5 Secrets To Finding Your Niche

 1. Consider Your Passions.

Along with finding a profitable niche market, you also have to consider your skills and what you're passionate about if you want to start a successful online business. Finding a niche that you are passionate about will fill you with excitement and give you the motivation to get up every morning and focus on your business. Being passionate about what you are selling will also help you get through challenges and setbacks. Finding success with an online business doesn't always come easy, and you have to find a way to work through the unbearable days if you want to see results.

If you are passionate about your niche, you will make it a point to find ways to invest further and grow your business into something that you take pride in. Being passionate about what you are doing will keep you interested and excited to continue working day in and day out.

This may be something that you've already done, but if you haven't already considered what you are passionate about, take some time to make a list of the top ten areas that you are passionate about and topical interests that you have. You don't have to find a perfect fit; you just need to identify some aspect of running the business that you are passionate about if you want to stick with it. If you don't care about the topic, chances are you won't be able to find the drive you need to persevere when the going gets tough. 

2.  Identify The Problems You Can Solve.

Once you've identified your top ten passion areas and local interests, you can start to narrow down your options. If you want to create and maintain a profitable business, then you need to determine what problems your target audience is experiencing and find a unique way to solve those problems. 

You can start this process by considering the issues you face in your own life and see if there is a solution to those problems online. Take a look at your list of ten passions, and consider whether or not there is a problem that you continuously face in regards to those passions. If you discover a consistent problem within your passions, then you can narrow down your niche. If not, here are some other ways that you can identify the issues that your target audience is experiencing.

The best way to identify problems within a niche is to sit down and have a conversation with your target audience. You can do this in several different ways. You can form a focus group to discuss the problems that your target market is experiencing and have a one-on-one conversations with them.

3. Analyze The Competition.

While you may have been hoping that you’d discover a niche that no one else knows about, the chances of that happening are highly unlikely. That means that you will have competition, which isn’t necessarily a bad thing. Typically, when a niche has competition, it means that there is money to be made within that niche. 

To ensure that you will be able to carve out a section of that niche for your online business, you need to make sure that you do a thorough competitive analysis of competing sites. Start by creating a spreadsheet and list all of the competing typing in the keywords or phrases for your niche idea into the Google search bar. Once you have a list of the competing sites, then you need to figure out if there is still an opportunity for you to stand out from the crowd. 

4. Research The Niche's Profitability.

You may be able to start narrowing down your list of niche topics to a few that you feel pretty confident about tackling. Before you make your final decision; however, you'll want to make sure that you determine how much money you have the potential to make money. Browse through the top products in your specific niche category. If you aren't able to find any products or offers, that's a bad sign. It might mean that no one has been able to monetize the niche. 

However, if your quick search of the site turns up a decent number of items, without having an overabundance of products, then you're in luck. Take the time during this process to make a note of the price points of the products so that when you are ready to enter the market, you'll be able to price your own products or services competitively.

5.  Explore The Audience Potential.

To determine how popular your niche ideas are, you need to look at the Internet and social media traffic that surrounds your niche idea. If you can uncover substantial search engine traffic and social media groups surrounding the niche, then you can confirm that there is an audience for your niche idea. Start by using Google Ads Keyword Tool to determine the number of searches that are being conducted on specific keywords in your niche. 

Google will show you the search volume for related terms, which can be incredibly helpful in spotting popular topics and products within your niche. Google will even provide you with a competitive outlook for each word you search. Google Trends is another great tool you can use to help you find your niche. It is a fast and free way for you to check the trending popularity of niche products and topics. You can quickly see if the target audience is constant, trending up or down, or if it is seasonal.