedIn. These questions and responses provide insights into what consumers need and are lacking.
There are many keyword research tools available, some paid and some free. These tools will narrow down the most profitable niche in your list by showing what people search for online. Some of the most popular, free keyword research tools are Google AdWords and Google Trends. Google AdWords provides search data directly from Google. You can use this to research similar keywords, keywords from potential competitors, and how often keywords appear in searches. Google Trends shows the popularity of keywords over time to analyze when a trend is rising and falling. When used in unison, these two tools give you a glimpse into what people need and how often they need it.
3. Make a list of your competition and research them
Once you have narrowed the list down to a few of the most profitable niches, it is time to research the competition. Start with making a list of all the competitor sites and add them to a spreadsheet. Take your time to study each competitor in detail. Make notes of what works well for them, what falls short, and what you think you can implement to stand out from your competition. To determine if the competition for your chosen niche isn’t too saturated to be successful, take a look at the following questions:
- Is there an abundance of high-quality content (websites, social media, video, blogs) from competitors?
- Are there high-performing keywords that aren’t being used in paid ads by competitors?
- Are competitors offering high-quality customer service?
- What unique service can you offer to customers to stand out from your competition?
- How can you add value to your niche?
4. Test your niche
Now that you know how to find your niche and have chosen the most profitable niche, it is time to test your idea. Before setting up an entire online presence, start with a landing page or online store. Next, it is time to launch pre-order sales of your product or service. Do not forget to set a budget for online advertising to drive traffic to your site. If the first round of advertising is not as successful as expected, try some A/B testing on different ads before getting discouraged. Use your analytics to determine what is working well on your ads and what deters people from purchasing from your website and alter accordingly.
When you are done with the testing phase and confirmed that you selected a successful niche, it is time for a full-scale launch. These launches can include a complete website, blog, social media accounts, a marketing plan, and more.
Identifying your niche isn’t an exact science. However, the best way to achieve success is to avoid getting stuck in the planning stage. If you’re afraid of failure, don’t let it keep you from starting. The most valuable lessons come from overcoming failure than from standing still, so following these steps will assist you in finding a successful niche.
A simple, easy-to-use platform, like Symposium is a great tool that can help you achieve your goals. Whether its figuring out your niche, learning a new skill, or starting your own business online. The app connects you with experts specializing in different skill sets. Symposium is a Live-steaming marketplace. On Symposium coaches, teachers, professional athletes and many more experts are waiting to share their knowledge with you. No need to worry about technology, scheduling, or payments, symposium takes care of it all. Symposium’s design the stress out of learning online. Sign up today online, or download the App.
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