The most important step in starting any business is the first step: choosing the right niche. If you don’t pay much attention to this very first step, your whole plan will fail because everything depends on this step. This first step of choosing the right niche is like choosing the right seed, a seed that you plant and nurture and help grow into a big fruit-bearing tree. Plant a weak or bad seed and you will never see the friuts of your labor. Your choice of niche can ultimately be the determining factor between failure and success, so choose wisely.
But what is a niche? A lot of people venturing into the world of internet marketing are not really sure about what a niche is, some are over-thinking it while others are just plainly confused. Wikipedia defines ‘niche market’ as the subset of the market on which a specific product is focused. In layman’s term, it is basically a corner of the market that you will be targeting. A niche is an audience. If a group of people would like to lose weight then that is a niche, you can supply them with the information on how to lose weight. If someone would like to learn how to play the guitar then that’s a niche. A person who wants to whiten her teeth is a niche. A person who wants to learn how to train his dog to do tricks is a niche. A mother who is looking to buy a baby car seat is a niche. Every segment of the society that could use what you can provide is a niche.
Now that the meaning of the term ‘niche’ is clear to us let us learn how to go about finding the best niche for you. Many coaches would suggest that the best niche to choose is something that you are passionate about, something that you really know deeply. This is good advice because it would be easy for you to create content for this niche because you know so much about it and you love it. Keep in mind, you’re going to have to update this fan page on a daily basis so it is important that you know your way around your niche. When you love something, you enjoy creating things around it, churning out content for something that you feel strongly about won’t feel like work, it’d be fun.
But choosing something that you are passionate about does not always guarantee success. Some niches are profitable but many are not. If what you love happens to be something that is not profitable then it would not be good to build your business around it because no matter how much effort you put into it, the profit would never come. So you need to know if the niche that you are planning to get into is profitable or not.
The ideal niche is a niche where a good number of people need something and are willing to spend money for that something. A niche is also good if there is not that much competition. So basically, what you need to find is a niche where there is a good demand for a product but not that much suppliers. But of course such a niche is not easy to find that is why you need to learn the science of researching profitable niche markets.