One of the first steps to starting an Internet business is to select a niche to build you business in. This is important because the niche you select will have an impact on the web site that you build, the types of products that you sell and how you approach your market. In this article I will give you three tips that you can follow to help you select the right niche for your online business.
1) Examine your strengths and passions;
The first step of niche selection is to make a list of all the things that you know. What are you an expert in? What are your hobbies and interests? What would you like to learn about that you don’t currently know. Spend some time on this list and make it as long as you can. The purpose is to examine yourself and look for your strengths so that you have something to offer your chosen market. Once you have a good list you can start narrowing that list down. Try to come up with at least three ideas for a niche that you would like to work in.
2) Research your market;
Now that you have at least three possible markets, it’s time to do some online research. What you are going to look for is a niche that has sufficient supply to support your business. Use tools like Google’s free keyword tool to get search volumes for general niche related terms to see how many searches are done monthly in your niche. If there are plenty of searches then you should go to Google and search for those same keywords. Look for sponsored ads or pay per click ads. If there are lot’s of pay per click ads then you can bet that there are people spending money and people making money in that niche with their Internet marketing businesses.
3) Research your competitors;
Now that you have found a good niche you will want to research the other marketers in that niche. You will want to learn what they are selling and who they are selling to. Read their sales letters and join their lists. Learn how they market and what they market. There is no reason to completely reinvent the wheel when starting an Internet business when you have other successful businesses that you can model.
Would you like to learn more about starting an Internet business? I just completed a brand new free guide. Download my brand new free guide here: Internet Business