A lot of starters who want to build their internet business often waste most of their precious time searching for the right target market or niche. They tend to get caught up in a situation known as analysis paralysis, over-analyzing too much information and eventually fail to make a decision. Let’s discuss some simple and guided steps to choose your own niche immediately.
What is my interest?
Yes, ask yourself what you are interested in. Cars? Health? Employment? Stocks trading? Self-help? Well, I know some of you will think of factors like profitability, marketability or competitiveness. Those are secondary. Clear your mind of those thoughts and take a short 5-10 minutes to list a few topics which you have interest in.Let me repeat myself, only list the topics you have interest in.
You may be asking why. I’m aware that most of you are searching for a passive income through online business. That is also the main reason why people fail to make money online, because they only have money in their mind. And when they do not see the result, they judged that internet marketing is a scam and that they can never make money online.
Now, if you are doing something simply because you like to do it… do you see where I’m going? You would not think of money anymore, you would think of what you can learn from the niche and how you can help others who share similar interest. Plus, even if you are not generating any amount of money in the beginning, you will still enjoy the whole process of learning and sharing information.
How is my interest doing financially?
Now is the only time to think of all the secondary factors. The most simple, cost-effective way of finding out the competition is using Google Keyword Tool while paid method includes Market Samurai. Besides, you can also measure the intensity of competition by observing the quantity of advertisement at places like search engines, forums, social media websites, online classifieds, article directories and video directories.
High competition implies that there is demand for your products. However, bear in mind that high competition also may send a signal that too many people are in that niche and it may be difficult for you to get another slice of the giant pie. Low competition, on the other hand, means that not much people is selling the product and is usually because the product demand is also limited.
Therefore, to go for highly competitive market, you need to ensure the quality of your product in order to position your product on different level than the rest. In contrast, focus on quantity of your products (1 website for 1 product) if you are interested in low competition market because even though you may be getting a bigger slice, the size of the whole pie matters too.