How do you find a profitable niche?
Nowadays people are searching for how do you find a profitable niche, which is so easy to be find.
Nowadays people are searching for how do you find a profitable niche, which is so easy to be done. Out of all the promises of how to make money online, there is really only one way that the average web user can truly make a living and that’s by finding a niche market.
Wouldn’t you love to write about a topic you love and make money online from selling products to others that are just as interested?
It’s a very enticing thought but there’s one MAJOR problem, how do you find a niche? If you are passionate about making money online and gaining passive income, continue reading to find out how to find a niche market.
What is a niche?
To learn how to find a niche, you have to understand what a niche is.
A niche is simply a highly focused interest in a product, service or idea within a larger market. The easiest way to understand a niche is to think of it as a hobby, something that people place a lot of their time discussing and, if it’s a product, using.
For example, ‘Shoes’ is a large market, something that everyone will generally search for and buy. Running shoes is a micro market, it’s more focused but still has a broad consumer market. Women’s orthopedic running shoes, that’s a niche market.
See where I’m going with this?
A niche is singling out a single product or service and providing a solution to the problems within the niche.
How To Find a Profitable Niche Market?
So, let’s try and example to understand how to find a niche market.
Open a tab on your browser and type in ‘Shoes’ within Google, what do you get? Nearly 200,000,000 million results! 200 million searches sound like a fantastic idea to aim for a market but the problem is that your competition is very fierce and aiming to monetize on such a large market is virtually impossible for the average user interested in making money online.
So, let’s try typing in ‘Women’s Running Shoes’ into Google, what do you get? Over 17 million results, we’re getting more focused. However, we still have the same problem with this micro market. The competition is still high and the costs would be too far out of reach for the average web user.
Finally, let’s do a search for “Women’s Orthopedic Running Shoes”, what do we get now? A little over 92,000 search results. We’ve hit our niche market!
Understanding a niche market
Okay, we have an idea of what a niche market is, we are using the example of ‘Women’s Orthopedic Running Shoes’ but you may be asking:
Only 92,000+ searches? I surely can’t make a profit selling to so few people? But you can. When you choose to enter a niche market, you are going up against few others, meaning your costs to market and dominate the niche is miniscule compared to the mass market.
Imagine if you only pulled 1,000 customers from our example ‘Women’s Orthopedic Running Shoes’ and say you sold a pair to each for $30 apiece. You’ve just made $30,000! You see where I’m going with this?
You don’t always have to reach a mass market because we already know that people searching for ‘Women’s Orthopedic Running Shoes’ are highly targeted and highly interested in obtaining them.
Solving a problem within a profitable niche
Up until this point I’ve talked about how to find a niche market and gave a great example but what do you think you could actually sell to the people within the niche? Was your first thought shoes?
Well, step back for a second and think of what else the people within the niche are interested in or have a problem that needs to be solved. What about if you sold an eBook or video series about:
How To Develop the Perfect Running Schedule to Lose the Most Weight?
Now we’re getting to it! A niche doesn’t necessarily need to be a physical product, it can also be information. The example above solves a problem with the niche. When people buy running shoes what is their intent? Generally, to lose weight and to be fit. What’s another problem? Time management because who has enough time to dedicate their valuable time just for running?
Now, because we’re so focused within a niche, we can also conclude two additional details:
• The people in the niche need orthopedic support
• They are interested in their health and their body
Just these two examples give us a whole wealth of knowledge of what we can do with our niche.
How To Sell to A Profitable Niche
Now that we’ve identified the problem, let’s talk about a few ways you could sell to people within your niche. One of the easiest ways to make money online within a niche market is to sell info products such as eBooks or video series.
Another idea, and a larger step, would be to find a manufacturer or wholesaler which sells specific products within your niche. The easiest method of making money online within a niche is to create a blog and post valuable content for those interested. After the blog has become established and you’ve built authority within your niche, you are primed to release an info product to those that are eager to have their problems solved.
These sales could be through email marketing, direct sales, affiliate marketing and so many other methods available online.
Finding Your Niche Market
Now that we’ve run through a general example on how to find a niche, ask yourselves these few questions:
• Do I have a hobby or am I passionate about a product or information?
• Could I create enough content to build a following?
• Do I know enough about my subject to build authority?
• Can I find products to sell to my niche community?
If you can answer these questions, you’ve found your perfect niche market. I don’t want you to get caught up with all the technical details on how to set up your niche market just yet, these are answered in other posts but gaining a sense of how to find niche markets will start you off in your goals to make money online.
Once you’ve developed your ideas and know how to find niche markets, the sky is the limit, think of what you could do with an additional niche market, why not 5 or 10! You’ll soon see the power of niche marketing and how great your life is once you earn passive income from making money online.