Having a successful business empire on the internet is a great achievement one can be boast of, but there are many things attributed to achieving such success on a business, be it physical or internet business.
The first biggest factor to be considered in building your business empire is “NICHE”. My question is, what niche do you want to build your business on? But before you will answer that question in your heart, you have to understand the word niche in business atmosphere.
What is Niche?
Niche is a profitable section or fragment of a market that is suitable for directing all one’s effort towards the achievement a set goal (profit taking). This niche do not just exist by themselves, but they are created by people like you so as to address the challenges facing their immediate community through offering quality products and services. For example, Health is a niche with hundreds of sub-niche such as fitness, diabetes, food and nutrition and many more….
You are to pick a niche, especially in the area of things you love doing, because you can just pick a niche because someone is doing it or just because you love doing it does not make it a profitable business. There things you have to consider before you say, yes! This is going to be profitable if I dive into it.
NICHE CHECKLIST
This are element of success you need to check, for you determine maybe the niche is going to be a profitable one. The followings are the criteria for choosing a profitable niche, as this is the foundation of your business. If a building foundation is faulty, that means the building is not going to survive for long and it is the fault of the builder for not making proper plan, using appropriate building materials before he started building. I do not want you to make such mistakes. You can check examples of digital products on clickbank.com or jvzoo.com
DIGITAL FRIENDLY
COMPETITION
SIZE OF THE AUDIENCE
LONG TERM POTENTIAL
DIGITAL FRIENDLY: for example, let say you wants to set up a digital marketing business, which you are going to start selling digital products like eBook, audio and video courses that people can use to educate themselves on a particular issues, another one is selling a downloadable software or tools to solve a particular problem, which is different when setting up ecommerce business that sells physical products. Selling physical products are not digital friendly, because those physical products has to be shipped to the customers before they can be accessed, which is a different case in digital product business. All digital products must available for access immediately after they have been purchased. So when choosing digital products make sure they are soft materials that easily be accessed immediately after purchase and they must be materials that solve a particular problem.
COMPETITON:One of the misconception that new entrepreneur face is that competition that new entrepreneur face is that competition is bad, because they think if someone else is already doing this, what is the point in doing it again, but that is not the truth. Are there other people targeting the niche I want to dive into? If there are, that is good. Competition is one of the important factors you must put into consideration. If competition has been keeping big companies going, why not for start-up.
According to Professor Michael Porter of Harvard Business School
“If nobody is competing in your space, there is a very good chance the market you are going into is too small”
Ben Yoskowitz says:
“Any reasonably good idea has 10,000 people working on it right now. You may not even know they exist because they are as small as you.”
If there is large competition in niche, that means there are lots of money in there for you. But for you to access those profit you have to do one thing, embark on a research about your niche category, what is it that those in the business before you Fail to add, or which area of problems have not been solve in the niche? Provide solution to that.
SIZE OF AUDIENCE: you have to be sure, that there lots of people out there waiting and looking to get the solution you are providing. You can use google keyword to achieve this, to check keywords in your niche maybe there are lots of people looking for the specific solution. E.g. under fitness niche, weight loss is a sub niche. You can find out are there people looking for solutions on how to lose weight faster. Google keyword is free to use, all you have to do is add your credit card to your account, and no money will be debited from your account. Another example is Pet, sub niche is dog training, pupil training. If people that are looking for your niche are more than 100,000 that is a profitable niche, you can dive into it.
LONG TERM POTENTIAL: before you invest on a niche, you have to be sure that the niche will survive for a longer period on time. that the problem you are providing solution to must be a problem of generation to generation that people are looking for solution every time, such as weight loss.
My question now is, have you find a niche? If you have, then happy niche choosing.
@polaleye50