Once you’ve decided which kind of business you want, either:
1. Selling Your Own Products
2. Selling Someone Else’s Products
3. Reselling a Product
You’ll need to decide on the market your business wants to target. The success of your online business depends on the words and phrases you choose to target. You can have a beautifully designed website, selling the absolute best products, delivering the most helpful content, but if no one can find it, you’re not going to be making much money online. If at all.
So, the first step would be for you to research your niche. What’s a niche, you may ask?
A niche is the corner of the market you want your business to target. Every business needs to do market research. It’s the “science” of finding out what people need/want/are looking for and placing yourself in the position to give them exactly what they need/want/are looking for–finding your cozy corner.
For example, “Travel” is a huge niche there’s a lot of information out there online and if you want a piece of the market, you need to narrow your focus down to one aspect of travel. Like for example, “Adventure Travel”. A more targeted niche would be “Adventure travel in New Zealand”.
The more targeted your niche, the higher the chance people will find you, but you’ll be getting a smaller number of people actually looking. What you’ll want is to strike a balance between the two. So, a good rule of thumb for finding a good niche will be 1) a high number of monthly searches; and 2) low competition.
Whatever your desired niche is, you’ll want to use the words you intend to target and perform a search on them. Just Google “healthy meals on a budget” for example and look at the total number of results. Ideally, you’ll want them under 250,000 or as low as possible.
Then you’ll need to use Google Keyword Tool (funnily enough, the easiest way to find it is to just Google for it). Key in the same phrase into the box and search for it. You’ll get more detailed results by logging in with a Gmail account. Ideally, you’ll want to find more than 2,500 Global Monthly Searches for that same term.
It’s actually quite difficult to fulfill both criteria exactly, so just go for whichever gives you a good enough ratio as close to the ideal as possible. That’s how you find a great product niche to target.
Keep an eye open for this spot for more information about building you online business!