How to Choose a Niche? Turn Your Passion in To a Full Time Income Opportunity
Any business you want to pursue first starts with an idea or a"niche". It's important to identify in early stages what niche you are going to start business in. Niche is a foundation for any business as you have to build your entire business around it.
For some people ideas come instantly as they already dreamed about starting a business but for many it can be a struggle to decide and that is completely normal. First let's break it down what is a niche:
Here is a specific definition from www.entrepreneur.com:
What is a Niche?
A portion of a market that you’ve identified as having some special characteristic and that’s worth marketing to.
Another words niche is a segment in the market where you identified a specific product which you can market to buyers. As consumers we are involved in so many niches on daily basis. Here is an example:
- If you have a car – accessories for the car, parts, different automotive products
- Cell Phone – cell phone accessories, apps, different brands of cell phones
- Clothing – clothing for men, for babies, for women, sports clothing
- Computers – accessories, parts, different computer brands, type of computers
- Health - supplements, medicine, diets
This is just a small example of niches we are always involved in and constantly purchasing products to keep our life going. Your goal as a marketer is to target any desired niche and make money from it.
So, Why Choosing The Right Niche is Important?
Here are 3 things to consider why choosing the right niche is so important:
- When you are passionate about your niche it’s much easier to continue delivering information and your content will be full of emotions which will interest your readers and will help to build trust with your site visitors
- When you choose a niche where you have knowledge you can present yourself as an expert
- Not every niche is profitable, so you have to research any given niche as your end result is to make money and not simply write a personal blog without any sales and no traffic
Niche Has to Be More Specific
In order to make things easier and more clear you want to have a specific niche to target.
A broad segment will be Sports, but the niche will be Basketball clothing or Tennis rackets etc… Another broad segment is Clothing and the niche will be baby clothing or men’s clothing etc..
It is simply easier and more productive to build your business around specific niches as it keeps you more focused versus trying to cover the entire segment and end up getting frustrated since the entire segment is too huge.
How to Earn Money within a Niche
One of the best and most effective ways to start business online is to promote other people’s products or services and get paid commission for it – this is called Affiliate Marketing.
One of the biggest marketplaces to promote products from is Amazon. Amazon has so called "Amazon Associate" program that pays 6-8% commission depending on how much you sell.
There are also many other affiliate programs in pretty much any desired niche. All you need to do is a Google Search on any niche. For example: “Men’s Clothing Affiliate Programs”:
When deciding which niche to choose it is recommended to pick something you are interested in. That way it keeps you more excited about your niche, you already have some experience and overall working on your business will be more pleasant.
Over 2 Billion People Have Access to the Internet
The best part about online business is that you are marketing products to the entire world. Internet has no limits. This is not your local mom and pop shop around the corner. The idea is to build an authority website around your niche with useful content which will convert in to sales.
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Still Need Ideas on Choosing a Niche?
One common way to research on different niche ideas is to go to Amazon website and go to Departments and look through different sections of products ideas. All these categories can become specific niches where you can market your products.
Another way is to go to www.dmoz.com. This is more of a directory website but it can give you some niche ideas. Just remember to be more specific with your niche in order to keep your focus in the right place.
Here is also a video from Wealthy Affiliate Community where you can get more ideas on how to research a niche:
My Personal Advice
As I found it through the years of experience it is more effective to focus on the niche which has Subscription Model. If you can sell a service or product which is charged monthly it will be much easier to grow your monthly residual income.
For example in Internet Marketing arena I promote:
- Website builders
- Email Marketing Platforms (Aweber, Convert Kit, MailChimp)
- Website plugins (push notification, pop-ups)
- Squeeze page builders (ClickFunnels)
So basically I promote Wealthy Affiliate and use all these other services I have mentioned above and promote them as well. Besides I promote other products which also have residual commission, but I found Wealthy Affiliate to be the best as it offers the best value overall.
I literally re-discovered affiliate marketing when started promoting Wealthy Affiliate program because every referral is a monthly or yearly subscription which gives you recurring commission. It’s far more rewarding and this niche is always hot because everyone is dreaming to make money from home and it really works.
But again every niche is different and there are simply many super profitable niches. For some people it’s easier to sell products and get their commission right away as they seek an immediate gratification.
So take your time, do all the research and pick the niche which will excite you. And if you need any help let me know by either leaving a comment below or get your FREE 10 Lessons by Creating FREE Account with Wealthy Affiliate, it's completely Risk-Free and no credit card needed.