Finding a market niche is important when you want to start a business. However, with all the choices available, you may find yourself struggling to narrow your market niche down to something viable. If you need help deciding or you are unsure of how to start, we have some tips on how to research a profitable niche.
What Are Your Interests?
The first thing you should do is make a list of your top interests, and what you are passionate about. If you choose a niche you don’t care much about, you will find little success. However, if you find a niche you are passionate about, you will find much more success because it is something that holds your interest and is a better fit for you as a business owner.
What Problems Can You Solve?
Now that you have your list compiled think about how to narrow down your options to create a profitable business. To do this, consider the problems your target audience has and find solutions. Engage with your target audience, search forums, and research keywords to find what popular search terms and pain points your customers have.
Google Trends and Google AdWords have keyword planners that can help narrow down popular search terms to help you accomplish this.
Where Is the Competition?
Competition isn’t always perceived as bad for business. It proves that you have done your research and have found a profitable niche. Now is the time to check out the competition to see what they are doing and find opportunities for your business to stand out.
If your competition has low-quality content, then you can create high-quality content that helps your target audience. Transparency is also crucial and is a good way to help your brand relate to your audience.
Finally, don’t be afraid of keywords that have a high search volume, little competition, and paid advertising. It is an opportunity for you to carve out a place in your niche market.
Determining Profitability for Your Niche Market
Now that you have the steps needed to guide you in finding a niche market, it is time to see how much money you could potentially make. ClickBank is a good starting point. Simply browse some of the top products in your niche category for offers.
If you don’t find any offers, then it might mean your niche has not been monetized. If this is the case, you may need to do some more research and find a different niche market with more potential for profit.