Everyday hundreds and thousands websites are launched, when deciding to set up your online business, there’s an endless list to go through to ensure you setup on the right foot, one of them is how do you choose your online niche successfully.
There are plenty of tools you can use online in checking if there is a good demand for your product online, in most cases, if your product sells well offline, face to face, then it will do well online. The most obvious way of deciding on your online niche would be if it’s a product or a service that you would buy or be a customer of yourself. Below I'm going to outline a few steps and points you can consider in setting up your online niche business.
Personal interest is the easiest type of online business to choose and get into, if you have an interest in a particular industry and you enjoy learning about it,reading on new topics, and also writing about such industry. You will enjoy your online business more and give it that extra time and commitment, as it would be something you personally like and enjoy.
Solving a problem
This is a great winner with many online businesses and "tends" to become a good success. if you have a product that can solve a problem, and would make others lives and work simpler and easier, you're on the right track. We are all looking for ways to do things easier, quicker, hassle free, and without taking up to much time, having a product that can solve a problem within the market, you will gain interest extremely fast.
Much business's start as there is a big demand for a product or service, which is not being fulfilled. Setting up such a business, you can always assure that you will always have customers. When setting up such a business you will also need to consider how long will the demands of such product last, is it seasonal, monthly, or is it a one of demand.
Once you have decided on your business that you want to take online, the next step is to check if your idea is a niche business and where it will fit on the World Wide Web. The process is very straightforward, and within minutes you can come up with the answer if your idea is a suitable niche to launch online.
Step 1 - Searching the World Wide Web
This may be common sense when going online, but it's a step missed by many, i usually get someone coming up to me, and giving me an idea that they assume is great, and the question i ask is, Have you checked online? What are others doing, what's the demand, and who are your competitors. The impression on the face changes, and the answer usually is ....(errrmmm).
So the first step is going online, you can use the tools below:
· Search Engines (Google, Yahoo, Bing): a good place to start, it will give you an overview of what other business's within the same niche are doing, what your competition is like, and also what you should expect.
· Wikipedia: Wikipedia is a great online knowledge base tool, with allot of information, you can take some time out and search about your industry on Wikipedia, it will give you in-depth information, background of the niche and some general market research.
· Amazon: one my favorites, is Amazon, if you're looking to launch a blog, e-book, or any other online niche product, you can do a search on Amazon, and see how that product or products related to your industry that are already selling on Amazon. On the search results page you can sort the search results in order of Bestselling, which will also give you an idea of top the selling products within your niche.
· eBay: If you're looking to launch an e-commerce site, eBay is the perfect platform to test your product, it's a ready made platform, where you can upload your product, see how well it sells, compare it with your competitors, and overall it will give you a glimpse of what to expect once you have launched your online business.
Step 2 - Potential Traffic
The next step in setting up your online niche business, is to work out approximately how much traffic and visitors you are to expect, this exercise will give you an insight on the demand for your product and or services, as you don't want to launch something that no one else is looking for or there isn't any demand for, and it's not generating any visitors.
There are many paid tools you can use to give you some in-depth statistics, for the purpose of this exercise we will use Google's Keyword Tool.
All you need to do is enter a few keywords and phrases related to your niche product, and it will display to you how many searches Globally and Locally are being made for that keyword, giving you an idea of how many people are looking for your product. You can then also click on the results keyword and it will give you a graph showing you how the search trend for that particular keyword has been for over a certain period of time.
By completing the above quick two steps, you can quickly carry out your research and come up with a conclusion whether or not to dive into this business.
Share your thoughts with us, how do you carry out your market research before deciding to pursue it further.